Mumbai (Maharashtra) [India], January 30: Cupid Limited (Cupid, The Company), announced that it delivered the strongest quarter in its history during Q3 FY26 (quarter ended 31 December 2025), driven by strong execution, healthy demand, and sustained momentum across its businesses.
The Company continues to witness strong operating traction, with both Q3 and Q4 FY26 tracking at a higher run-rate, positioning them to be record quarters, Supported by a record order book, improved execution visibility, and steady demand across segments. This Business momentum is expected to continue into FY27 and beyond.
Key Consolidated Financial Highlights
Consolidated Key Financial Highlights Q3 FY26
• Total Income of ₹ 104.38 Cr, YoY growth of 106%
• Operating Income of ₹ 93.50 Cr, YoY growth of 102%
• EBITDA of ₹ 34.30 Cr, YoY growth of 201%
• EBITDA Margin of 37%, YoY growth of 1212 Bps
• PBT of ₹ 43.27 Cr, YoY growth of 207%
• Net Profit of ₹ 32.83 Cr, YoY growth of 196%
• Net profit Margine of 35%, YoY growth of 1121 Bps
Consolidated Key Financial Highlights Q3 FY26 (Q-O-Q)
• Total Income of ₹ 104.38 Cr, QoQ growth of 16%
• Operating Income of ₹ 93.50 Cr, QoQ growth of 11%
• EBITDA of ₹ 34.30 Cr, QoQ growth of 21%
• EBITDA Margin of 37%, QoQ growth of 304 Bps
• PBT of ₹ 43.27 Cr, QoQ growth of 34%
• Net Profit of ₹ 32.83 Cr, QoQ growth of 36%
• Net profit Margine of 35%, QoQ growth of 654 Bps
Consolidated Key Financial Highlights 9M FY26
• Total Income of ₹ 259.36 Cr, YoY growth of 83%
• Operating Income of ₹ 237.75 Cr, YoY growth of 87%
• EBITDA of ₹ 79.19 Cr, YoY growth of 180%
• EBITDA Margin of 33%, YoY growth of 1101 Bps
• PBT of ₹ 95.01 Cr, YoY growth of 144%
• Net Profit of ₹ 71.97 Cr, YoY growth of 145%
• Net profit Margin of 30%, YoY growth of 715 Bps
Note: Percentage figures have been rounded off to the nearest whole number
The company also have announced that its Board of Directors has approved a proposal for the issuance of bonus equity shares in the ratio of 4:1, subject to the receipt of requisite shareholder and regulatory approvals, as applicable.
Under the proposed bonus issue, eligible shareholders will receive four (4) fully paid-up equity shares for every one (1) equity share held by them as on the record date, which will be announced in due course.
The Board’s decision to recommend the bonus issue follows a comprehensive evaluation of Cupid’s capital structure, growth trajectory, and shareholder base composition. The move is designed to achieve multiple strategic objectives aligned with the Company’s capital allocation framework.
The bonus issue is expected to improve stock affordability by proportionately reducing the per-share price, thereby making Cupid’s equity more accessible to retail investors. This enhanced accessibility is anticipated to broaden the Company’s investor base and encourage greater retail participation in the Company’s equity.
Additionally, the increased number of shares in circulation is expected to improve trading liquidity, providing existing shareholders with greater flexibility in portfolio management. The measure also demonstrates management’s confidence in the Company’s operational performance and future growth prospects.
Q3 FY26 Highlights
- Q3 FY26 is the strongest quarter in the Company’s history, driven by steady demand and disciplined execution.
- Performance reflects strength across export-led B2B operations, a scaling domestic FMCG business, and improving traction in diagnostics.
- Operational momentum remains strong entering calendar year 2026, with improving execution visibility for the remainder of FY26 and beyond.
Order Book Strength & Revenue Visibility
- The Company’s order book stands at its highest level to date, providing strong multi-year revenue visibility.
- Order book is largely driven by:
- Long-duration international public health programs with vast allocation for cupid
- Repeat institutional and regulated tender-based customers
- Healthy order coverage for H2 FY26, with execution visibility extending into FY27.
- High entry barriers supported by WHO/UNFPA prequalification, USFDA certification, CE and multiple global certifications and registrations.
Export Business & International Programs
- Export-led B2B business continues to perform strongly and remains an important topline & bottom-line driver.
- Supported by:
- Multi-year international programs
- Repeat orders from institutional and non-institutional buyers
- Strong execution track record across 125+ export markets
- Key growth driver:
- South Africa 5-year National Female & Male Condom Program (2025–2030)
- Total annual allocation value of approximately $ 12.98 Mn (~₹115 Cr)
- Female condoms: 23.4 Mn units per year
- Male condoms: ~153 Mn units per year
- South Africa 5-year National Female & Male Condom Program (2025–2030)
- Tanzania, Brazil, Kenya, Ethiopia, Philippines, CIS Countries, EU Countries & Middle East are some of the important markets over the next few years for the company.
Domestic FMCG Business – Scaling & Market Traction
- The domestic FMCG portfolio continues to see growing acceptance across India.
- Growth supported by:
- Product additions across personal care and wellness categories
- Expanding retail and distribution footprint
- Distribution strength includes:
- 58+ super stockists
- 1050+ distributors
- 325+ member sales force
- Presence across 1.50 lakh+ retail outlets nationwide
- FMCG business adds a fast-growing B2C layer alongside the strong export-led B2B model, supporting margin diversification and brand-building.
Cupid FMCG – GCC Expansion
- Board has granted in-principle approval to set up an FMCG manufacturing facility in Saudi Arabia.
- Strategic objectives:
- Serve GCC and Middle East markets
- Operationalize the best manufacturing and Go to market strategy in the GCC
- Strengthen regional FMCG distribution and responsiveness
- Combined India and GCC FMCG operations enhance global scalability, operational flexibility, and regional market proximity.
Diagnostics (IVD) Business – Manufacturing & Demand Visibility
- Diagnostics (IVD) business is emerging as a key growth engine.
- Current portfolio:
- 15 rapid IVD test kits in production (HIV, Syphilis, Pregnancy, Hepatitis B)
- 3 additional kits under development
- Manufacturing & automation:
- Current capacity: ~1.5+ lakh kits per day
- Target capacity: ~4 lakh kits per day by end-2026
- Certifications and approvals include:
- CDSCO, ICMR, NIMR, NIB, RGCB
- ISO 13485, ISO 9001, ISO 14001
- Demand visibility:
- Eligible for Central and State Government tenders
- Supplies to 120+ ESIC hospitals via GeM
- Products available across chemist stores and diagnostic labs nationwide
- Recent CE (EU IVDR) certifications enable entry into European and other regulated global markets.
FY26 Outlook
- FY26 expected to be the strongest year in the Company’s history.
- Management confident of:
- Exceeding FY26 revenue guidance of ₹335 crore
- Net profit exceeding ₹100 crore for FY26
- H2 FY26 expected to remain stronger than H1, supported by:
- Record order book
- Long-duration international programs
- Improved execution and operational readiness
- Momentum expected to continue going into FY27 and beyond
Commenting on the performance, Mr. Aditya Kumar Halwasiya, Chairman and Managing Directorsaid, “Q3 FY26 has been the strongest quarter in Cupid Limited’s history, driven by disciplined execution and strong momentum across businesses. Our order book is at an all-time high, providing clear revenue visibility and confidence in sustained performance ahead.
We continue to strengthen our overseas presence, including in the GCC region, while capacity expansion at the Palava manufacturing facility is progressing as planned in line with our growth roadmap. The domestic FMCG portfolio is witnessing growing acceptance, supported by product additions and wider retail reach.
To accelerate FMCG growth, we are working on entering into the UAE and Saudi market soon. Together, the India and GCC FMCG expansions position Cupid for sustained global growth with scale, efficiency, and flexibility.
The diagnostics (IVD) business continues to emerge as a key future growth engine, supported by certifications, rising demand, In-house R&D and increasing automation.
Based on strong Q3 performance, a record order book, and improving execution, we expect FY26 to be the strongest year in the company’s history. We are confident of exceeding FY26 revenue guidance of ₹335 Cr, with net profit expected to exceed ₹100 Cr. Our focus remains on building a balanced, scalable, and future-ready business while creating long-term value for our stakeholders.
Also, today’s decision of bonus issue is both a reward and a responsibility. The Board evaluated this bonus issue thoughtfully, keeping long-term value creation at the center. A 4:1 bonus issue supports broader retail participation by improving affordability, while also enhancing flexibility for our existing shareholders. Most importantly, it reflects our confidence in Cupid’s growth journey and our commitment to laying a strong foundation for the next phase of scale.”
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