Cupid expects record Q2 as FMCG momentum and global expansion drive growth

Cupid Limited told shareholders at its 32nd Annual General Meeting (AGM) that it anticipates its best-ever second quarter for FY26, supported by new product launches, growing traction in its FMCG vertical, and a strong pipeline of institutional orders.

Chairman and Managing Director Aditya Kumar Halwasiya said the company is entering a “defining phase” of its journey, transforming from a contraceptives maker into a broader consumer wellness and health-tech company. “With new product launches, strong momentum in our FMCG vertical, and a robust pipeline of institutional orders, Q2 FY26 is gearing up to be the strongest quarter in our history,” he said.

FY25 performance highlights

• Total income: Rs 203.18 crore


• Net profit: Rs 40.89 crore (net margin over 22%)


• Net worth: crossed Rs 342 crore


• Global reach: Products sold in 110+ countries


• FMCG revenues: Rs 50+ crore in one year, across 1.2 lakh outlets in India


• Diagnostics: IVD kits business turned profitable with 15 kits and expanding registrations

Strategic progress

• Capacity expansion: Palava plant in Maharashtra to be commissioned in H2 FY26, boosting condom, diagnostics, and FMCG manufacturing.


• Global expansion: UAE subsidiary established to drive acquisitions and strengthen MENA presence.


• Certifications: UNFPA prequalification for Brown Caramel Female Condom; CE/WHO certifications underway for diagnostics kits.

Vision for FY26

• Cross Rs 100 crore in FMCG revenues


• Expand to 1.8 lakh retail outlets in India


• Scale diagnostics exports with new certifications


• Commission Palava plant as a next-gen hub


• Launch new FMCG and healthcare products, including premium women’s deodorants, petroleum jelly mini-packs, and flavoured condoms

Established in 1993, Cupid is a manufacturer of male and female condoms and has diversified into lubricants, deodorants, perfumes, oils, IVD kits, and other FMCG products. It remains the first company globally to secure WHO/UNFPA prequalification for both male and female condoms.

Shares of Cupid Ltd were trading at Rs 216.07 on Friday, down 1.00 percent after moving between Rs 213.41 and Rs 221.50 during the session. The stock has surged 156 percent over the past year, rising from a low of Rs 55.75 to a high of Rs 223.00. It currently trades at a price-to-earnings multiple of 123.