Cupid shares deliver 374% returns in just 6 months; Whats driving the bullish move?

SYNOPSIS: Cupid Limited has delivered 374 percent returns in six months, driven by strong financial growth, expanding FMCG presence, rising exports, and aggressive capacity expansion across global sexual wellness and diagnostics markets.

India remains a high-growth market for sexual wellness products, driven by rapid urbanisation, a large youth population, and rising digital adoption. Demand for safe, affordable, and eco-friendly options – particularly among millennials and Gen Z – is expanding quickly.

Amid this backdrop, one Indian manufacturer and global exporter of male and female condoms, personal lubricants, and IVD kits, with a footprint in over 110 countries, has been drawing significant attention. The stock has been hitting fresh 52-week highs almost every day and has delivered more than 374 percent returns in just six months.

That company is CUPID Limited, principally engaged in the business of manufacturing and supplier of quality male contraceptives, female contraceptives, water-based lubricant jelly and In Vitro Diagnostic (IVD) kits and B2C FMCG products.

With a market cap of Rs. 13,911.97 crores, shares of CUPID Limited moved up by nearly 1.78 percent on BSE to hit a new 52-week high at Rs. 518.20 on Wednesday. The stock has delivered multibagger returns of over 564 percent in one year, and has gained by around 46 percent in the last one month.

Company Overview

Established in 1993, CUPID Limited is a trusted Indian manufacturer and global exporter of male and female condoms, personal lubricants, and IVD kits. CUPID is the first company globally to receive WHO/UNFPA prequalification for both male and female condoms.

The company brings over three decades of in-house manufacturing expertise, and is first in the world to achieve WHO/UNFPA prequalification for both male and female condoms. Its global footprint spans 110+ export countries, supported by a strong domestic presence through its fast-growing B2C FMCG business.

On the distribution front, the company has built a wide-reaching network of 850+ distributors and more than 1.2 lakh retail touchpoints across India. Operations are anchored by a state-of-the-art 1 lakh sq. ft. manufacturing facility.

Expansion Initiatives and Geographical Presence

In a major strategic shift, CUPID entered the B2C FMCG space in 2024, launching a branded portfolio that includes deodorants, perfumes, toilet sanitisers, menstrual cups, petroleum jelly, face wash, hair & body oils, hair removal sprays, and other personal care products. Cupid’s bold entry into India’s high-growth FMCG space marks a pivotal shift toward domestic B2C expansion backed by decades of manufacturing expertise.

Cupid has rapidly scaled its B2C FMCG presence, expanding to more than 1.2 lakh retail touchpoints in just 15 months, highlighting strong execution capabilities and robust pan-India distribution scalability. Rapidly scaling B2C FMCG reach with a target of 1.75 lakh+ outlets by FY26.

It is building a robust diagnostics platform through automation, certifications, and global outreach. The company currently operates with a manufacturing capacity of 1 lakh kits per day and is targeting a 4x increase to 4 lakh kits per day by the end of 2026.

The company is also accelerating international expansion, having secured registrations and commenced sales in multiple regions, including Tanzania, Ghana, Liberia, Bangladesh, the Philippines, Sierra Leone, Bhutan, Nepal and Uganda.

Positioned for high-margin growth, Cupid is investing strategically in CE and WHO certifications to access regulated markets and benefit from tender-led demand. Its IVD (in-vitro diagnostics) segment is expected to become a significant growth engine within the company’s diversified healthcare portfolio.

Exports form a major part of its operations, contributing Rs. 93.58 crore – accounting for 52 percent of total sales. Cupid currently supplies its products to 110 countries, reflecting a widespread global footprint.

Over the years, the company has become a trusted supplier to the WHO, UNFPA and multiple national health ministries, backed by products that consistently meet stringent global quality standards.

Cupid Limited continues to strengthen its global B2B presence by expanding operations across multiple continents. In Europe, the company is advancing toward CE Mark certification for its IVD product suite – an important step toward entering regulated European markets through diagnostic partnerships and strong compliance capabilities.

In Latin America, Cupid has deepened its footprint with repeat orders from Honduras, expanded supplies to Brazil, new orders from Chile, and product registration in Argentina. Meanwhile, Africa remains a major growth hub where Cupid is the largest supplier of female condoms to the South African Ministry of Health, supported by multi-year tender relationships across South Africa, Tanzania, Ethiopia and Kenya.

In Asia and the GCC region, the company is executing a strategic expansion targeting private-sector opportunities in countries such as the UAE and Saudi Arabia. In CIS nations, Cupid is growing its OEM business for male condoms.

Back home in India, the company expanded its B2B customer base in FY25, winning new institutional orders from state health departments and NGOs, alongside strong growth in OEM condom manufacturing for major domestic brands.

Manufacturing Facility

Cupid operates a state-of-the-art manufacturing facility in Sinnar, Nashik, spread across 1 lakh sq. ft. The plant houses advanced German technology and a dedicated in-house R&D team, enabling high-quality, globally compliant production.

The facility has an annual manufacturing capacity of 480 million male condoms, 52 million female condoms, 210 million lubricant jelly sachets, and 30 million IVD kits, positioning Cupid as a robust, innovation-driven player in the global healthcare and protection products market.

In March 2024, Cupid acquired a strategic land parcel in Palava, Maharashtra (MIDC area) to set up a new manufacturing facility. The upcoming 170,000 sq. ft. state-of-the-art plant is expected to be completed by end-FY26 and will increase the company’s production capacity by 1.5 times compared to current levels. The expansion will also introduce in-house protein synthesis capabilities for Cupid’s IVD kits.

Once operational, the new unit is projected to deliver an additional annual output of nearly 77 crores male condoms and 7.5 crores female condoms. Post-expansion, Cupid’s total production capacity will scale to ~125 crores male condoms and 12.5 crores female condoms per year.

The facility will house advanced machinery aimed at improving efficiency and maintaining stringent quality standards. Additionally, the production line will expand into synthetic rubbers such as nitrile, enabling product diversification and strengthening Cupid’s competitive market positioning.

With strong margins and robust cash reserves, Cupid remains financially resilient and well-positioned to pursue sustained expansion. In Q2 FY26, CUPID experienced a significant growth in the revenue from operations of Rs. 84 crores, an increase of around 40 percent QoQ and 100 percent YoY. Meanwhile, its net profit stood at Rs. 24 crores, representing an impressive rise of around 60 percent QoQ and 140 percent YoY.

In terms of financial ratios, CUPID has a RoE of 12.9 percent and ROCE of 17.1 percent. Further, the stock is currently trading at a higher P/E of 222, compared to the industry average of 48.

Looking ahead, the company’s dual-pronged strategy, scaling its rapidly growing domestic FMCG presence while reinforcing its established global B2B export business, places it on a solid path for continued growth. Cupid aims to maintain its focus on delivering high-quality products, strengthening market leadership, and generating long-term value for its shareholders.

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