Cupid Limited (CUPID) AI Stock Analysis

• Market Cap: ₹66.10B
• Dividend Yield: 0.39%
• Average Volume (3M): 353.81K
• Price to Earnings (P/E): 138.8
• Beta (1Y): 1.11
• Revenue Growth: 15.66%
• EPS Growth: 3.24%
• Country: IN
• Employees: 169
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Household & Personal Products
• EPS (TTM): 0.56
• Shares Outstanding: 268,467,130
• 10 Day Avg. Volume: 359,918
• 30 Day Avg. Volume: 353,806
• PEG Ratio: 20.03
• Price to Book (P/B): 4.82
• Price to Sales (P/S): 9.13
• P/FCF Ratio: -53.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹207.00
• Price Target Upside: -15.92% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 70 Outperform
• Price Target: ₹207.00 ▼(-15.92% Downside)

Cupid Limited's strong financial performance and technical momentum are offset by high valuation concerns. The company's robust revenue growth and solid balance sheet are key strengths, but cash flow challenges and a high P/E ratio present risks.

Cupid Limited Business Overview & Revenue Model

Company Description

Cupid Limited designs, manufactures, and markets male and female condoms in India and internationally. The company also offers water based lubricant jellies; hand sanitizers; and hair removal creams. In addition, it provides contract manufacturing services. The company was formerly known as Cupid Condom Limited and changed its name to Cupid Limited in January 2006. Cupid Limited was incorporated in 1993 and is based in Nashik, India.

How the Company Makes Money

Cupid Limited makes money through the sale of its contraceptive products, including a variety of condom types and other reproductive health items. The company's revenue streams primarily consist of direct sales to distributors, wholesalers, and retailers, both domestically and internationally. Cupid Limited also engages in significant partnerships with government health agencies and non-governmental organizations (NGOs) to supply products for public health campaigns and initiatives. These partnerships often involve large-volume contracts that contribute substantially to the company's earnings. Additionally, Cupid may generate revenue through private label manufacturing services, where they produce products for other brands under contractual agreements.

Cupid Limited Financial Statement Overview

Summary

Cupid Limited shows strong financial health with robust revenue growth and a solid balance sheet. However, challenges in cash flow management, such as negative free cash flow and a concerning operating cash flow to net income ratio, could impact future liquidity.

Income Statement

Cupid Limited has demonstrated strong revenue growth with a consistent increase in total revenue over the years. The gross profit margin remains robust, indicating effective cost management. However, the net profit margin has shown some fluctuations, suggesting potential volatility in net income. The EBIT and EBITDA margins are healthy, reflecting solid operational efficiency.

Balance Sheet

The balance sheet of Cupid Limited is strong, with a low debt-to-equity ratio indicating minimal leverage and financial risk. The company has a high equity ratio, showcasing a solid capital structure with a significant portion of assets financed by equity. Return on equity is impressive, highlighting effective use of shareholder funds to generate profits.

Cash Flow

The cash flow statement reveals some challenges, with negative free cash flow in recent periods, indicating potential liquidity issues. The operating cash flow to net income ratio is concerning, suggesting that net income is not fully translating into cash flow. However, the company has shown resilience in managing investing and financing activities.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.04B	1.81B	1.71B	1.56B	1.33B	1.41B
Gross Profit	1.26B	1.36B	1.11B	901.30M	707.46M	899.08M
EBITDA	712.51M	613.87M	501.01M	460.76M	273.75M	413.73M
Net Income	475.96M	408.87M	398.55M	315.83M	172.79M	289.83M
Balance Sheet
Total Assets	0.00	3.72B	3.20B	1.89B	1.74B	1.52B
Cash, Cash Equivalents and Short-Term Investments	1.55B	1.55B	1.87B	782.87M	736.37M	668.99M
Total Debt	0.00	189.90M	120.58M	59.75M	87.97M	0.00
Total Liabilities	-3.42B	295.84M	186.53M	217.07M	318.91M	215.29M
Stockholders Equity	3.42B	3.42B	3.01B	1.67B	1.42B	1.31B
Cash Flow
Free Cash Flow	0.00	-308.26M	-171.54M	301.67M	16.03M	380.10M
Operating Cash Flow	0.00	-113.67M	78.42M	327.11M	102.39M	418.88M
Investing Cash Flow	0.00	449.12M	-798.43M	-218.62M	-134.94M	-88.17M
Financing Cash Flow	0.00	-14.65M	987.72M	-109.47M	26.61M	-330.25M

Cupid Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 246.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CUPID, the sentiment is Positive. The current price of 246.2 is above the 20-day moving average (MA) of 216.78, above the 50-day MA of 190.22, and above the 200-day MA of 111.89, indicating a bullish trend. The MACD of 12.19 indicates Negative momentum. The RSI at 78.96 is Negative, neither overbought nor oversold. The STOCH value of 72.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:CUPID.

Cupid Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CUPID	70 Outperform	₹66.10B	138.82	―	0.39%	15.66%	3.24%
BAJAJCON	70 Outperform	₹36.34B	28.89	―	3.41%	2.68%	-10.82%
JYOTHYLAB	68 Neutral	₹115.14B	31.50	―	1.11%	1.59%	-2.52%
GODREJCP	66 Neutral	₹1.16T	62.34	―	1.77%	5.12%	―
EMAMILTD	66 Neutral	₹238.16B	28.94	―	1.47%	4.06%	10.78%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
HONASA	53 Neutral	₹94.93B	128.62	―	―	4.91%	-55.92%

Cupid Limited Corporate Events

Cupid Limited Applauds GST Rate Cuts as Catalyst for FMCG Expansion

Cupid Limited has welcomed the GST Council’s recent decision to reduce GST rates on various essential and consumer-focused products, which is expected to enhance affordability and boost consumption in India. This reform will lower input costs and improve product accessibility for Cupid Limited, benefiting its FMCG and diagnostics offerings, and supporting its strategic expansion into Pan-India retail markets.

Cupid Limited Announces 32nd Annual General Meeting

Cupid Limited has announced its 32nd Annual General Meeting scheduled for September 26, 2025, to be conducted via video conferencing. Key agenda items include the adoption of financial statements, director reappointment, ratification of cost auditor remuneration, and the appointment of secretarial auditors, reflecting the company’s ongoing commitment to regulatory compliance and corporate governance.

Cupid Limited Launches ‘Saksham Niveshak’ Campaign

Cupid Limited has announced the release of newspaper advertisements for its 100 Days Campaign, ‘Saksham Niveshak,’ which were published in the ‘Business Standard’ and ‘Maharashtra Times.’ This campaign is part of the company’s efforts to enhance its market presence and engage with stakeholders, potentially impacting its operations and industry positioning.

Cupid Limited Launches ‘Saksham Niveshak’ Campaign to Aid Shareholders

Cupid Limited has announced its participation in the ‘Saksham Niveshak’ campaign, initiated by the Investor’s Education and Protection Fund Authority under the Ministry of Corporate Affairs. The campaign, running from July 28, 2025, to November 6, 2025, aims to encourage shareholders to update their details and claim any unpaid or unclaimed dividends before they are transferred to the Investor Education and Protection Fund. This initiative is significant for shareholders as it ensures their dividends are credited directly to their bank accounts after updating necessary information.