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Cupid Limited
(CUPID)
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Rating:72Outperform
Price Target:
₹360.00
▼(-23.24% Downside)
Action:Upgraded
Date:08/18/26
The score is driven primarily by strong financial performance (high profitability, re-accelerating growth, and low leverage) and supportive technical momentum (price above key moving averages with positive MACD). The main offset is valuation risk from an extremely high P/E, which meaningfully reduces the overall score despite strong fundamentals and trend.
Positive Factors
Strong profitability
High gross and net margins indicate that Cupid retains substantial economics from its products and has meaningful earnings power. If these levels remain durable, profitability can support reinvestment, brand development, customer servicing, and resilience across consumer and institutional channels.
Negative Factors
Inconsistent cash conversion
Reported earnings have not converted consistently into operating cash, with negative operating cash flow in 2025 and coverage below one times net income in 2026. This variability can constrain internally funded growth and makes working-capital performance important to ongoing financial quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
High gross and net margins indicate that Cupid retains substantial economics from its products and has meaningful earnings power. If these levels remain durable, profitability can support reinvestment, brand development, customer servicing, and resilience across consumer and institutional channels.
Read all positive factors
Cupid Limited (CUPID) vs. iShares MSCI India ETF (INDA)
Market Cap
₹416.84B
Dividend Yield1.24%
Average Volume (3M)2.20M
Price to Earnings (P/E)317.8
Beta (1Y)1.50
Revenue Growth121.66%
EPS Growth188.33%
CountryIN
Employees169
SectorGeneral
Sector StrengthN/A
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)1.02
Shares Outstanding1,344,660,600
10 Day Avg. Volume3,695,992
30 Day Avg. Volume2,203,523
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)24.63
Price to Sales (P/S)31.04
P/FCF Ratio284.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Cupid Limited Business Overview & Revenue Model
Company Description
Cupid Limited specializes in the development, manufacturing, and global distribution of both male and female condoms, serving markets in India and internationally. Beyond its core contraceptive offerings, the company's product portfolio also encom...
How the Company Makes Money
Cupid Limited makes money primarily by manufacturing and selling condoms and related sexual-wellness/barrier-contraceptive products. Its revenue model is based on product sales through multiple channels: (1) Institutional/tender sales, where it su...
Cupid Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.53B | 3.58B | 1.81B | 1.68B | 1.56B | 1.33B |
| Gross Profit | 2.54B | 1.73B | 1.13B | 1.08B | 904.96M | 707.46M |
| EBITDA | 1.91B | 1.50B | 612.71M | 561.05M | 455.73M | 273.02M |
| Net Income | 1.37B | 1.08B | 408.87M | 398.55M | 315.83M | 172.79M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.53B | 3.72B | 3.20B | 1.89B | 1.74B |
| Cash, Cash Equivalents and Short-Term Investments | 1.86B | 1.86B | 1.55B | 1.87B | 782.87M | 736.37M |
| Total Debt | 0.00 | 563.78M | 189.90M | 120.58M | 59.75M | 87.97M |
| Total Liabilities | -4.51B | 1.02B | 295.84M | 186.53M | 217.07M | 318.91M |
| Stockholders Equity | 4.51B | 4.51B | 3.42B | 3.01B | 1.67B | 1.42B |
Cash Flow | ||||||
| Free Cash Flow | 179.71M | 390.05M | -308.26M | -171.54M | 301.67M | 16.03M |
| Operating Cash Flow | 233.97M | 636.97M | -113.67M | 78.42M | 327.11M | 102.39M |
| Investing Cash Flow | 886.18M | 100.44M | 449.12M | -798.43M | -218.62M | -134.94M |
| Financing Cash Flow | 62.48M | 357.74M | -14.65M | 987.72M | -109.47M | 26.61M |
Cupid Limited Technical Analysis
Positive
469.00
Price Trends
273.11
Positive
221.11
Positive
156.27
Positive
Market Momentum
10.57
Negative
69.94
Neutral
95.99
Negative
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 469 is above the 20-day moving average (MA) of 281.55, above the 50-day MA of 273.11, and above the 200-day MA of 156.27, indicating a bullish trend. The MACD of 10.57 indicates Negative momentum. The RSI at 69.94 is Neutral, neither overbought nor oversold. The STOCH value of 95.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:CUPID.
Cupid Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹1.03T | 54.47 | ― | 0.50% | 25.00% | 12.83% | |
72 Outperform | ₹416.84B | 317.84 | ― | 1.24% | 121.66% | 188.33% | |
69 Neutral | ₹4.32T | 29.77 | ― | 2.17% | 3.83% | 38.55% | |
69 Neutral | ₹219.58B | 28.18 | ― | 4.28% | -1.54% | -4.58% | |
63 Neutral | ₹144.04B | 62.52 | ― | 0.63% | 21.08% | 237.04% | |
59 Neutral | ₹856.81B | 46.63 | ― | 2.28% | 9.22% | 3.19% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:CUPID
Cupid Limited
324.10
281.10
653.72%
IN:GODREJCP
Godrej Consumer Products Limited
872.00
-258.57
-22.87%
IN:HINDUNILVR
Hindustan Unilever Limited
1,892.10
-540.71
-22.23%
IN:HONASA
Honasa Consumer Limited
478.10
185.03
63.13%
IN:MARICO
Marico Limited
798.45
86.81
12.20%
IN:PGHH
Procter & Gamble Hygiene & Health Care Ltd.
6,864.25
-7,062.13
-50.71%
Cupid Limited Corporate Events
Cupid promoter boosts stake with open-market share purchase
Sep 15, 2026
Cupid Limited has notified the stock exchanges that it has received a regulatory disclosure from promoter, chairman and managing director Aditya Kumar Halwasiya under SEBI’s Substantial Acquisition of Shares and Takeovers Regulations, 2011. ...
Cupid Plans South African Manufacturing Venture to Anchor African Expansion
Aug 28, 2026
Cupid Limited’s board has granted in-principle approval for a new manufacturing venture in South Africa, to be set up with a local partner that will hold majority control in line with the country’s localisation and transformation rules...
Cupid Limited Dispatches AGM Web-Link Letters, Pushes Digitized Shareholder Communication
Aug 28, 2026
Cupid Limited has informed shareholders and the stock exchanges that it has dispatched letters containing a web link to the company’s 33rd Annual General Meeting notice and the annual report, including the Business Responsibility and Sustain...
Cupid Limited files sustainability report for FY 2025-26
Aug 25, 2026
Cupid Limited has released its Business Responsibility and Sustainability Report for the 2025-26 financial year, aligning with Regulation 34 of India’s listing obligations and disclosure framework. The standalone report, which forms part of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.