Cupid has delivered its strongest-ever quarterly and annual performance in Q4 FY26, significantly outperforming its own FY26 guidance on the back of robust demand, sharp execution, and expanding global traction.

 

The company reported that it has “entered FY27 with healthy business momentum,” supported by a strong order book, improving execution visibility, and sustained demand across domestic and international markets.

 

Cupid’s FY26 numbers underline a steep growth trajectory across all key metrics:

 

Total income rose to Rs. 391.40 Cr in FY26, up 93% YoY, while net profit surged 165% YoY to Rs. 108.23 Cr. EBITDA jumped 180% YoY to Rs. 116.70 Cr, reflecting strong operating leverage and scale benefits.

 

For Q4 FY26 alone, total income stood at Rs. 132.04 Cr, up 116% YoY, while net profit climbed 215% YoY to Rs. 36.26 Cr, marking the company’s strongest quarter in its history.

 

The company stated that Q4 FY26 was its strongest-ever quarter and confirmed it had surpassed its FY26 annual guidance of Rs. 335 Cr revenue and Rs. 100 Cr net profit, signaling stronger-than-expected execution momentum.

 

Growth was driven by expansion across key business segments, improving efficiencies, and sustained demand across institutional and retail channels.

 

Male condoms remained the largest revenue contributor at Rs. 181.11 Cr in FY26, while female condoms contributed Rs. 60.72 Cr, supported by rising global procurement demand.

 

New FMCG products added Rs. 84.26 Cr, reflecting rapid scale-up through retail expansion and distribution growth. Diagnostics and personal lubricants contributed Rs. 24.97 Cr, indicating steady diversification beyond core categories.

 

Exports accounted for Rs. 208.13 Cr, or 59.30% of total revenue, with shipments to over 125 countries. The company highlighted strong demand across Africa and other key international markets.

 

It also noted plans for approximately 35% expansion in global footprint over the coming year, driven by deeper penetration, partnerships, and participation in global procurement programs.

 

The company added that elevated USD/INR exchange rates are expected to provide a favorable tailwind given its significant export exposure.

 

Cupid is aggressively scaling its FMCG presence in India, supported by a strategic investment of Rs. 331.53 Cr in Baazar Style Retail Limited.

 

Of this, Rs. 82.88 Cr has already been deployed, giving access to a network of 250+ stores, expected to expand beyond 500 stores over the next 2–3 years.

 

The company expects this ecosystem to contribute around Rs. 150 Cr incremental revenue in FY27, with long-term potential of Rs. 500 Cr annually as distribution deepens.

 

A key highlight was the development of nitrile female condoms, targeting a global premium segment historically dominated by a single manufacturer.

 

The global female condom market, estimated at $770 million in 2024, is projected to exceed $1.2 billion by 2030, with nitrile positioned as a higher-value category.

 

Cupid emphasized its integrated dual polymer capability, stating it is “the only condom manufacturer in India” able to produce both latex and nitrile female condoms.

 

The company strengthened its diagnostics portfolio with CE (EU IVDR) certifications for HIV, Hepatitis B, Syphilis, and Pregnancy test kits during FY26.

 

These approvals open access to European and other regulated markets, significantly expanding opportunities in global healthcare procurement programs.

 

Chairman and Managing Director Aditya Kumar Halwasiya said: "We have delivered a historic performance in FY26, surpassing our annual guidance and reporting revenue of ₹ 358 Cr and net profit of ₹ 108 Cr. This performance reflects strong execution, improving operating leverage and sustained demand across our businesses, resulting in our strongest ever quarterly and full year performance.

 

"During the quarter, we commenced the development Program for nitrile female condoms, entering a premium segment which has historically been supplied by a single global manufacturer. 

 

"Backed by our dual polymer manufacturing capability, we are uniquely positioned as the only manufacturer in India with the ability to produce both latex and nitrile condoms, with planned capacity of ~1.25 billion male condoms and ~125 million female condoms annually."

 

He added: "We have also strengthened our global positioning through our ‘Made in India with Japanese Quality’ initiative, supported by our collaboration with one of Asia’s oldest condom manufacturers, reinforcing our focus on quality and technological excellence.

 

"In diagnostics, we further strengthened our regulatory portfolio during FY26 with the receipt of CE EU IVDR certification for our HIV and Hepatitis B test kits, along with CE certification for our Syphilis and Pregnancy test kits. These approvals collectively enhance our access to regulated markets such as Europe while strengthening our participation in global public health programs.

 

"On the domestic front, our strategic investment of ₹331.53 Cr in Baazar Style Retail significantly strengthens our FMCG distribution. We have already deployed ₹82.88 Cr, providing access to a retail network of over 260 stores, which is expected to scale beyond 500 stores over the next 2 to 3 years. 

 

"This ecosystem is expected to generate ~₹150 Cr incremental revenue in FY27 and scale up to ~₹500 Cr annually over the medium term, while significantly improving our brand visibility and last mile reach."

 

Looking ahead, with strong export momentum favorable currency environment and a well secured raw material position, the company is confident of sustaining this growth trajectory and achieving our FY27 revenue target of ₹600 Cr with net margins above 30%, as we continue to build a scalable and globally competitive business.”

 

Cupid enters FY27 with aggressive medium-term targets, projecting revenue of Rs. 600 Cr and net profit of Rs. 180 Cr, scaling up to Rs. 1,150 Cr revenue and Rs. 390 Cr profit by FY29.