Cupid Limited · NSE:CUPID
Cupid — Q1 FY2026 Earnings Presentation
41 slides from Cupid's earnings presentation, Aug 8, 2025
Slide 1: Cupid Limited Q1 FY2026 Investor Presentation filing letter
CUPID LIMITED Manufacturer & Exporter of Male Condoms, Female Condoms, Water based Lubricants & In Vitro Diagnostics (lVD) Kits $ \JO G Date: - 8th August, 2025 \,\ s To, Department of Corporate Services, The National Stock Exchange of lndia Ltd. R BSE LIMITED, Exchange Plaza, Sth Floor, Bandra-Kurl
Slide 2: Q1 FY26 Investor Presentation
Q1 FY26 Investor Presentation Investor Presentation 1
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the Presentation), which have been prepared by Cupid Limited (Cupid, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form th
Slide 4: Established Global Foundation
Established Global Foundation From global health partner to emerging consumer brand Cupid Limited’s legacy is built on quality, innovation, and international trust.
Slide 5: Cupid Limited @ Glance
Cupid Limited @ Glance Established in 1993, CUPID Limited is a trusted Indian manufacturer and global exporter of male and female condoms, personal lubricants, and IVD kits, with a footprint in 110+ countries. CUPID is the first company globally to receive WHO/UNFPA prequalification for both male an
Slide 6: Key Facts & Figures
Key Facts & Figures FY25 Total Income EBITDA EBITDA Margin 3 Decades First in the world to achieve 110+ ₹ 203.18 Cr ₹ 41.73 Cr 22.74% Of In-house Manufacturing WHO/UNFPA prequalification Export Countries for both male and female condoms Net Profit Net Profit Margin EPS ₹ 40.89 Cr 22.28% ₹ 1.51 Pan I
Slide 7: Journey & Milestones
Journey & Milestones 2022 2023 2024 2025 Commenced manufacturing Strategic transformation as Mr. Aditya Entered the B2C FMCG market with Capacity expansion underway to of In-Vitro Diagnostic (IVD) Kumar Halwasiya and Columbia Petro a diverse product portfolio, scale up production to 1.25 billion Dev
Slide 8: Revitalized and Visionary Leadership
Revitalized & Visionary Leadership A rejuvenated leadership team and a diverse, high-integrity board are driving transformative change with strategic clarity and governance strength. Revitalized and Visionary Leadership A rejuvenated leadership team and a diverse, high- integrity board are driving t
Slide 9: Esteemed Board Of Directors
Esteemed Board Of Directors an holding globe in hands Aditya Kumar Halwasiya Ajay Kumar Halwasiya Akshay Kumar Smeeta Bhatkal Chairman & Managing Director Executive Director Independent Director Independent Director • Holds a Master’s in Global • Holds a Bachelor's Degree in • Holds a Management Deg
Slide 10: Esteemed Board Of Directors
Esteemed Board Of Directors oung woman holding globe in hands Dr. T. V. Rao Rajinder Singh Loona Rajni Mishra Shaina Chudasama Santosh Desai Independent Director Independent Director Independent Director Non-Executive Director Independent Director • Over 40 years of • Former Executive Director • Nea
Slide 11: Transformational Shift Under New Leadership
Transformational Shift Under New Leadership Governance Reimagined Post-acquisition, Cupid revamped its Efficient & Scalable Operations board with professionals from SEBI, Streamlined procurement and inventory banking, law, and consumer systems while planning capacity marketing, reinforcing transpare
Slide 12: Cupid's Product Categories
Cupid’s Product Categories Male Condoms Female Condoms IVD Kits Other Consumer Products FY25 Revenue FY25 Revenue FY25 Revenue FY25 Revenue ₹ 117.45 Cr | 64% ₹ 27.53 Cr | 15% ₹ 12.85 Cr | 7% ₹ 25.69 Cr | 14% Investor Presentation 11
Slide 13: Core Products
Core Products Cupid is First in the world to achieve WHO/UNFPA prequalification for both male and female condoms Male Condoms Female Condoms 27 SKUs Range - ₹ 30 - ₹ 300 Cupid is the only Indian manufacturer of Female Condoms • Cupid offers a broad range of condoms ranging from Plain, which exports
Slide 14: Core Products
Core Products Water Based Lubricant Jelly IVD Kits 20+ SKUs for different Tests Available in 3ml, 5ml Sachets 20 gm, 50gm, 82 gm, 114 Manufactured In Fully Automatic Production Line gm tubes. Click Here to View • Commercial manufacturing commenced in 2015 to meet strong • Initiated domestic distribu
Slide 15: Emerging Growth Engine – IVD Test Kits Business
Emerging Growth Engine – IVD Test Kits Business Cupid’s high-margin IVD segment is witnessing rapid momentum, driven by strong demand, regulatory progress, and global market entry. Diversified Product Portfolio 15 rapid test kits in production HIV, 3 additional kits Syphilis, Pregnancy, under develo
Slide 16: Capacity-Led Expansion | Global Reach | Automation-Driven Scale
Capacity-Led Expansion | Global Reach | Automation-Driven Scale Cupid is building a robust diagnostics platform through automation, certifications, and global outreach. Scalable Manufacturing Backbone Quality Assurance & Compliance • Existing capacity: 1 lakh kits/day • Certified under ISO 13485:201
Slide 17: Global B2B Footprint
Global B2B Footprint CUPID has established a long-term agreement with WHO/UNFPA and works with reputed NGOs, Governments and Companies across the World and in India for its B2B Business. Cupid’s Export Business Contributes ₹ 93.58 Cr (52%) of sales Currently Exports to 110 Countries Long-standing su
Slide 18: Cupid's B2B Footprint in Action
Cupid’s B2B Footprint in Action CIS Countries Growing OEM business for male condoms in the Region Europe Asia (incl. GCC) “CE Mark certification in “Strategic push into GCC” advanced stage for IVD Targeting Private Market in product suite” UAE, Saudi Arabia and other Preparing for entry into Gulf Co
Slide 19: Strategic Domestic Expansion
Strategic Domestic Expansion 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. 18
Slide 20: Cupid's Bold Leap into B2C FMCG
Cupid's Bold Leap into B2C FMCG Following its takeover by new management, Cupid has boldly diversified into the B2C FMCG space, launching a modern personal care portfolio to tap India’s fast-growing consumer market. Deodorants Almond Hair Oil Hair Removal Perfumes Spray Expanded into B2C FMCG in 202
Slide 21: Cupid's B2C FMCG Rollout in Action
Cupid’s B2C FMCG Rollout in Action Cupid has achieved 1.2 Lakh+ retail touchpoints within just 15 months E-commerce | Modern Trade | demonstrating execution strength D2C Channels and pan-India scalability in the B2C With a solid offline backbone, Cupid is now poised to expand into E commerce and org
Slide 22: Cupid's B2C FMCG Product Range
Cupid’s B2C FMCG Product Range Deodorants & Perfumes Wellness Products Toilet Sanitiser Menstrual Cups Skin Protection Jelly Hair & Massage Oil Face Wash & Hair Removal Spray Investor Presentation 21
Slide 23: State Of The Art Manufacturing Facility
State Of The Art Manufacturing Facility Location Area Male Condom Female Condom Lubricant Jelly IVD Kits Sinnar, Nashik 1,00,000 sq. ft. 480 million pieces 52 million pieces 210 million sachets 30 million pieces per year per year per year per year Cupid’s State-of-the-art manufacturing facility equi
Slide 24: In progress Facility Expansion
In progress Facility Expansion In March 2024, Cupid Limited acquired a strategic land parcel in Palava, Maharashtra (MIDC area) to establish a new manufacturing facility. The 170,000 sq. ft. state-of-the-art plant is scheduled for completion by end-FY26. The new facility will increase production cap
Slide 25: Quality & Certifications
Quality & Certifications Cupid Limited is the first company in the world to obtain Pre-qualification status from WHO/UNFPA for supply of both Male & Female condoms. Cupid’s commitment to quality is underpinned by ISO 9001:2015 certification and a rigorous, multi-stage testing process. This includes:
Slide 26: Online Trade Channel & Branding Initiatives
Online Trade Channel & Branding Initiatives Cupid’s Products are listed on Amazon India Click Here To Visit The Page Investor Presentation 25
Slide 27: Strengths & Strategies
Strengths & Strategies Global Certifications & Proven Manufacturing Diverse & High-Margin Robust International & Focused R&D and Market Trust WHO/UNFPA & Quality Backbone Product Portfolio Domestic Presence Innovation Pipeline WHO/UNFPA PQ, CE, USFDA Operates a world-class, 100,000 Strong presence i
Slide 28: Favorable Market Tailwinds
Favorable Market Tailwinds Cupid operates at the intersection of fast- growing sexual wellness and personal care markets, both backed by demographic tailwinds, rising awareness, and policy support.
Slide 29: Global & Indian Condom Market Overview
Global & Indian Condom Market Overview India remains a high-growth market with increasing urbanization, youth population, and digital adoption for sexual wellness products. (In USD Bn) Global Condom Market 2023 2033 CAGR • Market Size (2023): USD 13.5 Bn Sexual Wellness Market 20.6 32.5 4.70% • Proj
Slide 30: Global & Indian Personal Care Products Industry
Global & Indian Personal Care Products Industry There’s rising demand for safe, affordable, and eco-conscious products, especially among millennials and Gen Z Global Personal Care Market Indian Personal Care Market • Valued over USD 500 Bn+, with consistent mid-single digit growth • Among the fastes
Slide 31: Key Growth Drivers & Govt Support
Key Growth Drivers & Govt Support Multi-stakeholder push across policy, infrastructure, and consumer behavior is accelerating the category's formalization and growth. Key Growth Drivers Government & Institutional Support • Rapid urbanization & rising disposable income • National AIDS Control Program
Slide 32: Strong Financial Backbone
Strong Financial Backbone With zero debt, strong margins, and healthy cash reserves, Cupid stands financially resilient and well-positioned for sustained expansion. % % %
Slide 33: Management Comment On Q1 FY26 Financial Performance
Management Comment On Q1 FY26 Financial Performance We are pleased to commence FY26 on a strong note, delivering healthy growth in both revenue and profitability. This strong performance reaffirms our belief that FY26 will be Cupid Limited's strongest year yet in its history. It reflects the power o
Slide 34: Consolidated Q1 FY26 Financials Performance
Consolidated Q1 FY26 Financials Performance Total Revenue EBITDA EBITDA Margin Net Profit Net Profit Margin 27.55% 20.00 20.00 25.09% 18.00 25.00% 18.00 25.00% 16.00 16.00 14.00 23.00% 20.00% 14.00 17.02% 12.00 12.00 21.09% 21.00% 15.00% 10.00 10.00 8.00 8.00 19.00% 10.00% 6.00 6.00 4.00 4.00 5.00%
Slide 35: Consolidated Comparative Profit & Loss Statement
Consolidated Comparative Profit & Loss Statement (₹ In Cr except EPS) Particulars Q1 FY26 Q1 FY25 YoY Revenue from operations 59.80 39.13 Other Income 4.94 4.89 Total Income 64.75 44.03 47.06% Raw Material Consumption & Changes in Inventories 24.09 13.72 Employee costs 7.11 6.29 Other expenses 12.13
Slide 36: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement (In ₹ Cr) Particulars FY25 FY24 FY23 Revenue from operations 183.52 171.09 159.33 Other Income 19.66 7.22 4.77 Total Income 203.18 178.30 164.10 Raw Material Consumption & Changes in Inventories 67.33 59.29 65.01 Employee costs 29.17 16.41 13.77 Other expenses 45
Slide 37: Consolidated Balance Sheet
Consolidated Balance Sheet (In ₹ Cr) Equities & Liabilities FY25 FY24 FY23 Assets FY25 FY24 FY23 Equity Non Current Assets Equity Share capital 26.85 13.42 13.34 Fixed assets 73.11 58.13 36.06 Other Equity 315.35 287.87 153.79 Non Current Investments 15.66 12.05 - Non Controlling Interests - - - Tot
Slide 38: Steady Growth Over the years in Annual Performance (Consolidated)
Steady Growth Over the years in Annual Performance (Consolidated) (In Times) (In ₹) Debt To Equity Book Value 0.04 0.04 0.04 12.75 11.23 6.23 FY23 FY24 FY25 FY23 FY24 FY25 (In Times) (In ₹) Interest Coverage EPS 54.69 1.49 1.51 1.18 30.05 27.74 FY23 FY24 FY25 FY23 FY24 FY25 Investor Presentation 37
Slide 39: Stock Data
Stock Data As On 08-08-2025 As On 30-06-2025 BSE (530843 | INE509F01029) | NSE (CUPID) Share Holding Pattern Share Price (₹) 167.50 Market Capitalization (₹ Cr) 4,496.82 57.48% Promoter & Promoter Group No. of Shares Outstanding 26,84,67,140 Public Face Value (₹) 1.00 42.52% 52-week High-Low (₹) 169
Slide 40: Investment Rationale
Investment Rationale High-Margin Diagnostics Business Agile FMCG Execution IVD kits contribute to margin expansion and are Achieved 1.2 lakh+ retail touchpoints in 15 months with a supported by CE/WHO certifications, unlocking global robust pan-India distribution team and compelling tender markets.
Slide 41: Thank You
Thank You Cupid Limited Kirin Advisors Private Limited A-68, MIDC, Sinnar, Nashik-422113 713-B, Lodha Supremus II, Wagle Estate, Phone: 02551-230280 Thane West – 400 604. Website: www.cupidlimited.com Phone: 022 4100 2455 Email: info@cupidlimited.com Website: www.kirinadvisors.com Email: info@kirina