Mumbai (Maharashtra) [India], November 13: Cupid Limited (Cupid, The Company), today announced that it has delivered the strongest quarter in its history during Q2 FY26 (quarter ended 30 September 2025).
Momentum remains strong, with the Company tracking a better run-rate in Q3 & Q4 both of which are shaping up to be a record quarters. Predominantly H2 has always been better than H1 backed by strong order visibility and improving execution.
Cupid remains on course to achieve its FY26 topline guidance of ₹335 Cr with upward bias, given the positive developments across segments company also expects to deliver a net profit of over ₹100 Cr for the year.
Key Consolidated Financial Highlights
Q2 FY26
• Total Income of ₹ 90.23 Cr, YoY growth of 91%
• Operating Income of ₹ 84.45 Cr, YoY growth of 103%
• EBITDA of ₹ 28.41 Cr, YoY growth of 176%
• EBITDA Margin of 34%, YoY growth of 891 Bps
• PBT of ₹ 32.19 C, YoY growth of 127%
• Net Profit of ₹ 24.12 Cr, YoY growth of 140%
• Net Profit Margin of 29%, YoY growth of 442 Bps
Q2 FY26 QoQ
• Total Income of ₹ 90.23 Cr, QoQ growth of 39%
• Operating Income of ₹ 84.45 Cr, QoQ growth of 41%
• EBITDA of ₹ 28.41 Cr, QoQ growth of 72%
• EBITDA Margin of 34%, QoQ growth of 610 Bps
• PBT of ₹ 32.19 C, QoQ growth of 65%
• Net Profit of ₹ 24.12 Cr, QoQ growth of 61%
• Net Profit Margin of 29%, QoQ growth of 348 Bps
H1 FY26
• Total Income of ₹ 154.98 Cr, YoY growth of 70%
• Operating Income of ₹ 144.25 Cr, YoY growth of 79%
• EBITDA of ₹ 44.89 Cr, YoY growth of 165%
• EBITDA Margin of 31%, YoY growth of 1012 Bps
• PBT of ₹ 51.74 Cr, YoY growth of 109%
• Net Profit of ₹ 39.14 Cr, YoY growth of 114%
• Net Profit Margin of 27%, YoY growth of 446 Bps
Note: Percentage figures have been rounded off to the nearest whole number
Record Quarter Q2 FY26 Highlights
• Record quarterly performance in revenue and profitability, driven by broad-based strength across India FMCG and B2B exports.
• Execution discipline supported by capacity de-bottlenecking and procurement strategies that reduced constraints and improved on-time delivery.
• Healthy order visibility supported by stronger customer relationships and sizable allocations, providing multi-year momentum.
Segment Updates
India FMCG Traction & Penetration Rising
• Portfolio gaining acceptance across key categories: condoms, deodorants, fragrances, pregnancy detection kits, hair-removal sprays, almond hair oil, and petroleum jelly.
• New launches of facewash and talcum powder are on the anvil.
• Wider retail reach and improved shelf execution across modern trade, general trade, and e-commerce driving repeat sales and market penetration.
• Continued investments in brand-building and activation strengthening category awareness and unit economics.
B2B Exports — “Firing On All Cylinders”
• Strengthened customer relationships translating into large allocations and order inflows across priority markets.
• Certification advantages and consistent quality driving higher win rates in tenders and long-term supply programs.
IVD (In-Vitro Diagnostics) — Certifications To Unlock FY27+ Growth
• CE certification benefits expected to open new markets across Europe, Africa, and Asia, supporting scale-up Q on Q.
• WHO PQ for malaria kits targeted in FY27, a potential catalyst for this vertical (subject to approvals).
Female Condom (Ring FC) — Next-Gen Pipeline
New Ring Female Condom undergoing UNFPA/WHO prequalification, positioning Cupid to compete more effectively in global procurement programs.
Capacity & Execution
• The ongoing capacity expansion, 2.5x the current capacity, will enable the Company, post commissioning of the new plant in FY27, to produce 2.5 condoms for every 1 condom produced today. Additionally, smarter procurement initiatives are reducing bottlenecks and improving line productivity, supporting stronger execution in H2 FY26 and beyond.
• Supply-chain resilience and disciplined working-capital management supporting growth without compromising quality or service standards.
Cupid Limited New Palava Plant Facade Design Renders.
Outlook & Guidance
• H2 FY26: The second half of FY26 is expected to be stronger than H1, driven by strong order visibility and improving execution.
• FY26: The Company reiterates its topline guidance of ₹335 Cr, with a potential upside to be reviewed post-Q3. It also expects to deliver Net Profit of over ₹100 Cr for the year.
• FY27 onwards: Positioned to emerge as a young, fast-maturing FMCG player with growing retail presence across domestic and global markets. Key certification milestones, capacity expansion initiatives, and enhanced distribution reach are expected to drive scale across Wellness, Personal Care, and IVD categories in both B2B and B2C segments.
Commenting on the performance, Mr. Aditya Kumar Halwasiya, Chairman and Managing Director said, “Q2 FY26 is a milestone for Cupid the strongest quarter in our history and, more importantly, a proof-point that our strategy is working across India FMCG, B2B exports, and Diagnostics. What excites me is the quality of growth: brand acceptance in India, deeper relationships and large allocations in exports and certification tailwinds that expand our addressable markets. With capacity expansion and smarter procurement, we are removing execution bottlenecks and building a durable growth engine. We remain on track for our ₹335 Cr topline in FY26 and will reassess guidance during H2 in light of the constructive developments across our portfolio.”
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