Cupid Net Profit Surges 133% to ₹56 Crore as FY27 Guidance Hits ₹880 Crore

Cupid Ltd pushed its second-quarter net profit up 133% year-on-year to ₹56.22 crore, riding on aggressive domestic retail expansion and higher export realizations. Total income for the quarter climbed 132% to ₹208.97 crore, accelerating 33% on a sequential basis. Operating income reached ₹187.86 crore, a 122% increase over the corresponding period last year. Earnings before interest, taxes, depreciation, and amortization came in at ₹54.77 crore, locking in an operating margin of 29%.

Cash flow followed operational scale. For the first half of FY27, total income leaped 136% year-on-year to ₹365.95 crore, while net profit jumped 156% to ₹100.37 crore. First-half EBITDA matched that growth rate, expanding 156% to ₹114.83 crore. Based on the performance, the company raised its full-year revenue target to at least ₹880 crore and net profit expectations to ₹275 crore or more.

Domestic FMCG Realignment Drives Volume and Margin Expansion

Cupid fundamentally altered its revenue mix over the past twelve months. The domestic market generated ₹224.64 crore during the first half, delivering 67% of total sales compared to 41% across FY26. The shift reflects a deliberate pivot toward retail distribution. Within that footprint, the Consumer Healthcare and FMCG division delivered ₹166.88 crore, accounting for 49% of all first-half sales.

Yet the international division maintained momentum. Export orders brought in ₹112.73 crore, securing 33% of first-half revenue through institutional demand under the Partnership for Supply Chain Management agreement and direct shipments for South Africa's 2025–30 national health program. The company confirmed that contract price hikes instituted across its international portfolio were fully captured in first-half realizations.

Multi-Year Targets and Retail Distribution Alliances

Management revised Cupid's medium-term trajectory sharply upward. The company raised its FY28 revenue projection from ₹1,085 crore to at least ₹1,305 crore, while increasing FY29 revenue expectations to ₹1,950 crore from ₹1,500 crore. Profitability metrics received matching revisions. Net profit is now projected to hit ₹390 crore in FY28 and ₹605 crore by FY29.

H1 total income of ₹365.95 crore accounts for roughly 42% of the revised FY27 annual revenue goal, while net profit represents approximately 36% of the revised full-year bottom-line target. Large-scale retail agreements underpin the back-half ramp. A distribution partnership with V2 Retail is slated to generate approximately ₹400 crore in revenue across the next 12 months. An additional pact with Style Baazar is targeted to supply ₹200 crore during FY27 alone.

Palava Plant Triples Production Ahead of Nitrile Push

Capacity constraints will ease before the end of the calendar year. Cupid expects to commission its new 1,70,000-square-foot manufacturing plant in Palava, Maharashtra, during the third quarter of FY27. The facility will expand Cupid's annual output to approximately 1.25 billion male condoms and 125 million female condoms—up from current Sinnar plant ceilings of 480 million and 52 million units, respectively.

The plant incorporates dual-polymer dipping lines capable of processing both natural rubber latex and synthetic nitrile. This configuration allows commercial production of nitrile female condoms, positioning the company to compete for specialized international tenders requiring non-latex alternatives. Management expects the incremental capacity to feed higher contract delivery volumes across both foreign institutional programs and fast-growing Indian retail shelves during the second half of the fiscal year.

Market Context: Cupid's structural shift from an institutional export supplier into an integrated domestic FMCG player mirrors a wider margin-defense playbook across consumer goods manufacturers. Long-term institutional contracts shield baseload volume, while direct-to-consumer partnerships absorb higher product price points. Strengthening this operational shift, Halwasiya recently expanded his personal holding by 4.1 million shares, reinforcing executive alignment as the company works toward eliminating all remaining debt.