Cupid Ltd. shares rocketed nearly 10% to a historic high of ₹389 on Thursday, November 12, as investors piled into the stock following a doubling of quarterly revenue and an aggressive upward revision to multi-year earnings targets.
The buying was relentless.
More than 3.09 crore shares traded across exchanges—nearly 3.9 times the counter's daily average volume—propelling Cupid to the top of the Nifty 500 leaderboard. By late afternoon trade, the stock held firm at ₹385.5, up 8.9%, stretching its cumulative calendar-year gains to 267% in 2026.
Consolidated net profit for the July–September quarter jumped 2.3-fold to ₹56.2 crore from ₹24.13 crore during the corresponding period last fiscal. Revenue from operations more than doubled, landing at ₹187.9 crore against ₹84.45 crore a year earlier, while total income climbed 131.6% to ₹208.97 crore. Operating profitability kept pace: earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 92.8% to ₹54.77 crore, locking in an operating margin of roughly 29%.
For the first six months of FY27, revenue reached ₹342.58 crore—a 137.5% year-on-year expansion—while net profit soared 156.5% to ₹100.37 crore on EBITDA of ₹114.83 crore.
Satisfied with first-half execution, management raised the company's full-year FY27 revenue guidance to at least ₹880 crore—a steep 47% leap over its original ₹600 crore forecast. Net profit expectations for the fiscal year were revised upward to ₹275 crore or more.
Cupid has already banked 42% of its revised FY27 revenue goal and 36% of its revised profit target in the opening two quarters. Yet the executive suite insists the real acceleration lies ahead.
We expect H2 FY27 to be significantly stronger than H1. Palava commissioning in Q3 will add meaningful manufacturing capacity, and our partnerships with V2 Retail and Style Baazar will start contributing to revenue at scale." >
Aditya Kumar Halwasiya, Chairman and Managing Director
Halwasiya confirmed that surplus operating cash flows will be directed toward wiping off remaining obligations, placing Cupid on track to become fully debt-free. Medium-term projections reflect a similar scaling: revenue is now guided at ₹1,305 crore for FY28 (up from ₹1,085 crore) and ₹1,950 crore for FY29 (up from ₹1,500 crore). Projected net profits stand at ₹390 crore and ₹605 crore, respectively.
| Financial & Operational Metric | Q2 FY27 | Q2 FY26 | YoY Change | H1 FY27 Total |
|---|---|---|---|---|
| Revenue from Operations | ₹187.90 Cr | ₹84.45 Cr | +122.5% | ₹342.58 Cr |
| Total Income | ₹208.97 Cr | ₹90.23 Cr | +131.6% | ₹378.10 Cr |
| Operating EBITDA | ₹54.77 Cr | ₹28.41 Cr |
Domestic demand formed the bedrock of first-half performance, generating ₹224.64 crore, or 67% of total sales. Within that domestic mix, the Consumer Healthcare and Fast-Moving Consumer Goods (FMCG) portfolio brought in ₹166.88 crore, accounting for nearly half of the group's aggregate turnover.
International shipments contributed the remaining ₹112.73 crore, representing 33% of H1 revenue. Sustained offshore run-rates were underpinned by long-term deliveries through the Procurement and Freight Services Corporation alongside ongoing dispatches under South Africa's 2025–2030 national health tender. Export margins were fortified by a mandatory price hike of at least 10% implemented across all outbound contracts, with the revised realizations showing up directly in the second-quarter books.
Market Context: Cupid's mid-cap breakout mirrors a broader institutional preference for balance-sheet deleveraging paired with expanding manufacturing capacity. By linking its consumer healthcare line to mass retail distribution networks and securing sovereign export contracts, the company has broadened its revenue base away from lumpy, tender-dependent cyclicality.
Regulatory shareholding data for the period ending September 30 shows the promoter group controlling 47.69% of equity capital. Managing Director Aditya Kumar Halwasiya remains the single largest shareholder with a 34.71% personal stake, while promoter vehicle Columbia Petro Chem Private Limited holds 12.95%, and Ekta Halwasiya retains 0.03%.
Public market participants hold the balancing 52.31%. Institutional presence stands at 5.89%, dominated by foreign portfolio investors who control 4.69%, accompanied by mutual funds at 0.57% and domestic insurance firms at 0.60%. Non-institutional hands hold 46.42%—comprising corporate bodies at 16.69%, small retail accounts with up to ₹2 lakh capital holding 14.91%, high-net-worth individuals holding 8.42%, and the Investor Education and Protection Fund Authority accounting for 3.69%.
Traders and institutional allocators will shift their attention to the operational rollout of the Palava manufacturing facility during the ongoing third quarter, alongside commercial revenue contributions from store tie-ups with V2 Retail and Style Baazar.
| +92.8% |
| ₹114.83 Cr |
| EBITDA Margin | ~29.0% | ~33.6% | -460 bps | ~33.5% |
| Consolidated Net Profit | ₹56.20 Cr | ₹24.13 Cr | +132.9% | ₹100.37 Cr |
| Traded Volume (Nov 12) | 3.09 Cr shares | — | 3.9x Average | — |