Cupid Ltd. delivered exceptional financial results for Q2 FY27, with net profit surging 133% year-on-year to ₹56.22 crore. According to reports from CNBC TV18, the company reported total income of ₹208.97 crore, registering a 132% year-on-year increase and 33% rise sequentially. Operating income stood at ₹187.86 crore, up 122% from the corresponding quarter last year. The company's EBITDA stood at ₹54.77 crore with a margin of 29%, demonstrating strong operational efficiency, though the margin contracted from 33.65% in Q2 FY26. The basic earnings per share increased to ₹0.42 from ₹0.18 in the same quarter last year.
For the first half of FY27, Cupid maintained its strong momentum with total income rising 136% year-on-year to ₹365.95 crore and net profit increasing 156% to ₹100.37 crore. As reported by CNBC TV18, EBITDA also grew 156% to ₹114.83 crore during this period. The domestic business contributed ₹224.64 crore, accounting for 67% of H1 FY27 sales, compared with 41% in FY26. The Consumer Healthcare and FMCG business contributed ₹166.88 crore, representing 49% of sales. However, a divergence between operating momentum and balance sheet liquidity is evident, with cash and cash equivalents plummeting from ₹168.67 crore at the start of the year to just ₹0.35 crore by September 30, 2026, correlating with heavy capital expenditure of ₹78.84 crore on property, plant and equipment.
The international business contributed ₹112.73 crore, or 33% of H1 sales, supported by institutional demand through the PFSCM agreement and supplies under South Africa's 2025–30 national programme. According to CNBC TV18, the company implemented price revisions across its export portfolio that were reflected in realisations for the full first half. The company has also expanded its global footprint with in-principle approval for a manufacturing venture in South Africa, where Cupid will hold up to 49% equity, building on existing supplies to the national programme. Additionally, Cupid made a USD 5 million follow-on investment in GII Healthcare Investment Limited in July 2026 to strengthen its presence in the GCC healthcare sector.
In a significant expansion of its distribution network, Cupid entered into a long-term exclusive retail partnership with V2 Retail Limited on November 4, 2026, securing dedicated space of approximately 400 sq. ft. in every V2 Retail store covering the existing 425+ stores and all future openings. This arrangement provides over 1.7 lakh sq. ft. of dedicated retail space across India, with supplies beginning in November 2026 and full availability expected in all stores by mid-December 2026. The company projects this partnership to generate revenue of at least ₹400 crore over the next 12 months, complementing the anticipated ₹200 crore contribution from the Baazar Style network in FY27. The board also approved the conversion of up to 56,00,000 warrants into equity shares of Baazar Style Retail Limited, costing approximately ₹137.87 crore as part of a strategic move to deepen its retail footprint. The Consumer Healthcare & FMCG portfolio is also scaling up through Style Baazar, with availability expected across more than 290 stores and the network projected to exceed 500 stores over the next two to three years.
Cupid expects its Palava manufacturing facility in Maharashtra to be commissioned in Q3 FY27. As reported by CNBC TV18, the approximately 1,70,000-square-foot facility is expected to take the company's annual manufacturing capacity to around 1.25 billion male condoms and 125 million female condoms, from the current 480 million and 52 million, respectively, at Sinnar. The facility will have dual-polymer dipping lines, enabling production in natural rubber latex and nitrile, supporting the development of nitrile female condoms and participation in additional global nitrile tenders. The board has also approved exploring a medical-devices manufacturing project in West Bengal through a wholly owned subsidiary, further diversifying the company's manufacturing capabilities.
Alongside its FY27 guidance, Cupid has significantly revised its medium-term revenue targets upward. The company now expects revenue of at least ₹880 crore in FY27 and ₹1,305 crore in FY28, with net profit guidance of ₹275 crore+ for FY27 and ₹390 crore+ for FY28. The FY27 revenue guidance is now 47% above the original estimate, with H1FY27 total income of ₹365.95 crore representing approximately 42% of the revised FY27 revenue target. The company expects net profit of around ₹605 crore in FY29. Additionally, Cupid achieved significant market recognition with inclusion in BSE Group 'A' and the NIFTY Smallcap 250, and joined the FTSE Emerging Markets All Cap Index effective September 21, 2026. Chairman and Managing Director Aditya Kumar Halwasiya stated that the company would work towards becoming debt-free while expecting the second half of FY27 to be the strongest half-year in its history.
