Cupid Ltd shares experienced a significant surge of 4.64% on Tuesday, March 10, reaching an intraday high of ₹95.85 on NSE, according to Upstox. As of 11:54 AM, the stock was trading 1.69% higher at ₹93.15 per equity share. The stock has demonstrated strong momentum with a 21% gain in the past week and 7% over the month, though it has declined 11% on a year-to-date basis. The stock hit its 52-week high of ₹105.29 on January 2, 2026, and touched a year's low of ₹11.15 on April 7, 2025. The counter-trend rally comes as the Nifty 50 fell by over 700 points to 23,750 and the Sensex plummeted by nearly 2,400 points to 76,424 on Monday, with the fall attributed to rising crude oil prices.
The stock's counter-trend rally is significantly supported by Cupid's exceptional Q3 FY26 results, which showcased remarkable financial performance. The company reported a PAT of ₹33 crore, representing a remarkable 196% year-on-year growth, while revenue surged 106% to ₹104 crore. EBITDA margins expanded dramatically to 37%, marking the best quarter ever for the company. Based on these stellar results, the company has upgraded its FY26 guidance, projecting revenue of ₹335 crore and PAT of ₹100 crore, substantially higher than earlier estimates. As per The Economic Times, the stock appeared to crash nearly 80% after adjusting for the 4:1 bonus issue, but in reality, the stock rose more than 15% to ₹92.90. The company's condom-maker business model provides recession-resistant demand regardless of macroeconomic challenges, while the WHO and UNFPA prequalification for both male and female condom supply adds to its competitive advantages.
The stock price movement follows the company's recent announcement of a 4:1 bonus issue for shareholders, as reported by Upstox. The stock started trading ex-bonus on Monday, March 9, with the company issuing 1,07,57,28,560 fully paid-up Bonus Equity Shares to eligible shareholders. Under the approved bonus issue, eligible shareholders received 4 new fully paid-up equity shares of ₹1 each for every existing share held. The deemed date of allotment was Tuesday, March 10, 2026, with the company successfully completing the allotment process. The board had recommended the 4:1 bonus issue post the stellar Q3 performance, specifically designed to boost retail participation and create technical buying opportunities through the ex-bonus adjustment. As per The Economic Times, the bonus issue is expected to improve stock affordability by proportionately reducing the per-share price, thereby making Cupid's equity more accessible to retail investors.
A significant catalyst for the stock's rally is the approval of a Saudi FMCG facility with commissioning scheduled for March 2027. This strategic expansion targets the world's fastest-growing condom market through population growth and urbanisation trends. The facility will focus on export-led B2B operations and domestic FMCG diversification, validating the company's multi-pronged growth strategy. The company operates as a low beta stock (0.8–1.0), demonstrating FMCG-like stability during market volatility and macro crises. The stock's 52-week range spans from ₹10 to ₹105.29, with the company currently commanding a total market capitalisation of ₹12,397.77 crore as per NSE data on March 10, 2026.
Cupid shares witnessed heavier than usual trading activity as trading volume on NSE spiked by 11 times to 4.97 crore shares compared with an average trading volume of 43.64 lakh shares. On BSE, as many as 61.12 lakh Cupid shares changed hands compared with an average of 2.36 lakh shares traded daily in the past two weeks. This surge in trading activity reflects strong investor interest following the bonus issue allotment and the stock's outperformance in the broader market decline. The company's condom-maker business model provides recession-resistant demand regardless of macroeconomic challenges, while the WHO and UNFPA prequalification for both male and female condom supply adds to its competitive advantages. The bonus issue is expected to broaden the investor base and encourage greater retail participation in the company's equity.
According to ET Now data, Cupid Ltd has demonstrated exceptional long-term performance with remarkable returns across various timeframes. The stock has gained 11% in the past week, 8% in one month, 16% in three months, 131% in six months, 591% in one year, 269% in two years, 3484% in three years, and 4038% over five years. The stock's 52-week range spans from ₹10 to ₹105.29, with the company currently commanding a total market capitalisation of ₹12,397.77 crore as per NSE data on March 10, 2026. The condom-maker operates a manufacturing facility in Sinnar near Nashik and claims to be the first company in the world to receive prequalification from the World Health Organization and United Nations Population Fund for both male and female condom supply. The company manufactures and supplies male and female condoms, water-based lubricant jelly and IVD kits, and currently has a production capacity of over 480 million male condoms, 52 million female condoms and 210 million sachets of lubricant jelly annually.
