Shares of Cupid Limited surged nearly 8% on November 12, 2026, after the company reported a 133% year-on-year increase in consolidated net profit for the second quarter of FY2026-27. The stock touched a fresh record high of ₹389 on the National Stock Exchange as investors reacted to strong earnings growth, expanding domestic demand and an upward revision to the company’s financial targets.
Cupid reported net profit of ₹56.22 crore for the July-September quarter, compared with ₹24.13 crore in the corresponding period last year. Revenue from operations increased 122% to ₹187.86 crore, while total income rose 132% to ₹208.97 crore. The company also raised its revenue and profit guidance for FY27, FY28 and FY29, reflecting expectations of stronger sales, new manufacturing capacity and wider retail distribution.
Cupid Q2 FY27 Results: Revenue and Profit More Than Double
Cupid’s latest quarterly performance showed substantial growth across its major financial indicators.
Revenue from operations reached ₹187.86 crore in Q2 FY27, compared with ₹84.45 crore in Q2 FY26. Net profit increased to ₹56.22 crore from ₹24.13 crore, representing annual growth of 133%.
Total income, which includes other income in addition to operating revenue, increased 132% to ₹208.97 crore.
EBITDA rose 92% year-on-year to ₹54.77 crore, compared with ₹28.41 crore in the year-ago quarter. The company’s net profit margin improved by 139 basis points to approximately 30%.
The quarterly performance indicates that Cupid is expanding its business while maintaining profitability.
| Financial metric | Q2 FY27 | Q2 FY26 | YoY growth |
|---|---|---|---|
| Revenue from operations | ₹187.86 crore | ₹84.45 crore | 122% |
| Total income | ₹208.97 crore | ₹90.23 crore | 132% |
| EBITDA | ₹54.77 crore | ₹28.41 crore | 92% |
| Net profit | ₹56.22 crore | ₹24.13 crore | 133% |
| Net profit margin | 30% | 29% | +139 bps |
First-Half FY27 Profit Rises 156%
Cupid also reported strong growth for the first six months of FY27.
Total income increased 136% year-on-year to ₹365.95 crore, compared with ₹154.98 crore in the corresponding period last year. Revenue from operations reached ₹342.58 crore, up 137%.
Net profit rose 156% to ₹100.37 crore from ₹39.14 crore in H1 FY26. EBITDA also increased 156% to ₹114.83 crore.
The improvement reflects growth in both domestic and international operations, with the domestic consumer healthcare and FMCG business becoming a larger contributor to the company’s sales.
The first-half results provide the financial foundation for Cupid’s revised full-year targets, although achieving those targets will require a substantial increase in business during the second half.
Domestic Business Becomes Cupid’s Biggest Revenue Contributor
One of the most important developments in Cupid’s results is the increasing contribution from its domestic business.
India accounted for ₹224.64 crore, or 67% of Cupid’s H1 FY27 sales. This compares with a 41% contribution from the domestic business in FY26.
The Consumer Healthcare and FMCG segment generated ₹166.88 crore, representing approximately 49% of first-half sales.
Cupid has been expanding beyond its traditional international healthcare and institutional business by increasing the distribution of consumer products through organised retail channels.
This strategy gives the company access to a broader customer base and reduces its dependence on international institutional orders.
Its domestic portfolio includes consumer healthcare and personal wellness products, including condoms and related products.
The growing contribution from this segment suggests that Cupid’s business mix is changing as it builds a larger presence in India’s consumer market.
International Business Contributes ₹112.73 Crore
Cupid’s international business generated ₹112.73 crore during H1 FY27, accounting for 33% of total sales.
The company attributed the performance to institutional demand through its PFSCM agreement and supplies under South Africa’s national programme for 2025-30.
Price revisions across its export portfolio also helped improve realisations during the first half.
International markets remain important to Cupid because institutional contracts and government-linked procurement programmes can provide access to large-scale demand.
However, export performance can also be influenced by contract schedules, pricing negotiations, currency movements and regulatory requirements in different markets.
The combination of domestic consumer sales and international institutional demand provides Cupid with multiple sources of revenue growth.
Cupid Raises FY27, FY28 and FY29 Financial Guidance
Following its strong first-half performance, Cupid revised its financial guidance for the next three financial years.
For FY27, the company now expects revenue of at least ₹880 crore and net profit of ₹275 crore or more.
The company also outlined ambitious targets for the following two years:
| Financial year | Revenue guidance | Net profit guidance |
|---|---|---|
| FY27 | ₹880 crore or more | ₹275 crore or more |
| FY28 | ₹1,305 crore or more | Approximately ₹390 crore |
| FY29 | ₹1,950 crore or more | Approximately ₹605 crore |
The revised FY27 revenue target represents a significant increase from the company’s original guidance of ₹600 crore. Its profit target has also increased as management raised expectations for business growth.
The FY28 and FY29 figures indicate that Cupid expects its expansion strategy to generate substantial growth beyond the current financial year.
These numbers are management guidance rather than guaranteed outcomes. Their achievement will depend on manufacturing execution, demand, distribution expansion and profitability.
New Palava Manufacturing Facility to Increase Production Capacity
Manufacturing capacity is expected to play an important role in Cupid’s growth plans.
The company is preparing to commission its approximately 1,70,000-square-foot manufacturing facility at Palava in Maharashtra during Q3 FY27.
At full capacity, the facility is expected to increase Cupid’s annual production capacity to approximately:
- 1.25 billion male condoms.
- 125 million female condoms.
This compares with existing annual capacity at its Sinnar facility of approximately 480 million male condoms and 52 million female condoms.
The additional capacity is intended to support higher domestic and international demand.
However, commissioning a manufacturing facility does not immediately translate into full production. The company will need to ramp up operations, manage utilisation and secure sufficient demand to absorb the additional output.
V2 Retail Partnership Could Add ₹400 Crore in Revenue
Cupid is also expanding its distribution through partnerships with organised retail companies.
Its exclusive retail partnership with V2 Retail is expected to provide access to more than 425 stores. The company expects the arrangement to generate at least ₹400 crore in revenue over the next 12 months.
The partnership is intended to make Cupid’s consumer healthcare and personal care products more widely available through physical retail outlets.
Cupid is also expanding its presence through Style Baazar. The company expects this partnership to contribute approximately ₹200 crore in FY27, with its products planned for distribution across more than 290 stores.
These partnerships could help Cupid reach customers beyond online channels and traditional pharmacy networks.
The expected revenue contributions, however, are targets and depend on actual product availability, consumer demand and sales performance across the retail networks.
Why Cupid Shares Reached a Record High
Cupid shares climbed sharply after the company announced its results and raised its financial outlook.
The stock touched ₹389 during trading on November 12, reaching a fresh record high. It was trading around ₹381.40 after gaining approximately 7.75% in the session, according to market reports.
The market reaction followed several developments:
- Strong earnings growth: Net profit increased 133% in Q2 FY27.
- Higher revenue: Operating revenue more than doubled year-on-year.
- Improved guidance: The company raised its targets for three consecutive financial years.
- Domestic expansion: Consumer healthcare and FMCG products are becoming a larger part of sales.
- Higher capacity: The upcoming Palava facility is expected to support additional production.
- Institutional shareholding: Promoter, foreign institutional investor and mutual fund holdings increased in the September 2026 quarter compared with June.
Cupid shares have also recorded substantial gains over the previous year. This strong performance means investors will be watching not only earnings growth but also the company’s valuation and ability to deliver its ambitious targets.
The Bigger Picture
Cupid’s results highlight the potential of India’s consumer healthcare and personal wellness market. The company is increasingly building a business that combines international institutional demand with domestic consumer sales through organised retail channels.
Its expansion plans also show how manufacturing capacity and distribution partnerships can influence the growth outlook of a relatively specialised healthcare company. However, the revised guidance is ambitious, and the company will need to execute its capacity expansion while maintaining demand, margins and operational efficiency.
Looking Ahead
The next major milestones for Cupid will include commissioning the Palava manufacturing facility, expanding distribution through V2 Retail and Style Baazar, and converting its strong first-half performance into the revenue and profit targets set for FY27. Investors will also monitor whether the domestic consumer business can maintain its growing contribution and whether international institutional orders remain strong.
Cupid’s FY28 and FY29 guidance signals management’s confidence in the company’s expansion strategy, but the targets remain dependent on future execution. The stock’s sharp rally reflects expectations of continued growth, making upcoming quarterly results and progress against management’s projections important indicators for the market.
SEO Metadata
SEO Title: Cupid Shares Jump 8% as Q2 Profit Soars 133%, FY27-FY29 Guidance Raised
Meta Description: Cupid shares rallied nearly 8% after Q2 FY27 net profit rose 133% to ₹56.22 crore. The company raised revenue and profit targets through FY29.
URL Slug: cupid-shares-q2-profit-growth-fy27-fy29-guidance
Focus Keyphrase: Cupid Q2 FY27 results
Secondary Keywords: Cupid share price, Cupid net profit, Cupid revenue growth, Cupid FY27 guidance, Cupid FY28 FY29 targets, Cupid Palava facility, Cupid V2 Retail partnership
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