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Swing Capital

Cupid Ltd

NSE: CUPID BSE: 530843

Established in 1993, CUPID Limited is India's premier manufacturer of male and female condoms, personal lubricant, and IVD kits.[1]

₹121
52W: ₹17.6 — ₹134
PE 151 · Book ₹3.35 · +3512% vs book
Market Cap₹16,311 Cr
Stock P/E151Price to Earnings
ROCE33.5%Return on Capital
ROE27.3%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 31.0% CAGR over last 5 years
  • +Company's working capital requirements have reduced from 147 days to 108 days

Weaknesses

  • −Stock is trading at 36.5 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend

Shareholding Pattern

Promoters46.03%
FIIs1.01%
DIIs0.17%
Public52.79%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.8%45.62%▲0.842.51%▼3.142.51%42.51%45.56%▲3.145.56%46.03%▲0.5
FIIs5.97%3.33%▼2.63.14%▼0.21.63%▼1.50.95%▼0.72.58%▲1.61.48%▼1.11.01%▼0.5
DIIs0%0%0%0.11%▲0.10.11%0.35%▲0.20.3%▼0.00.17%▼0.1
Public49.24%51.05%▲1.854.34%▲3.355.75%▲1.456.43%▲0.751.51%▼4.952.66%▲1.152.79%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4066444751616590104132
Expenses28323231354343565982
Operating Profit12341216161821344550
OPM %30%51%26%34%31%30%33%38%43%38%
Net Profit924810111215243336
EPS ₹0.070.180.060.070.080.090.110.180.240.27

AI Insights

Revenue Trend

Mar 2026 revenue at ₹391Cr, up 113.7% YoY. OPM at 38%.

Debt Position

Borrowings at ₹56Cr. Debt-to-equity ratio: 0.18x. Healthy balance sheet.

Capex Cycle

CWIP at ₹25Cr (37% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.17% (+0.17pp change). FIIs: 1.01% (+0.56pp change). Promoters hold 46.03%.

Margin & Efficiency

ROCE declining from 48% (Mar 2015) to 33% (Mar 2026). Working capital days: 108.

Valuation

PE 151x with 33.5% ROCE. Price is 3512% above book value of ₹3.35. Dividend yield: 0%.

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