Cupid Shares Jump 10% to Record on 133% PAT Growth, Higher Guidance

Cupid’s Earnings Surge Puts Delivery of New Growth Targets in Focus

Stronger quarterly profits and higher forecasts lifted the shares, but the next test is converting expansion plans into sustained growth.

Profit growth outpaced the increase in operating earnings

Cupid’s net profit rose to ₹56.22 crore in Q2FY27 from ₹24.13 crore a year earlier, while revenue from operations increased 122% to ₹187.86 crore. Total income grew 132% to ₹208.97 crore. The figures point to a sharp improvement in scale, though investors will want to see whether this pace can be maintained across coming quarters.

EBITDA advanced 92% to ₹54.77 crore, a slower rate than revenue growth. At the same time, the net profit margin expanded by 139 basis points to 30%. The combination suggests that profit conversion improved, but the difference between revenue and EBITDA growth makes operating performance an important area to monitor as the business expands.

Domestic sales are taking a larger role

Cupid’s first-half performance was stronger still: total income rose 136% year on year to ₹365.95 crore and net profit increased 156% to ₹100.37 crore. The domestic business contributed ₹224.64 crore, or 67% of H1FY27 sales, compared with 41% in FY26. Consumer Healthcare and FMCG generated ₹166.88 crore, accounting for 49% of sales.

International sales contributed ₹112.73 crore, or 33% of the first-half total. Cupid cited institutional demand through the PFSCM agreement and supplies under South Africa’s 2025–30 national programme. It also said price revisions across its export portfolio were reflected in first-half realisations. The changing sales mix shows domestic growth is becoming more prominent, while overseas institutional demand remains a meaningful part of the business.

Higher forecasts raise the bar for execution

Cupid has set FY27 guidance at revenue of ₹880 crore or more and net profit of ₹275 crore or more. Its FY28 targets rise to revenue of at least ₹1,305 crore and net profit of around ₹390 crore; for FY29, it expects revenue of at least ₹1,950 crore and net profit of around ₹605 crore. These are management targets, not assured outcomes, and their delivery will depend on the company sustaining growth and carrying out its expansion plans.

The 1,70,000 sq. ft. Palava facility in Maharashtra is scheduled to be commissioned in Q3. At full capacity, it would take annual capacity to approximately 1.25 billion male condoms and 125 million female condoms, from 480 million and 52 million at Sinnar. The facility is not yet described as operating at full capacity, so the timing of commissioning and the pace of utilisation will matter when assessing the growth outlook.

Record high follows a powerful share-price run

Cupid shares rose as much as 10% to an intraday record of ₹389 after opening near ₹360. The stock was up 7.3% at ₹379.60 at 10 a.m., with about 29 million shares worth ₹1,067.80 crore traded in the first 45 minutes. The strong turnover shows intense trading interest, but does not by itself establish whether the move reflects long-term investor positioning.

The shares have gained 258% year to date and more than 570% over the past year, according to the supplied exchange data. Such a steep run means expectations may already be high. The results and revised guidance provide support for the growth narrative, while the facility’s commissioning, sales mix and progress against multi-year targets remain important execution tests.

Key Highlights

• Q2FY27 net profit increased 133% year on year to ₹56.22 crore.
• Revenue from operations rose 122% to ₹187.86 crore; the net profit margin reached 30%.
• Domestic business represented 67% of H1FY27 sales, with Consumer Healthcare and FMCG contributing 49%.
• Cupid raised its FY27 guidance to revenue of ₹880 crore or more and net profit of ₹275 crore or more.
• The Palava facility is scheduled for commissioning in Q3; capacity figures cited by the company are for full capacity.
• The shares touched ₹389 intraday after a substantial year-to-date and one-year advance.

Investor Note: Cupid’s results and higher targets strengthen its growth case, but the sharp share-price appreciation may leave less room for disappointment. Investors may wish to assess progress against guidance and capacity plans rather than treating a record high or a single strong quarter as proof that future targets will be met.