Cupid Limited (CUPID) AI Stock Analysis

• Market Cap: ₹101.74B
• Dividend Yield: N/A
• Average Volume (3M): 227.77K
• Price to Earnings (P/E): 105.9
• Beta (1Y): 1.34
• Revenue Growth: 34.55%
• EPS Growth: 20.95%
• Country: IN
• Employees: 169
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Household & Personal Products
• EPS (TTM): 1.22
• Shares Outstanding: 268,932,130
• 10 Day Avg. Volume: 444,612
• 30 Day Avg. Volume: 227,772
• PEG Ratio: 20.03
• Price to Book (P/B): 4.82
• Price to Sales (P/S): 9.13
• P/FCF Ratio: -53.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹436.00 ▼(-7.04% Downside)
• Action: Reiterated Date: 01/23/26
• Date: Action: Reiterated 01/23/26

The score is primarily supported by strong financial health (notably the balance sheet and operating efficiency), but is meaningfully reduced by weak cash flow generation and a very expensive valuation. Technicals are mixed, reflecting a near-term pullback while the longer-term trend remains constructive.

Positive Factors

Balance sheet strength

Low leverage, a high equity ratio and strong ROE provide durable financial flexibility. This capital structure supports long-term investments, M&A optionality and resilience through demand cycles, reducing insolvency risk and enabling strategic spending without immediate external funding.

Sustained revenue growth

High recurring top-line growth indicates expanding product adoption and market penetration. Over the next 2–6 months this trend supports stronger revenue visibility, larger installed base for service contracts, and more predictable recurring income to fund R&D and commercial expansion.

Healthy operating margins

Sustained gross and operating margins reflect disciplined cost control and pricing power in core device and service lines. Durable margin profile supports reinvestment, buffers against input-cost inflation, and underpins long-term profitability even if revenue growth slows.

Negative Factors

Weak cash flow conversion

Negative free cash flow and poor conversion of net income into operating cash erode internal funding capacity. Over months this constrains capital spending and R&D unless external capital is secured, increasing execution risk on product launches and commercialization.

Net profit margin volatility

Variable net margins signal earnings volatility driven by non-operating items or cost variability. This makes multi-quarter forecasting harder, complicates reinvestment planning, and reduces the reliability of reported earnings as a proxy for cash generation.

Potential future financing need

Despite low leverage today, persistent negative FCF could force debt or equity raises within months to sustain growth. That would increase interest burden or dilute shareholders and could constrain strategic flexibility, undermining current balance-sheet advantages.

Cupid Limited Business Overview & Revenue Model

Company Description

Cupid Limited designs, manufactures, and markets male and female condoms in India and internationally. The company also offers water based lubricant jellies; hand sanitizers; and hair removal creams. In addition, it provides contract manufacturing services. The company was formerly known as Cupid Condom Limited and changed its name to Cupid Limited in January 2006. Cupid Limited was incorporated in 1993 and is based in Nashik, India.

How the Company Makes Money

Cupid Limited generates revenue through multiple streams: the direct sale of its medical devices and diagnostic tools to hospitals, clinics, and healthcare professionals, which forms the bulk of its income. The company also earns money through service contracts and maintenance agreements for its devices, ensuring ongoing support and upgrades for customers. Additionally, CUPID engages in partnerships with healthcare organizations and research institutions, which may include co-development agreements or licensing of proprietary technology. These collaborations not only provide upfront revenue but can also lead to royalties from future product sales. Furthermore, the company may explore grants and funding opportunities for research and development initiatives, contributing to its overall financial growth.

Cupid Limited Financial Statement Overview

Summary

Strong overall fundamentals led by a solid balance sheet (low leverage, high equity ratio, strong ROE) and healthy operating margins. However, cash flow quality is a key drag due to negative free cash flow and weak conversion of net income into operating cash flow.

Income Statement

Cupid Limited has demonstrated strong revenue growth with a consistent increase in total revenue over the years. The gross profit margin remains robust, indicating effective cost management. However, the net profit margin has shown some fluctuations, suggesting potential volatility in net income. The EBIT and EBITDA margins are healthy, reflecting solid operational efficiency.

Balance Sheet

The balance sheet of Cupid Limited is strong, with a low debt-to-equity ratio indicating minimal leverage and financial risk. The company has a high equity ratio, showcasing a solid capital structure with a significant portion of assets financed by equity. Return on equity is impressive, highlighting effective use of shareholder funds to generate profits.

Cash Flow

The cash flow statement reveals some challenges, with negative free cash flow in recent periods, indicating potential liquidity issues. The operating cash flow to net income ratio is concerning, suggesting that net income is not fully translating into cash flow. However, the company has shown resilience in managing investing and financing activities.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	2.04B	1.81B	1.71B	1.56B	1.33B	1.41B
Gross Profit	1.26B	1.36B	1.11B	901.30M	707.46M	899.08M
EBITDA	712.51M	613.87M	501.01M	460.76M	273.75M	413.73M
Net Income	475.96M	408.87M	398.55M	315.83M	172.79M	289.83M
Balance Sheet
Total Assets	0.00	3.72B	3.20B	1.89B	1.74B	1.52B
Cash, Cash Equivalents and Short-Term Investments	1.55B	1.55B	1.87B	782.87M	736.37M	668.99M
Total Debt	0.00	189.90M	120.58M	59.75M	87.97M	0.00
Total Liabilities	-3.42B	295.84M	186.53M	217.07M	318.91M	215.29M
Stockholders Equity	3.42B	3.42B	3.01B	1.67B	1.42B	1.31B
Cash Flow
Free Cash Flow	0.00	-308.26M	-171.54M	301.67M	16.03M	380.10M
Operating Cash Flow	0.00	-113.67M	78.42M	327.11M	102.39M	418.88M
Investing Cash Flow	0.00	449.12M	-798.43M	-218.62M	-134.94M	-88.17M
Financing Cash Flow	0.00	-14.65M	987.72M	-109.47M	26.61M	-330.25M

Cupid Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 469.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CUPID, the sentiment is Neutral. The current price of 469 is above the 20-day moving average (MA) of 418.92, above the 50-day MA of 429.51, and above the 200-day MA of 255.49, indicating a neutral trend. The MACD of -3.66 indicates Positive momentum. The RSI at 38.21 is Neutral, neither overbought nor oversold. The STOCH value of 15.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:CUPID.

Cupid Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BAJAJCON	68 Neutral	₹49.75B	18.62	―	―	6.03%	0.51%
EMAMILTD	64 Neutral	₹201.95B	18.06	―	1.91%	0.84%	-2.44%
CUPID	63 Neutral	₹101.74B	105.91	―	―	34.55%	20.95%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
JYOTHYLAB	61 Neutral	₹91.01B	31.99	―	1.24%	1.62%	-7.32%
GODREJCP	59 Neutral	₹1.20T	62.79	―	1.67%	5.77%	―
HONASA	54 Neutral	₹94.32B	46.47	―	―	10.59%	67.55%