Cupid Limited (CUPID) AI Stock Analysis

• Market Cap: ₹105.89B
• Dividend Yield: N/A
• Average Volume (3M): 227.77K
• Price to Earnings (P/E): 105.9
• Beta (1Y): 1.24
• Revenue Growth: 34.55%
• EPS Growth: 20.95%
• Country: IN
• Employees: 169
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Household & Personal Products
• EPS (TTM): 0.24
• Shares Outstanding: 1,344,660,600
• 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: ₹98.00 ▼(-79.10% 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 and a high equity ratio provide durable financial flexibility to fund working capital, meet tender collateral or financing requirements, and absorb shocks. A strong ROE indicates management extracts good returns from capital, supporting long-term reinvestment and growth without heavy debt dependence.

Robust revenue growth

Sustained high revenue and EPS growth signal expanding market penetration and product adoption across commercial and export channels. Durable top-line expansion supports scale economies, fixed-cost absorption and strategic reinvestment in capacity and distribution over the next several quarters.

Healthy operating margins

Robust gross and healthy EBIT/EBITDA margins indicate effective cost controls and pricing power in manufacturing and distribution. Margin resilience supports cash generation potential and provides buffer against input-cost swings, enabling sustained investment in product mix and channel expansion.

Negative Factors

Negative free cash flow

Persistent negative free cash flow and poor conversion of net income into operating cash reduce internal funding for capex, working capital and dividends. Over months this raises reliance on external financing, constrains strategic flexibility, and increases liquidity and refinancing risk if conditions tighten.

Net margin volatility

Fluctuating net margins imply earnings are sensitive to mix, pricing or nonoperating items, undermining predictability of profits. That volatility makes forecasting and investment planning harder, and may limit confidence in sustained return generation despite healthy operating margins.

Tender/export revenue exposure

Material exposure to institutional tenders and export channels makes revenues lumpy and contingent on tender wins and regulatory approvals. This structural reliance increases short-to-medium term revenue variability and planning risk, and can amplify cash-flow swings when orders are delayed or awarded to competitors.

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 primarily makes money by manufacturing and selling contraceptive and sexual wellness products. Its key revenue streams typically include: (1) Institutional/B2B sales, where condoms (and potentially other products) are supplied in bulk to government agencies and public-health/NGO procurement programs, often including export tenders; revenue is realized through contract-based orders that can be influenced by tender wins, pricing, volumes, delivery schedules, and compliance requirements. (2) Commercial/B2C and trade sales, where products are sold under the company’s brand(s) through distributors/wholesalers to pharmacies, modern trade, and other retail channels; revenue depends on consumer demand, channel expansion, marketing, product mix (e.g., male vs. female condoms, lubricants), and realized pricing. (3) Export sales, which may overlap with institutional tenders and/or commercial distribution in international markets; earnings are affected by foreign-market demand, tender outcomes, regulatory approvals, and currency movements. If the company has significant named partnerships, major customer concentrations, or segment-level revenue breakdowns, those specifics are not available here and are therefore null.

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	2.47B	1.81B	1.71B	1.56B	1.33B	1.41B
Gross Profit	1.51B	1.36B	1.11B	901.30M	707.46M	899.08M
EBITDA	894.37M	613.87M	501.01M	460.76M	273.75M	413.73M
Net Income	616.88M	408.87M	398.55M	315.83M	172.79M	289.83M
Balance Sheet
Total Assets	4.42B	3.72B	3.20B	1.89B	1.74B	1.52B
Cash, Cash Equivalents and Short-Term Investments	2.05B	1.55B	1.87B	782.87M	736.37M	668.99M
Total Debt	267.55M	189.90M	120.58M	59.75M	87.97M	0.00
Total Liabilities	610.07M	295.84M	186.53M	217.07M	318.91M	215.29M
Stockholders Equity	3.81B	3.42B	3.01B	1.67B	1.42B	1.31B
Cash Flow
Free Cash Flow	179.71M	-308.26M	-171.54M	301.67M	16.03M	380.10M
Operating Cash Flow	233.97M	-113.67M	78.42M	327.11M	102.39M	418.88M
Investing Cash Flow	886.18M	449.12M	-798.43M	-218.62M	-134.94M	-88.17M
Financing Cash Flow	62.48M	-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: Neutral

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 82.35, above the 50-day MA of 83.06, and above the 200-day MA of 54.51, indicating a neutral trend. The MACD of -0.90 indicates Positive momentum. The RSI at 45.75 is Neutral, neither overbought nor oversold. The STOCH value of 21.52 is Neutral, 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	₹45.04B	18.62	―	―	6.03%	0.51%
EMAMILTD	64 Neutral	₹177.96B	18.06	―	1.91%	0.84%	-2.44%
JYOTHYLAB	64 Neutral	₹76.42B	31.99	―	1.24%	1.62%	-7.32%
CUPID	63 Neutral	₹105.89B	105.91	―	―	34.55%	20.95%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
GODREJCP	59 Neutral	₹1.05T	62.79	―	1.67%	5.77%	―
HONASA	54 Neutral	₹90.11B	46.47	―	―	10.59%	67.55%

Cupid Limited Corporate Events

Cupid Limited Publishes EGM Notice in Business Standard and Maharashtra Times

Cupid Limited has notified the stock exchanges that it has published the notice of its upcoming Extra Ordinary General Meeting (EGM) in the English daily Business Standard and the Marathi daily Maharashtra Times on 31 January 2026. The filing, addressed to both BSE and NSE, is a compliance step to formally inform shareholders and the market of the EGM through widely circulated newspapers, underscoring the company’s adherence to corporate governance and disclosure norms for its stakeholders.