Established in 1993, Cupid Limited is India's premier manufacturer of male and female condoms, personal lubricant, and IVD kits. Originally incorporated in Maharashtra as Cupid Rubbers Limited in February 1993, the company aimed to manufacture and market high-quality rubber contraceptives and prophylactic products. It was listed on the Bombay Stock Exchange (BSE) in 1995 and has since undergone name changes, becoming Cupid Condom Limited in December 2003 and finally Cupid Limited in January 2006. Over the years, it has evolved from a niche condom manufacturer to a diversified supplier of reproductive health products.
Cupid Limited operates in the consumer staples sector, specifically within the FMCG personal products sub-sector. As of July 3rd, 2025, the company's market capitalization stands at ₹2,873.01 Crore. The 52-week high for CUPID stock is ₹113.50, and the 52-week low is ₹55.75. The P/E (price-to-earnings) ratio is 70.28, and the P/B (price-to-book) ratio is 9.54.
For the financial year ended March 2025, the company demonstrated steady financial growth. Net profit rose by 2.61% to ₹40.89 Crore, up from ₹39.85 Crore in the previous year (FY2024). Sales also saw a healthy increase of 7.27%, reaching ₹183.52 Crore in FY2025, compared to ₹171.09 Crore in FY2024. The company is almost debt-free, which significantly strengthens its financial position.
• FY2025 Performance: Net Sales of ₹183.52 Crore, Net Profit of ₹40.89 Crore
• Sales Growth (YoY FY25): 7.27%
• Net Profit Growth (YoY FY25): 2.61%
• Market Capitalization: ₹2,873.01 Crore (as of 3rd July 2025)
• Promoter Holding: 42.5%
• P/E Ratio: 70.28
• P/B Ratio: 9.54
• Debt Status: Almost debt-free
Cupid Limited is primarily engaged in the business of dealing, marketing, and manufacturing rubber contraceptives and allied prophylactic products. Its diverse product range includes Male Condoms, Female Condoms, Water-Based Lubricant Jelly, Hand Sanitizer, and Hair Removal Cream. A significant portion of its revenue is derived from the sale of Male Condoms.
The company boasts substantial manufacturing capabilities, with an annual production capacity of up to 480 million pieces of male condoms, 52 million pieces of female condoms, and 210 million sachets of lubricant jelly. Its male condoms are offered in a wide array of flavors, colors, and lubricant options, including natural plain, banana, strawberry, chocolate, apple, pineapple, grapes, rose, jasmine, mint, whisky, rum Jamaica, pan, bubblegum, and vanilla.
In addition to contraceptives, Cupid Limited has diversified its portfolio into In-Vitro Diagnostic (IVD) products. This segment includes various diagnostic kits such as Pregnancy Test Kits, COVID-19 Antigen Test Kits, HIV Test Kits, Dengue Test Kits, and Malaria Antigen Test Kits.
Cupid Limited holds a unique distinction as the first company in the world to obtain Pre-qualification status from WHO/UNFPA for the supply of both Male & Female condoms. Located in Sinnar near Nashik, approximately 200 km from Mumbai, its manufacturing facility adheres to stringent global quality standards.
The company's commitment to quality is underscored by its WHO-GMP approval and various ISO certifications, including 9001:2008, 13485:2003, and 14001:2004. It also holds CE-0434 certification, pre-qualification from UNFPA, SABS Mark, and USFDA_510k for male condoms, among other accolades.
Cupid Limited maintains an active in-house Research and Development (R&D) center alongside its main production facility. This R&D capability is crucial for the company's innovation and collaboration efforts with healthcare professionals, governments, and organizations. The R&D center plays a vital role in promoting the use of condoms for better sexual health and the prevention of HIV and other Sexually Transmitted Diseases (STDs).
Initially focused on male condoms, Cupid Limited diversified into female condoms and water-based lubricant jelly in 1993, beginning commercial production of male condoms and receiving its first export order in 1998. The company has consistently invested in capacity expansion and technology upgrades, importing machinery from Germany to increase capacity from 160 million to 320 million per annum, further expanding to 400 million in 2007.
The company has ambitious growth plans, with Chairman and MD, Aditya Kumar Halwasiya, projecting a 65% turnover growth in FY2026 to ₹335 Crore. This growth is expected to be driven by new product launches and market expansion. The leadership team is focused on maximizing stakeholder value through strong international business and a cost-effective foray into India's B2C FMCG space, making high-quality Cupid products available pan-India at competitive prices. Since FY2010, the company has increasingly focused on female condoms, which are higher-margin products compared to male condoms, leading to significant improvements in operating margins during years with higher female condom sales.
Cupid Limited faces challenges in the domestic market due to intense competition and regulatory policies. The Indian condom market is highly fragmented, with numerous well-known players possessing higher brand awareness, which can exert pressure on margins. To counter this, the company has been actively expanding its domestic presence through e-commerce platforms and strengthening its distributor networks.
Conversely, the export market presents a significant opportunity and remains a key revenue driver. The company's unique WHO/UNFPA pre-qualification status provides a substantial competitive advantage in securing international tenders.
With its robust manufacturing capabilities, global quality certifications, strategic focus on higher-margin products like female condoms, and proactive expansion initiatives, Cupid Limited is well-positioned to maintain and strengthen its leadership in the contraceptive industry, both within India and internationally.
