CUPID LIMITED (CUPID)
CUPID LIMITED — Stage 2 setup with EFS 85.2 and investment score 97.8.
Investment Read
Separate the company from the entry: business quality first, timing second.
The edge is in staying with strong fundamentals — and demanding a sane entry.
CUPID LIMITED combines the latest available financial extract with the technical snapshot. Latest quarter: revenue 155 Cr (YoY +158.3%), PAT 44 Cr (YoY +193.3%). The next step is to reconcile these headline numbers with the annual report, exchange filings, and cash-flow quality.
Decision Frame
- Business: understand where moat comes from.
- Financials: prefer consistent cash conversion.
- Technical: Stage 2, RSI 65.0.
- Action bias: buy-on-pullback beats chase.
- Invalidation: thesis break + trend break.
Fundamental Scores
Agent Adda scores from snapshot (stage_snapshot). Useful ranking signals — not standalone buy/sell rules.
Score Interpretation
EFS 85.2 is the composite fundamental score: it indicates a reasonably strong combination of earnings quality (91.0), sales growth (91.7), financial strength (83.5), and institutional bias (61.0). The weaker financial-strength/institutional components are why the score is not a clean quality signal. Investment Score 97.8 is higher because it blends the fundamental stack with the current technical setup, where the technical score is 96.9. In plain English: the tape is stronger than the balance-sheet evidence, so the stock can screen well for momentum without removing execution, leverage, or valuation risk. Validate the scores against audited cash flow, debt, margins, dilution, and the next two quarters before treating them as conviction.
Company Overview
Business profile from Cupid's FY25 annual-report materials and current exchange disclosures.
What they do
Manufactures and sells male and female condoms, personal lubricants, in-vitro diagnostic kits, fragrances, deodorants, hair oils, and other personal-care products.
Growth model
Combines domestic FMCG distribution with institutional and export business; order visibility and capacity execution are key drivers.
Key watch
Validate the FY26/FY27 growth run-rate, export/customer concentration, working-capital discipline, bonus-share effects, and governance disclosures.
Historical P&L
The extract contains four fiscal-year rows (FY21, FY24, FY25 and FY26) plus TTM; FY22 and FY23 are missing and must not be inferred. FY26 revenue and PAT accelerate sharply versus FY25, but reconcile the jump to the audited annual report, bonus-share adjustment, product mix and any exceptional items.
| Period | Revenue | Op. Profit | OPM | PAT | EPS | Payout |
|---|---|---|---|---|---|---|
| Mar 2021 | 149 | 41 | 28% | 29 | 0.22 | 21% |
| Mar 2024 | 172 | 51 | 30% | 40 | 0.30 | 0% |
| Mar 2025 | 183 | 42 | 23% | 41 | 0.30 | 0% |
| Mar 2026 | 358 | 117 | 33% | 108 | 0.80 | 0% |
| TTM | 453 | 160 | 35% | 137 | 1.02 |
Quarterly Results
6 quarterly periods are available. Jun 2026 revenue was 155 Cr and PAT 44 Cr; the latest sequential change was revenue +29.2% and PAT +22.2%. Use the next filing to test whether the latest growth rate is recurring and whether operating margin and cash conversion are moving with earnings. The ₹155 Cr revenue and ₹44 Cr PAT figures come from the Screener extract; the NSE Q1 FY27 filing is unaudited standalone, so reconcile standalone versus consolidated figures before using the growth rates.
| Quarter | Revenue | Op. Profit | OPM | PAT | EPS |
|---|---|---|---|---|---|
| Mar 2025 | 56 | 13 | 24% | 12 | 0.09 |
| Jun 2025 | 60 | 16 | 28% | 15 | 0.11 |
| Sep 2025 | 84 | 28 | 34% | 24 | 0.18 |
| Dec 2025 | 94 | 34 | 37% | 33 | 0.24 |
| Mar 2026 | 120 | 38 | 31% | 36 | 0.27 |
| Jun 2026 | 155 | 60 | 39% | 44 | 0.33 |
Balance Sheet And Cash Flow
3 balance-sheet/cash-flow periods are available. Latest reported borrowings are 56 Cr, CFO is 46 Cr, and FCF is 21 Cr. Read these alongside PAT, working-capital movements, capex, and financing flows: profit growth is higher quality when it converts to operating cash without repeated debt or equity funding.
| Balance sheet item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 13 | 27 | 134 |
| Reserves | 288 | 315 | 316 |
| Borrowings+ | 12 | 19 | 56 |
| Total Liabilities | 320 | 372 | 553 |
| Fixed Assets+ | 58 | 67 | 67 |
| Total Assets | 320 | 372 | 553 |
| Cash flow item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| CFO | 8 | -11 | 46 |
| CFI | -80 | 45 | 28 |
| CFF | 99 | -1 | 35 |
| FCF | -17 | -31 | 21 |
| Net Cash | 27 | 32 | 110 |
Concall, Filings And News
Evidence reviewed: 8 concall artifacts and 6 exchange/company announcements. The read-through below distinguishes reported numbers, management claims, and checks required before relying on the catalyst.
Annual report and management read-through
- Quarter context (Jun 2026): Revenue 155 Cr (+158.3% YoY), PAT 44 Cr (+193.3% YoY).
- FY26 annual-report read-through (audited source): Annual Report 2025-26 reports net revenue from operations of ₹357.71 Cr versus ₹183.52 Cr, PAT of ₹108.23 Cr versus ₹40.89 Cr, exports of ₹208.13 Cr (59.3% of revenue), and FMCG revenue of ₹121.61 Cr. It reports borrowings of ₹51 Cr, debt/equity of 0.09x and promoter pledge of 3.42%. Management claims: the report targets FY27 revenue of ₹725–750 Cr and PAT of ₹210–225 Cr, and expects the Baazar Style Retail investment to add roughly ₹150 Cr of FY27 revenue; these targets require delivery evidence in subsequent filings.
- Analytical check: compare the latest result with the annual report for margin durability, cash conversion, leverage, segment mix, and management guidance; separate reported facts from management claims.
Concall evidence and what to test
Recent announcements and implications
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 201126 Aug
- Reg. 34 (1) Annual Report.26 Aug- Cupid Ltd issued FY2025-26 annual report and AGM notice for September 22, 2026.
- Reg. 34 (1) Annual Report25 Aug- Please find attached Annual Report for FY 2025-26
- Notice Of 33Rd Annual General Meeting Of The Company25 Aug
- Business Responsibility and Sustainability Reporting (BRSR)25 Aug- Cupid Ltd filed BRSR for FY 2025-26, outlining ESG po
- Cupid Limited Q1 FY27 integrated filing: NSE integrated filing records unaudited standalone Q1 FY27 results for the quarter ended 30 June 2026.
- Cupid Limited shareholder notices 2026-27: Recent disclosures include Q1 FY27 results correction, director appointment and other corporate notices.
Sector And Competitive Context
Personal care and healthcare products, with domestic FMCG and export exposure; peer comparison remains omitted without a same-date peer dataset.
| Lens | Read-through |
|---|---|
| Core products | Condoms, lubricants, diagnostics, fragrances and personal-care products. |
| Demand drivers | Brand penetration, institutional tenders, exports, distribution reach and new product launches. |
| Key sensitivity | Raw-material costs, FX, customer concentration, working capital and regulatory quality. |
| Data quality | No comparable same-date peer ranking asserted. |
Peer ranking omitted: no comparable same-date peer dataset was supplied, so this report does not manufacture a self-comparison row.
Equity Chart V1
EOD chart from PostgreSQL market.equity_eod (130 bars). Range: 2026-02-18 → 2026-08-25.
Technical Analysis
Technical setup from cached snapshot (if available).
| Indicator | Value | Note |
|---|---|---|
| Stage | Stage 2 | Weinstein stage |
| Signal | — | Snapshot |
| RSI | 65.0 | Momentum |
| ADX | 27.3 | Trend strength |
| SMA20/50/200 | 266.41 / 226.69 / 127.58 | Trend context |
| Supertrend | SELL | Trend filter |
| Ratio | Value |
|---|---|
| Market cap | INR 38,161 Cr |
| P/E | 278x |
| ROCE | 33.5% |
| ROE | 27.3% |
| Book value | INR 3.35 |
| High / Low | 299.0 / 29.09 |
| Dividend yield | 0.00% |
Weinstein And O'Neil Read
Stan Weinstein Stage Analysis
The snapshot labels the stock Stage 2 (Stage 2 uptrend). Weinstein stage describes the position of price within a multi-month trend: Stage 1 is a base, Stage 2 an advance, Stage 3 a topping range, and Stage 4 a decline. It is a context framework, not a forecast or standalone trade signal.
Evidence check: price is above the 20/50/200-day averages, and the moving averages are stacked bullishly (266.41 / 226.69 / 127.58). RSI is 65.0 (constructive momentum); ADX is 27.3 (strong trend); Supertrend is SELL. A bullish stage with weak momentum, a broken moving-average stack, or a conflicting Supertrend reading is a lower-quality setup.
William O’Neil / CAN SLIM Lens
C — Current earnings: latest PAT growth is +193.3% and revenue growth is +158.3%; confirm the next two quarters and check whether margin and CFO support the growth. A — Annual earnings: latest annual revenue growth is +95.6%; fill the missing periods before claiming a multi-year CAGR. N — New: identify a new product, customer, capacity addition, or catalyst and distinguish company guidance from delivered results. S — Supply/demand: price/volume confirmation matters; share issuance, promoter selling, or thin liquidity can weaken the setup. L — Leader: relative strength is not available; compare against the correct sector and Nifty benchmark rather than using price alone. I — Institutions: institutional-bias score is 61.00; verify actual ownership trend. M — Market: confirm that the broader index and sector are supportive. The practical conclusion is a watchlist-quality setup only when earnings acceleration, leadership, volume, and a definable risk point align.
Broker And Market View
Broker/analyst evidence is shown only when dated source results are returned.
Valuation Scenarios
Illustrative valuation from TTM EPS and P/E multiples (not a recommendation). The current multiple is exceptionally high; this is a sensitivity table, not a fair-value estimate, and small EPS or multiple changes materially affect the result.
| Scenario | TTM EPS | P/E | Implied value | vs current | Condition required |
|---|---|---|---|---|---|
| Bear (multiple compression) | 1.02 | 195x | 198 | -30% | Risk-off, slower growth, lower multiple. |
| Base (current multiple) | 1.02 | 278x | 284 | -0% | Steady execution; multiple holds. |
| Bull (multiple expansion) | 1.02 | 334x | 340 | +20% | Sustained growth + quality premium. |
Issues And Risks
Cupid-specific risks combine export/customer concentration, execution, governance and valuation sensitivity.
| Risk | Why it matters | Severity | What to monitor |
|---|---|---|---|
| Export / customer concentration | Institutional and export orders can create lumpy revenue and counterparty dependence. | Medium | Top customers, tender wins, export mix and receivable days. |
| Raw materials / FX | Latex, packaging, freight and currency movements can pressure margins. | Medium | Gross margin, input costs, hedging and export realisation. |
| Quality / regulation | Healthcare and personal-care products require consistent quality and regulatory compliance. | High | Product complaints, approvals, audits and contingent liabilities. |
| Capital allocation / dilution | Bonus shares and any future fund raising affect per-share comparability and returns. | Medium | Adjusted EPS, share count, related parties and use of funds. |
| Valuation / momentum | A very high P/E leaves limited room for a growth miss or multiple compression. | High | Normalized EPS, cash conversion, peer multiples and trend support. |
Manual Verification Before Posting
No deploy or email command should be run before this gate is complete.
Required Checks
- Verify financial tables vs Screener cache URL (if present) for CUPID.
- Cross-check FY and quarter labels against filings/annual report.
- Confirm technical snapshot date and whether it is EOD or intraday.
- If posting: add dated, source-attributed broker targets from the current source refresh.
Publishing Gate
- Research-only disclaimer present.
- No definitive buy/sell language.
- All key numbers backed by a primary source link.
Evidence Trail
Source-first trail for review.
- Local cache: reports/portfolio/ric_sherlock_cache/CUPID.json
- Screener consolidated page.
- NSE quote and filings.
- BSE quote and filings.
- Cupid financial reports page — lists the FY2025-26 annual report and current quarterly filings.
- Cupid Limited Q3 FY26 Business Update.
- Cupid Limited Annual Report 2025-26.