Cupid gains after Q3 PAT skyrockets 196% YoY to Rs 33 cr

Cupid zoomed 8.56% to Rs 423.65 after the company reported 196.29% surge in consolidated net profit to Rs 32.83 crore in Q3 FY26 as against Rs 11.08 crore posted in Q3 FY25.

Revenue from operations jumped 101.70% YoY to Rs 93.49 crore in the quarter ended 31 December 2025.

Profit before tax (PBT) stood at Rs 43.27 crore in Q3 FY26, up 207.09% from Rs 14.09 crore reported in the same period year ago.

EBITDA for Q3 FY26 soared 201% to Rs 34.30 crore, compared to Rs 11.39 crore in Q3 FY25. The EBITDA margin for Q3 FY26 stood at 37%, compared to 25% in the same quarter year ago.

 

The company reported its strongest-ever quarterly performance in Q3 FY26, supported by steady demand and disciplined execution. The robust showing was driven by strength in export-led B2B operations, continued scaling of the domestic FMCG business, and improving traction in the diagnostics segment. Management said operational momentum remains strong as the company enters calendar year 2026, with better execution visibility for the rest of FY26 and beyond.

The companys domestic FMCG business continues to scale, with rising market acceptance across India. Growth has been supported by new product additions in the personal care and wellness segments, along with an expanding retail and distribution footprint. The company currently operates with over 58 super stockists, more than 1,050 distributors and a sales force of 325+ members, enabling presence across over 1.50 lakh retail outlets nationwide. Management said the FMCG segment adds a fast-growing B2C layer to the companys strong export-led B2B model, aiding margin diversification and long-term brand building.

The companys export-led B2B business continued to perform strongly during the quarter and remains a key driver of both revenue and profitability. The segment is supported by multi-year international programs, repeat orders from institutional and non-institutional customers, and a strong execution track record across more than 125 export markets.

A key growth driver is the South Africa National Female & Male Condom Programme, a five-year contract spanning 20252030, with a total annual allocation value of around $12.98 million (approximately Rs 115 crore). Under the programme, the company is expected to supply about 23.4 million female condoms and nearly 153 million male condoms annually.

Management highlighted markets such as Tanzania, Brazil, Kenya, Ethiopia, the Philippines, CIS countries, the European Union and the Middle East as important growth regions over the coming years.

The companys diagnostics (IVD) business is emerging as a key growth engine, supported by expanding manufacturing capabilities and improving demand visibility. The current portfolio includes 15 rapid IVD test kits in production across segments such as HIV, syphilis, pregnancy and Hepatitis B, with three additional kits under development.

Manufacturing capacity stands at over 1.5 lakh kits per day and is targeted to scale up to around 4 lakh kits per day by the end of 2026, aided by increased automation. The diagnostics facilities have received multiple regulatory approvals and certifications, including CDSCO, ICMR, NIMR, NIB and RGCB, along with ISO 13485, ISO 9001 and ISO 14001 certifications.

On the demand front, the company is eligible to participate in central and state government tenders and supplies diagnostic kits to more than 120 ESIC hospitals through the GeM platform. Its products are also available across chemist stores and diagnostic laboratories nationwide.

Recent CE (EU IVDR) certifications are expected to enable entry into European and other regulated global markets, improving long-term growth visibility.

On its outlook, the company expects FY26 to be the strongest year in its history, backed by a robust order pipeline and improving execution. Management said it is confident of surpassing its FY26 revenue guidance of Rs 335 crore, while net profit is expected to exceed Rs 100 crore for the year.

The second half of FY26 is likely to remain stronger than the first, supported by a record order book, long-duration international programmes, and enhanced operational readiness. The company added that the current momentum is expected to continue into FY27 and beyond.

Commenting on the performance, Aditya Kumar Halwasiya, chairman and managing director (MD) of Cupid, said, Q3 FY26 was the strongest quarter in the companys history, driven by disciplined execution and strong momentum across businesses. He said the companys order book stands at an all-time high, providing clear revenue visibility and confidence in sustained performance.

Halwasiya added that the company continues to strengthen its overseas presence, including in the GCC region, while capacity expansion at the Palava manufacturing facility is progressing as planned in line with its growth roadmap. The domestic FMCG portfolio is witnessing rising acceptance, supported by new product launches and a wider retail footprint.

To accelerate FMCG growth, the company is working towards entering the UAE and Saudi Arabia markets. He said the combined expansion across India and the GCC positions Cupid for sustained global growth with scale, efficiency and flexibility.

The diagnostics (IVD) business is also emerging as a key future growth driver, supported by regulatory certifications, rising demand, in-house R&D capabilities and increasing automation.

Based on strong Q3 performance, a record order book and improving execution, Halwasiya said FY26 is expected to be the strongest year in the companys history. The company is confident of surpassing its FY26 revenue guidance of ₹335 crore, with net profit expected to exceed Rs 100 crore, while continuing to focus on building a balanced, scalable and future-ready business.

CUPID is an India's premier manufacturer and brand of male and female condoms, water based personal lubricants, IVD kits, deodorants, perfumes, almond hair oil, body oils, petroleum jelly and other FMCG Products. The company operates with a strong commitment to public health and well-being, maintaining ethical business practices aligned with international standards.

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