Author: Prashant Marathe
Date Published: May 21, 2025

🧾 At a Glance

• Q4 Revenue: ₹56.48 Cr
• Q4 Net Profit: ₹11.55 Cr
• Full Year FY25 Revenue: ₹183.52 Cr
• Full Year Net Profit: ₹40.93 Cr
• CMP: ₹96.29
• EduFair Value: ₹153–₹180
  👉 Verdict: A stable pharma-ex-im play… not a 30x rocket, but solid.

🏭 About the Company

Cupid Ltd, based in Nashik, Maharashtra, is a **manufacturer-exporter of:

• Male & female condoms
• Lubricants
• In-Vitro Diagnostic (IVD) Kits**

Known for:
✅ Low-debt model
✅ Order-based margin spikes
✅ Zero marketing hype

It’s the stock that works when you least expect it.

🧑‍💼 Management

• Chairman & MD: Mr. Aditya Kumar Halwasiya
• Board integrity: High
• Communication: Low
• Strategy: Focused on B2G + export orders

📊 Q4 & FY25 Key Metrics

📈 EduFair Value Calculation

• FY25 EPS = ₹1.52
• Sector P/E (Pharma Export–Light): 20x to 25x
• ➕ Cupid has zero debt + strong cash flows
  ➡ Fair Value Range: ₹153 – ₹180

At CMP ₹96.29, the stock trades at a 35% discount to its actual performance-based valuation.

🧠 EduInvesting Take

“Cupid is not a multibagger fantasy. It’s a lean, clean dividend-yielding machine.”

✅ The Q4 results aren’t a fluke — full-year data supports the stability
✅ Revenue and profit are consistent with past trends
✅ Export contracts drive periodic spikes
✅ EPS is real. Cash flow is clean.

Cupid is:

• Not a pump & dump
• Not a deep value trap
• Just a solid smallcap

⚠️ Risks

• ❗ Low volumes = hard to exit large positions
• ❗ Government contracts can delay execution
• ❗ No moat = margin pressure if new entrants undercut
• ❗ Limited product expansion = growth cap

💸 CMP vs FV Recap

It’s not a rocket — it’s a Volvo. Slow, steady, reliable.

🏁 Final Word

Cupid isn’t what Twitter dreams are made of. It’s what conservative portfolios need:

• Strong balance sheet ✅
• Stable EPS ✅
• Global demand for IVD kits & condoms ✅

Edu Verdict: BUY on dips. Hold for stability. Track order pipeline for momentum.