Cupid Ltd: ₹99 Crore Revenue – Ek raat mai chamakne wala radium condom please!!!

1. At a Glance

Cupid Ltd – the company that manufactures condoms, lubes, and now even COVID test kits – is basically India’s answer to Durex but with the share price volatility of a penny stock. On one hand, it’s guarding the nation’s population control mission, on the other hand, it’s trying to penetrate (pun intended) every product category possible. From glow-in-the-dark jokes to tender contracts, Cupid is always in the mood.

2. Introduction

Picture this: A small-cap company from Nashik that started in 1993 making condoms, supplying UN agencies, exporting to Africa, and suddenly finding itself in headlines for COVID kits during the pandemic. Cupid Ltd has had more makeovers than a Bollywood actor trying to stay relevant across three decades.

While most FMCG brands launch shampoos and soaps, Cupid has diversified from latex balloons for adults to medical kits, deodorants, and even plans to launch intimate hygiene products. If diversification had a Tinder profile, Cupid’s bio would read: “Down for anything, anywhere, anytime.”

Investors meanwhile swipe right hoping they catch the next multi-bagger, but instead often end up with a heartbreak worse than the first college breakup.

3. Business Model (WTF Do They Even Do?)

Cupid Ltd runs on two engines:

• Male & Female Condoms: This is the bread, butter, and… let’s say latex of the business. They bag large contracts from international agencies like UNFPA, WHO, USAID and export heavily to Africa, South America, and India’s family planning programmes.
• Lubricants & Allied Products: They also sell water-based lubricants, gels, and creams. The margins here are higher – because apparently desire is more profitable than duty.
• Medical Diversification: Post-COVID, they even started selling IVD kits and medical disposables. Investors clapped initially, but now ask: “Bhai, are you FMCG, pharma, or population control?”

The problem? The company’s revenues are lumpy, entirely dependent on government and UN tenders. No tender = no love.

4. Financials Overview

Commentary: The last quarter looked like a post-party hangover. Sales fell double digits,