Cupid Ltd Q3 FY26 – ₹104 Cr Revenue, ₹33 Cr PAT, 43% OPM & a 126x P/E: Growth Story or Hormonal Valuation?

1. At a Glance – Protection with Valuation Anxiety

Cupid Ltd is no longer just India’s most awkward dinner-table stock. It has become one of the most explosive smallcap reratings in recent market history. With a market cap of ₹10,494 crore, a stock price of ₹390, and a 451% return in one year, Cupid has gone from “WHO-approved niche exporter” to “Instagram finfluencer favourite”.

Q3 FY26 was the company’s best quarter ever:

• Revenue: ₹104 Cr
• PAT: ₹32.9 Cr
• EBITDA margin: ~43%
• QoQ profit growth: +197%
• 3-month return: 67%

Sounds dreamy, right? But here’s the twist: the stock trades at 126x P/E, 27.5x book value, and EV/EBITDA of ~87x. That’s not protection, that’s exposure.

Is Cupid becoming a global sexual wellness FMCG giant, or has the stock already priced in every bedroom fantasy for the next decade? Let’s unzip the numbers.

2. Introduction – From NGO Supplier to Market Darling

Cupid was founded in 1993 and quietly built a global niche supplying male and female condoms to WHO, UNFPA, and governments across 100+ countries. For years, it was boring, profitable, and ignored.

Then three things happened:

1. New management (Halwasiya family) entered in Oct 2023.
2. Margins exploded post FY24 due to scale, pricing, and operating leverage.
3. The market discovered that Cupid is not a sin stock – it’s a global public health exporter with FMCG optionality.

Suddenly, every quarterly result started looking like a startup demo day:

• Triple-digit growth
• Margin expansion
• Bonus issues
• Capacity expansion
• Saudi Arabia factory
• Brazil orders
• IVD kits
• Deodorants
• And now… fashion retail investments (yes, really)

Cupid is no longer subtle. It’s