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1. At a Glance
Cupid Limited makes male and female condoms, personal lubricant and in-vitro diagnostic test kits. It now sells a range of everyday personal care products alongside them.
In the three months to June 2026, revenue was ₹156.99 crore and net profit ₹44.16 crore. The same quarter a year earlier had brought ₹64.74 crore and ₹15.02 crore. That works out at sales growth of 142 per cent and profit growth of 194 per cent. Operating profit for the quarter was ₹62.33 crore, an operating margin of 40 per cent.
The three months to March 2026 had brought revenue of ₹132.04 crore and profit of ₹36.26 crore. Six quarters in a row have now come in above the quarter immediately before them.
The corporate calendar has been working overtime around the numbers. The board met on 7 August 2026, coming to order at a quarter past four in the afternoon. It closed at 5:03, a sitting of 48 minutes, somewhere between a sitcom and a school assembly. In that time it noted the results and re-appointed the cost auditors. It approved the Directors Report and the notice for the annual general meeting. It also granted in-principle approval to explore a project in West Bengal.
On 17 August the company appointed Shri Keral Prasad Yadaw an additional independent director for five years. On 17 and 18 August the promoter, Aditya Kumar Halwasiya, bought shares in the open market. Promoter holding after those purchases stands at 46.40 per cent.
The full year to March 2026 closed with income of ₹391.40 crore and net profit of ₹108.26 crore. Earnings per share for the year were ₹0.81. The share count behind that figure changed in March 2026, when bonus shares went out four for one. Paid-up capital moved from ₹26.85 crore to ₹134.47 crore.
2. Introduction
Cupid Limited was established in 1993. The company describes itself as India’s premier manufacturer of male and female condoms, personal lubricant and IVD kits. IVD kits are in-vitro diagnostic tests, run on a sample taken outside the body. The company also says it was the first in the world to hold WHO and UNFPA prequalification for both male and female condoms. Prequalification is a United Nations quality clearance that opens the door to public health tenders.
For most of its listed life Cupid was a modest exporter with one factory. That plant sits at Sinnar, near Nashik, on roughly 100,000 square feet of land. Annual sales ran somewhere between ₹80 crore and ₹160 crore. The year to March 2017 brought sales of ₹83.64 crore, and the year to March 2023 brought ₹159.22 crore. Those were six years of growth at the pace of a business that ships to health ministries.
Ownership changed in October 2023. Columbia Petro Chem Private Limited and Mr Aditya Kumar Halwasiya acquired a 41.84 per cent stake for ₹159.06 crore. Mr Kuldeep Halwasiya was appointed Chairman and Mr Aditya Halwasiya became Managing Director. Mr Ajay Halwasiya joined the board as an executive director in January 2024.
Sales for the year to March 2026 were ₹391.40 crore, against ₹183.01 crore the year before. In December 2025 the board approved an FMCG manufacturing facility in Saudi Arabia. A land purchase near Mumbai in December 2024 is meant to take male condom capacity to 1.25 billion units a year. Female condom capacity under the same plan would rise to 125 million units.
November 2025 brought an allocation under South Africa’s national procurement programme for 2025 to 2030. It covers 23.4 million female condoms a year, on a 59 per cent share of the award. The same allocation adds 0.77 million boxes of male condoms. The company puts the package at roughly ₹115 crore of annual revenue visibility.
Authorised capital was raised from ₹50 crore to ₹150 crore in January 2026, and bonus shares followed in March at four for one. The company has also committed ₹331.53 crore to Baazar Style Retail Limited. Of that sum, ₹82.88 crore was paid in April 2026 for 1.01 crore convertible warrants.
Per the company’s own disclosures, a civil case is pending. Vikas Lifecare Ltd Vs M/s Cupid Ltd & Ors sits in the District Court at Alwar, Rajasthan. It concerns the sale and purchase of shareholdings in Cupid.
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3. Business Model: WTF Do They Even Do?
Cupid makes contraceptives. Having built a factory that dips latex for a living, it decided that while the lines were running it may as well also make talcum powder.
Condoms remain the core. In the year to March 2026, per the company, male condoms brought in ₹181.11 crore and female condoms ₹60.72 crore. IVD kits and lubricants added ₹24.97 crore, and the newer FMCG range ₹84.26 crore. On that same split, male condoms were 51.60 per cent of revenue and female condoms 17.27 per cent. FMCG came to 24.01 per cent, with diagnostics and lubricants at 7.11 per cent.
Installed capacity is 480 million male condoms and 52 million female condoms a year. The plant can also turn out 210 million lubricant sachets and 20 million diagnostic test kits. Male condom sale volume was 378.86 million pieces in the most recent disclosed year.
The buyers are the unusual part. This is substantially a business-to-business tender trade, selling into more than 125 countries. Exports were ₹208.13 crore, or 59.30 per cent of revenue for the year to March 2026. The named customers include WHO and UNFPA, PFSCM and the Global Fund. MSI, PSI and the IDA Foundation also buy. The largest customers here are multilateral institutions, and the smallest is a chemist in Nashik.
The other half of the catalogue is ordinary personal care. The list runs to deodorants, perfumes, almond hair oil and body oils. It also covers petroleum jelly, face wash, sunscreen and
