Cupid hits record high as Q2 PAT surges 133% YoY
The company's PAT margin improved to 29.9% from 28.6% in the year-ago quarter and 28.5% in Q1 FY27.
Revenue from operations more than doubled, rising 122.5% year on year to Rs 187.86 crore from Rs 84.45 crore. Sequentially, revenue increased 21.4% from Rs 154.72 crore.
EBITDA increased 92.8% year on year to Rs 54.77 crore from Rs 28.41 crore. However, it declined 8.8% sequentially from Rs 60.06 crore.
Profit before tax rose 126.4% year on year to Rs 72.89 crore from Rs 32.19 crore. Sequentially, PBT increased 21.6% from Rs 59.92 crore.
Total expenses increased 137.5% year on year to Rs 133.09 crore. Raw material costs and changes in inventories rose 184.4% to Rs 97.38 crore, while employee costs increased 28.3% to Rs 10.11 crore. Other expenses climbed 84% to Rs 25.59 crore.
Other income increased to Rs 21.11 crore from Rs 5.78 crore a year earlier, while finance costs rose to Rs 1.65 crore from Rs 0.70 crore. Depreciation stood at Rs 1.35 crore against Rs 1.30 crore.
During H1 FY27, consolidated total income increased 136% year on year to Rs 365.95 crore. Revenue from operations grew 137% to Rs 342.58 crore, while net profit jumped 156% to Rs 100.37 crore from Rs 39.14 crore. EBITDA rose 156% to Rs 114.83 crore.
The domestic business contributed Rs 224.64 crore, accounting for 67% of H1 FY27 sales, compared with 41% in FY26. The Consumer Healthcare and FMCG business generated Rs 166.88 crore, representing 49% of sales. The international business contributed Rs 112.73 crore, or 33% of H1 revenue.
Cupid raised its FY27 revenue guidance to at least Rs 880 crore and net profit guidance to Rs 275 crore or more. Its previous guidance, revised in September 2026, stood at revenue of at least Rs 800 crore and net profit of Rs 250 crore or more. The latest revenue target is 47% higher than its original FY27 guidance of Rs 600 crore.
The company has also raised its FY28 revenue guidance to at least Rs 1,305 crore, with net profit of around Rs 390 crore. For FY29, it expects revenue of at least Rs 1,950 crore and net profit of around Rs 605 crore.
Cupid expects H2 FY27 to be significantly stronger than H1, supported by the commissioning of its Palava manufacturing facility in Q3 FY27 and expanding retail partnerships. The company said H1 performance accounted for around 42% of its revised FY27 revenue guidance and 36% of its net profit target.
The company has entered into an exclusive retail partnership with V2 Retail, covering its existing network of more than 425 stores and future outlets. Cupid expects the partnership to generate revenue of at least Rs 400 crore over the next 12 months. Supplies are scheduled to begin in November 2026, with products expected to be available across all 425-plus stores by mid-December.
Its partnership with Style Baazar is expected to contribute around Rs 200 crore in FY27. Cupid's products are expected to be stocked across more than 290 Style Baazar stores, with the network targeted to exceed 500 stores over the next two to three years.
The upcoming Palava facility in Maharashtra, spread across approximately 1.7 lakh square feet, is scheduled for commissioning in Q3 FY27. At full capacity, it is expected to increase the company's annual manufacturing capacity to around 1.25 billion male condoms and 125 million female condoms, from 480 million and 52 million, respectively, at its existing Sinnar facility.
Aditya Kumar Halwasiya, chairman and managing director of Cupid, said the company expects H2 FY27 to be significantly stronger than H1, supported by additional manufacturing capacity and contributions from its retail partnerships. He added that the company has raised its FY27 and medium-term revenue and profit guidance.
The company reported net cash flow from operating activities of Rs 78.04 crore during H1 FY27, up 233.5% from Rs 23.40 crore in the corresponding period last year.
Established in 1993, Cupid manufactures and markets male and female condoms, water-based personal lubricants and in-vitro diagnostic kits. Its portfolio has expanded into consumer healthcare and FMCG products, including fragrances, personal care and wellness offerings. The company exports to more than 125 countries and is expanding its domestic presence through organised retail, modern trade and pharmacy channels.
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