Cupid Limited Q3 FY26: Strong Momentum, Global Push

Mumbai (Maharashtra) [India], January 5: Cupid Limited has reported continued operating momentum as it enters calendar year 2026, supported by strong demand visibility, consistent execution, and steady progress across capacity expansion and international growth initiatives.

Q3 FY26: Strong Execution and Visibility

Business performance during the third quarter of FY26 reflects sustained demand across key segments and improving operating leverage.

The Company expects Q3 FY26 to be its best-performing quarter to date, driven by robust demand, smooth operational execution, and favourable mix across its product portfolio. Cupid’s order book has reached its highest-ever level, providing clear earnings visibility for the coming quarters.

Management remains confident of exceeding its earlier FY26 guidance of ₹335 crore in revenue and ₹100 crore in profit after tax, supported by operating efficiencies, stable domestic and export demand, and disciplined execution.

Capacity Expansion on Track

Cupid’s capacity expansion programme continues to progress as planned. Construction and development work at the Palava, Maharashtra, manufacturing facility is underway in line with the Company’s broader expansion roadmap. The facility is expected to support incremental volumes across both B2B healthcare products and the growing FMCG portfolio over the medium term.

FMCG Business Gains Momentum

The Company’s FMCG segment continues to gain wider consumer acceptance across India, supported by expanding retail reach in the personal care and wellness categories. Recently launched products such as Petroleum Jelly, Face Wash, and Talcum Powder have received encouraging responses, reflecting growing brand traction beyond Cupid’s legacy healthcare offerings.

Management sees FMCG as a long-term growth driver, benefiting from brand recognition, expanding distribution, and favourable consumption trends in India’s personal care market.

Strategic Growth: GCC Expansion and Saudi Manufacturing

As part of its long-term diversification strategy, Cupid is gradually strengthening its presence in the Gulf Cooperation Council (GCC) region to improve supply responsiveness and proximity to key export markets.

Following the Board’s in-principle approval announced on 29 December 2025, the Company is evaluating the establishment of an FMCG manufacturing facility in the Kingdom of Saudi Arabia. The proposed facility is intended to support regional demand across the GCC and nearby export markets, with a targeted completion timeline of March 2027, subject to regulatory approvals and execution milestones.

Saudi Arabia represents an attractive FMCG market supported by population growth, urbanisation, and rising consumer spending. While India’s FMCG market in 2025 is estimated at approximately US$287.9 billion, Saudi Arabia’s consumer packaged goods market is estimated at around US$70 billion—a notable comparison given the Kingdom’s significantly smaller population. This highlights higher per-capita consumption and premiumisation opportunities in the Saudi market.

The Company has reiterated that it will continue to assess the opportunity while maintaining a disciplined approach to capital allocation.

Macro Environment and Product Certifications

Cupid continues to benefit from the prevailing INR environment and, based on current visibility, does not expect any material adverse impact on its FMCG or international B2B plans from tariff or trade-related developments.

The Company holds key international certifications across its product portfolio, including male and female condoms, lubricants, and IVD kits. Recent and upcoming CE certifications for four IVD kits and lubricants, along with the expected WHO prequalification for the Malaria IVD kit and Version 3 Female Condom, are expected to further support international market expansion.

Additionally, Cupid’s investment in GII Healthcare Investment Limited has appreciated to approximately 1.2x of the initial investment made in October 2025.

Management Commentary

Commenting on the business update, Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid Limited, said:

“We begin 2026 with encouraging momentum, strong order visibility, and steady progress across our expansion initiatives. The in-principle approval for the proposed Saudi FMCG facility reflects our intent to gradually build a broader and more diversified growth platform, while remaining focused on prudent capital allocation. We remain confident of surpassing our FY26 guidance.”

With record order visibility, expanding FMCG traction, and a measured global growth strategy, Cupid Limited continues to strengthen its position as a diversified healthcare and consumer products company with improving long-term earnings visibility.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.