Highlights

• Cupid shares traded at ₹374.25 on January 5, down 10.88% for the day.
• The stock has dropped over 23% in the past five trading sessions but gained 369% over the last 12 months.
• Q3 FY26 order book reached its highest level, offering visibility for upcoming quarters.

Cupid Ltd (NSE:CUPID) shares continued their decline on Monday, January 5, trading at ₹374.25, down ₹45.70 or 10.88%. The stock extended its selling streak for the second day, following a close at the lower 20% price band on Friday. Over the past five days, CUPID shares have fallen more than 23%, though they remain up over 369% in the past year. Investor focus comes alongside the company’s quarterly update and strategic growth initiatives, including international expansion plans.

Q3 FY26 Business Performance

Cupid provided its Q3 FY26 business update on January 2, reporting that operations continued with stable execution and expanding demand visibility. The company indicated that this quarter could be its highest performing to date, supported by operational continuity and increasing order flow across key business segments.

Standalone business metrics highlighted that revenue for FY26 is on track to surpass ₹335 crore, while profit after tax (PAT) is expected to exceed ₹100 crore.

Expansion and Strategic Developments

Cupid’s capacity expansion plans at its Palava, Maharashtra manufacturing facility are progressing as scheduled. The facility is set to increase annual production capacity by approximately 770 million male condoms and 75 million female condoms, supporting the company’s long-term growth ambitions.

The company is also advancing its FMCG segment, which includes petroleum jelly, face wash, talcum powder, personal care, and wellness products. This portfolio has recorded growing market acceptance in India, aided by expanding retail reach.

Internationally, Cupid is gradually increasing its presence in the GCC region. Following the board’s in-principle approval in December 2025, a proposed FMCG manufacturing facility in Saudi Arabia is expected to be operational by March 2027, subject to regulatory approvals. The facility aims to improve supply responsiveness and cater to regional demand, tapping into the premium consumption potential of the Kingdom.

Market and Global Operations

Cupid maintains international certifications across its product lines, including male and female condoms, lubricants, and IVD kits. Recent and upcoming CE certifications, along with expected WHO prequalification for the malaria IVD kit and female condom, will support expansion in global markets. The company also reported that its investment in GII Healthcare Investment Limited Fund has appreciated to approximately 1.2 times the initial amount invested in October 2025.