Cupid Ltd. (F.Y. 2024-2025)

Executive Summary

Cupid Ltd. is the leading Indian manufacturer and global exporter. The company exports male condoms, female condoms, personal lubricants, and in-vitro diagnostic (IVD) kits. It was established in 1993. The company has built a strong reputation in the global sexual wellness and healthcare industry. The company focuses on its quality, innovation, etc. The company exports its products to 110 countries and maintains a strong relationship with international organizations such as WHO, UNFPA, government agencies, and NGOs. During 2025, the company has strong revenue. The company has a strong financial position. The company has strengthened its institutional B2B FMCG products such as deodorants, perfumes, menstrual cups, hair oils, and personal care products.

Company Overview

Cupid Ltd. is a leading Indian healthcare and wellness company. It was established in 1993. The company manufactures and exports male condoms, female condoms, water-based lubricants, and in-vitro diagnostic (IVD) kits. The company exports its products to 110 countries. The company operates modern manufacturing plants in Sinnar, Nashik, Maharashtra. Cupid Ltd. is the first company in the world to receive WHO/UNFPA prequalification for both male and female condoms. The company focuses on its quality, innovation, etc. The company has expanded into B2B FMCG products such as deodorants, perfumes, menstrual cups, hair oils, and personal care products.

Industry Overview

Cupid Ltd. is a healthcare and wellness industry that is growing due to increasing health awareness, rising population, and personal care products. There is demand for products such as condoms, personal hygiene products, diagnostic kits, etc. The diagnostic industry is growing due to the rise in early disease detection, etc. The company has expanded into B2B FMCG products such as deodorants, perfumes, menstrual cups, hair oils, and personal care products. Cupid Ltd. is the first company in the world to receive WHO/UNFPA prequalification for both male and female condoms. The company focuses on its quality, innovation, etc.

Financial Performance (rupees in lacs)

Particulars	2025	2024
Revenue from operations	18,352.13	17,170.98
Other income	1,966.15	659.51
Expenses
Cost of materials consumed	6,849.03	5,571.68
Purchased of stock-in-trade	2,009.54	12.97
Change in inventories of FG, WIP	(2,126.05)	344.14
Employee benefits expense	2,917.23	1,641.16
Finance costs	205.19	181.02
Depreciation and amortization expenses	447.58	292.54
Other expenses	4,525.51	4,528.80
Profit/(loss) before tax	5,490.25	5,258.18
Less: tax expenses
-current tax	1,327.78	1,260.77
-short /(excess) provision of earlier years	70.96	(2.40)
-deferred tax	(1.50)	14.33
Profit/(loss) for the year	4,093.01	3,985.48

Source: Annual Report of Cupid Ltd. 2025

Key Financial Ratio

Particulars	2025	2024
Current ratio	13.30	14.68
EBITDA margin	22.74%	29.28%
Net profit margin	22.28%	23.29%
Debt to equity	0.04	0.04
Interest coverage ratio	27.74	30.05
ROE	11.95%	13.23%

Source: Annual Report of Cupid Ltd. 2025

SWOT Analysis

Strengths

1.The company has a strong global market with exports to 110 countries.

2.Cupid Ltd. has strong relationships with international organizations such as WHO, UNFPA, governments, and NGOs.

3.The company has a strong financial position.

4.This company has debt-free and low-debt.

Weaknesses

1.The company highly depends on governments and institutional orders.

2.The company’s revenue changes due to delay in international tenders and government contracts.

3.The company highly depends on exports markets.

Opportunities

1.The company’s demand is growing for sexual wellness and personal care products.

2.There is rising demand for diagnostic kits, etc.

3. The company can expand its business in B2B FMCG.

Threats

1.The company has strong competition from domestic and international healthcare and FMCG companies.

2. There can be economic slowdown and uncertainty in the market.

3.Change in government policies, regulation, etc.

Conclusion

Cupid Ltd. is a leading Indian healthcare and wellness company. The company manufactures and exports male condoms, female condoms, water-based lubricants, and in-vitro diagnostic (IVD) kits. The company exports its products to 110 countries. During 2025, the company has a strong financial position. The company focuses on its quality, innovation, etc. The company has expanded into B2B FMCG products such as deodorants, perfumes, menstrual cups, hair oils, and personal care products. Cupid Ltd. is the first company in the world to receive WHO/UNFPA prequalification for both male and female condoms. Cupid Ltd. is well-established for future growth.