Divya Agarwal
Mumbai (Maharashtra) [India], January 5: Cupid Limited continues to report steady operating momentum as it enters 2026, supported by strong demand visibility, consistent execution, and ongoing progress on its capacity expansion plans.
Q3 FY26 Highlights
Business performance during the quarter reflects healthy execution and sustained demand across key segments:
- Strong quarterly performance:
The Company expects Q3 FY26 to be its best-performing quarter to date, driven by continued demand strength and smooth operational execution. - Highest-ever order book:
Cupid’s order book stands at its highest level so far, providing clear visibility for performance in the coming quarters. - FY26 outlook:
Management remains confident of exceeding its earlier FY26 guidance of ₹ 335 Cr in revenue and ₹ 100 Cr in PAT, supported by operating efficiencies, stable demand, and execution progress. - Capacity expansion progressing as planned:
Work at the Palava, Maharashtra manufacturing facility continues as scheduled, in line with the Company’s broader capacity expansion roadmap. - FMCG business gaining wider acceptance:
Cupid’s FMCG portfolio continues to see growing demand across India, supported by expanding retail presence in the personal care and wellness categories. Recently launched products such as Petroleum Jelly, Face Wash, and Talcum Powder have received encouraging consumer response.
Strategic Growth Update: GCC Expansion & Saudi FMCG Manufacturing
- As part of its long-term strategy, Cupid is gradually strengthening its presence in the GCC region, with a focus on improving supply responsiveness and market proximity.
- Following the Board’s in-principle approval announced on 29 December 2025, the proposed FMCG manufacturing facility in the Kingdom of Saudi Arabia is intended to support regional demand and improve supply timelines across the GCC and nearby export markets. The project is targeted for completion by March 2027, subject to regulatory approvals and execution milestones.
- Saudi Arabia represents an attractive FMCG market, supported by long-term factors such as population growth, urbanisation, and rising consumer spending.
- In 2025, India’s FMCG market is estimated at approximately US$287.9 billion, while Saudi Arabia’s consumer packaged goods market is around US$70 billion. Despite Saudi Arabia having a significantly smaller population (~34.9 million versus India’s ~1.47 billion), the market size comparison highlights higher per-capita consumption and premiumisation potential in the Kingdom.
- The Company will continue to assess this opportunity while maintaining a disciplined approach to capital allocation.
Macro Environment & Business Developments
- The Company continues to benefit from the prevailing INR environment and, based on current visibility, does not expect any material impact on its FMCG or international B2B plans from tariff or trade-related developments.
- Cupid holds key international certifications and registrations across its product portfolio, including male and female condoms, lubricants, and IVD kits. Recent and upcoming CE certifications for its 4 IVD kits and lubricants, along with the expected WHO prequalification for the Malaria IVD kit and Version 3 Female Condom, will support growth in international markets.
- Cupid’s investment in GII Healthcare Investment Limited Fund has appreciated to approximately 1.2x of the initial investment made in October 2025.
Commenting on the Business Update, Mr Aditya Kumar Halwasiya, Chairman and Managing Director, 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.”
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
