Cupid share price hits record Rs 389 as Q2 profit jumps 133%
By Rohit SharmaMarkets Analyst, Peepals Business
Representative image: PIX1861 / Pixabay
Cupid shares rose about 10% to a record Rs 389 on 12 November 2026 after Q2 FY27 net profit jumped 133% to Rs 56.22 crore and guidance was raised.
What Happened
Shares of Cupid Ltd, the Indian maker and exporter of male and female condoms, rose as much as about 10% to an all-time high of Rs 389 on Thursday, 12 November 2026. The jump came a day after the company reported results for the July-September quarter (Q2 FY27) on Wednesday, 11 November. Cupid said net profit rose 133% from a year earlier to Rs 56.22 crore, revenue from operations more than doubled to Rs 187.86 crore, and it raised its revenue and profit targets for FY27, FY28 and FY29. It was trading around Rs 381 later in the morning.
Key Facts
- Cupid share price: intraday high of Rs 389 on 12 November 2026, a record, up about 10% from the previous close of about Rs 354.
- Q2 FY27 net profit: Rs 56.22 crore, against Rs 24.13 crore in Q2 FY26, up 133%.
- Q2 FY27 revenue from operations: Rs 187.86 crore, against Rs 84.45 crore, up about 122%; total income was Rs 208.97 crore.
- Q2 EBITDA: Rs 54.77 crore, up from Rs 28.41 crore; the EBITDA margin fell to about 29.2% from 33.6% a year earlier and 38.8% in Q1 FY27.
- First half (April-September 2026): revenue from operations Rs 342.58 crore, up 137%; EBITDA Rs 114.83 crore; net profit Rs 100.37 crore.
- New FY27 guidance: revenue of Rs 880 crore or more (earlier Rs 800 crore or more) and net profit of Rs 275 crore or more.
- Longer targets: FY28 revenue of Rs 1,305 crore or more with net profit of about Rs 390 crore; FY29 revenue of Rs 1,950 crore or more with net profit of about Rs 605 crore.
Why It Matters
Cupid is a small-cap company whose share, according to market reports, has gained about 263% since the start of 2026. A rally of that size leaves little room for disappointment. Thursday's reaction shows investors focused on the pace of growth and the higher targets rather than on the weaker margin.
The margin is the part of the report that cuts the other way. Revenue more than doubled, but the cost of materials rose even faster, by about 106% according to market reports, and the EBITDA margin dropped to about 29% from nearly 39% in the June quarter. Cupid earned less operating profit on each rupee of sales than three months earlier. Profit still more than doubled because sales were so much larger, and other income added about Rs 21 crore (total income of Rs 208.97 crore against operating revenue of Rs 187.86 crore).
The raised guidance is the main reason the stock moved. Management lifted the FY27 revenue target by Rs 80 crore, to Rs 880 crore or more, and set out much larger figures for the two years after that. Cupid is also building a new facility at Palava in Maharashtra, which it expects to commission in the October-December quarter (Q3 FY27). Reports also link its recent growth to a push into in-vitro diagnostic (IVD) kits and wider domestic and export sales.
Peepals calculation: In the first half Cupid earned Rs 342.58 crore of revenue and Rs 100.37 crore of net profit. To reach its new FY27 targets it must earn at least Rs 537.42 crore of revenue (880 - 342.58) and Rs 174.63 crore of profit (275 - 100.37) in October-March, which is about 57% more revenue (537.42 / 342.58 = 1.57) and about 74% more profit (174.63 / 100.37 = 1.74) than in April-September. The targets also imply a net margin of about 31% for the full year (275 / 880), slightly above the 29.3% the company made in the first half (100.37 / 342.58). Our calculation from the reported figures.
Cupid figures | Q2 FY26 | Q1 FY27 | Q2 FY27 Revenue from operations (Rs crore) | 84.45 | 154.72 | 187.86 EBITDA (Rs crore) | 28.41 | 60.06 | 54.77 EBITDA margin | 33.6% | 38.8% | 29.2% Net profit (Rs crore) | 24.13 | 44.15 | 56.22 Q1 FY27 = reported first half minus Q2.
Impact
Short-term: The results set a new record price for the stock. After this year's sharp rise, swings in either direction can be large.
Long-term: The stock is now tied to whether Cupid delivers its published targets, which need a much stronger second half, the Palava plant starting on time and a margin recovery.
Who is affected: Cupid shareholders, small-cap traders, and the company's employees, suppliers and customers in India and abroad.
What to watch next: The commissioning of the Palava facility, which the company has scheduled for Q3 FY27 (October-December 2026), and the Q3 FY27 results, which will show whether margins recover.
Key Takeaway
Cupid share price hit a record Rs 389 on 12 November 2026 on a 133% jump in Q2 profit and higher targets, even though its operating margin narrowed.
Questions and Answers
Why did Cupid share price rise on 12 November 2026?
It rose as much as about 10% to a record Rs 389 after Cupid reported a 133% rise in September-quarter net profit to Rs 56.22 crore and raised its guidance for FY27, FY28 and FY29.
What is Cupid's new guidance for FY27?
The company now targets revenue of Rs 880 crore or more, up from Rs 800 crore or more, and net profit of Rs 275 crore or more for the year ending March 2027.
Was there anything weak in Cupid's Q2 results?
Yes. The EBITDA margin fell to about 29.2%, from 33.6% a year earlier and 38.8% in the June quarter, as material costs rose faster than sales.
How much does Cupid need to earn in the second half to meet its FY27 targets?
By our calculation from the reported figures, about Rs 537 crore of revenue and about Rs 175 crore of net profit in October 2026 to March 2027, roughly 57% and 74% more than in the first half. This is arithmetic, not a forecast or investment advice.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Rohit Sharma, Markets AnalystCovers Markets Watch and more for Peepals Business. All stories by Rohit Sharma
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Rohit Sharma is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
