Latest rally and price action:
Cupid shares have jumped over 430–440% in the last 12 months, driven by a huge re-rating and strong optimism around its order book and earnings growth. In early January 2026, the stock bounced sharply after a 30–35% fall in just a couple of days, which shook out weak hands but also attracted fresh buyers at lower levels.
The company boosted sentiment by saying Q3FY26 will be its best-ever quarter and also raised full-year guidance to around ₹335 crore revenue and ₹100 crore profit, much higher than earlier estimates. This kind of bold guidance usually pulls in traders, momentum players and even retail investors who don’t want to “miss the next multibagger”, and that seems to be exactly what happened here.
As of early Jan 2026, Cupid’s market cap is around ₹11,000–11,500 crore, which is quite big for a niche condoms and IVD products maker.
The trailing P/E is very high, in the 180x zone on some portals, compared to an industry P/E of around 55x, so the stock is clearly trading at a premium valuation.
ROE is decent, in the 16–18% range, which shows the company is generating good profit on shareholders’ money.
Debt is very low, with a debt-to-equity ratio of nearly 0.05, basically a near debt-free balance sheet, which is a big plus in any market cycle.
Dividend yield is negligible to zero right now, so this is not a dividend play; it is a growth and sentiment story.
Profit margins and cash flows have improved over the last few years, and FY25 revenue was around ₹180+ crore with healthy net margins above 20%, showing decent financial strength.
Cupid Limited was incorporated in 1993 and got listed on BSE in 1995, and later on NSE in 2016. It started as a small condom manufacturer and gradually became one of the key suppliers to global health agencies, working with governments and organisations focused on sexual health and HIV prevention. The company was founded by Om Garg (widely known as the promoter behind Cupid’s growth), and over the years management has built strong relationships with WHO/UNFPA and other agencies. Cupid became the first company in the world to get WHO/UNFPA pre-qualification for both male and female condoms, which gave it a big edge in winning export orders.
Cupid’s core business is manufacturing male condoms, female condoms, water-based lubricant jelly and in‑vitro diagnostic (IVD) kits like pregnancy tests, HIV, dengue, malaria and Covid test kits. A large part of revenue comes from export tenders and contracts with global agencies and governments, which can be lumpy but high value when they click.
Why the stock turned multibagger?
There are a few simple reasons why Cupid share price skyrocketed:
Strong order book and guidance for record revenue and profit, which changed how the market looks at the company.
Near debt-free status and improving ROE and margins, which made it attractive to long-term investors.
Unique niche in female condoms and WHO/UNFPA pre-qualification, where there are very few serious global competitors.
Retail and trader interest after massive past returns, creating a classic momentum loop – rising price brings more buyers, and more buyers push price even higher.
Price targets for 2026, 2030, 2035, 2040:
Nobody can predict exact levels, and with a high P/E stock like Cupid, small changes in sentiment can swing price wildly. So take these as rough, scenario-based views, not guaranteed targets.
Assuming: Revenue and profit actually move towards guidance in FY26 and then grow 15–18% annually for a few years.
P/E gradually cools down from extreme levels closer to sector averages as the story matures. A very rough, broad range (not advice, just an illustration of possibilities):
2026: If earnings meet guidance and P/E stays rich, price could broadly stay in the current zone with swings, say around ₹350–₹650 range during the year.
2030: With steady growth and a more normal P/E, the stock could be anywhere in a wide zone like ₹900–₹1,800 if things go right, or much lower if growth disappoints.
2035: Over 10 years, a strong compounder might give 3–5x from current levels; that hints at a very rough ₹1,500–₹3,000+ type band, again with big uncertainty.
2040: Fifteen‑year views are almost guesswork; a good outcome might be 4–6x from current price, but a bad cycle, regulation, or tender loss can totally change the story.
Buy, sell or hold now?
New investors: At such a high P/E and after a 400%+ run, fresh buying with big lump sums is risky. If you really like the story, consider staggered entry and be ready for deep corrections.
Existing investors sitting on big profits: Looks like a candidate to hold with a trailing stop-loss or partial profit booking, especially if your allocation has become too large in your portfolio.
Traders: Treat it as a high-beta momentum stock. Good for short-term moves, but strict risk management is a must because swings can be brutal both ways.
