Cupid Limited Earnings Summary — Q4 FY2026

• Revenue witnessed a massive 114% YoY surge, reaching a quarterly record of 120 Cr as the company transitions to an FMCG-led model.
• Net Profit tripled on a YoY basis, jumping from 12 Cr to 36 Cr, reflecting strong operational scaling.
• Operating margins remain high at 31%, though they softened from the 37% reported in the previous sequential quarter.
• The balance sheet is expanding rapidly with total assets growing from 372 Cr to 553 Cr within the fiscal year.
• Working capital management has improved, with working capital days reducing from 210 to 119.
• Promoter skin-in-the-game remains high at 46%, with recent open market purchases signaling management confidence.
• Borrowings have increased to 56 Cr to fund aggressive capacity building and retail expansion.
• The number of shareholders has exploded to over 200k, reflecting high retail interest in the business transformation.

Management is pivoting toward an aggressive FMCG retail strategy, shifting away from a purely tender-driven B2B model while expanding capacity for condoms and IVD kits.

Improving

The structural shift in scale is now visible in the financial results, with significant TTM revenue and profit growth outpacing historical averages.

The outlook is highly optimistic regarding top-line growth as the company enters the FMCG retail space, though execution risk remains due to the shift in business model and valuation expansion.