Cupid

What Cupid does

Cupid Limited is an Indian public limited company (BSE: 530843; NSE: CUPID) founded in 1993 and headquartered in Nashik, Maharashtra. It manufactures and globally exports male condoms, female condoms, water-based lubricant jelly, and in-vitro diagnostic (IVD) test kits covering pregnancy, ovulation, HIV, hepatitis, malaria, dengue, syphilis, and typhoid. Production is anchored by a Hi-Tech German-engineered dipping line with 100% electronic product testing, automated sealing, and an in-house R&D center, with annual capacity of 480 million male condoms, 52 million female condoms, 210 million lubricant sachets, and 30 million IVD kits. The company holds WHO/UNFPA prequalification for female condoms (India's first such recipient), plus USFDA 510(k), CE 2460, ANVISA, ISO 13485/9001/14001, GMP, and SABS certifications, enabling access to international public health tenders and consumer channels across 125+ countries.

The business operates a dual B2B/B2C model. B2B revenue comes primarily from export tenders supplying government health programs — notably a five-year contract with South Africa's National Health Department worth approximately USD 12.98 million annually — supplemented by IVD kit sales. B2C revenue is generated through retail and pharmacy channels internationally and, more recently, through a domestic FMCG push covering deodorants, perfumes, face wash, hair oil, hair removal sprays, menstrual cups, and toilet seat sanitizer, distributed via a strategic ₹331.53 crore stake in Baazar Style Retail (250+ stores expanding to 500+). FY26 revenue reached ₹357.71 crore (93% YoY growth) with net profit of ₹108.23 crore (165% YoY growth), with exports contributing 59% of revenue. Management has guided to ₹600 crore FY27 and ₹1,150 crore FY29, with new growth vectors including nitrile female condoms for the USD 770M premium segment, a planned FMCG manufacturing facility in Saudi Arabia, and an announced stake in Saudi luxury fragrance brand Mansam. The company operates debt-free, with promoter holding at 46.24% as of June 2026.

Name

Cupid

Legal name

Cupid Limited

Website

https://cupidlimited.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

Cupid Limited is an Indian public manufacturer founded in 1993, producing male and female condoms, water-based lubricants, IVD diagnostic kits, and FMCG personal care products. It exports to 125+ countries (59% of revenue), primarily serving government health programs and B2C retail channels.

Ownership category

akta.pro rank

Product category

Personal Healthcare Products (Sexual Health and Contraception)

NAICS

Pharmaceutical Preparation Manufacturing (325412), In-Vitro Diagnostic Substance Manufacturing (325413), Health and Personal Care Retailers (456)

SIC

Pharmaceutical Preparations (2834), Perfumes, Cosmetics & Other Toilet Preparations (2844), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Feminine & Sexual Wellness OTC (Yeast Infection OTC, Lubricants, Condoms, Pregnancy Tests) (CRADAMAH)

akta.pro secondary industries

Menstrual Cups (CRABAIAE), Home Diagnostic & Self-Test OTC Kits (HLAIADAO), Men’s Health (OTC Urologic & Sexual Health) (HLAIADAK), Personal Medical Devices & Home Diagnostics (Thermometers, Blood Pressure Monitors, Glucose Meters, Rapid Tests) (CRADAMAK)

Keywords

• Male condom manufacturing
• Female condom manufacturing
• Personal lubricant products
• Diagnostic test kits
• Sexual health products

Headquarters

HQ city

Nasik

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Male & Female Condoms: Core business manufacturing and exporting male and female condoms. Scale-up across male and female condom segments drove growth with exports generating ₹208.13 crore from over 125 countries.
2. FMCG Products: Rapid expansion into FMCG categories contributing ₹84.26 crore in FY26, including lubricants, personal care products, and new product lines like male deodorants, perfumes, and hair care.
3. International Tenders/B2B Government Sales: B2B tender business supplying contraceptives to government health programs internationally, including South Africa's five-year programme worth ~$12.98 million annually.
4. IVD Products: In-vitro diagnostic products including pregnancy detection kits, ovulation kits, disease testing kits for malaria, dengue, hepatitis, HIV, syphilis, and typhoid.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels3 records

Core offering

Cupid Limited manufactures and supplies male condoms, female condoms, water-based lubricant jelly, and in-vitro diagnostic (IVD) test kits. The company has expanded into FMCG personal care products including deodorants, perfumes, face wash, hair care, hair removal sprays, menstrual cups, and sanitizing sprays. Products are sold globally to government health programs through international tenders and to consumers via retail and pharmacy networks.

Product overview

Cupid Limited is a leading Indian manufacturer of sexual health and personal care products. The core product portfolio includes male condoms (available in multiple variants including plain, dotted, ribbed, ultra-thin, and specialty types), female condoms (WHO/UNFPA prequalified), water-based lubricant jelly, and in-vitro diagnostic (IVD) test kits for pregnancy, HIV, dengue, malaria, hepatitis, typhoid, and other conditions. The company has expanded into FMCG categories including deodorants/perfumes (male and female lines), facial care (face wash with AHA), hair care (hair oil, hair removal sprays), and menstrual care (reusable menstrual cup). Manufacturing facilities in Nashik have capacity for 480 million male condoms, 52 million female condoms, 210 million lubricant sachets, and 30 million IVD test kits annually. The company operates as a B2B/B2C model serving 100+ countries globally with exports accounting for approximately 59% of revenue.

Differentiator

Problem solved

Functional benefit

Brands

• Cupid Angel: Premium female condom brand with polyurethane foam technology
• CupiSafe
• CupiSure

Products and services

• Cupid Male Condom Male condoms available in plain (49mm and 53mm width), dotted, ribbed, multi-textured, extra large, specialty, ultra-thin, and extra-time variants, offered in multiple flavors (Natural Plain, Banana, Strawberry, Chocolate, Apple, Pineapple, Grapes, Rose, Jasmine, Mint, Whisky, Rum Jamaica, Pan, Bubblegum, Vanilla), colors (Pink, Red, Blue, Green, Yellow, Black), and silicone-based lubricant options. Annual production capacity of 480 million units. Distributed to consumers globally and to government health programs.
• Cupid Female Condom Thin, soft, loose-fitting sheath made from natural rubber latex worn inside the vulva, featuring an octagonal ring at the open end and a polyurethane foam retainer at the closed end. Available in Pink and Natural colors with or without flavors (Vanilla most popular). Cupid is India's first WHO/UNFPA-prequalified female condom supplier. Annual production capacity of 52 million units.
• Water Based Lubricant Jelly Water-based personal lubricant for use with condoms to enhance comfort and pleasure. FDA India approved in 2015 and CE certified in 2016. Available in 3ml and 5ml sachets as well as 20gm, 50gm, 82gm, and 114gm tubes. Production capacity of 210 million sachets per year, exported to over 30 countries.
• IVD Products (In-Vitro Diagnostic Test Kits) In-vitro diagnostic rapid test kits covering pregnancy detection (CupiSure), ovulation, typhoid, dengue (IgG-IgM, NS1, Combo), hepatitis B and C, malaria (Pf-Pv and Pf-PAN), syphilis, HIV 1&2 (and HIV/Syphilis Combo), and viral transport medium. Annual production capacity of 30 million kits for consumer and institutional use.
• Cupid Male Deodorant and Perfume Male deodorant and personal fragrance product launched as part of Cupid's FMCG expansion in 2025. Distributed through retail and pharmacy channels.
• Cupid Angel Female Deodorant and Perfume Female deodorant and personal fragrance product marketed under the Cupid Angel sub-brand, launched as part of Cupid's FMCG expansion in 2025.
• Cupid Face Wash with AHA Facial cleanser with Alpha Hydroxy Acid (AHA) formulated to fight acne and control oil. Launched as part of Cupid's FMCG expansion in 2025.
• Cupid CupiSafe Reusable Menstrual Cup Reusable silicone menstrual cup marketed under the CupiSafe sub-brand, providing sustainable and reusable menstrual hygiene for women.
• Cupid Almond Hair Oil Almond-based hair oil formulated for smoother and shinier hair, sold through retail and FMCG distribution channels.
• Cupid Men Hair Removal Spray Hair removal spray formulated for men, providing smooth hair-free skin. Distributed through retail and FMCG channels.
• Cupid Angel Hair Removal Spray Hair removal spray formulated for women, providing smooth skin. Marketed under the Cupid Angel sub-brand.
• Cupid Safe Toilet Seat Sanitizing Spray Toilet seat sanitizing spray designed to kill germs and provide odor control, marketed under the Cupid Safe sub-brand for personal hygiene use.

Quantifiable outcome

• 93% YoY revenue growth in FY26, surpassing ₹335 crore guidance with ₹357.71 crore revenue
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Baazar Style Retail LimitedcoreChannel Partner/ Reseller/ Distributor · 22 January 2026Cupid invested ₹331.53 crore (US$36.14 million) in Baazar Style Retail through 1.01 crore equity warrants convertible within 18 months, acquiring ~11.92% stake. Partnership provides access to 250+ stores expanding to 500+ for FMCG product distribution, with expected incremental revenue of ₹150 crore in FY27 ramping to ₹500 crore annually within three years.
• Mansam (Saudi Arabian Luxury Fragrance Brand)minorStrategic or Co-development Partner · 10 September 2025Cupid Limited signed a term sheet to acquire strategic stake in Mansam, a Saudi Arabian luxury fragrance brand, as part of international expansion into GCC region luxury perfume markets.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Karex Berhad: World's largest condom manufacturer headquartered in Malaysia, supplying UN agencies and global brands. Direct competitor in male/female condom OEM, public-health tenders, and bulk condom manufacturing with comparable regulatory certifications (WHO/UNFPA).
• HLL Lifecare Limited: Indian government-owned manufacturer of condoms (including the Moods brand) and contraceptives, competing directly with Cupid in domestic India public procurement and global WHO-prequalified supply programs.
• Okamoto Industries: Japanese condom manufacturer (Okamoto 003, Beyond Seven) with global brand presence and WHO/UNFPA-aligned manufacturing. Comparable in latex condom manufacturing technology and international export footprint.
• Pregna International: India-based manufacturer of contraceptives and reproductive health products (including IUDs and female condoms) with WHO/UNFPA prequalification. Direct competitor in the global public-health reproductive health supply market.

Broad incumbents

• Reckitt Benckiser (Durex): Global sexual wellness leader owning the Durex condom brand and K-Y lubricants — directly comparable to Cupid's male condom, female condom, and lubricant portfolio, though operating at vastly larger scale as a branded FMCG/consumer health conglomerate.
• Church & Dwight (Trojan): Owner of the Trojan condom brand, a major US condom manufacturer and Cupid's competitor in the US male condom market (where Cupid holds USFDA 510(k) clearance). Comparable branded consumer sexual health products.

Emerging players

• Mankind Pharma: Indian pharma and consumer healthcare company with growing sexual wellness portfolio (Manforce condoms, lubricants). Comparable in domestic India FMCG distribution and condom retail, though broader pharmaceutical scope.
• PharmEasy / Tata 1mg Diagnostics: Diagnostic and home-test kit platforms with comparable IVD product portfolios (pregnancy, ovulation, infectious disease tests), competing with Cupid's CupiSure and other rapid diagnostic kits in the Indian consumer health channel.

Regional players

• TTK Healthcare (Skore): Indian sexual wellness brand (Skore condoms, Kohinoor) competing with Cupid in the Indian retail condom market with comparable product variants and retail distribution focus.
• Fuji Latex: Japanese condom and personal care manufacturer comparable to Cupid's core condom/lubricant portfolio, primarily serving Asian markets and competing in the international tender space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks2 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cupidlimited
• Xx.com/cupidlimited
• Facebookfacebook.com/cupidlimited

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cupid