The market of condom product is divided into two parts male and female condoms. At present male condom product market has attained market share of 98.8% whereas female condom market share is 1.20%. The Indian Condom market is projected to reach $508.36 million in 2027 as per report presented by Business Market Insights. The development in market depends on various factors such as creating awareness among people, rising use of condoms manufactured at local level, strong distribution channel, and high density of adult and population of middle age is expected to increase in Indian condom market.
The population is reducing and older population in main markets such as China, Japan, and Europe. The manufacturers of condom are taking benefits of latest marketing tools to reach India’s wide, young, and knowledgeable in modern technology in both rural and urban markets. The market size of condom is India is attractive keeping in mind young population, the volume will be huge if young population use it.
CUPID Ltd – Key Points
Name of promoter
Mr. Aditya Kumar Halwasiya
Industry
Condoms and IVD Kits
Established
1993
Employees
206 persons
Headquarters
Nashik, Maharashtra
Export
105 countries
Listed on BSE
1995
CUPID Ltd – Statistics
Market cap
Rs 1,837 crores
ROCE
21.7%
ROE
16.5%
Area
1,00,000 sq. ft.
Male condom
480 million pieces
Female condom
52 million pieces
Lubricant jelly
210 million pieces
IVD Kits
24 million pieces
About CUPID Ltd
Cupid Ltd was established in 1993 and is a top manufacturer of male and female condoms, in-vitro diagnostics (IVD) kits, and personal lubricants. The company has 2 decades of knowledge and expertise, CUPID has stepped as main player in international market. It is noteworthy that, CUPID was first company at global level to attain WHO/UNFPA pre-qualifications for both male and female condoms, the products of the company were recognised as best quality and it followed proper guidelines. The company believes is never give up attitude, build new products, and consistent hardwork result to attain huge sucess.
The people are getting awareness about how sex life plays an important role in increasing health of well-being. The company is proud of itself as it has developed diversified product portfolio that fulfills the requirement of customers. In past few years, company has focused its industry knowledge and brought together creative work to develop positive effect of sexual health landscape. The company exports its products in more than 100 countries by setting its footprint in different geographies by providing best quality wellness products in domestic and international markets. Moreover, the company is on a mission to stand against HIV/AIDS and prevent unwanted pregnancy with a promise to develop safer world.
The company is developing more stronger and is consistently spreading love, safety, and innovation to far and wide. The company is expanding its wings, developing strong capabilities, developing a tough workforce and taking responsible business practices that challenge the status quo. The company is increasing growth at international level while making good impact, the company remains stable in empowering individuals to take proper decisions about their health.
The manufacturing process uses modern german technology to assure accuracy and quality of company’s products. Moreover, in-house Research and Development team works consistently to enhance product qualities and bring new solutions that strictly support global guidelines related to health. The company is focusing to smooth the business operations by presenting struggles of maintaining inventory, which caused delay in exporting female condoms. By increasing efficiency and hurdles, the purpose of company is to manage best inventory levels. The company is increasing its product portfolio by including polyisoprene and polyurethane condoms to bring diversity in our products and increase market position. The state-of-the-art manufacturing plant spread over 1 lac square feet, encourages to fulfill the requirements of different customer base. The company made a decision to expand its manufacturing unit by acquiring a new land in the MIDC area.
To increase production capacity, the company has invested in new machinery for each stage of production process. It is projected to increase output and support to maintain strict quality standards on best quality and innovation. With the help of improvement, the purpose of company is develop strong manufacturing capacity and build strong image as top player in international market. The company has increased its production capacity to 480 million male condoms, 20 million IVD kits, 52 million female condoms, 210 million sachets of personal lubricants annually. In December 2023, the company made an announcement to purchase new land to increase its production capacity by 1.5 times compared to current production of 1.25 billion units of male condoms and female condom units to 125 million within 18 to 24 months. The new management is guiding company to manage affairs by senior management is taking to next level.
The company is paying attention on D2C and increasing its footprints across top e-commerce platforms by increasing its market share and by establishing its brand among youth. The company at presently fulfills the needs of Asia, North America, Oceania, Europe, and South America. The company has developed strong footprints in international markets and is the first company to hold WHO/UNFPA pre-qualification for male and female condoms. At present, company exports its products in 105 countries out which 90% of revenue is generated from exports. The company has made long-term agreement with WHO/UNFPA.
The company is actively working to enhance inventory management, controlling all procurement processes, involving with suppliers for reducing cost, smooth delivery, increase B2C presence through multiple ways, stepping into new areas of international and domestic markets.The newly launched products which will provide huge growth in business are IVD Kits and Deodrants. Interacting with new marketing and distribution partners in different locations across world will main goal of company. The company is taking benefit of advanced marketing tools to reach India’s young population.
Product Portfolio
Male condoms – The company manufactures best quality male condoms in different types of colours and tastes. Thickness is down to 50 microns. each condom has gone through 100% electronic testing process to assure best quality guidelines and process. The manufacturing plant has production capacity of 480 million pieces annually.
Female condoms – The female condoms are produced with latex providing cost-effective solution compared to substitute products. The condom is developed to prevent unwanted pregnancies and acts as dual purpose contraceptive device. Since 2010, the company is involved in manufacture of female condoms with or without flavours and colours. The production capacity is 52 million pieces annually.
Lubricant Jelly – The company also produces water-based lubricant jelly. This product was launched in 2015 and it is available in different pack sizes of 4.5 ml sachets, bottles, and laminated tubes. The lubricants are exported in over 30 countries. Moreover, the company delivers orders to WHO and UNFPA. The production capacity of lubricant jelly is 210 million sachets annually.
In-vitro Diagnostics Kits – The company provides different types of IVD Kits for accuracy and fast results.These kits use chromatographic immunoassays and are known for sensitivity which makes them proper choice for quick diagnostics and identifying of medical problems.
Deodrant and pocket perfumes – In March 2024, the company introduces new variety of CUPID Deodrants and Pocket perfumes, which focuses to increase B2C market. This purpose is to increase footprints in the markets and diversify product portfolio in personal care segment. By launching deodrants products for both male and female consumers, the company is developing strong D2C distribution channel through unique strategy. This growth is supported by using smart strategy of marketing and distribution partners globally, increasing product visibility and interaction with different markets.
Revenue and Net profit
Particulars
FY-24 (In crores)
Sales
171
Expenses
121
EBITDA
50
Other income
7
Interest
2
Depreciation
3
Profit before tax
53
-Tax (%)
(-24%)
Net profit
40
EPS in Rs
1.49
Shareholding Pattern (Dec. 2024)
Promoters
42.51%
FIIs
3.14%
Public
54.34%
CUPID Ltd – Fundamental Analysis
Disclaimer – Stock market is a highly volatile market and unstable. Do your proper research and study before investing. Our website aims to provide information regarding the stock market. We are not responsible if you suffer any loss. Spend enough time on research. We are not providing investment or financial advice.
CUPID Ltd Share Price Target – 2025 to 2040
Year
Minimum price (Rs)
Average price (Rs)
Maximum price (Rs)
2025
68
72
76
2026
78
83
88
2027
91
99
106
2028
108
114
120
2029
123
127
130
2030
132
138
144
2035
264
281
298
2040
527
558
589
CUPID Ltd Share Price Target – 2025
If market faces bearish sentiments, the minimum projected price is anticipated to reach Rs 68. The average trading price is projected to hit Rs 72 at the mid of the year. If market observes bullish signals, the maximum projected price is estimated to reach Rs 76. The company has proper internal control system which assures transactions are authorised, properly recorded and reported genuinely. The assets are protected against loss from wrongful use.
CUPID Ltd Share Price Target – 2026
If market observes downward signals, the minimum projected price is estimated to reach Rs 78. The average trading price is forecasted to hit Rs 83 at the mid of the year. If market observes bullish sentiments, the maximum forecasted price is estimated to reach Rs 88. The company has systematic selection method through which it hires employees and recruit best candidates. The company conduct reviews of performance of employees and decides salaries. The company manintains good relationship with employees with policies that fulfill requirement of employees.
CUPID Ltd Share Price Target – 2027
If market faces bearish sentiments, the minimum projected price is estimated to reach Rs 91. The average trading price is projected to hit Rs 99 at the mid of the year. If market observes bullish signals, the maximum forecasted price is estimated to reach Rs 106. The company has skilled workforce with average experience of 10 years. The company has raised awareness of contraception by both health and wealth point of view which presents amazing opportunity of condom. The contraceptive products are available at reasonable price from domestic brands which has led to diverse range of consumers.
CUPID Ltd Share Price Target – 2028
If market faces bearish sentiments, the minimum forecasted price is estimated to reach Rs 108. The average trading price is projected to hit Rs 114 at the mid of the year. If market observes bullish signals, the maximum projected price is anticipated to hit Rs 120. The company assures that product available is entirely safe by implementing best practices in transportation, by using best quality packing, 100% electronic testing for each condom and managing high accuracy and taking care of specifications.
CUPID Ltd Share Price Target – 2029
If market observes downward trends, the minimum projected price is estimated to reach Rs 123. The average trading price is projected to hit Rs 127 at the mid of the year. If market faces bullish sentiments, the maximum projected price is expected to hit Rs 130. The company has raised funds to increase product range and attain legal approvals in IVD sector. The company targets both national and international acquisitions. The company is increasing its distribution channel beyond geographical areas.
CUPID Ltd Share Price Target – 2030
If market observes bearish sentiments, the minimum projected price is anticipated to hit Rs 132. The average trading price is projected to hit Rs 138 at the mid of the year. If market observes bullish signals, the maximum projected price is estimated to touch Rs 144. The Indian market has lot of potential to attain tiop position at global level for condoms and sexual wellness products. The economy of India is financially strong and people are ready to pay for premium quality products.
CUPID Ltd Share Price Target – 2035
If market observes bearish sentiments, the minimum forecasted price is projected to touch Rs 264. The average trading price is forecasted to hit Rs 281 at the mid of the year. If market observes bullish sentiments, the maximum projected price is estimated to hit Rs 298. The manufacturers of condom has increased its online presence to fulfill requirements of urban people and company has made investment for ads which were run in local language to reach massive audience. The social media plays important role to reach targeted audience whereas TV ads did not attain massive audience.
CUPID Ltd Share Price Target – 2040
If market faces bearish sentiments, the minimum projected price is anticipated to hit Rs 527. The average trading price is forecasted to hit Rs 558 at the mid of the year. If market experiences bullish signals, the maximum projected price is anticipated to hit Rs 589. Increased competition, fluctuating raw material prices, legal challenges, and geoplitical problems are main challenges of this sector on the basis of which share price are impacted for short time. The company fulfills the needs of wide range of customers including B2C and B2B. The company deivers its products to United Nations Population Fund and IDA foundation.
FAQs
Q1) Which company is CUPID Ltd?
Ans – The Cupid Ltd is involved in manufacturing of male and female condoms, water based lubricant jelly, and In-Vitro diagnostics (IVD) kits.
Q2) Is CUPID Ltd a debt-free company?
Ans – Yes, CUPID Ltd is almost a debt-free company. The Long-term borrowings is Rs 9 crores and Short-term borrowings is Rs 6 crores. The cash and bank balance is Rs 65 crores. The net-debt is negative.
Q3) Who is the CEO of CUPID Ltd?
Ans – The CEO of CUPID Lts is Aditya Halwasiya appointed on October 2023 and owns 29.52% stake in the company worth Rs 5.49 billion.
Q4) What is turnover of CUPID Ltd?
Ans – The turnover of Cupid Ltd in FY-13 was Rs 28 crores which has increased to Rs 171 crores in FY-24.
Q5) Is CUPID Ltd a good share to buy?
Ans –Yes, CUPID Ltd is a good stock to buy for long-term. The net-profit of company in FY-13 was Rs 1 crores which has increased to Rs 40 crores in FY-24. The company is almost debt-free. The share price of Cupid Ltd was Rs 8 in FY-20 which has increased to Rs 68 in FY-24. The company has given returns of almost 665% in past 5 years.
