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Hey, Boris, analyze this fundamentals and say the next five years report to me.
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Cupid Limited NSE BSE fundamentals financials 2024 2025 annual report revenue profit
Here is a thorough analysis of Cupid Limited (NSE: CUPID) based on the fundamentals in your screenshot and the latest available financials.
Cupid Limited - Fundamentals Snapshot (as of Jul 2026)
| Metric | Value |
|---|---|
| Current Price | ₹213.43 |
| Market Cap | ₹28,023 Cr |
| P/E Ratio (TTM) | 260.50 |
| Industry P/E | 46.80 |
| P/B Ratio | 62.16 |
| EPS (TTM) | ₹0.80 |
| ROE | 24.01% |
| Debt to Equity | 0.13 |
| Book Value | ₹3.35 |
| Face Value | ₹1 |
| Dividend Yield | 0.00% |
Latest Quarter (Mar '26): Revenue ₹132 Cr (+26.49% YoY) | Profit ₹36 Cr (+10.45% YoY)
Historical Financial Trend (Annual, ₹ Cr)
| Year | Revenue | Operating Profit | OPM% | PAT |
|---|---|---|---|---|
| FY2020 | 160 | 52 | 33% | ~42 |
| FY2021 | 143 | 36 | 25% | ~30 |
| FY2022 | 133 | 23 | 17% | ~19 |
| FY2023 | 159 | 41 | 26% | ~35 |
| FY2024 | 172 | 51 | 30% | 40 |
| FY2025 | 184 | 42 | 23% | 41 |
| FY2026 | ~391 | ~150 | ~38% | ~108 |
FY2026 saw a massive revenue jump to ~₹391 Cr - more than double FY2025 - driven by large government orders and the new Palava manufacturing facility ramping up. The company also raised its FY27 guidance to ₹660+ Cr.
5-Year Forward Projections (FY2027-FY2031)
These are projections based on current growth trajectory, management guidance, and sector tailwinds. These are estimates, not guarantees.
| Year | Revenue (₹ Cr) | PAT (₹ Cr) | EPS (₹) | Notes |
|---|---|---|---|---|
| FY2027 | 660-700 | 130-150 | 4.8-5.5 | Mgmt guidance ₹660+ Cr; Palava plant fully operational |
| FY2028 | 750-850 | 160-185 | 5.9-6.8 | Export order ramp-up; new product lines |
| FY2029 | 900-1,000 | 190-220 | 7.0-8.1 | Assuming continued govt + global tender wins |
| FY2030 | 1,000-1,150 | 220-260 | 8.1-9.6 | Operating leverage kicks in; OPM may touch 30%+ |
| FY2031 | 1,100-1,300 | 250-300 | 9.2-11.0 | If capacity expansion materializes |
Assumptions:
- Revenue CAGR: ~15-20% (conservative) to 25%+ (optimistic), based on FY2026's >100% jump.
- PAT margin held at ~22-25%.
- Shares outstanding ~270-272 million (post-dilution).
- Palava facility contributing fully from FY2027.
Valuation Reality Check
- At the current P/E of 260x, the stock is priced for near-perfection. The industry P/E is just 46.8x - Cupid trades at 5.5x the sector multiple.
- If the stock re-rates to even 60x P/E by FY2027 (still a premium), with EPS of ₹5, fair value = ₹300. At 40x P/E, fair value = ₹200 - roughly where it trades now.
- The stock price has already priced in most of the FY2026-27 growth surge. Long-term investors are betting on sustained high growth through FY28-FY31.
- P/B of 62x is extremely high for a manufacturing/healthcare products company.
Key Risks
- Valuation stretched - Any miss in govt tender wins or export orders could trigger a sharp correction.
- EPS dilution - Shares increased significantly (FY2024 EPS was ₹2.97 vs TTM ₹0.80) due to share splits or new issuances. Monitor this closely.
- Operating margin volatility - OPM swung from 17% (FY2022) to 51% (Mar 2024 Q4) - highly lumpy due to bulk orders.
- Concentration risk - Heavy reliance on government/tender-based orders (UNFPA, WHO, domestic government) makes revenue lumpy.
- No dividend - Zero dividend yield despite profitability.
Summary
Cupid Limited is a high-growth, high-risk play in the sexual health/contraceptives space. FY2026 was a breakout year with ₹391 Cr revenue. If management's ₹660+ Cr FY2027 guidance holds and the Palava plant delivers, EPS could realistically reach ₹5+ by FY2027 and ₹9-10 by FY2031. However, the current valuation (260x P/E) leaves virtually no margin of safety. The stock is a speculative bet on sustained government and export order momentum, not a traditional value buy at current prices.
Disclaimer: This is a financial analysis for informational purposes only, not investment advice. Always consult a SEBI-registered advisor before investing.
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