Cupid, a small-cap stock with a market capitalisation of ₹10,622 crore, remained higher for the second straight day on Tuesday, March 17, surging another 3% to the day’s high of ₹80.95 apiece after the company announced the commencement of its development programme for a nitrile (NBR) female contraceptive, aimed at entering and diversifying the currently single-supplier global nitrile female contraceptive market.
The company also announced a strategic branding alignment centred on the proposition “Made in India” with “Japanese Quality,” reinforcing its commitment to combining India’s strong manufacturing capabilities with globally recognised standards of precision, reliability, and product excellence, according to Monday’s regulatory filing.
The global female contraceptive market was estimated to be valued at approximately USD 770 million in 2024 and is projected to exceed USD 1.2 billion by 2030. Within this market, the nitrile female contraceptive segment—a premium latex-free category—has historically been supplied by only one manufacturer worldwide, which produces the FC2 female contraceptive.
With increasing demand from global procurement agencies for supply diversification, Cupid’s entry into nitrile female contraceptive manufacturing represents a significant strategic opportunity, the company said in its filing.
Meanwhile, the company said Cupid’s entry into the nitrile female contraceptive segment is driven by several compelling strategic factors, including supply diversification, a premium product segment (as nitrile female contraceptive typically command 25–35% higher prices), and technical and regulatory barriers to entry.
Commenting on the development, Durgesh Garg, Chief Operating Officer, said, “For over two decades, the nitrile female contraceptive segment has largely been served by a single supplier. This has limited procurement flexibility for global health agencies and restricted access to latex-free protection for many women worldwide. Cupid is uniquely positioned to address this gap.”
“Our new manufacturing plant has been purpose-designed from the ground up to support simultaneous dipping of two distinct polymer systems—natural rubber latex and nitrile. This dual-polymer capability will allow us to offer global procurers a credible, quality-assured second source for nitrile female contraceptive,” he further added.
Cupid share price trend
After remaining under pressure for over a year, Cupid shares staged a stellar rebound in April 2025 with a surge of 25%. The momentum further strengthened over the following eight months (including December), with the stock closing higher each month, resulting in a massive gain of 600%.
However, profit booking dragged the stock lower by 22.60% in January, while in the following month it delivered a muted return of 1.5%.
Nevertheless, the strong nine-month rally helped the stock gain 525% over the past year and a massive 3,168% over three years. Cupid shares have been trading ex-bonus in the ratio of 4:1 since March 9, 2026.
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