Shares of small-cap company Cupid surged more than 7% on Wednesday, September 30, touching a fresh record high of ₹309.15 on the BSE. The sharp move came as the company entered the Nifty Smallcap 250 index as part of the latest semi-annual rejig by the National Stock Exchange (NSE), with the change becoming effective from September 30.
The index inclusion comes at a time when Cupid has already delivered a massive rally in the stock market. The shares have gained around 60% over the past three months and surged 267% in six months. Since the beginning of the year, the small-cap stock has risen around 200%, while its one-year gain stood at a staggering 609%.
It has now soared 639% from its 52-week low of ₹41.80, touched in October 2025.
The latest index change could provide another potential catalyst for the stock. According to estimates from domestic brokerage Nuvama Alternative and Quantitative Research, Cupid could see inflows of around $10 million following its inclusion in the Nifty Smallcap 250 index.
The index addition also comes shortly after the company raised its financial guidance for FY27, citing strong quarterly performance, a healthy order pipeline and continued momentum across its two major business segments.
Revenue guidance
Cupid’s entry into the Nifty Smallcap 250 comes shortly after the company upgraded its financial outlook for FY27 following a sharp improvement in its June-quarter performance.
For FY27, the company is targeting revenue of ₹725-750 crore and net profit of ₹210-225 crore. Cupid said the stronger outlook was supported by the momentum seen during the quarter, a healthy order pipeline and continued traction across its two key businesses — global healthcare and the Bharat consumer business.
Cupid’s total income for the June quarter jumped 142% to ₹157 crore, while profit after tax (PAT) climbed 194% to ₹44 crore. EBITDA margin for the quarter stood at 39%.
The company has also outlined ambitious targets beyond FY27. It is aiming for revenue of ₹1,085 crore in FY28 and ₹1,500 crore in FY29.
FY26 Financial performance
Cupid’s FY26 numbers reflected the acceleration in its business. Total income rose 93% to ₹391 crore from ₹203 crore in FY25. PAT increased 165% to ₹108 crore from ₹41 crore, while EBITDA grew 180%.
The business has increasingly benefited from its international operations as well as its domestic consumer franchise. During FY26, exports generated ₹208 crore, accounting for nearly 60% of total revenue, with Cupid’s products reaching more than 125 countries. The company’s order pipeline also reached its strongest level during the year.
Cupid finished FY26 ahead of the targets it had originally set for the year. The company had initially guided for revenue of ₹335 crore and profit of ₹100 crore, but ultimately exceeded both targets and ended the year with its strongest quarter on record.
Cupid Ltd (NSE: CUPID), which was established in 1993, manufactures condoms, personal lubricants, IVD kits, perfumes, oils and FMCG products. Its business is focused on public health and ethical business practices.
Other recent developments
Cupid’s Board of Directors has approved the conversion of up to 30 lakh warrants in Baazar Style Retail Ltd into equity shares. The conversion will require a final cash payment of ₹73.86 crore, representing the remaining 75% of the warrant price, at a predetermined conversion price of ₹328.25 per equity share.
Cupid had originally approved a strategic investment of ₹331.53 crore for 1.01 crore warrants in Baazar Style Retail in January 2026. The latest conversion will reduce the outstanding warrants from 86 lakh to 56 lakh. Earlier, 15 lakh warrants were converted into equity shares on May 15, 2026.
The latest transaction represents another phase of Cupid’s strategic investment in Baazar Style Retail and is aimed at strengthening the retail partnership as Baazar Style expands its network. The 25% upfront payment was made in January 2026, with the latest ₹73.86 crore representing the remaining 75% payment for the 30 lakh warrants.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
