1. Odisha Gopalpur unit acquisition from Diageo - On 6 Jun 2026 Cupid signed an agreement with United Spirits (Diageo) to buy its Gopalpur, Odisha, production unit for ₹22.50 cr, including premium excise licences and installed capacity of 2,50,000 cases per month. This single acquisition adds ready-to-run capacity equal to roughly three times the company’s Goa single-shift output, with licences already in place.
2. Rinpoche Spirits 100% share-swap acquisition - The Board approved acquiring all of Rinpoche Spirits Private Limited (Odisha) for ₹348 cr via a share swap at ₹90 per Cupid share, bringing licensed IMFL and brewery facilities under direct ownership. Post-completion, management states the combined Goa, Odisha, and West Bengal assets enhance national footprint and revenue visibility with EBITDA scalability.
3. Aggregate capacity build-out across five states - Management reports aggregate annual production capacities under development of 0.84 cr cases of IMFL/IML, 0.15 cr cases of Beer, and 0.11 cr litres of Craft/Micro Brewery, with multiple projects at advanced stages of operational readiness. At the company’s current negligible revenue base, commissioning even a fraction of this capacity represents a step-change in scale.
4. Goa Ponda distillery and brewery - Cupid executed a sale deed on 24 Mar 2026 for 32,160 sq. metres in Goa and has a unit capable of 75,000 cases per single shift, scalable to 1,50,000 cases in double shifts. Goa’s position as a high-demand tourist hub and export gateway gives the facility a direct route to both domestic and international markets.
5. West Bengal Kalyani integrated IMFL/IML unit - The Kalyani unit is set up with three production lines (a fourth automatic line ready for installation) and can produce 90,000 cases per single shift, rising to 1,80,000 cases in double shifts. An agreement with Bansal Udyog Private Limited signed on 16 Mar 2026 enables seed marketing in the state, so the route-to-market is being built alongside production readiness.
6. UCO Bank working-capital sanction of ₹120 cr - UCO Bank has issued an in-principle sanction letter for ₹120 cr to kick-start operational units, part of a broader Board approval to raise up to ₹900 cr in working-capital facilities. With the company currently carrying only ₹29 cr of debt, this committed line provides the liquidity to activate commissioned capacity.
7. Sikkim brewing unit land lease approved - The Government of Sikkim approved the land lease for Cupid’s proposed brewing unit on 10 Dec 2025, with the company asked to complete formalities with the District Collector. It opens a new state-level market in North-East India where the company currently has no manufacturing presence.
8. UAE Ras Al Khaimah non-alcoholic beer facility - Cupid has paid an advance to Germany’s Steinecker GmbH for technology and equipment for a halal-certified non-alcoholic beer greenfield project in RAK, UAE, backed by an exclusivity MoU signed in November 2024. It creates an export-oriented revenue stream in a product category that sidesteps India’s complex alcohol licensing.
9. NSE listing application - The Board approved applying for listing on the National Stock Exchange, adding to the existing BSE listing. An NSE listing can widen the investor base and improve trading liquidity for a ₹302 cr market-cap stock that was relisted on BSE only in December 2024.