### **Company Overview** Established in 1993 and headquartered in Nashik, Maharashtra, **Cupid Limited** is a leading Indian manufacturer and exporter of healthcare and fast-moving consumer goods (FMCG) products. The company is listed on the BSE (530843) and NSE (CUPID) and has evolved from a B2B-focused healthcare supplier into a diversified, multi-category wellness brand with a growing B2C presence. Cupid is **globally recognized** as the **first company to receive WHO/UNFPA prequalification for both male and female condoms**, underscoring its leadership in quality, safety, and regulatory compliance. It exports to **over 110 countries**, with more than half of its revenue now derived from domestic markets due to strategic B2C expansion. --- ### **Core Business Segments** Cupid operates through three primary verticals: #### **1. Sexual Wellness (Core B2B & B2C)** - **Products**: Male and female condoms, water-based lubricants, menstrual cups, intimate care gels - **Manufacturing**: - Current annual capacity: - **480 million male condoms** - **52 million female condoms** - **210 million lubricant sachets** - Facility: 100,000 sq. ft. integrated plant in Sinnar, Nashik, equipped with German and Korean technology and 100% electronic testing - **Global Positioning**: - Supplies condoms to governments and institutions in Africa, Latin America, and Southeast Asia - One of the few Indian companies with dual WHO/UNFPA PQ for both male and female condoms - Recent landmark: **Brown Caramel Female Condom** received UNFPA PQ, qualifying for 100% of South Africa’s RT75-2025 government tender - **U.S. Market Strategy**: - Restarted FDA approval process for **Cupid Version 3 (V3 Ring) Female Condom** - Preparing to re-enter the U.S. market via over-the-counter and insurance-covered prescription channels #### **2. In Vitro Diagnostics (IVD)** - **Brands**: *Cupikit*, *Cupisure* - **Product Portfolio**: 15 rapid test kits targeting infectious diseases and maternal health, including: - HIV 1 & 2 Antibody - Syphilis Immunoassay - Hepatitis B Antigen - Pregnancy - Malaria (Pf/Pv Ag – under WHO PQ) - **Market Opportunity**: - Global IVD market: **>USD 100 billion (2024)**, projected CAGR of 4–8% through 2032 - Target segments: $1.7B pregnancy testing (to $2.9B by 2034), $611M syphilis testing (to $993M by 2034) - **Regulatory Progress**: - CE certification under EU IVDR expected by **December 2025** for HIV, Hep B, syphilis, and pregnancy kits - WHO prequalification process underway for Malaria kit (target: Q4 FY26) - **Operations**: - Production scale-up from 100,000 to **400,000 kits/day by end-2026** - ISO 13485:2016, CDSCO, ICMR, NIMR, and NIB approved - Distribution: 25,000+ chemists in India (6 states), exports to Tanzania, Ghana, Liberia, Nepal, Philippines, with registrations in 10+ additional African/Asian nations #### **3. FMCG / B2C Personal Care (High-Growth Engine)** - **Products**: - Deodorants, eau de parfums, pocket perfumes - Almond hair oil, petroleum jelly, face wash, skin-protecting jelly - Toilet seat sanitizers, hair removal sprays, menstruation cups - **Strategic Entry**: Launched in FY24, marking a transformative shift from B2B to B2C - **Performance**: - FY25 B2C revenue: **over ₹50 crore**, contributing **>20%** of total revenue - FY26 target: **₹100–125 crore** - **Distribution & Reach**: - **1.2+ lakh retail outlets** across India - Target: **1.8 lakh outlets by FY26** - Supported by: - 55+ super stockists - 850+ distributors - 315-member dedicated B2C sales force - E-commerce: Partnerships with **Amazon, Flipkart, 1mg, Blinkit, Zepto** (quick commerce access) --- ### **Strategic Growth & Expansion** #### **1. Capacity Expansion – Palava, Maharashtra** - **Land Acquired**: March 2024 (170,000 sq. ft. in MIDC, Taloja Expressway) - **New Facility Features**: - Fully automated German and Korean dipping lines - Integrated ERP, real-time monitoring, and in-house protein synthesis for IVD kits - Production expansion to include **nitrile-based synthetic rubbers** - **Capacity Impact**: - **+770 million male condoms, +75 million female condoms annually** - Overall capacity post-expansion: - **1.25 billion male condoms/year** - **125 million female condoms/year** - **Timeline**: Phased commissioning expected by **H2 FY26 (mid-2026)** #### **2. R&D & Innovation** - In-house R&D center in Nashik focused on product development and regulatory excellence - Pipeline: - Non-latex (polyisoprene/polyurethane) condoms - Dotted, flavored, and ultra-thin (50-micron) variants - New diagnostic kits in development - FDA clinical trials completed in South Africa; U.S. approval anticipated in late FY25/FY26 #### **3. Brand & Distribution Strategy** - Positioned as a **modern Indian value brand**—safe, affordable, high-quality, and visually appealing - Integrated omni-channel strategy: - General trade, modern retail, e-commerce, chemists, self-care stores - Focus on **Tier I to Tier III cities** with aggressive retail rollout #### **4. International Expansion & Partnerships** - **UAE Subsidiary**: *Cupid Invesco Limited* established to pursue M&A and expand in the GCC - **Strategic Investment**: - July 2025: Investment in *GII Healthcare Investment Limited*, entering Saudi Arabian healthcare sector - September 2025: Term sheet to acquire stake in *Mansam*, a luxury fragrance brand in Saudi Arabia - Ongoing efforts to secure global regulatory approvals to access tenders in Europe and Africa --- ### **Financial & Operational Highlights (FY25 – Nov 2025)** - **Revenue Diversification**: - **B2C FMCG**: >20% of total revenue (₹50+ crore) - **B2B Exports**: ~48% from institutional tenders (UNFPA, WHO, governments) - **IVD Division**: Achieved **profitability in FY25**, now a high-margin growth engine - **Order Book & Tenders**: - B2B export order book: **$11.5 million (~₹100 crore)** for delivery in Q2–Q3 FY26 - Recent major orders: - ₹56.91 crores (Tanzania govt) - ₹23.07 crores (Brazil female condoms) - ₹18.20 crores (UNFPA) - **Financial Strength**: - **Debt-free balance sheet** - **Over ₹170 crores in cash reserves** - EBITDA and PAT margin improvement driven by high-margin IVD and scaled B2C operations --- ### **Leadership & Vision** - **Chairman & MD**: **Mr. Aditya Kumar Halwasiya**, who led a **41.84% strategic acquisition** in 2023–24 - **Revised Vision**: To become **India’s most trusted wellness brand** by integrating B2B credibility with B2C accessibility - **Strategic Pillars**: 1. **Synergistic growth** across B2B, B2C, and IVD verticals 2. **Operational excellence** through automation, ERP, and quality control 3. **Global expansion** through certifications (CE, WHO, USFDA), M&A, and new market entry 4. **Market creation** in low-penetration segments (e.g., <5% condom use in India)