1. FY27-FY29 revenue and PAT trajectory - ₹600 Cr / ₹875 Cr / ₹1,150 Cr Pending - At the Q4 FY26 PPT, management guided FY27 revenue of ₹600 Cr (revised to ₹660+ Cr), FY28 revenue of ₹875 Cr, and FY29 revenue of ₹1,150 Cr, with corresponding net profit of ₹180 Cr, ₹275 Cr, and ₹390 Cr. FY27 has just begun; no outcome yet.
2. EBITDA margin expansion - above 20% company level, 4-5% improvement Partial - At the Q2 FY24 call, management guided EBITDA margins higher than 20% at the company level with 4-5% combined margin expansion, and at Q3 FY24 targeted EBITDA margins above 35%. FY26 EBITDA margin was 32.62%, above the 20% floor but below the 35% target.
3. Doubling revenue and profitability in 3-4 years from FY24 baseline Delivered - At the Q2 FY24 call, management guided doubling of revenue and profitability in three to four years using FY24 as the baseline. FY24 revenue was ₹171.09 Cr and PAT ₹39.85 Cr; FY26 revenue reached ₹357.71 Cr and PAT ₹108.23 Cr, more than doubling both within two years.
4. FY23-FY25 three-year plan - 10-15% CAGR top and bottom line Partial - At the Q2 FY23 call, management guided a three-year plan expecting 10-15% CAGR in both top line and bottom line from FY23 to FY25. FY23 revenue was ₹164.1 Cr and PAT ₹31.58 Cr; FY25 revenue was ₹184 Cr and PAT ₹40.89 Cr, yielding a revenue CAGR of \~6% and PAT CAGR of \~14%.
5. Lubricant jelly sales - ₹25 Cr in FY23, ₹10 Cr in FY24, ₹30 Cr in FY25 Partial - At the Q4 FY22 call, management guided at least ₹25 Cr for lubricant jelly sales in FY23, later revising FY24 to a maximum of ₹10 Cr and FY25 to \~₹30 Cr. FY22 lubricant jelly sales were ₹25.47 Cr, but UNFPA cancelled orders in FY23 due to quality issues, and the FY26 combined IVD Kits & Lubricants revenue was ₹24.97 Cr, with no standalone FY25 lubricant jelly actual disclosed.
6. Modern trade presence - 4,000+ stores in FY27 Pending - At the Q3 FY26 PPT, management projected 4,000+ modern trade stores in FY27, reiterated at the Q4 FY26 PPT. As of Q4 FY26, 2,934+ stores were listed; FY27 has just begun.
7. FY27 revenue target of ₹600 Cr (revised to ₹660+ Cr) with PAT margin >30% Pending - At the Q4 FY26 PPT, management guided FY27 revenue of ₹600 Cr with net margins above 30%, later revised upward to ₹660+ Cr. FY27 has just begun; Q1 FY27 revenue is expected to exceed ₹150 Cr, but no full-year outcome yet.
8. Saudi Arabia FMCG manufacturing facility - by March 2027 Pending - At the Q3 FY26 PPT, the board granted in-principle approval to set up an FMCG manufacturing facility in Saudi Arabia, targeted for completion by March 2027. In-principle board approval was received; no further progress disclosed as of 13 July 2026.
9. Style Baazar investment - ₹150 Cr incremental revenue in FY27, ₹500 Cr in 3 years Pending - At the Q3 FY26 PPT, management guided ₹150 Cr incremental revenue in FY27 from the Style Baazar investment, with ₹500 Cr annual business potential within three years. The first phase of ₹82.88 Cr was deployed with allotment of 1.01 Cr warrants; FY27 has just begun with no revenue outcome yet.
10. IVD CE certification and WHO PQ Partial - At the Q4 FY25 PPT, management guided CE certification in H1 FY26 for four IVD kits and WHO PQ for the Malaria PF PV Kit by Q4 FY26, with WHO PQ later shifted to FY27. CE certification for the four kits was received by Q3 FY26; WHO PQ for malaria was pushed to FY27 and is not yet confirmed in our record.
11. Retail footprint - 1.75-1.80 lakh outlets by FY26 end Missed - At the Q4 FY25 PPT, management guided growing Cupid's retail footprint to over 1,75,000 stores Pan-India by FY26 end, with the FY25 Annual Report targeting 1.80 lakh retail touchpoints. As of Q4 FY26, FMCG products were available across 1.50 lakh+ retail outlets, falling short of the 1.75-1.80 lakh target.
12. B2C FMCG revenue - ₹100-125 Cr in FY26 Missed - At the Q4 FY25 PPT, management guided B2C business to ₹125 Cr of revenue in FY26, with the FY25 Annual Report targeting at least ₹100 Cr. FY26 New FMCG Products revenue was ₹84.26 Cr, below the ₹100-125 Cr target.
13. FY26 revenue target of ₹335 Cr and PAT of ₹100 Cr Delivered - At the Q4 FY25 PPT, management guided a topline target of ₹335 Cr with a 50% CAGR over two years, later raising guidance to exceed both ₹335 Cr revenue and ₹100 Cr PAT. FY26 revenue was ₹357.71 Cr and net profit was ₹108.23 Cr, exceeding both targets.
14. ₹385 Cr preferential issue - strategic foreign acquisition Missed - At the Q3 FY24 call, management guided that \~₹385 Cr raised via preferential issuance would be received within 18 months, with the remainder for a strategic acquisition outside India in condoms and/or IVDs. As of the latest monitoring reports, ₹245.00 Cr allocated for strategic foreign acquisitions remained entirely unutilized, and the 18-month horizon from Q3 FY24 lapsed with no acquisition executed.
15. CEO appointment Missed - At the Q1 FY22 call, management stated a CEO could definitely be expected within the next 2-3 years, a commitment reiterated through Q4 FY23. Our record holds no disclosure of a CEO appointment through 13 July 2026; the explicit 2-3 year horizon from Q1 FY22 lapsed with no appointment.
16. US female condom first-year sales - $1-5 million Missed - At the Q2 FY22 call, management guided first-year US revenue of a minimum of $5 million, later revised downward through multiple quarters to \~$1 million. US FDA approval for female condoms has not been received as of 13 July 2026; no US female condom sales have been recorded.
17. Capacity expansion - 1.5x, 125 Cr male / 12.5 Cr female condoms On track - At the Q2 FY24 call, management committed to tripling capacity within 16-24 months, with the target consistently maintained at 125 Cr male and 12.5 Cr female condoms, and the latest guidance pointing to commissioning in the coming quarter from June 2026. Land was acquired in March 2024, CWIP increased from ₹0 in FY24 to ₹25.38 Cr in FY26, and construction is progressing.
18. FY24 revenue target of ₹175 Cr minimum / 10-12% improvement Partial - At the Q4 FY23 call, management guided a minimum FY24 top line of ₹175 Cr, later revised to close to ₹140 Cr at the Q2 FY24 call. FY24 revenue was ₹171.09 Cr, narrowly missing the original ₹175 Cr target but comfortably exceeding the revised \~₹140 Cr target.
19. FY23 revenue target of ₹170-180 Cr minimum Delivered - At the Q2 FY22 call, management guided FY23 revenue of ₹170-180 Cr minimum with PAT of minimum 20% net of sales, later revised to ₹155-160 Cr revenue and ₹25-26 Cr PAT at the Q2 FY23 call. FY23 revenue was ₹164.1 Cr and PAT was ₹31.58 Cr, exceeding the final guidance.
20. FY22 PAT target of ₹20 Cr minimum Delivered - At the Q2 FY22 call, management guided FY22 PAT of a minimum of ₹20 Cr, later revised to ₹16-17 Cr at the Q3 FY22 call. FY22 net profit was ₹17.3 Cr, meeting the revised target.
21. FY22 revenue target of \~₹170 Cr Missed - At the Q4 FY21 call, management guided a total top line of approximately ₹170 Cr for FY22, later revised to \~₹150 Cr at the Q2 FY22 call. FY22 revenue was ₹132.7 Cr, falling short of even the revised ₹150 Cr target.
22. South Africa 3-year tender - ₹60-80 Cr each year Partial - At the Q4 FY21 call, management guided an order worth \~₹60-80 Cr each year for three years from the South African tender starting October 2021. The order was received and included in the ₹209 Cr order book, but South Africa cut back on female condom purchases significantly in FY24, disrupting the annual run-rate.
23. 50-50 Male-Female Condom sales balance Missed - At the Q1 FY21 call, management guided a target to achieve a 50-50 balance between Male and Female Condom sales, dependent on international institutional funding. FY21 Q1 sales mix was 56% Male and 43% Female; by FY26, female condom sales had declined to 17.27% of revenue, and the 50-50 balance was never approached.
24. Dividend maintained at ₹4-4.50 per share Delivered - At the Q1 FY21 call, management guided plans to maintain the policy of two dividends per year and not reduce the total dividend paid out, which was ₹4.50 per share for FY20. FY23 total dividend was ₹5 per share, the "best ever dividend," honouring the commitment to maintain at least ₹4-4.50.
25. IVD margins - 20-30% EBITDA / 15-20% net Partial - At the Q1 FY21 call, management guided medical devices margins between 20% and 30%, with subsequent quarters specifying EBITDA margins of at least 30% and net margins of 15-20%. The IVD division was loss-making through FY24 and turned PAT positive only in FY25; our record lacks a clean standalone margin read to confirm the 15-30% range.
26. Medical devices (IVD) commercial operations start Partial - At the Q1 FY21 call, management guided initial production of medical devices in late November 2020, a timeline repeatedly pushed through eleven revisions to Q4 FY23. IVD sales in FY23 were ₹40 lakhs, marking a minimal commercial start years late; meaningful scale and profitability arrived only in FY25.
27. US FDA female condom approval - initially by end of 2021, then repeatedly pushed Missed - At the Q1 FY21 call, management guided US FDA permission to market Female Condoms by the end of 2021, a deadline repeatedly pushed through fifteen revisions, with the latest guidance at Q3 FY24 pointing to FY26. FY26 has concluded with no disclosure of FDA approval or commercial US female condom sales in our record.
28. FY21 revenue target of \~₹150 Cr Delivered - At the Q1 FY21 call, management guided a total revenue target of \~₹150 Cr for FY21, later narrowed to ₹135-140 Cr at the Q2 FY21 call. FY21 revenue was ₹149 Cr, effectively meeting the original \~₹150 Cr target (SQL).