Current/ Expected Orderbook/ Pending Orders?

Current order book is around Rs. 77 Crores (Page 19). Last quarter order book was approximately Rs. 104 Crores (Page 19). This year's quarter sales were around Rs. 34 Crores (Page 19). Approximately Rs. 6-7 Crores worth of new orders were added recently (Page 19). Expecting major new orders from South Africa and UNFPA in the next two months (Page 19). Expected order composition: around 80% male condoms and 20% female condoms (Page 19). Brazilian tender expected by end of December, anticipated good volume of female condom orders (Page 20).

Any current/future new fundraising through debt or equity?

Cupid Limited currently has around Rs. 125 Crores in cash, which is sufficient to triple existing capacity including land acquisition, plant and machinery, and human CapEx. There is no immediate plan to raise funds through debt or equity for capacity expansion or other uses. The management does not anticipate the need for outside funding as the current cash reserves are adequate. The focus is on utilizing internal cash for capacity expansion, sales force setup, and operational improvements. No mention was made of any planned additional cash infusion or fundraising through capital markets or bo

Any current/future capex/capital investment/strategic investment?

Cupid Limited plans significant capacity expansion by adding seven more dipping lines, doubling male condom capacity from 480 million to over 900 million units and female condom capacity from 50 million to 100 million units. Capital expenditure for this expansion is estimated at approximately ₹50-60 Crores, with a total cash reserve of ₹125 Crores sufficient to triple current capacity. Land acquisition for the factory setup is targeted to complete by December end, with factory setup and machinery installation expected to take 6-8 months post-land acquisition. Capacity expansion is expected to

Future growth expectations in sales/revenue/volumes?

Expect 15% to 20% year-on-year sales growth post capacity expansion starting FY2025 (Page 12-13). Aim to double revenues in 3 to 4 years from FY2024 base, with a target turnover around 300 Crores (Pages 12, 14, 17). Capacity expansion to double production: male condoms from 480 to 900 million units, female condoms from 50 to 100 million units (Page 15). Expansion includes adding seven new dipping lines within approx. two years (Pages 15, 19, 20). Female condom sales expected to stay around 20% contribution until expansion completion; volume growth tied to capacity increase (Page 20).

Future growth expectations in earnings/operating earnings/profits/EPS?

Cupid Limited aims for a 15%-20% year-on-year sales growth post capacity expansion starting FY2025 (Page 12). The company targets to double revenues in 3 to 4 years from FY2024 (Pages 13, 16). EBITDA margins are expected to expand from current ~15% to over 20% at the company level after FY2024, with female condom margins rising more significantly (Page 13). EBITDA margins for male condoms currently at 12%-13%, female condoms at 31%-32%, with a 3%-5% margin expansion anticipated due to scale (Page 13). Capacity expansion costing 50-60 Crores will support doubling capacity and is expected to hel

Cupid LtdQ2 FY24Personal Products

Cupid Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹312P/E: 264.2Market Cap: ₹36.3K CrSector: Personal Products

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Expect 15% to 20% year-on-year sales growth post capacity expansion starting FY2025 (Page 12-13).
Aim to double revenues in 3 to 4 years from FY2024 base, with a target turnover around 300 Crores (Pages 12, 14, 17).
Capacity expansion to double production: male condoms from 480 to 900 million units, female condoms from 50 to 100 million units (Page 15).
Expansion includes adding seven new dipping lines within approx. two years (Pages 15, 19, 20).
Female condom sales expected to stay around 20% contribution until expansion completion; volume growth tied to capacity increase (Page 20).
Growth will be driven by increased exports (South Africa, Brazil, US FDA approval markets) and boosted B2C presence domestically and internationally (Pages 8, 19, 20).
Margins expected to expand by 4-5% combined due to scale benefits post-expansion (Page 13).
Current turnover target ~140 Crores for upcoming financial year as baseline (Page 19).

Margin guidance

Category 1

Cupid Limited aims for a 15%-20% year-on-year sales growth post capacity expansion starting FY2025 (Page 12).
The company targets to double revenues in 3 to 4 years from FY2024 (Pages 13, 16).
EBITDA margins are expected to expand from current ~15% to over 20% at the company level after FY2024, with female condom margins rising more significantly (Page 13).
EBITDA margins for male condoms currently at 12%-13%, female condoms at 31%-32%, with a 3%-5% margin expansion anticipated due to scale (Page 13).
Capacity expansion costing 50-60 Crores will support doubling capacity and is expected to help improve margins and sales volume (Pages 15-16).
The company expects improved ROC of around 20% following expansion (Page 18).
Focus on streamlining processes and enhancing sales channels to maintain growth trajectory (Page 19).

See what Cupid Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Cupid Limited currently has around Rs. 125 Crores in cash, which is sufficient to triple existing capacity including land acquisition, plant and machinery, and human CapEx.
There is no immediate plan to raise funds through debt or equity for capacity expansion or other uses.
The management does not anticipate the need for outside funding as the current cash reserves are adequate.
The focus is on utilizing internal cash for capacity expansion, sales force setup, and operational improvements.
No mention was made of any planned additional cash infusion or fundraising through capital markets or borrowings in the near future.

Order book

Yes

Current order book is around Rs. 77 Crores (Page 19).
Last quarter order book was approximately Rs. 104 Crores (Page 19).
This year's quarter sales were around Rs. 34 Crores (Page 19).
Approximately Rs. 6-7 Crores worth of new orders were added recently (Page 19).
Expecting major new orders from South Africa and UNFPA in the next two months (Page 19).
Expected order composition: around 80% male condoms and 20% female condoms (Page 19).
Brazilian tender expected by end of December, anticipated good volume of female condom orders (Page 20).

See what Cupid Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Cupid Limited plans significant capacity expansion by adding seven more dipping lines, doubling male condom capacity from 480 million to over 900 million units and female condom capacity from 50 million to 100 million units.
Capital expenditure for this expansion is estimated at approximately ₹50-60 Crores, with a total cash reserve of ₹125 Crores sufficient to triple current capacity.
Land acquisition for the factory setup is targeted to complete by December end, with factory setup and machinery installation expected to take 6-8 months post-land acquisition.
Capacity expansion is expected to materialize within 16 to 24 months, aiming for full sales order utilization of new capacity by the third year.
Investments are also planned to strengthen domestic and international sales force, especially for B2C, including new packaging and bundling efforts.
Other strategic efforts include refining SOPs, improving contractual terms, and enhancing operational efficiencies.
No external funding is anticipated as current cash suffices for the capex and human capital requirements.

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