Any current/future new fundraising through debt or equity?

There is no mention of any current or planned fundraising through debt or equity in the Q3 FY22 earnings call transcript. The company has about ₹72 crores in cash including mutual funds, FDs, and bank balances. The board is considering a share buyback program but is also evaluating working capital needs for the IVD division before making a final decision. Capital expenditure for the new IVD division is mostly complete with around ₹10 crores spent. No new funding plans through issuance of equity or debt have been disclosed.

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

Cupid Limited has completed its new manufacturing facility at Nasik, with regulatory approvals (ICMR and Drug Controller of India) expected by end of March 2022. The Nasik facility focuses on manufacturing 9 products including male condoms, female condoms, lubricant jelly, and IVD products. Capital expenditure (CAPEX) for the IVD division is mostly complete, with about ₹8 crore spent and an additional ₹2 crore anticipated, totaling ₹10 crore. No current or future large CAPEX beyond this has been specified; the company is cautious with working capital requirements for the IVD business. The mana

Future growth expectations in sales/revenue/volumes?

Cupid Limited projects a top-line revenue of about Rs. 170 crore for FY23, showing recovery and growth from FY22 levels. Female condom sales are expected to increase significantly, contributing to higher margins and overall profitability. The company aims for a profit after tax of at least Rs. 20 crore in FY23, an improvement over the Rs. 16-17 crore expected in FY22. New manufacturing facility at Nasik expected to start commercial production by April 2022, producing about 9 products including male condoms, female condoms, lubricant jelly, and IVD products. Capacity utilization for male condom

Current/ Expected Orderbook/ Pending Orders?

Current order book is ₹141 crore, which includes the ₹100 crore annual order from South African government. The South African order is for three years, extending up to January 2025. Out of this ₹100 crore order, ₹70 crore is for female condoms. Additional orders include about ₹30 to 40 crore expected from UNFPA, split roughly 60% male condoms and 30-40% female condoms, timings and quantities vary. Tanzania tender order expected to be about ₹75 crore, with final decision in March. Brazil tender expected around April 2022, but final quantities unclear due to national elections. No confirmed orde

Cupid LtdQ3 FY22Personal Products

Cupid Ltd Q3 FY22 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 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Cupid Limited projects a top-line revenue of about Rs. 170 crore for FY23, showing recovery and growth from FY22 levels.
Female condom sales are expected to increase significantly, contributing to higher margins and overall profitability.
The company aims for a profit after tax of at least Rs. 20 crore in FY23, an improvement over the Rs. 16-17 crore expected in FY22.
New manufacturing facility at Nasik expected to start commercial production by April 2022, producing about 9 products including male condoms, female condoms, lubricant jelly, and IVD products.
Capacity utilization for male condoms is near 98-100%, indicating strong demand.
The company expects gradual growth in the IVD business after regulatory approvals, though precise volume forecasts are yet uncertain.
South African government orders (approx. Rs. 100 crore annually) and tender wins in Tanzania (Rs. 75 crore) are expected to drive volume growth.
Emphasis on high-margin products and exports for sustained revenue improvement.

Margin guidance

Category 3

- FY22 projected net profit is around ₹16-17 crore, with Q3 net profit at ₹13 crore (Page 11). - FY23 guidance projects top line (revenue) around ₹170 crore and a minimum PAT (profit after tax) of ₹20 crore (Pages 6, 14). - FY23 profit outlook considers a gradual increase in female condom sales, which are high-margin products, helping improve the bottom line (Pages 5, 11, 14). - Operating profits likely to be lower than FY20 due to product mix changes and higher input costs but expected to improve in FY23 (Pages 5, 14). - EPS growth expected moderately post share buyback (under consideration) which may improve EPS despite flat absolute profits (Page 6). - IVD business expected to break even starting FY23, with commercial production beginning April 2022 (Pages 7, 8). Overall, cautious optimism on earnings improvement with focus on high-margin products and new facility utilization.

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

Fundraise plans

There is no mention of any current or planned fundraising through debt or equity in the Q3 FY22 earnings call transcript.
The company has about ₹72 crores in cash including mutual funds, FDs, and bank balances.
The board is considering a share buyback program but is also evaluating working capital needs for the IVD division before making a final decision.
Capital expenditure for the new IVD division is mostly complete with around ₹10 crores spent.
No new funding plans through issuance of equity or debt have been disclosed.

Order book

Current order book is ₹141 crore, which includes the ₹100 crore annual order from South African government.
The South African order is for three years, extending up to January 2025.
Out of this ₹100 crore order, ₹70 crore is for female condoms.
Additional orders include about ₹30 to 40 crore expected from UNFPA, split roughly 60% male condoms and 30-40% female condoms, timings and quantities vary.
Tanzania tender order expected to be about ₹75 crore, with final decision in March.
Brazil tender expected around April 2022, but final quantities unclear due to national elections.
No confirmed orders yet for IVD business as manufacturing licenses are pending approval.
Management expects gradual increase in order book and sales in FY22 and FY23, especially with the new Nasik facility becoming operational.

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

Capex plans

Yes

Cupid Limited has completed its new manufacturing facility at Nasik, with regulatory approvals (ICMR and Drug Controller of India) expected by end of March 2022.
The Nasik facility focuses on manufacturing 9 products including male condoms, female condoms, lubricant jelly, and IVD products.
Capital expenditure (CAPEX) for the IVD division is mostly complete, with about ₹8 crore spent and an additional ₹2 crore anticipated, totaling ₹10 crore.
No current or future large CAPEX beyond this has been specified; the company is cautious with working capital requirements for the IVD business.
The management is considering strategic options like a share buyback but is awaiting clearer working capital estimates for the IVD segment before final decisions.

Track Cupid Ltd — get its next earnings analysis in your feed

How does Cupid Ltd rank vs peers in Personal Products?

Pro feature

ThisCupid Ltd

Rev 3Mar 3

See where Cupid Ltd sits in Personal ProductsSee which companies these are, and every other name in the sector.Open rankings

How does Cupid Ltd rank in Personal Products?

Compare Cupid Ltd against every Personal Products company (Q3 FY22) on revenue, margins and earnings-call signals.

View Personal Products leaderboard →

What Cupid Ltd's management said in earlier quarters

Others in Personal Products this season

Anondita Medicare Ltd (Q4 FY26)
Current unexecuted order book stands at approximately INR137 crores, which remains intact from the previous year. Key concall takeaways from Anondita Medicare…
Gillette India Ltd (Q4 FY23)
FY21/22 sales growth was -7% year-on-year (Page 5). Key concall takeaways from Gillette India Ltd's Q4 FY23 earnings call — and how it ranks against sector…
Procter & Gamble Hygiene and Health Care Ltd (Q3 FY19)
The presentation reports sales of approximately INR 2,500 Crore (Page 16). Key concall takeaways from Procter & Gamble Hygiene and Health Care Ltd's Q3 FY19…
Honasa Consumer Ltd (Q2 FY26)
Quick commerce channel is rapidly growing, currently about 10% of revenues, with healthy economics and fastest-growing channel. Key concall takeaways from…

Compare:vs Godrej Consumer vs Dabur India vs Colgate-Palmoliv

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Cupid Ltd Q3 FY22 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

How does Cupid Ltd rank in Personal Products?

Continue your research

What Cupid Ltd's management said in earlier quarters

Others in Personal Products this season