Any current/future new fundraising through debt or equity?

Cupid Limited is raising approximately Rs. 385 crores through issuance of non-convertible warrants primarily to FIIs (financial investors), resulting in around 15% equity dilution by adding about 22 lakh shares. The fundraise is targeted mainly for strategic acquisitions outside India in the condom and IVD segments, as well as a small portion allocated for working capital. The funds from the preferential issuance are expected to be received within 18 months. No specific plan for additional debt fundraising was mentioned. The company has sufficient funds in the balance sheet for ongoing expansi

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

Cupid Limited has acquired a land parcel and plans to commence new production lines within approximately two years as part of their expansion. They are increasing male condom manufacturing capacity, aiming to add about 300 million units by the end of 2024, raising total capacity from 480 million units. A significant portion of the recently raised Rs. 385-400 crore through share issuance is earmarked for strategic acquisitions, particularly outside India, targeting condom and IVD (In Vitro Diagnostics) businesses. The company is focused on acquisitions that will expand product lines within the

Future growth expectations in sales/revenue/volumes?

Post expansion, expected revenue to rise close to Rs. 400 crores (vs. earlier Rs. 320 crores). EBITDA anticipated to exceed Rs. 100 crores after expansion completion. Capacity to increase by 300 million male condoms by end of 2024, adding to existing 480 million capacity. Female condom sales expected to significantly rise in Q4 FY24, contributing Rs. 21 crores. Target to double sales from Rs. 160 crores in FY23 over next 3-4 years, factoring in acquisition and expansion. Expansion supported by acquisition plans both in India and internationally to broaden product portfolio (condoms a

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

Revenue is expected to expand from around Rs. 320 crores to close to Rs. 400 crores after completing the expansion plan. EBITDA is expected to increase to upwards of Rs. 100 crores. EBITDA margins for the current quarter are around 31.5%, with a target to keep it above 35%. PAT margins currently in low 20s, aiming to increase over 25%. Capacity expansion to add 3-4 new dipping lines by end of 2024, adding ~300 million units capacity. Female condom sales expected to significantly boost topline, projected Rs. 50-55 crores in Q4 FY24. Inventory days targeted to improve by 20%, reducin

Current/ Expected Orderbook/ Pending Orders?

Current order book: Rs. 80 crores - Split: Rs. 50 crores male condoms, Rs. 30 crores female condoms - Domestic vs International split: Roughly 10-15% domestic, 85-90% international Expected orders in Q4 FY24 (Jan-Mar): - South Africa: Both male and female condoms, approx. Rs. 50 crores (3rd year of 3-year contract) - Brazil: Female condoms, expected tender and order ~Rs. 23 crores - Government of India: Male condoms, recently announced Rs. 15 crores order and another ~Rs. 10 crores expected soon - UNFPA (regular): Approx. Rs. 30 crores, mostly male condoms Backlog

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Cupid LtdQ4 FY25Personal Products

Cupid Ltd Q4 FY25 Earnings Call Analysis

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

Price: ₹183P/E: 149.5Market Cap: ₹16.2K CrSector: Personal Products

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

4 of 4 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Post expansion, expected revenue to rise close to Rs. 400 crores (vs. earlier Rs. 320 crores).
→EBITDA anticipated to exceed Rs. 100 crores after expansion completion.
→Capacity to increase by 300 million male condoms by end of 2024, adding to existing 480 million capacity.
→Female condom sales expected to significantly rise in Q4 FY24, contributing Rs. 21 crores.
→Target to double sales from Rs. 160 crores in FY23 over next 3-4 years, factoring in acquisition and expansion.
→Expansion supported by acquisition plans both in India and internationally to broaden product portfolio (condoms and IVD kits).
→Retail presence growing; currently in ~1,000 outlets with focus on Northern India as test market; gradual scale-up planned.
→Operating margins aimed to improve, EBITDA margins targeted above 35%, PAT margins over 25% as sales grow.

Margin guidance

Category 1

→Revenue is expected to expand from around Rs. 320 crores to close to Rs. 400 crores after completing the expansion plan.
→EBITDA is expected to increase to upwards of Rs. 100 crores.
→EBITDA margins for the current quarter are around 31.5%, with a target to keep it above 35%.
→PAT margins currently in low 20s, aiming to increase over 25%.
→Capacity expansion to add 3-4 new dipping lines by end of 2024, adding ~300 million units capacity.
→Female condom sales expected to significantly boost topline, projected Rs. 50-55 crores in Q4 FY24.
→Inventory days targeted to improve by 20%, reducing cash conversion cycle and enhancing ROCE.
→Strategic acquisitions (domestic and international) planned to diversify product lines, especially adding polyisoprene and polyurethane condoms.
→Overall optimistic about scaling operations and increasing profitability through expansion and acquisitions.

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Fundraise plans

Yes

→Cupid Limited is raising approximately Rs. 385 crores through issuance of non-convertible warrants primarily to FIIs (financial investors), resulting in around 15% equity dilution by adding about 22 lakh shares.
→The fundraise is targeted mainly for strategic acquisitions outside India in the condom and IVD segments, as well as a small portion allocated for working capital.
→The funds from the preferential issuance are expected to be received within 18 months.
→No specific plan for additional debt fundraising was mentioned.
→The company has sufficient funds in the balance sheet for ongoing expansion, including land acquisition and capacity increase.
→No plan to raise funds through promoter dilution or to provide board seats to new investors, as none will hold more than 5%.

Order book

→Current order book: Rs. 80 crores
→ - Split: Rs. 50 crores male condoms, Rs. 30 crores female condoms
→ - Domestic vs International split: Roughly 10-15% domestic, 85-90% international
→Expected orders in Q4 FY24 (Jan-Mar):
→ - South Africa: Both male and female condoms, approx. Rs. 50 crores (3rd year of 3-year contract)
→ - Brazil: Female condoms, expected tender and order ~Rs. 23 crores
→ - Government of India: Male condoms, recently announced Rs. 15 crores order and another ~Rs. 10 crores expected soon
→ - UNFPA (regular): Approx. Rs. 30 crores, mostly male condoms
→Backlog related to female condoms in Q4 to be cleared: Rs. 21 crores
→Revenue projection post-expansion: Close to Rs. 400 crores top line with EBITDA upwards of Rs. 100 crores.

Capex plans

Yes

→Cupid Limited has acquired a land parcel and plans to commence new production lines within approximately two years as part of their expansion.
→They are increasing male condom manufacturing capacity, aiming to add about 300 million units by the end of 2024, raising total capacity from 480 million units.
→A significant portion of the recently raised Rs. 385-400 crore through share issuance is earmarked for strategic acquisitions, particularly outside India, targeting condom and IVD (In Vitro Diagnostics) businesses.
→The company is focused on acquisitions that will expand product lines within the condom segment and potentially accelerate approvals for IVD products.
→Apart from acquisitions, a small portion of funds will be used for working capital needs.
→There are plans to bundle new products like deodorant sprays with existing offerings to enhance the product portfolio.
→Overall, capital investments include capacity expansion at existing facilities and strategic acquisitions aimed at growth in domestic and international markets.

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