Small FMCG

Cupid Ltd.

CUPID

₹101.35

-1.07% (-1.1)

Market Cap

₹2,750 Cr.

P/E

67.20

Cupid Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Cupid Ltd. Shareprice

Has the share price of Cupid grown faster than its competition?

Cupid has given better returns compared to its competitors.
Cupid has grown at ~109.62% over the last 3yrs while peers have grown at a median rate of 5.91%

Is Cupid stock expensive?

Yes, Cupid is expensive.
Latest PE of Cupid is 67.2, while 3 year average PE is 29.98.
Also latest EV/EBITDA of Cupid is 57.84 while 3yr average is 22.68.

View FAQ's On Business

Growth Table

Cupid Ltd.
Amrutanjan Healthcar
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Max India
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	5.99	180	109	73.35	62.77	58.93	38.86	30.79	25.39	42.28
TTM EPS CAGR	-2.59	10.51	32.89	7.30	-1.34	17.29	12.26	8.29	79.45	38.95
Sales CAGR	9.16	8.52	12.05	6.52	2.84	13.77	12.66	10.52	13.15	15.42
PAT Margin (Abs Growth)	3.47	10.28	3.25	-1.41	5.50	2.09	-1.27	-2.76	5.95	23.03
PE CAGR	10.21	154	57.74	61.55	64.84	35.49	24.02	20.88	-30.06	2.48
CFO CAGR	-76.03	-12.48	-42.79	-19.63	-15.66	14.77	-12.53	-6.02	1.51	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Cupid Ltd.
Amrutanjan Healthcar
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Max India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	50.58	63.12	78.29	92.94	165	152	174	189	320	372
Non Current Assets	13.89	15.87	15.16	19.99	27.99	29.84	35.65	34.71	56.80	90.13
Net Block	15.55	16.06	16.30	20.84	26.31	29.13	30.76	36.06	58.13	60.33
Capital Work in Progress	0.00	0.00	0.00	0.07	3.16	1.40	5.76	0.00	0.00	6.49
Intangible Assets Under Development	—	—	—	—	—	—	—	—	—	—
Long Term Investments	0.06	1.00	—	—	—	—	—	—	—	15.89
Current Assets	34.73	45.33	61.42	71.19	135	122	138	153	262	282
Inventory	3.42	4.44	7.56	7.91	16.48	13.78	17.85	19.10	15.65	41.67
Accounts Receivable	13.27	13.41	22.13	22.79	41.89	25.47	30.47	25.64	47.98	67.03
Short Term Investments	—	4.00	18.05	22.18	21.22	47.62	53.76	69.33	135	86.86
Cash & Bank Balances	9.40	19.04	4.25	8.83	36.84	19.28	21.46	29.62	51.50	68.57
Liabilities	50.58	63.12	78.29	92.94	165	152	174	189	320	372
Shareholders Funds	36.13	54.00	65.65	75.94	103	131	142	167	301	342
Share Capital	11.12	11.12	11.12	13.34	13.34	13.34	13.34	13.34	13.42	26.85
Reserves	25.01	42.89	54.53	62.60	90.12	118	129	153	191	315
Non Current Liabilities	1.95	2.15	2.32	2.09	2.21	0.85	1.04	1.55	1.65	8.39
Secured Loans	—	—	—	—	—	—	—	—	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	—	—
Current Liabilities	12.50	6.96	10.32	14.92	59.12	20.68	30.85	20.16	17.01	21.43
Accounts Payable	1.53	2.67	4.72	6.37	21.83	10.06	12.15	8.73	0.05	1.25
Short Term Loans	0.88	—	2.14	2.29	31.30	—	8.80	5.97	12.06	12.63

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Cupid Ltd.
Amrutanjan Healthcar
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Max India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	61.15	83.64	80.60	85.47	160	144	133	159	171	188
Operating Expenses	35.83	49.81	53.45	64.90	108	108	110	118	121	142
Raw Material	9.66	0.00	16.06	19.39	24.74	27.83	35.13	34.79	26.20	68.49
Chemicals	2.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—
Furnace Oil	0.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—
Latex	6.94	0.00	16.06	19.39	24.74	27.83	35.13	0.00	0.00	—
NA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.71	0.00	—
Others	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.08	26.20	—
Material Cost (%)	13.29	13.46	17.12	23.34	10.71	20.60	25.69	21.40	19.01	25.07
Employee Cost	3.53	4.58	6.17	6.02	6.93	8.35	9.15	11.45	15.66	29.17
Power & Fuel Cost	3.64	3.60	3.44	4.46	6.33	5.07	5.05	6.15	6.79	—
Operating Profit	25.32	33.83	27.14	20.56	52.33	36.07	22.99	41.31	50.10	46.66
Other Income	1.66	0.80	1.18	2.47	3.40	5.16	4.31	4.77	7.22	14.77
OPM (%)	41.40	40.45	33.68	24.06	32.66	25.04	17.35	25.94	29.30	24.76
Depreciation and Amortisation	1.93	2.10	2.18	2.01	2.50	2.60	2.65	2.97	2.93	4.48
Interest	0.21	0.12	0.06	0.11	0.52	0.43	0.13	0.79	1.81	2.05
Profit Before Tax	24.83	32.42	26.09	20.91	52.70	38.20	24.52	42.32	52.58	54.90
Tax	8.90	11.87	9.00	5.70	12.86	9.22	7.24	10.74	12.73	13.97
Net Profit	15.93	20.55	17.09	15.21	39.84	28.98	17.28	31.58	39.85	40.93
Number of shares(Crs)	1.11	1.11	1.11	1.33	1.33	1.33	1.33	1.33	1.34	—
Dividend Payout Ratio(%)	20.93	21.64	29.27	35.08	15.07	20.71	34.74	21.12	0.00	—

TTM Values as of Mar 2025

Cash Flow

Cupid Ltd.
Amrutanjan Healthcar
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Max India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	12.89	20.02	3.43	18.38	18.80	41.89	10.24	32.71	7.84	-11.14
Profit Before Tax	24.83	32.42	26.09	20.91	52.70	38.20	24.52	42.32	52.58	54.90
Adjustments	1.65	1.62	1.00	0.47	-0.52	-2.19	-4.68	3.57	-1.85	-9.51
OCF Before Working Capital	26.48	34.04	27.09	21.39	52.18	36.01	19.84	45.89	50.73	45.39
Working Capital Changes	-7.29	-2.25	-13.38	3.05	-20.52	15.33	-0.78	-2.20	-30.16	-43.23
Taxes Paid	-6.30	-11.78	-10.28	-6.05	-12.86	-9.45	-8.82	-10.98	-12.73	-13.30
Cash from Investing Activity	-1.38	-5.38	-8.72	-13.91	-37.04	-8.82	-13.49	-21.86	-79.84	44.68
Net Fixed Assets Purchased	-1.87	-2.61	-2.33	-6.63	-11.05	-3.88	-8.64	-2.50	-25.00	-19.46
Fixed Assets Purchased	-1.87	-2.61	-2.33	-6.63	-11.05	-3.88	-8.64	-2.54	-25.00	-19.46
Fixed Assets Sold	—	—	—	—	—	—	—	0.04	—	—
Investment Purchased	—	-4.94	-13.52	-7.82	-29.83	-25.25	-7.82	-23.50	-59.51	-4.66
Investment Sold	—	—	—	—	2.04	17.60	—	—	—	50.27
Interest Recieved	0.49	0.77	0.61	0.54	1.81	2.71	2.96	4.14	4.66	15.80
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	-5.52	-3.67	-3.27	-4.91	16.42	-33.03	2.66	-10.95	98.77	-1.47
Proceeds From Shares	—	—	—	—	—	—	—	—	—	—
Net Long Term Borrowings	-1.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds From Borrowings	—	—	—	—	—	—	—	—	—	—
Repayment From Borrowings	-1.30	—	—	—	—	—	—	—	—	—
Interest Paid	-0.21	-0.12	-0.06	-0.11	-0.53	-0.39	-0.13	-0.79	-1.81	-2.05
Dividend Paid	-4.00	-2.67	-5.35	-4.96	-12.06	-1.33	-6.00	-7.34	-4.00	—
Net Cash Flow	5.99	10.96	-8.56	-0.44	-1.83	0.05	-0.59	-0.10	26.77	32.08
Opening Cash & Cash Equivalents	3.20	0.81	11.77	3.21	2.77	0.95	0.99	0.40	0.30	27.07
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	9.19	11.77	3.21	2.77	0.95	0.99	0.40	0.30	27.07	59.15
Net Capex (est)	1.87	2.61	2.33	6.63	11.05	3.88	8.64	2.50	25.00	19.46
Free Cash Flow (est)	11.02	17.41	1.10	11.76	7.74	38.01	1.60	30.21	-17.15	-30.59

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Cupid Ltd.
Amrutanjan Healthcar
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Max India
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	1.80	2.51	5.87	5.22	4.24	2.01	5.23	3.88	6.63	14.47
Liquid Assets (Crs)	15.37	31.31	40.89	53.86	63.27	119	108	120	134	246
Current Liabilities (Crs)	8.54	12.50	6.96	10.32	14.92	59.12	20.68	30.85	20.16	17.01
Current Ratio	2.21	2.78	6.51	5.95	4.77	2.29	5.89	4.46	7.58	15.39
Current Assets (Crs)	18.83	34.73	45.33	61.42	71.19	135	122	138	153	262
Current Liabilities (Crs)	8.54	12.50	6.96	10.32	14.92	59.12	20.68	30.85	20.16	17.01
Interest Coverage Ratio	44.91	117	279	457	196	102	90.25	183	54.69	30.05
EBIT (Crs)	11.70	25.04	32.53	26.15	21.02	53.23	38.63	24.66	43.11	54.39
Interest Expenses (Crs)	0.26	0.21	0.12	0.06	0.11	0.52	0.43	0.13	0.79	1.81
Fixed Asset Turnover	1.30	1.70	2.17	1.97	1.80	2.89	2.37	2.04	2.17	1.74
Net Sales (Crs)	44.44	61.15	83.64	80.60	85.47	160	144	133	159	171
Fixed Assets (Crs)	34.06	35.93	38.53	40.95	47.51	55.46	60.84	65.11	73.38	98.37
Cash Conversion Cycle	-3.68	8.40	7.42	10.00	27.51	-199	-72.91	1.34	-5.28	66.32
Inventory Days	33.61	20.56	17.15	27.17	33.04	27.61	38.20	43.50	42.33	37.08
Days Receivable	46.61	64.02	58.23	80.49	95.92	73.20	85.03	76.91	64.28	78.53
Days Payable	83.89	76.18	67.96	97.66	101	300	196	119	112	49.28
Debt to Equity Ratio	0.09	0.02	0.00	0.03	0.03	0.30	0.00	0.06	0.04	0.04
Total Debt (Crs)	2.19	0.88	0.00	2.14	2.29	31.30	0.00	8.80	5.97	12.06
Shareholders Equity (Crs)	24.20	36.13	54.00	65.65	75.94	103	131	142	167	301
Free Cash Flow/Sales (%)	12.41	18.02	20.82	1.37	13.75	4.83	26.39	1.21	18.97	-10.03
Free Cash Flow(est) (Crs)	5.51	11.02	17.41	1.10	11.76	7.74	38.01	1.60	30.21	-17.15
Net Sales (Crs)	44.44	61.15	83.64	80.60	85.47	160	144	133	159	171
Profitability Ratios
Gross Margin (%)	79.61	86.71	86.54	82.88	76.66	89.29	79.40	74.31	78.60	80.99
Op Profit Margin (%)	26.50	41.40	40.45	33.68	24.06	32.66	25.04	17.35	25.94	29.30
Operating Profit (Crs)	13.53	26.97	34.63	28.33	23.04	55.73	41.23	27.30	46.08	57.32
Net Sales (Crs)	44.44	61.15	83.64	80.60	85.47	160	144	133	159	171
Net Profit Margin (%)	17.34	26.06	24.57	21.20	17.80	24.87	20.12	13.04	19.84	23.31
Net Profit (Crs)	7.71	15.93	20.55	17.09	15.21	39.84	28.98	17.28	31.58	39.85
Net Sales (Crs)	44.44	61.15	83.64	80.60	85.47	160	144	133	159	171
ROCE (%)	44.39	65.76	57.94	38.47	26.94	50.37	29.33	17.21	25.56	17.96
EBIT (Crs)	11.70	25.04	32.53	26.15	21.02	53.23	38.63	24.66	43.11	54.39
Capital Employed (Crs)	26.35	38.08	56.15	67.97	78.03	106	132	143	169	303
Return on Assets (%)	22.09	31.50	32.56	21.83	16.36	24.18	19.02	9.93	16.73	12.46
Net Profit (Crs)	7.71	15.93	20.55	17.09	15.21	39.84	28.98	17.28	31.58	39.85
Total Assets (Crs)	34.89	50.58	63.12	78.29	92.94	165	152	174	189	320
ROIC (%)	29.51	52.86	56.86	25.90	19.74	54.72	22.59	11.77	20.58	14.22
Op Profit after Taxes (Crs)	6.70	15.01	20.12	16.35	13.49	37.67	25.39	14.34	28.61	35.76
Invested Capital (Crs)	22.71	28.39	35.38	63.15	68.35	68.84	112	122	139	251
ROE (%)	31.85	44.10	38.05	26.03	20.03	38.51	22.15	12.15	18.90	13.23
Net Profit Margin (%)	17.34	26.06	24.57	21.20	17.80	24.87	20.12	13.04	19.84	23.31
Asset Turnover ratio	1.27	1.21	1.33	1.03	0.92	0.97	0.95	0.76	0.84	0.53
Equity Multiplier	1.44	1.40	1.17	1.19	1.22	1.59	1.16	1.22	1.13	1.06
Adjusted EPS	0.29	0.60	0.77	0.64	0.57	1.49	1.09	0.65	1.18	0.15
Valuation Ratios
P/E	12.23	20.23	17.78	15.44	12.16	4.74	9.68	18.35	10.64	818
Price to Book	3.90	8.92	6.77	4.02	2.44	1.83	2.14	2.23	2.02	160
EV/EBITDA	6.89	11.63	10.00	9.24	7.74	3.29	6.34	11.15	6.78	568
Dividend Yield (%)	1.77	1.03	1.22	1.90	2.88	3.18	2.14	1.89	1.98	0.00

Quarterly Results

Cupid Ltd.
Amrutanjan Healthcar
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Max India
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In Rs. Cr.	Dec'23	Mar'24	Dec'24	Mar'25
Net Sales	40.05	62.90	46.35	56.48
Operating Expenses	27.90	31.99	35.01	43.08
Increase/Decrease in Stock	3.28	7.64	-10.91	-6.60
Raw Material	13.08	15.34	18.08	21.98
Employee Cost	3.14	4.49	7.66	8.55
Selling and Distribution Expenses	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00
Operating Profit	12.15	30.90	11.34	13.40
Other Income	0.73	2.98	4.41	4.63
Interest	0.39	0.94	0.41	0.78
PBDT	12.49	32.94	15.35	17.25
Depreciation and Amortization	0.75	0.74	1.29	1.26
Profit Before Tax	11.73	32.21	14.05	16.00
Tax	2.87	8.49	3.01	4.49
Profit After Tax	8.86	23.72	11.04	11.51
Exceptional Items	0.00	0.00	0.00	0.00
Net Profit	8.86	23.72	11.04	11.51
Quarterly Ratios
EPS	0.17	0.04	0.41	0.43
Operating Profit Margin	30.34	49.13	24.47	23.73
Net Profit Margin	22.13	37.71	23.82	20.38

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

66.40%

Implied Growth Rate over a 5 year period*

25.00%

Implied Growth Rate over a 10 year period*

11.50%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Cupid Ltd. Financials

How strong is Cupid balance sheet?

Balance sheet of Cupid is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of Cupid increasing or decreasing?

Yes, The net debt of Cupid is increasing.
Latest net debt of Cupid is -₹55.94 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹90.93 Crs.

Is the profitablity of Cupid improving?

Yes, profit is increasing.
The profit of Cupid is ₹40.93 Crs for TTM, ₹39.85 Crs for Mar 2024 and ₹31.58 Crs for Mar 2023.

Does Cupid pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Cupid latest dividend payout ratio is 21.12% and 3yr average dividend payout ratio is 27.93%

How has Cupid allocated its funds?

Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments

View FAQ's On Shareholding

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Cupid Ltd.

Cupid Ltd.

Has the share price of Cupid grown faster than its competition?

Is Cupid stock expensive?

How strong is Cupid balance sheet?

Is the debt of Cupid increasing or decreasing?

Is the profitablity of Cupid improving?

Does Cupid pay decent dividends?

How has Cupid allocated its funds?

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