About Cupid Limited

Incorporated in 1993, Cupid Limited is an Indian manufacturer and global exporter of male and female condoms, personal lubricants, and in‑vitro diagnostics (IVD) kits, operating across B2B institutional supply and a growing mass‑market B2C portfolio. Its registered office and factory are in Sinnar, Nashik, Maharashtra (A‑68, M.I.D.C. (Malegaon), Sinnar, Nashik, 422113). The company highlights strong quality credentials, including ISO 9001:2015, ISO 13485:2016 and ISO 14001:2015, UNFPA prequalification, USFDA 510(k) clearance, SABS standards, and Brazil and Ghana GMP certifications. In FY25, Cupid described itself as “From a Global B2B Player to a Mass‑Market B2C Challenger,” underscoring a diversified product basket spanning condoms, lubricants and IVDs alongside consumer products in personal care.

The company serves customers in India and multiple international markets. Recent activity includes contracts and registrations across Africa, Latin America and Asia—such as Brazil, South Africa, Tanzania, Liberia, Ghana, Nepal and the Philippines—alongside domestic expansion in India’s retail and e‑commerce channels. Cupid has one subsidiary (a wholly owned overseas entity) as on March 31, 2025.

Key milestones of Cupid Limited

Key milestones include: incorporation (1993); BSE listing (1995); first export (1996); capacity expansion to 400 million pieces (2006); launch of female condoms (2010); WHO/UNFPA prequalification for female condoms (2012); landmark US$16.3 million order from South Africa’s National Department of Health (2015); water‑based lubricant jelly and NSE listing (2016); major export orders from Brazil (2018); male condom capacity increased to 480 million and lubricant jelly supply to UNFPA (2020); commencement of IVD manufacturing (2022); entry into B2C FMCG with deodorants, perfumes and menstrual cups (2024); and an ongoing expansion to scale capacity to 1.25 billion male condoms and 125 million female condoms (2025).

Cupid Limited Business Segments

Segment/vertical mix (FY25): Male Condoms 57%; Female Condoms 14%; IVD Kits 3%; Consumer Business 27% (Consumer Business includes the B2C FMCG range and domestic revenue of condoms, IVD kits and lubricant jelly).

Geographic mix (FY25): Export 52%; Domestic 48%.

Cupid Limited Key Management

• Aditya Kumar Halwasiya – Chairman & Managing Director
• Ajay Kumar Halwasiya – Executive Director
• Narendra M. Joshi – Chief Financial Officer
• Saurabh V. Karmase – Company Secretary & Compliance Officer

Latest Updates on Cupid Limited

• Strategic orders and partnerships (FY25): Orders from UNFPA (Rs 18.20 crore); Government of Tanzania (Rs 14.91 crore in January 2025 and Rs 42 crore in February 2025); Abafazi Healthcare (South Africa), UNFPA and Star Pharma (Brazil) with a combined Rs 13.90 crore; and a Brazil commercial agreement of Rs 23.07 crore for 5.9 million female condoms. Vendor approvals were also received from Cipla Health (order valued at over Rs 10 crore in the first year) and Godrej Consumer Products (Rs 2.40 crore).
• Product expansion and launches: The consumer portfolio broadened with Eau de Parfums, deodorants, almond hair oil, toilet sanitisers, skin‑protecting jelly, bath oils, menstrual cups, hair removal sprays, and diagnostic urine strips. The IVD portfolio reached 15 kits under the Cupikit and Cupisure brands; the IVD business turned PAT positive during the year.
• Distribution and market reach: Cupid reached 1,20,000+ retail touchpoints with 55+ super stockists and 850+ distributors, strengthened presence on Amazon, Flipkart, BigBasket and 1mg, and began partnerships with Blinkit and Zepto. IVD kits were distributed across six Indian states with exports to Tanzania, Liberia, Ghana, Nepal and the Philippines, and placement achieved in 25,000 chemists.
• Regulatory and capacity progress: UNFPA prequalification was received for the Brown Caramel Female Condom variant, making the company eligible to supply 100% of the upcoming South African Government Tender (RT75‑2025). Cupid initiated construction of a new manufacturing facility at Palava, Maharashtra (expected to be operational by mid‑2026); commissioned a Mother Warehouse in Bhiwandi, Mumbai and an additional warehouse in Zirakpur, Punjab; and operationalised a new corporate office in Mumbai with an experience and training centre. The company is investing in automated dipping and packing lines and ERP‑enabled production monitoring systems.