Cupid Limited (CUPID) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cupid Limited manufactures and exports condoms, lubricants and IVD diagnostic kits to 125+ countries, and heads into its Q2 FY 2026-2027 print after two guidance raises in under two months. The print will speak to whether revenue crosses the management-marked Rs. 200 Cr level and how the 39% EBITDA margin from Q1 holds as latex input costs firm.

Cupid Limited Q2 Results Date and Time

The board meets on November 11, 2026, to approve the Q2 and H1 FY27 financial results, per the board intimation dated November 4, 2026. The trading window has been shut since October 1, 2026, until 48 hours after results declaration.

Key Things To Watch

Q2 revenue vs the Rs. 200 Cr marker and FY27 guidance tracking: Management has set an explicit quarterly revenue marker and raised full-year guidance twice in under two months.

• Q2 FY27 revenue vs the >Rs. 200 Cr expectation — implies at least +29.27% QoQ over Q1 FY27's Rs. 154.72 Cr
• H1 FY27 run-rate: Q1 actual Rs. 154.72 Cr plus Q2 expectation of >Rs. 200 Cr implies H1 above Rs. 354.72 Cr against the Rs. 800+ Cr FY27 target
• Guidance tracking: FY27 revenue Rs. 800+ Cr / PAT Rs. 250+ Cr (raised Sep 30, 2026, from Rs. 725–750 Cr / Rs. 210–225 Cr set Aug 7, 2026); FY27 net margin above 30%; FY28 Rs. 1,085 Cr / Rs. 304 Cr and FY29 Rs. 1,500 Cr / Rs. 450 Cr — watch for reaffirmation or a further revision

Margin bridge and latex pass-through: Q1 FY27's 39% EBITDA margin versus FY26's 32.63% sets a high bar as input costs firm.

• Latex pass-through timing given the stated 6+ months of secured raw material inventory, and the exit raw-material cost run-rate
• Other-income treatment and denominator in the company's EBITDA definition, against the net-margin-above-30% commitment

Palava, Saudi Arabia and IVD capacity execution: Three capacity milestones carry dated targets that the call should update.

• Palava facility commissioning — targeted 'next quarter' as of Sep 22, 2026 and 'imminent' as of Sep 30; no commissioning-completion announcement has appeared; adds ~770 Mn male and ~75 Mn female condoms annually
• Saudi Arabia FMCG facility — checkpoint against the March 2027 commissioning target, subject to approvals, funded through internal accruals
• IVD ramp — progress toward ~4 lakh kits per day by end-2026 from ~1.5 lakh kits per day

V2 Retail, Baazar Style Retail and South Africa JV: The retail partnerships and the Africa JV are the newest revenue levers.

• V2 Retail execution — products across all 425+ stores by mid-December 2026; ~Rs. 400 Cr revenue target within 12 months
• Baazar Style Retail — ~Rs. 150 Cr FY27 incremental revenue target; 45,00,000 of 1,01,00,000 warrants converted as of Oct 15, 2026, with 56,00,000 outstanding
• South Africa JV — progression from in-principle approval (Aug 28, 2026, Cupid up to 49%) to definitive agreements, and RT75-2025 tender conversion

Promoter stake, dividend policy and mix narrative: Governance and disclosure items worth probing on the call.

• Dividend policy — after no dividend was declared for FY26
• Narrative shift — whether management reframes the revenue mix outlook away from the export-led B2B anchor as V2 Retail and Baazar Style Retail scale