Cupid Limited was listed on the BSE in 2002. In the last five years, its stock has given a massive return of around 1000% to its investors. Will Cupid continue to provide such great returns in the future as well? Let’s explore Cupid’s growth potential and the Cupid share price target 2025 to 2050 in this article.
Cupid Limited is an Indian company that produces both male and female condoms, as well as hydraulic jelly. Established in 1993, it began commercial production of male condoms in 1998, with an initial capacity of 160 million units per year. The company gradually increased its production capacity, and in 2012, it became the first in India to receive WHO/UNFPA screening for female condoms. Cupid’s manufacturing facility is in Sinnar, near Nashik, Maharashtra, and the company exports to more than 80 countries worldwide.
Cupid Business Model
Manufacturing Business: Cupid Limited manufactures male and female condoms, lubricating jelly, and IVD kits. It serves both domestic and international markets, including government and institutional buyers such as the United Nations and the World Health Organization (WHO).
Export-Oriented Model: Exports account for a significant portion of Cupid’s revenues. The company sells its products in more than 100 countries, including South Africa, Brazil, the Netherlands, and Kenya. It secures bulk tenders from global health organizations, resulting in large-scale, recurring orders.
Private Label & Contract Manufacturing: Cupid also engages in private label manufacturing, which involves producing condoms and jellies for other brands under their own labels. This enables it to use spare capacity and broaden its customer base.
Cupid Fundamental Analysis
Stock Name
Cupid Ltd.
NSE Symbol
CUPID
Market Cap
₹ 2587 Cr.
52W High
₹ 106
52W Low
₹ 50.0
Stock P/E
64.9
Book Value
₹ 5.09
Dividend Yield
0.00 %
ROCE
– %
ROE
– %
Face Value
₹ 1.00
Industry PE
40.9
Price to book value
19.0
Debt to equity
0.06
PEG Ratio
–
Quick ratio
4.04
Cupid Shareholding Pattern
Shareholders
March 2023
March 2024
March 2025
Promoters
45.06%
44.80%
42.51%
FIIs
0.66%
5.19%
1.63%
DIIs
0.00%
0.00%
0.11%
Public
54.28%
50.00%
55.75%
No. of Shareholders
26,333
33,761
1,23,379
Key Factors Driving Cupid’s Future Growth
Rising Awareness of Sexual Wellness in India: Cupid Limited operates in a small but rapidly growing market segment called sexual wellness. With rising awareness, shifting societal attitudes, and increased government and NGO support for reproductive health, demand for products such as condoms and lubricants is expected to rise, particularly in Tier 2 and Tier 3 cities.
Strong Export Demand: Cupid’s revenue is primarily derived from exports to Africa, Latin America, and Southeast Asia. Many governments and international health organizations, such as the United Nations and the World Health Organization, are committed to promoting safe sex and HIV prevention, which directly supports long-term demand for Cupid’s products.
Government and NGO Backed Orders: Cupid frequently secures bulk orders from government agencies and non governmental organizations These institutional orders ensure consistent revenue flow and reduce the company’s reliance on the retail market, providing a solid foundation for expansion.
Focus on Female Condoms A Niche Product: Cupid is one of the few companies in the world that manufactures and exports female condoms, a highly underserved and profitable market. With increasing global acceptance and emphasis on women’s reproductive rights, this segment could be a significant growth driver for the company.
Product Portfolio Expansion: The company is expanding its product line to include lubricants, diagnostic kits, and other healthcare products. This will enable Cupid to expand beyond condoms and into broader healthcare opportunities, boosting long-term growth prospects.
Pros of Cupid
Debt Free Company: Cupid is almost a debt-free company with a debt-to-equity ratio of 0.06, which shows its financial stability.
Increase in DIIs Holding: DIIs holding increased from 0.00% in December 2024 to 0.11% in March 2025, showing a positive outlook towards Cupid by the DIIs.
Cons of Cupid
Overvaluation Concern: Cupid stock is trading at a PE ratio of 64.9 and a (P/B) ratio of 19.0, which shows that its stock is significantly overvalued compared to its earnings and assets.
High Promoter Pledge: Cupid promoters have pledged 40.5% of their holding, which can be risky. If they fail to repay their loans, lenders might sell these shares, causing the stock price to fall.
Decrease in FIIs Holding: Foreign Institutional Investors (FIIs) have reduced their holding from 3.14% in December 2024 to 1.63% in March 2025, indicating a decline in FII’s confidence in the company’s future growth prospects.
Cupid Ltd Balance Sheet
Particulars
March 2023
March 2024
March 2025
Equity Capital
13
13
27
Reserves
154
288
315
Borrowings
6
12
19
Other Liabilities
16
7
11
Total Liabilities
189
320
372
Fixed Assets
36
58
67
CWIP
0
0
6
Investments
69
135
103
Other Assets
83
126
196
Total Assets
189
320
372
Cupid Share Price Target 2025
By the end of 2025, the Cupid share price is expected to be around ₹120 in normal conditions. In a bear market, it might be ₹90, and in a bull market, it may go up to ₹160.
Cupid Share Price Target 2025
Rupees (₹)
Bear Market
90
Normal Market
120
Bull Market
160
Cupid Share Price Target 2026
In 2026, the Cupid share price is expected to be around ₹150 in a normal situation. In a bear market, it might be ₹100, and in a bull market, it may cross ₹210.
Cupid Share Price Target 2026
Rupees (₹)
Bear Market
100
Normal Market
150
Bull Market
210
Cupid Share Price Target 2027
According to our analysis, the Cupid share price is expected to be around ₹180 in 2027. In a bear market, it might be ₹110, and in a bull market, it may cross ₹270.
Cupid Share Price Target 2027
Rupees (₹)
Bear Market
110
Normal Market
180
Bull Market
270
Cupid Share Price Target 2028
According to our analysis, the Cupid share price may trade near ₹220 by 2028; bearish conditions could pull it down to ₹120, while a strong bull run might lift it to ₹350.
Cupid Share Price Target 2028
Rupees (₹)
Bear Market
120
Normal Market
220
Bull Market
350
Cupid Share Price Target 2029
Under normal conditions, the Cupid share price might hit ₹250 by 2029. A bearish trend could lower it to ₹130, whereas a bullish surge could raise it to ₹450.
Cupid Share Price Target 2029
Rupees (₹)
Bear Market
130
Normal Market
250
Bull Market
450
Cupid Share Price Target 2030
In a normal situation, the Cupid share price is projected to be approximately ₹300 in 2030. In a bear market, the value may be as low as ₹150, while in a bull market, it may rise to ₹600.
Cupid Share Price Target 2030
Rupees (₹)
Bear Market
150
Normal Market
300
Bull Market
600
Cupid Share Price Target 2035
By 2035, the Cupid share price is projected to be around ₹600 under normal conditions. In adverse markets, the price could fall to ₹220, while favorable conditions might push it up to ₹1800.
Cupid Share Price Target 2035
Rupees (₹)
Bear Market
220
Normal Market
600
Bull Market
1800
Cupid Share Price Target 2040
Under normal conditions, the Cupid share price might hit ₹1200 by 2040. A bearish trend could lower it to ₹350, whereas a bullish surge could raise it to ₹5400.
Cupid Share Price Target 2040
Rupees (₹)
Bear Market
350
Normal Market
1200
Bull Market
5400
Cupid Share Price Target 2050
In 2050, the Cupid share price is expected to be around ₹4800 in a normal situation. In a bear market, it might be ₹1000, and in a bull market, it may go up to ₹32,400.
Cupid Share Price Target 2050
Rupees (₹)
Bear Market
1000
Normal Market
4800
Bull Market
32,400
Quick Summary of Cupid Share Price Target 2025 to 2050
Years
Target Price
Cupid Share Price Target 2025
₹90 to ₹160
Cupid Share Price Target 2026
₹100 to ₹210
Cupid Share Price Target 2027
₹110 to ₹270
Cupid Share Price Target 2028
₹120 to ₹350
Cupid Share Price Target 2029
₹130 to ₹450
Cupid Share Price Target 2030
₹150 to ₹600
Cupid Share Price Target 2035
₹220 to ₹1800
Cupid Share Price Target 2040
₹350 to ₹5400
Cupid Share Price Target 2050
₹1000 to ₹32,400
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
Yogesh Jalwania is a stock market trader and investor with 3+ years of experience. He share valuable insights on stock market trends, mutual funds and IPOs.
