Press Release

Date: September 22, 2026 BSE Limited, The National Stock Exchange of India Ltd, Phiroze Jeejeebhoy Towers, “Exchange Plaza”, 5th Floor, Dalai Street, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 001 Mumbai - 400051 Scrip Code: 530843 Symbol: CUPID Subject: Press Release – Cupid Limited Highlights Strong FY26 Performance & Expanding Growth Platform at 33rd AGM Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Ma’am, With reference to the captioned subject, enclosed herewith the Press Release on Cupid Limited Highlights Strong FY26 Performance & Expanding Growth Platform at 33rd AGM. This intimation is also being uploaded on the Company’s website at https://www.cupidlimited.com/ This is for your information and records. Thanking you. For Cupid Limited Hardik Chandra Company Secretary and Compliance Officer Encl: As above Cupid Limited Highlights Strong FY26 Performance & Expanding Growth Platform at 33rd AGM Mr. Aditya Kumar Halwasiya, outlines FY27 guidance of ₹725–750 crore revenue and ₹210– 225 crore net profit; highlights consumer growth, Palava capacity expansion, global healthcare opportunities and new international initiatives Mumbai, September 22, 2026: Cupid Limited (“Cupid” or “the Company”), Bharat's rapidly growing consumer wellness and personal care company with a strong global healthcare franchise, highlighted its strong FY2026 performance, expanding business platform and strategic priorities for the coming years at its 33rd Annual General Meeting. Addressing shareholders, Mr. Aditya Kumar Halwasiya, Chairman & Managing Director, Cupid Limited, presented an overview of the Company's FY26 performance, the progress of its consumer and international businesses, key strategic initiatives undertaken during the year, and the Company's direction for FY27 and beyond. Strong FY26 Performance Cupid delivered strong growth during FY26, with total income increasing 93% to ₹391 crore from ₹203 crore, while profit after tax grew 165% to ₹108 crore from ₹41 crore. EBITDA increased 180%, net profit margin crossed 30%, and net worth rose from ₹342 crore to ₹451 crore. The Company exceeded its initial FY26 guidance of ₹335 crore revenue and ₹100 crore profit and ended the year with its strongest quarter in history. The performance reflects the transformation driven over the last few years through new capabilities, wider market reach and focused strategic initiatives. Two Growth Engines Supporting The Business Cupid's business continues to be driven by two complementary growth engines — its global healthcare business and Bharat consumer business. The global business serves national health programmes, multilateral agencies and brand owners across international markets. Cupid is the first company in the world to receive WHO/UNFPA pre-qualification for both male and female condoms. During FY2026, exports reached ₹208 crore, accounting for close to 60% of revenue, across 125+ countries, with the Company's order pipeline reaching its strongest level. The consumer business includes condoms, personal lubricants and a growing portfolio of Consumer Healthcare and FMCG products. It contributed approximately ₹122 crore in FY26, including ₹84 crore from recently launched FMCG products. The Company's growth strategy increasingly focuses on moving from global leadership to consumer scale, combining its established global healthcare business with the growth opportunity in Bharat's consumer market. Expanding Capacity and Product Capabilities Cupid is developing nitrile capabilities, including a premium, latex-free nitrile female condom aimed at a global market expected to exceed $1.2 billion by 2030. With its dual-polymer lines at Palava, Cupid is developing the capability to manufacture both latex and nitrile condoms in Bharat. The Company's 170,000 sq. ft. Palava facility is scheduled for commissioning in the next quarter and is expected to support Cupid’s total capacity of approximately 1.25 billion male condoms and 125 million female condoms annually at full capacity. The facility represents Cupid's largest manufacturing investment. Cupid also received CE certification under the European IVDR for its HIV, Hepatitis B, Syphilis and pregnancy test kits, supporting access to European markets and global public-health screening programmes. Expanding Consumer Distribution Cupid committed ₹331.53 crore to Baazar Style Retail, providing access to more than 280 stores, with the network expected to cross 500 stores over the next two to three years. The initiative is expected to contribute approximately ₹150 crore of revenue in FY27, with potential to scale towards ₹500 crore annually in the next few years. The Company has also strengthened its positioning through its “Made in India with Japanese Quality” initiative, supported by collaboration with one of Asia's oldest condom manufacturers. Strategic Developments After FY26 The AGM also highlighted two important developments announced after the close of FY26. In July 2026, Cupid made an additional USD 5 million follow-on investment in GII Healthcare Investment Limited, fully funded through internal accruals. The investment strengthens Cupid's strategic relationship with the platform and provides greater exposure to the broader GCC healthcare opportunity, including healthcare assets in Saudi Arabia. In August 2026, the Board gave in-principle approval for a proposed manufacturing venture in South Africa with a local partner. Under the proposed structure, Cupid is expected to hold up to 49%, while the South African partner and/or qualifying local shareholders would hold at least 51%. The proposed asset-light model would see Cupid contribute its manufacturing expertise, technical know-how, technology transfer, quality systems and training, while the local partner would arrange the capital expenditure, working capital and operating funding. The proposed facility could strengthen Cupid's presence in South Africa and provide a platform for wider expansion across Africa and, subject to approvals, additional international markets. Strengthening shareholder value and market visibility Cupid completed a bonus issue in January 2026, was included in the BSE Group A category in July 2026, and subsequently joined the FTSE Emerging Markets All Cap Index, effective September 21, 2026. The Company continues to maintain a robust balance sheet and strong capital position, while capital allocation remains focused on opportunities that support growth, distribution and long-term shareholder value. FY2027 guidance and medium-term direction Cupid entered FY27 with strong momentum. In the June quarter, total income grew 142% to ₹157 crore, while profit after tax increased 194% to ₹44 crore, with an EBITDA margin of 39%. Based on the strength of the quarter, order pipeline and momentum across both business engines, the Company has raised its FY27 guidance to: • Revenue: ₹725–750 crore • Net Profit: ₹210–225 crore For the medium term, the Company is working towards: • FY28 Revenue: ₹1,085 crore • FY29 Revenue: ₹1,500 crore The growth plan is supported by a wider distribution network across Bharat, increasing contribution from consumer products, new manufacturing capacity, opportunities from global tenders and a broader international manufacturing and healthcare platform. Building a larger and more diversified healthcare and consumer platform Cupid's strategic direction remains focused on building a larger and more diversified FMCG and healthcare platform, while maintaining discipline on profitability, governance, capital allocation and sustainable growth. The Company continues to expand across manufacturing, consumer distribution, international healthcare markets, new product development and global partnerships, with the objective of building on its FY26 performance and creating a stronger platform for long-term growth. Commenting on the Development, M [Showing first 8,000 characters — download PDF for full document]