Cupid Q1 FY27: revenue up 159% YoY to ₹154.7 Cr, PAT nearly triples as margins expand
PAT +194.2% YoY · revenue +158.7% · margins expanding
₹154.72 Cr
+158.7% YoY
₹44.15 Cr
+194.2% YoY
28.12%
+4.9pp YoY
₹0.33
Consolidated revenue came in at ₹154.7 Cr, up 158.7% YoY and 29.0% QoQ, with PAT of ₹44.1 Cr up 194.2% YoY and 21.7% QoQ — basic EPS ₹0.33 versus ₹0.11 a year ago. Net profit margin expanded to 28.5% from 23.2% a year ago and 27.5% last quarter. Standalone PAT of ₹44.2 Cr is effectively identical to the consolidated number, since the only other entity in the group, foreign subsidiary Cupid Invesco, has total assets of just ₹25.72 Lakh and posted a ₹1.35 Lakh loss for the quarter.
Q1 FY-2027 vs prior quarters
The growth was driven by a large jump in the trading line: purchase of stock-in-trade rose to ₹54.6 Cr from ₹8.4 Cr a year ago (versus a more modest 14.5% rise in cost of material consumed, to ₹18.7 Cr), alongside an ₹8.5 Cr inventory drawdown — consistent with a volume push through distribution/trading rather than in-house manufacturing alone. Total expenses grew 114.8% YoY to ₹97.1 Cr, slower than the 158.7% revenue rise, which is what let profit growth outpace the topline. No exceptional items were booked in either period, so this is a clean like-for-like comparison.
The stock went into the print at ₹262.13, up 24.8% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters; revenue is at a 6-quarter high.
On Jun 30, 2026 — ahead of this print — the company told exchanges it was 'poised to deliver revenue exceeding ₹150 Cr' in Q1 FY27 and raised its FY27 revenue outlook by a minimum of 10%, lifting the full-year target to ₹660 Cr from ₹600 Cr, citing international B2B momentum, private-market and institutional procurement, and government tenders. The actual ₹154.7 Cr print modestly clears that self-set bar. No formal analyst/street consensus could be located for this quarter — Cupid is a thinly covered small-cap — so the result cannot be benchmarked against street numbers; management's own guidance is the only available yardstick, and it was met. Promoter Aditya Kumar Halwasiya bought 21 lakh shares in the open market on Jun 3, 2026, ahead of this print, and the stock was reclassified to BSE Group 'A' on Jul 11, 2026.
W1
Whether the pace holds to hit the raised ₹660 Cr FY27 revenue target — implies ~₹505 Cr needed across the remaining three quarters after ₹154.7 Cr in Q1
W2
Progress on the West Bengal project feasibility study approved Aug 7, 2026 — land/infrastructure assessment and whether it proceeds via the parent or a new WOS
W3
Margin durability as purchase-of-stock-in-trade costs (up to ₹54.6 Cr from ₹8.4 Cr YoY) scale with the trading mix that drove this quarter's growth
Filing is labeled 'Un-audited' throughout but the auditor's report text says 'we have audited' rather than 'reviewed' — a wording inconsistency in the source, not a misread. No exceptional items in either period. Consolidation adds only dormant-scale foreign subsidiary Cupid Invesco (total assets ₹25.72 Lakh, quarterly net loss ₹1.35 Lakh) — immaterial to group figures, so standalone and consolidated tell the same story.