Cupid margin rebounds to 38.82% as revenue jumps +158.73% YoY
Revenue grew faster than expenses both YoY and QoQ, while other income contributed only 3.79% of pre-tax profit.
Filed 07 Aug 2026, 18:41 IST · after market close · Cupid Ltd (CUPID)
Key takeaways
- Consolidated revenue grew +158.73% YoY to Rs 154.72 cr, while expenses rose +118.44%, lifting operating margin by 11.27 percentage points.
- Net profit increased +194.14% YoY to Rs 44.15 cr despite a 3.08 percentage-point rise in the tax rate and a +79.03% increase in interest cost.
- Operating margin rebounded to 38.82% from 31.27% in Q4FY26, placing Cupid 22.68 percentage points above the 32-peer sector median.
Price around the results
Revenue momentum accelerates in Q1FY27
Consolidated revenue rose +158.73% YoY and +28.98% QoQ to Rs 154.72 cr. Expenses grew more slowly, at +118.44% YoY and +14.80% QoQ, so operating profit increased +264.66% YoY and +60.07% QoQ. The result was filed after market close, so there was no immediate market reaction in the reported data.
Cost growth supported the margin rebound
Operating margin expanded by 11.27 percentage points YoY and 7.55 percentage points QoQ because revenue growth outpaced expense growth. Interest cost rose +79.03% YoY and +27.59% QoQ, while the tax rate increased by 3.08 percentage points YoY and 2.74 percentage points QoQ, limiting the conversion of operating gains into net profit. Other income accounted for only 3.79% of pre-tax profit, so earnings quality was not materially dependent on that line.
Margin recovers after the Q4FY26 setback
The operating margin had declined to 31.27% in Q4FY26 after rising through Q3FY26, but recovered to 38.82% in Q1FY27. This is a rebound rather than a continuation of an uninterrupted trend: margin moved from 23.73% in Q4FY25 to 36.69% in Q3FY26 before the Q4 decline. Cupid's margin was 22.68 percentage points above the 16.14% median among 32 Fast Moving Consumer Goods peers that had reported.
Profit growth outpaced revenue, but EPS moved differently
Net profit rose +194.14% YoY and +21.76% QoQ to Rs 44.15 cr, helped by the stronger operating result despite higher tax and interest costs. Basic EPS fell -41.07% YoY to Rs 0.33, even as profit increased, making per-share performance notably weaker than the reported earnings growth.
Past result reactions have usually been positive
After the previous eight results, Cupid's stock rose six times and fell twice, with a median absolute move of 2.06%. The historical moves ranged from -1.52% to +3.04% in the six observations provided. The current result was filed after market close, so its reaction is not yet available.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹155 cr | ₹120 cr | +28.98% | +158.73% |
| Other income | ₹2 cr | ₹12 cr | -81.21% | -54.05% |
| Expenses | ₹95 cr | ₹82 cr | +14.80% | +118.44% |
| Operating profit | ₹60 cr | ₹38 cr | +60.07% | +264.66% |
| Operating margin (%) | 38.82% | 31.27% | — | — |
| Interest | ₹1 cr | ₹1 cr | +27.59% | +79.03% |
| Depreciation | ₹1 cr | ₹1 cr | +1.57% | +4.03% |
| Profit before tax | ₹60 cr | ₹47 cr | +26.28% | +206.50% |
| Tax | ₹16 cr | ₹11 cr | +40.93% | +247.36% |
| Net profit | ₹44 cr | ₹36 cr | +21.76% | +194.14% |
| EPS (₹) | ₹0.33 | ₹0.27 | +22.22% | -41.07% |
Operating margin of 38.82% compares with a Fast Moving Consumer Goods sector median of 16.14% across 32 peers that have reported Q1FY27.
What to watch
- Whether operating margin holds above 38.82% after its 7.55 percentage-point QoQ rebound.
- Whether revenue growth remains ahead of expense growth after the current +28.98% QoQ and +14.80% QoQ increases.
- Whether basic EPS recovers from Rs 0.33 despite net profit growth of +194.14% YoY.