Q2 FY27 results analysis · November 11, 2026
Cupid Ltd Q2 FY27 Results Analysis: Revenue Jumps 122%, EBITDA Margin Compresses 966 bps
+133.0%PAT year on year, Rs. 56.22 Cr
Source: Quarterly results filing (BSE)
Quick summary
Cupid Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 187.86 Cr (+122.46% YoY) and PAT growth of +133.01% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 11, 2026 |
|---|---|
| Revenue (Q2) | Rs. 187.86 Cr (+122.46% YoY) |
| PAT (Q2) | Rs. 56.22 Cr (+133.01% YoY) |
| EBITDA margin | 29.16% (-449 bps YoY) |
| EPS (Q2) | Rs. 0.42 (+133.33% YoY) |
Quarter Snapshot
Revenue grew 122.46% YoY to Rs.187.86 Cr but missed management's own Rs.200 Cr Q2 marker, and EBITDA margin compressed 966 bps QoQ to 29.16% as the material-cost ratio jumped to 51.20%. Reported PAT growth of 133% YoY was entirely driven by a Rs.20.03 Cr mark-to-market gain; normalized PAT fell 7.69% QoQ. FY27 guidance of Rs.800+ Cr revenue and Rs.250+ Cr PAT now requires H2 delivery well above the best quarter ever recorded, making the PAT path difficult.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead" — marker of "revenue crossing Rs.200 Cr" | 187.86 Cr (+122.46% YoY, +21.42% QoQ) — strong growth, but the Rs.200 Cr marker was missed | Contradicted |
| EBITDA margin | "flat-to-mildly-compressing is the risk direction" from Q1's 38.82% | 29.16% (−966 bps QoQ) | Contradicted |
| Guidance path | "the path still looks intact" (H1 implied ~Rs.355 Cr+) | H1 342.58 Cr — below the implied run-rate | Partially |
| Other-income treatment in EBITDA | "probe… the other-income treatment" | resolved: company EBITDA excludes all other income incl. the Rs.20.03 Cr FV gain | Addressed |
| Palava status / donor funding / V2, SA JV, IVD ramp | watch items | not addressed in the filing — remain open for the call | Not observable |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Q2 FY27 revenue "crossing Rs.200 Cr" | management business update, Sep 30, 2026 | 187.86 Cr | Missed |
| FY27 revenue Rs.800+ Cr (raised from Rs.725–750 Cr) | business update, Sep 30, 2026 | H1 342.58 Cr (42.8%); needs ≥457.42 Cr in H2, avg Rs.228.71 Cr/qtr vs best-ever 187.86 | Stretch |
| FY27 PAT Rs.250+ Cr (raised from Rs.210–225 Cr) | business update, Sep 30, 2026 | H1 100.37 Cr reported / 85.27 Cr normalized (40.1%/34.1%); needs ≥149.63 Cr in H2 | Stretch |
| FY27 net margin >30% | business update, Sep 30, 2026 | H1 29.30% reported / 24.89% normalized; Q2 21.71% normalized | Stretch |
| V2 Retail ~Rs.400 Cr in 12 months | partnership announcement, Nov 4, 2026 | post-quarter — no revenue yet | Too Early |
| Palava commissioning "next quarter" | AGM press release, Sep 22, 2026 | not addressed in filing; CWIP 100.38 vs 25.38 Cr — still in progress | Too Early |
| Saudi facility by March 2027 | board in-principle approval | not addressed in filing | Too Early |
| "Improved institutional/private market visibility" supporting the Sep 30 guidance raise | Sep 30, 2026 business update | revenue +122.46% YoY, +21.42% QoQ | Confirmed on direction |
| Q2 to "cross Rs.200 Cr" | Sep 30, 2026 business update | 187.86 Cr | Contradicted |
| Palava operationalization "imminent" | Sep 30, 2026 business update | no commissioning disclosure; capex still sitting in CWIP | Too Early |
Key Investment Insights
Key Positives
- Revenue grew 122.46% YoY and 21.42% QoQ to Rs.187.86 Cr, the strongest absolute quarter on record (+Rs.33.14 Cr QoQ)
- Reported PAT grew 133.01% YoY to Rs.56.22 Cr; H1 PAT grew 156.46% YoY to Rs.100.37 Cr
- H1 operating cash flow of Rs.78.04 Cr was up from Rs.23.40 Cr a year ago
- Purchase of stock-in-trade at Rs.49.82 Cr is now 26.52% of revenue (vs 12.07% in Q2FY26), consistent with the domestic FMCG expansion
- Effective tax rate fell to 22.86% from 26.32% in Q1FY27
Risk Factors
- Revenue of Rs.187.86 Cr missed management's own Q2 marker of crossing Rs.200 Cr by Rs.12.14 Cr
- EBITDA margin compressed 966 bps QoQ to 29.16% (−449 bps YoY) as the material-cost ratio rose to 51.20% from 47.33% in Q1 and 38.61% a year ago
- Normalized PAT of Rs.40.78 Cr (excluding the Rs.20.03 Cr mark-to-market gain) declined 7.69% QoQ; normalized net margin fell to 21.71% from 28.56%
- CFO/PAT of 0.777x and FCF of −Rs.0.60 Cr; receivables absorbed Rs.5,421.37 lakh of operating cash
- Net position swung from net cash of Rs.135.47 Cr to net debt of Rs.90.45 Cr on warrant conversion (Rs.147.71 Cr deployed) and Palava capex (CWIP +Rs.75.00 Cr)
- FY27 guidance of Rs.800+ Cr revenue / Rs.250+ Cr PAT requires H2 revenue of ≥Rs.457.42 Cr (avg Rs.228.71 Cr/qtr vs best-ever 187.86) and H2 PAT of ≥Rs.149.63 Cr
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