Cupid Ltd Initiating Coverage Research Report By BOB Capital Markets

Modern Indian culture is shifting towards the American way. It is being replaced by pseudo American lifestyle, where, contraceptive product fits evidently in the society. Here, Cupid plays a major role as it manufactures condoms for males and females. It is the country’s only female condom manufacturer and second in the world to have been pre-qualified by the WHO/UNFPA (United Nations Population Fund) for worldwide public distribution. We foresee lifestyle changes, huge potential target segment & quality product to drive Cupid’s revenue/earnings by ~44%/52% CAGR over FY15-18e. We initiate coverage on Cupid Ltd (Cupid) with a BUY rating and a price target of Rs. 327 implying 68% upside.