Cupid Breweries reports Rs 92.51 lakh Q2 loss despite West Bengal progress

MUMBAI: Cupid Breweries and Distilleries is moving closer to restarting its commercial rollout in West Bengal, with its associate Srilab Distilleries clearing outstanding excise licence renewal fees and penalties and securing brand registration approval from the West Bengal State Beverages Corporation.

The Mumbai-headquartered company, formerly known as Cupid Trades and Finance, disclosed the developments following a board meeting held on 17 October 2026. Srilab operates under Cupid’s wholly owned subsidiary, Rinpoche Spirits Private Limited.

With the outstanding dues paid up to the current financial year, Srilab has received the state beverages corporation’s approval for brand registration. Label-related formalities are now underway, paving the way for commercial operations in the state.

The regulatory progress comes as Cupid’s financial results for the quarter and half-year ended 30 September 2026 show continued losses.

On a standalone basis, Cupid reported a net loss of Rs 17.21 lakh for Q2 FY27, taking its loss for the first half of the financial year to Rs 32.15 lakh. Total expenses stood at Rs 17.21 lakh for the quarter and Rs 32.15 lakh for the six-month period.

Consolidated total expenses reached Rs 92.51 lakh in Q2 FY27, compared with Rs 237.61 lakh in the corresponding quarter of the previous year. The consolidated net loss stood at Rs 92.51 lakh for the quarter and Rs 177.89 lakh for H1 FY27.

Basic and diluted earnings per share were negative Rs 0.02 on a standalone basis for Q2 and negative Rs 0.04 for H1. On a consolidated basis, the corresponding figures were negative Rs 0.10 and negative Rs 0.19.

Cupid’s consolidated assets stood at Rs 73,769.03 lakh as of 30 September 2026, marginally higher than Rs 73,712.64 lakh at the end of March 2026.

Consolidated property, plant and equipment amounted to Rs 1,514.94 lakh, while capital work-in-progress stood at Rs 3,436.77 lakh. Non-current financial investments were reported at Rs 62,178.98 lakh.

The company’s consolidated paid-up equity share capital stood at Rs 9,190.02 lakh, while other equity amounted to Rs 59,580.04 lakh. Total consolidated equity was reported at Rs 68,770.06 lakh.

Cash flow remained another area to watch. Net cash used in consolidated operating activities totalled Rs 338.99 lakh during H1 FY27. Financing activities generated net cash of Rs 192.63 lakh, with long-term borrowings of Rs 715.33 lakh partly offset by repayments and other costs. Closing consolidated cash and cash equivalents stood at Rs 7.49 lakh.

Cupid’s reported results cover its subsidiaries and step-down entities, including Crochet Industries Private Limited, Rinpoche Spirits Private Limited, Brewing Wizards Private Limited, Forte Spirits Private Limited, Srilab Alcobev Private Limited and Martin Judds Microbreweries Private Limited.

The standalone and consolidated financial statements received unqualified limited-review reports from independent auditors MMRS & Co.

The clearance of excise dues and progress on brand registration mark a step forward for Cupid’s West Bengal plans. The next milestone will be the completion of label formalities and the commencement of commercial operations, which could help investors assess whether the regulatory progress translates into revenue in the coming quarters.