New Delhi, July 8 -- Following Cupid Breweries and Distilleries Ltd's board meeting late last month, investors were caught unawares as the company outlined a massive expansion plan despite low revenues, continued losses, high debt, and persistent cash outflows.

To be sure, the microcap stock has been a multibagger, almost quadrupling investor wealth since its relisting in December. Following an almost unidirectional rally that lasted about 3 months, Cupid's share price has dropped off its February highs.

But the company's Rs.1,800 crore expansion plan, despite it clocking less than Rs.1 crore in revenue for 2024-25, has rekindled investor interest. Following the stock exchange announcement on 26 June, the counter appreciated by more tha...