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CONTROLPR - Control Print

📊 NSE: CONTROLPR 🏢 Computers - Hardware 📅 Last Updated: 12/13/2025 21:11

📢 Recent Corporate Announcements

Control Print Q3 FY26 Standalone Revenue Grows 16% YoY to ₹109 Cr; EBITDA Up 21%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 06:56 PM

Control Print Limited reported a solid standalone performance for Q3 FY26, with operating revenue rising to ₹109 crores from ₹94 crores YoY. EBITDA grew by 21% and PBT (excluding exceptional items) surged by 35%, though PAT growth was limited to 19% due to higher tax provisions. The core coding and marking segment remains the primary revenue driver, contributing 92% of the business. Management expects foreign subsidiaries, particularly the Italian unit, to reach breakeven by Q4 FY26 as machine execution backlogs are cleared and R&D costs stabilize.

Standalone 9M FY26 revenue reached ₹322 crores, a 15% increase from ₹280 crores in the previous year.
EBITDA and PBT (excluding exceptional items) showed strong growth of 21% and 35% YoY respectively.
Coding and marking segment continues to dominate, representing 92% of the company's total business.
Management anticipates a turnaround in foreign subsidiaries by Q4 FY26 following execution delays in the Italian packaging division.
Cost of Goods Sold (COGS) remained stable between 41-43%, with manufacturing costs improving to 2% of revenue.

💡 Investors should focus on the company's ability to maintain standalone margins while monitoring the promised breakeven in international operations by Q4. The steady growth in the core coding segment and expansion into track and trace solutions provide a positive long-term outlook.

Control Print Releases Q3FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jan 2026, 06:50 PM

Control Print Limited has officially released the audio recording of its Q3FY2026 analyst and investor conference call held on January 30, 2026. The call, facilitated by Kaptify Consulting, provided a platform for management to discuss the company's financial performance for the third quarter. The recording is now accessible to all shareholders and the public via the company's investor relations website. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015.

Audio recording of the Q3FY2026 investor call is now available on the company website.
The conference call was conducted on January 30, 2026, at 2:00 PM IST.
The session was organized through Kaptify Consulting for institutional investors.
Filing is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).

💡 Investors who missed the live session should listen to the recording to gain insights into management's commentary on Q3 performance and future guidance. No immediate portfolio changes are recommended based on this procedural filing.

Control Print Q3FY26 Revenue Crosses ₹1,000 Mn Mark; EBITDA Up 21% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 10:45 AM

Control Print reported its highest-ever quarterly revenue of ₹1,093.2 million in Q3FY26, marking a 16.4% YoY growth and crossing the ₹1,000 million milestone for the first time. EBITDA grew by 21% YoY to ₹251.7 million, supported by an expanding installed base of over 22,000 printers which drives high-margin consumable sales. While PBT grew by 35%, PAT growth was slightly lower at 19% due to higher tax provisions. The company continues to maintain a dominant 18-20% market share in the Indian coding and marking industry.

Quarterly revenue reached a record ₹1,093.2 mn, up 16.4% YoY from ₹939.1 mn.
EBITDA margins improved by 87 bps YoY to 23.02%, with EBITDA rising 21% to ₹251.7 mn.
Installed base of printers surpassed 22,000 units, reinforcing the high-margin annuity-based revenue model.
9MFY26 cumulative revenue stands at ₹3,117.9 mn, reflecting a 13.3% growth over the previous year.
Strategic focus on new verticals including QRiousCodes (Track & Trace) and V-Shapes (Packaging) to drive future growth.

💡 The crossing of the ₹1,000 mn quarterly revenue threshold indicates strong scaling; investors should monitor the ramp-up of international acquisitions and the new Track & Trace vertical. The stock remains a solid play on the industrial automation and packaging sectors with a robust dividend history.

Control Print Q3 Revenue Up 15% YoY; Declares Rs 4 Interim Dividend

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 02:21 PM

Control Print Limited reported a 15% YoY growth in consolidated revenue from operations, reaching Rs 118.84 crore for the quarter ended December 31, 2025. While standalone net profit grew to Rs 16.08 crore, consolidated net profit saw a decline to Rs 5.26 crore, largely impacted by a significant foreign exchange translation loss of Rs 11.33 crore. The company maintained its dividend track record by declaring an interim dividend of Rs 4 per share. For the nine-month period, consolidated revenue stands at Rs 342.09 crore, reflecting steady top-line momentum.

Consolidated Revenue from operations increased 15% YoY to Rs 118.84 crore from Rs 103.34 crore.
Declared an interim dividend of Rs 4 per equity share (40% on face value of Rs 10) with a record date of February 6, 2026.
Consolidated PAT fell to Rs 5.26 crore vs Rs 8.27 crore YoY, weighed down by a Rs 11.33 crore forex translation loss.
Standalone PAT grew 18.7% YoY to Rs 16.08 crore, indicating strong core domestic performance.
Nine-month consolidated revenue reached Rs 342.09 crore, up from Rs 302.96 crore in the previous year.

💡 Investors should look past the consolidated profit dip caused by non-cash forex translation losses and focus on the healthy 15% revenue growth and standalone profitability. The stock remains a steady dividend payer, though volatility in international operations warrants monitoring.

Control Print Q3 Results: Consolidated Revenue Up 15% YoY, Declares ₹4 Interim Dividend

🔵 WATCH ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 02:07 PM

Control Print Limited reported a 15% YoY growth in consolidated revenue to ₹118.84 crore for the quarter ended December 31, 2025. However, consolidated net profit witnessed a significant decline of 36.4% YoY to ₹5.26 crore, primarily due to a sharp rise in material costs and employee benefits. In contrast, the standalone performance remained robust with net profit growing 18.7% YoY to ₹16.08 crore. The company also rewarded shareholders with an interim dividend of ₹4 per share.

Consolidated Revenue from operations increased 15% YoY to ₹118.84 crore from ₹103.34 crore.
Consolidated PAT declined to ₹5.26 crore from ₹8.27 crore in the same quarter last year.
Standalone PAT grew 18.7% YoY to ₹16.08 crore, indicating strong core business performance.
Interim Dividend of ₹4 per equity share (40%) declared with a record date of February 06, 2026.
Consolidated EPS for the quarter dropped to ₹3.29 from ₹5.17 YoY.

💡 Investors should investigate the widening gap between standalone and consolidated profits, which suggests significant losses or high costs in subsidiaries. While the standalone business and dividend yield are positive, consolidated margin pressure warrants a cautious approach until operational efficiencies improve at the group level.

Control Print to Host Q3 & 9MFY26 Earnings Conference Call on January 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jan 2026, 07:02 PM

Control Print Limited has scheduled its earnings conference call for the third quarter and nine months ended December 31, 2025 (Q3FY2026). The call is set for Friday, January 30, 2026, at 2:00 PM IST and will be hosted via Zoom. Key management personnel, including the Joint Managing Director and CFO, will be present to discuss financial performance and business outlook. This is a routine regulatory disclosure following the conclusion of the quarter.

Earnings conference call scheduled for January 30, 2026, at 14:00 IST.
Management representation includes Joint MD Shiva Kabra and CFO Jaideep Barve.
The call will cover financial results for Q3 and 9MFY26.
Registration is mandatory via Zoom for participants to join the session.
Kaptify Consulting is acting as the call coordinator for the event.

💡 Investors should attend the call or review the transcript later to understand management's commentary on demand trends and margin sustainability. Focus on updates regarding the company's expansion in the coding and marking solutions market.

Control Print Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 06:49 PM

Control Print Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed within the mandated 15-day timeframe. This filing ensures that the company's shareholding records are accurately maintained and that physical certificates have been properly cancelled and replaced by electronic records. This is a standard regulatory procedure for all listed Indian companies.

Compliance certificate for the quarter ended December 31, 2025, submitted to stock exchanges.
Bigshare Services Private Limited confirmed dematerialization requests were processed within 15 days.
Physical security certificates were mutilated and cancelled after due verification.
Register of members updated with depository names as the registered owners.

💡 This is a routine administrative filing with no impact on the company's financial performance or stock valuation; no action is required from investors.

Control Print to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 07:35 PM

Control Print Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the un-audited financial results are made public. This is a standard regulatory procedure for listed companies in India to prevent insider trading during sensitive periods.

Trading window closure begins on Thursday, January 1, 2026.
Closure is related to the un-audited financial results for the quarter ended December 31, 2025.
The restriction applies to all Designated Persons, Connected Persons, and their immediate relatives.
Trading window will reopen 48 hours after the announcement of the quarterly results.

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should monitor for the upcoming Q3 result date to assess financial performance.

Control Print Reports Nil Share Transfer Re-lodgement Requests for November 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Dec 2025, 07:16 PM

Control Print Limited has filed its monthly compliance report for November 2025 regarding the special window for re-lodgement of physical share transfer requests. Following the SEBI circular dated July 02, 2025, the company confirmed that no requests were received from shareholders during the month. The report, verified by Registrar Bigshare Services Private Limited, shows zero activity in processing, approvals, or rejections for this specific category. This is a standard regulatory disclosure with no impact on the company's business operations or financial health.

Zero (NIL) requests received for re-lodgement of physical share transfers in November 2025
Compliance filing as per SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97
Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed the NIL status
No requests were processed, approved, or rejected during the reporting period

💡 This is a routine administrative filing. No action is required from investors as it does not affect the company's fundamentals or stock performance.

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💰 Financial Performance

Revenue Growth by Segment

Coding and Marking remains the dominant segment, contributing 89% of total revenue. Within this segment for Q2 FY26, the revenue mix consists of Consumables (60%), Services (16%), Printers (14%), and Spares (9%). Standalone revenue for H1 FY26 grew 13.5% to INR 210 Cr from INR 185 Cr in the previous year.

Geographic Revenue Split

The company primarily operates in India with a market share exceeding 18%. It has expanded internationally through its Italian operations, V-Shapes, and subsidiaries like Control Print B.V. and Mark Print B.V. in the Netherlands, though specific regional percentage splits are not disclosed.

Profitability Margins

Gross margins have fluctuated between 56.2% and 61.6% over recent quarters. Standalone PAT margin for Q2 FY26 improved by 214 bps YoY to 19.50%, while PBT margin (excluding exceptional items) stood at 22.49%.

EBITDA Margin

Standalone EBITDA margin reached a record high of approximately 28% in H1 FY26, driven by operational leverage as SG&A expenses grew at a slower rate than business volume. Consolidated EBITDA margin for FY24 was 24.23%, a slight moderation of 101 bps due to asset acquisition expenses.

Capital Expenditure

The company received a grant of INR 3.99 Cr under the Central Capital Investment Incentive for Access to Credit (CCIIAC) in H1 FY26. While specific future CapEx figures are not detailed, the company is investing in technology platforms for Track & Trace and QRiousCodes.

Credit Rating & Borrowing

CRISIL maintains a 'Stable' outlook with a robust financial risk profile. Interest coverage was 56.44 times in FY23. The company maintains low gearing with a Total Outside Liabilities to Adjusted Tangible Networth (TOL/ANW) ratio of 0.30 as of March 31, 2024.

⚙️ Operational Drivers

Raw Materials

Industrial inks, solvents, and electronic components for printers. Consumables (inks/solvents) represent the largest cost component, contributing to 60% of the revenue mix.

Import Sources

Not specifically disclosed, though the company has subsidiaries in the Netherlands and Italy (V-Shapes) suggesting European sourcing or technology integration.

Capacity Expansion

The company has an installed base of over 21,500 printers as of Q2 FY26, which serves as a captive market for high-margin consumable sales. Expansion is focused on increasing this installed base to drive recurring revenue.

Raw Material Costs

Raw material costs are managed through procurement tracking; however, the shift toward high-margin consumables (60% of revenue) and laser printers has improved overall margin quality.

Manufacturing Efficiency

Operating efficiency is reflected in a healthy Return on Capital Employed (RoCE) of 21-25% over the past three fiscals through FY24.

Logistics & Distribution

The company emphasizes high-quality service and timely delivery to maintain relationships with key FMCG and industrial clients, though specific logistics costs as a % of revenue are not provided.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth is targeted through increasing the installed printer base (currently >21,500 units) to lock in recurring consumable sales, which grow at 15% compared to the market rate of 10-11%. The company is also scaling its Track & Trace (T&T) division, which has reached breakeven, and investing in new technology platforms like QRiousCodes.

Products & Services

Industrial printers (Continuous Inkjet, Thermal Transfer, Laser), consumables (inks and solvents), spare parts, and maintenance services.

Brand Portfolio

Control Print, QRiousCodes, V-Shapes.

New Products/Services

Laser printers (higher margin products), Track & Trace technology platforms, and QRiousCodes business which is currently moving toward breakeven.

Market Expansion

Expansion into the Italian market via V-Shapes and focusing on high-growth domestic sectors like Dairy, Sugar, Plywood, and Cement.

Market Share & Ranking

One of the largest players in India with a market share of more than 18%.

Strategic Alliances

Acquisition of V-Shapes in Italy and consolidation of subsidiaries LCPL, ICPL, CPBV, and MPBV.

🌍 External Factors

Industry Trends

The coding and marking industry is growing at 10-11% annually. Trends are shifting toward 'Track & Trace' and QR-based coding for anti-counterfeiting and supply chain transparency, where Control Print is positioning its T&T and QRiousCodes divisions.

Competitive Landscape

Competes with global players in the industrial printing space, maintaining leadership in specific Indian niches like cement, plywood, and dairy.

Competitive Moat

The moat is built on a 'Razor and Blade' model: an installed base of 21,500+ printers creates a high-switching-cost environment for consumables (60% of revenue). This is sustained by a strong service network and 25+ years of promoter experience.

Macro Economic Sensitivity

Highly sensitive to industrial production and packaging sector growth, particularly in the four broad segments of the packaging industry including pharmaceuticals.

Consumer Behavior

Increased regulatory requirements for product traceability in food and pharma are driving demand for more sophisticated coding solutions.

Geopolitical Risks

Exposure to European markets through Dutch and Italian subsidiaries makes the company sensitive to EU trade regulations and economic stability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are influenced by packaging regulations in the pharmaceutical and food sectors which mandate specific coding and marking standards.

Taxation Policy Impact

Effective tax rate is implied by the difference between PBT (INR 26.5 Cr) and PAT (INR 21.2 Cr) for Q2 FY26, roughly 20%.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty involves the successful scaling of new technology projects (Track & Trace) and the integration of international acquisitions like V-Shapes.

Geographic Concentration Risk

Significant concentration in the Indian market (82% implied by market share context), though diversifying through European subsidiaries.

Third Party Dependencies

Dependency on specialized component suppliers for printer manufacturing, mitigated by high inventory levels.

Technology Obsolescence Risk

Risk of shift from traditional inkjet to laser or digital coding; company is mitigating this by increasing its laser printer portfolio and margin mix.