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Control Print Limited (CONTROLPR)

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

📢 Recent Corporate Announcements

CRISIL Migrates Control Print to 'CRISIL A/Stable/A1' from INC, Then Withdraws Ratings

🟢 POSITIVE ⭐ 6/10

OTHER 📅 02 Sep 2026, 11:52 AM

CRISIL Ratings has migrated Control Print Limited's ratings on Rs 80 Crore bank facilities from 'CRISIL BB/Stable/A4+ Issuer Not Cooperating' to 'CRISIL A/Stable/CRISIL A1' following receipt of necessary financial information. Subsequently, at the company's request and upon receipt of a no-objection certificate from lenders, CRISIL has withdrawn the ratings. The rating assessment highlights the company's 19-20% domestic market share in coding and marking, strong balance sheet with 0.00x gearing, and interest coverage above 25x in FY26.

Bank loan facilities of Rs 80 Crore migrated to 'CRISIL A/Stable/A1' from 'CRISIL BB/Stable/A4+ Issuer Not Cooperating' and subsequently withdrawn.
Company holds 19-20% market share in India's coding and marking industry, with consumables and servicing contributing 75-80% of revenue.
Financial risk profile supported by net worth of Rs 421 Crore (as of March 31, 2026) and near-zero gearing (0.00x).
Liquidity backed by Rs 59 Crore in liquid investments/cash and expected annual cash accruals of Rs 54-55 Crore against nil debt repayments.

💡 Track working capital cycle management (gross current assets at 235 days) and upcoming quarterly execution across domestic and international segments.

Control Print Q1 FY27: Consolidated Revenue at ₹115 Cr; Track & Trace Market May Triple to ₹1,500 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 29 Jul 2026, 06:37 PM

Control Print reported a consolidated revenue of ₹115 Cr for Q1 FY27, representing a modest 3.6% growth over ₹111 Cr in the previous year. The core Coding & Marking segment remains the primary driver, contributing 95% of total revenue, while standalone COGS improved to 42% from 44% YoY. Management acknowledged execution hurdles in the Italian Packaging business (V-Shapes), which is currently loss-making due to technical complexities and operator learning curves. A major potential catalyst is the proposed expansion of Track & Trace regulations, which could expand the addressable market from ₹600 Cr to ₹1,500 Cr, though implementation remains in the discussion phase.

Consolidated operating revenue grew to ₹115 Cr in Q1 FY27 from ₹111 Cr in the same quarter last year.
Coding & Marking segment continues to dominate the business mix, accounting for 95% of total operating revenue.
Standalone COGS improved to 42% of operating revenue, down from 44% in Q1 FY26, aided by procurement optimization.
Potential expansion of Track & Trace market from ₹500-600 Cr to ₹1,500 Cr if new pharmaceutical regulations are enforced.
Installed printer base stands at over 21,500 units, providing a captive market for high-margin recurring consumable sales.

💡 Monitor the execution progress and loss reduction in the Italian Packaging (V-Shapes) subsidiary and the final notification date for expanded pharmaceutical Track & Trace mandates.

Rs 6.00 Final Dividend Approved; Shareholders Ratify FY26 Results and ESOP Scheme

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 25 Jul 2026, 04:14 PM

Control Print Limited's shareholders have officially approved a final dividend of Rs 6.00 per share (60% of face value) for FY26 during the 35th AGM held on July 23, 2026. The company reported a TTM revenue of Rs 482 Cr and a PAT of Rs 43 Cr, with all routine resolutions passed by the requisite majority. Notably, the ratification of the Employee Stock Option Scheme 2025 faced significant institutional resistance, with 51.69% of institutional votes cast against the resolution. The dividend will be paid to shareholders who were on the register as of the record date, July 10, 2026.

Final dividend of Rs 6.00 per equity share approved for the financial year ended March 31, 2026
Institutional investors cast 51.69% of their votes against the ratification of the ESOP Scheme 2025
A total of 155 shareholders attended the 35th Annual General Meeting via video conferencing
Promoter group (holding 53.0%) voted 100% in favor of all eligible resolutions
The record date for dividend eligibility was fixed as July 10, 2026

💡 Investors should monitor the implementation of the ESOP Scheme 2025 and its potential impact on equity dilution, especially given the high level of institutional dissent.

Control Print Releases Q1FY2027 Earnings Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Jul 2026, 06:51 PM

Control Print Limited has made the audio recording of its Q1FY2027 analyst and investor conference call available to the public. The call, held on July 24, 2026, follows the company's recent performance where it reported a TTM revenue of ₹482 Cr and a PAT of ₹43 Cr. Management typically uses these sessions to discuss the progress of its 21,500+ installed printer base and its 15% growth target. This filing is a standard regulatory requirement under SEBI (LODR) Regulations, 2015.

Conference call for Q1FY2027 held on July 24, 2026, at 12:00 P.M. IST
Company maintains a market share of more than 18% in the industrial printing sector
Installed printer base exceeds 21,500 units as of the most recent operational update
Targeting 15% growth rate by focusing on recurring consumable sales
TTM Operating Profit Margin stands at 18.3% as of the latest financial context

💡 Investors should review the recording on the company's website to understand management's commentary on the 'QRiousCodes' business breakeven timeline and the impact of manufacturing sector trends on printer sales.

23,000+ Installed Printer Base Highlighted in Q1 FY27 Investor Presentation

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Jul 2026, 10:10 AM

Control Print (CPL) reported an installed base of over 23,000 printers, adding approximately 2,500-3,000 units annually to drive its high-margin consumable annuity model. The company maintains an 18-20% market share in India's Rs 2,000-2,200 crore coding and marking industry. Recent strategic moves include increasing the stake in Markprint BV to 90% and expanding into the Middle East via a new UAE subsidiary. For FY26, the company paid a dividend of Rs 10 per share, representing a ~21% payout ratio.

Installed base grew to 23,000+ printers, providing a foundation for recurring consumable revenue over a 7-8 year lifecycle
Market share in the organized Indian coding and marking sector stands at 18-20%
Annual printer additions targeted at 2,500 to 3,000 units to sustain the core annuity business model
Dividend of Rs 10 per share (100% on face value) paid for FY26, with a payout ratio of ~21%
Stake in Markprint BV (Netherlands) increased to 90% as of October 2025 to bolster international presence

💡 Monitor the growth rate of the installed printer base and the revenue contribution from the newly acquired V-Shapes packaging and Track & Trace (QRiousCodes) segments.

Control Print Confirms ₹6.00 Final Dividend and Ratifies 2025 ESOP Scheme at 35th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 23 Jul 2026, 08:06 PM

Control Print Limited concluded its 35th Annual General Meeting on July 23, 2026, where shareholders approved a final dividend of ₹6.00 per equity share for FY26. A key special resolution was passed to ratify the 'Control Print Employee Stock Option Scheme 2025', aimed at employee retention. The company continues to leverage its installed base of over 21,500 printers to drive high-margin recurring consumable sales. Management confirmed that there were no qualifications or adverse remarks in the statutory or secretarial audit reports for the fiscal year.

Final dividend of ₹6.00 per equity share (60% of face value) approved for the financial year ended March 31, 2026
Ratification of the 'Control Print Employee Stock Option Scheme 2025' via special resolution
Installed printer base exceeds 21,500 units as of the latest reporting period, supporting recurring revenue
Adoption of Audited Standalone and Consolidated Financial Statements for FY26
Re-appointment of Mr. Basant Kabra as Director following his retirement by rotation

💡 Investors should monitor the upcoming record date for the ₹6.00 dividend payment and track the specific terms of the 2025 ESOP scheme for potential equity dilution impact.

54% YoY Profit Drop to Rs 3.92 Cr as Subsidiary Losses and Lower Forex Gains Impact Earnings

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 23 Jul 2026, 12:08 PM

Control Print's Q1 FY27 consolidated net profit fell 54.2% YoY to Rs 3.92 Cr, despite a 3.8% increase in revenue to Rs 115.56 Cr. The bottom line was severely impacted by a Rs 8.24 Cr net loss from foreign subsidiaries (Italy, Netherlands, UK, UAE) and a sharp reduction in standalone forex gains, which fell to Rs 0.20 Cr from Rs 7.26 Cr in the previous year's quarter. The company also committed Rs 31.20 Cr to acquire Intellectual Property from its Italian subsidiary, representing a significant internal investment in technology assets.

Consolidated Net Profit declined 54.2% YoY to Rs 3.92 Cr from Rs 8.56 Cr.
Foreign subsidiaries reported a combined net loss of Rs 8.24 Cr on revenue of Rs 7.94 Cr.
Standalone profit was impacted by a sharp drop in Forex gains to Rs 0.20 Cr vs Rs 7.26 Cr in Q1 FY26.
Acquisition of Intellectual Property from CP Italy S.R.L for Rs 31.20 Cr (approx. 6.5% of TTM revenue).
Consolidated employee benefit expenses rose 11.8% YoY to Rs 27.39 Cr.

💡 Monitor the turnaround timeline for the Italian and Dutch subsidiaries, as their current losses are significantly offsetting domestic profits. Watch for the commercialization of the newly acquired IP rights and their impact on future EBITDA margins.

July 24: Control Print Schedules Q1FY2027 Earnings Conference Call

🟡 NEUTRAL ⭐ 2/10

EARNINGS 📅 20 Jul 2026, 05:39 PM

Control Print Limited has scheduled its Q1FY2027 earnings conference call for July 24, 2026, at 12:00 PM IST. The management team, including the Joint Managing Director and CFO, will discuss the company's financial performance for the quarter. This follows a TTM revenue of Rs 482 Cr and a healthy ROCE of 23.0%. Investors will likely seek updates on the company's 15% growth target and the progress of its Italian market expansion.

Earnings conference call scheduled for July 24, 2026, at 12:00 PM IST
Management representation by Joint MD Shiva Kabra and CFO Jaideep Barve
Company maintains an installed base of over 21,500 printers as of Q2 FY26
TTM revenue stands at Rs 482 Cr with an operating profit margin of 18.3%
Market share currently exceeds 18% in the industrial printing segment

💡 Monitor the Q1FY2027 financial results and management commentary regarding the 'Track & Trace' platform and the breakeven timeline for the QRiousCodes business.

Control Print Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 10 Jul 2026, 06:22 PM

Control Print Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Bigshare Services Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the required timeframe. This includes the mutilation and cancellation of physical certificates and updating the register of members. This is a routine administrative filing required for all listed companies in India.

Compliance confirmed for the quarter ended June 30, 2026
Dematerialization requests processed and confirmed within 15 days of receipt
Physical certificates mutilated and cancelled after due verification by the depository participant
Registrar and Share Transfer Agent (RTA) Bigshare Services issued the certificate on July 8, 2026

💡 No action is required as this is a routine procedural filing confirming the company's adherence to SEBI's depository regulations.

CRISIL migrates Control Print ratings to 'Issuer Not Cooperating' (INC) category

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 09 Jul 2026, 08:25 PM

CRISIL has migrated Control Print's credit ratings to the 'Issuer Not Cooperating' (INC) category, specifically CRISIL BB INC/Stable for long-term and CRISIL A4+ INC for short-term facilities. The company stated this migration occurred because they stopped submitting the mandatory Non-Default Statement (NDS) as they were already in the process of withdrawing ratings from CRISIL. Financially, the company maintains a very low debt profile of just ₹5 cr against a net worth of ₹510 cr (D/E of 0.01). This rating action appears procedural due to the withdrawal process rather than a reflection of deteriorating credit quality.

Long-term bank facilities migrated to CRISIL BB INC/Stable rating
Short-term bank facilities migrated to CRISIL A4+ INC rating
Company has a negligible total debt of ₹5 cr as per latest financial context
Migration triggered by non-submission of Non-Default Statement (NDS) during a withdrawal process
Company maintains a strong Debt-to-Equity ratio of 0.01

💡 Investors should note that 'INC' status is often a technicality when a company chooses to stop paying for or providing data to a specific rating agency. Monitor if the company appoints a new rating agency or continues to operate without formal ratings given its minimal debt requirements.

Control Print FY26 BRSR: Printing Ink Drives 61% of Turnover; Employee Turnover Rises to 42%

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jun 2026, 11:53 PM

Control Print Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, confirming its high-margin 'razor-and-blade' business model where printing ink consumables contribute 61% of total turnover. While the company maintains a strong domestic presence across all Indian states, exports remain a small portion of the business at 2.46%. A significant operational concern is the sharp increase in permanent employee turnover, which reached 42.06% in FY26 compared to 21.76% in the previous year. The company continues to expand its global footprint through eight subsidiaries, including recent entries into Italy and the Middle East.

Printing ink manufacturing is the primary revenue driver, accounting for 61.00% of total turnover.
Permanent employee turnover rate surged to 42.06% in FY 2025-26 from 21.76% in FY 2024-25.
Exports contribute only 2.46% of total turnover, despite serving 19 international countries.
The company operates with a total workforce of 699 employees and 190 workers as of March 2026.
Female representation on the Board of Directors stands at 28.57% (2 out of 7 directors).

💡 Investors should monitor the high employee turnover rate (42.06%) to see if it impacts service quality or operational costs in upcoming quarters. Additionally, track the progress of the 'Control Print MEA FZE' subsidiary to see if export contributions (currently 2.46%) begin to scale meaningfully.

Control Print FY26 Annual Report: Rs 10 Total Dividend and 22,000+ Printer Installed Base

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Jun 2026, 11:48 PM

Control Print has released its FY 2025-26 Annual Report, scheduling its 35th AGM for July 23, 2026. The company confirmed a total dividend of Rs 10 per share (100% of face value) for the year. Operationally, the company has grown its installed base to over 22,000 printers, which anchors its high-margin annuity model where consumables and services contribute over 60% of consolidated revenue. The company maintains an 18-20% market share in India and is expanding its infrastructure with a 46,823 sq. m. site in Assam.

Total dividend of Rs 10 per share declared for FY 2025-26, representing 100% of face value.
Installed base of printers reached 22,000+ units, providing a captive market for recurring revenue.
Consumables and services now account for more than 60% of total consolidated revenue.
Secured 46,823 sq. m. of infrastructure in Assam for future capacity expansion.
Maintained a dominant domestic market share of 18-20% in the coding and marking sector.

💡 Investors should monitor the AGM on July 23, 2026, for updates on the 'Track & Trace' (QRiousCodes) platform's path to breakeven and the integration progress of European acquisitions like V-Shapes.

Control Print Schedules 35th AGM for July 23; Recommends Rs 10 Total Dividend for FY26

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Jun 2026, 11:46 PM

Control Print Limited has issued its FY 2025-26 Annual Report and scheduled its 35th AGM for July 23, 2026. The company reported FY26 revenue of Rs 445.95 Cr and PAT of Rs 80.31 Cr, with a recommended total dividend of Rs 10 per share (100% of face value). A key strategic shift is evident as consumables now contribute over 60% of consolidated revenue, creating a stable annuity-driven business model. The company also highlighted its 46,823 sq. m. infrastructure acquisition in Assam for future capacity expansion.

Recommended a total dividend of Rs 10 per share for FY26, including a Rs 6 per share final dividend.
Installed printer base reached 22,000+ units, supporting an 18-20% market share in India.
Consumables and recurring sales now account for more than 60% of total consolidated revenue.
Secured 46,823 sq. m. of infrastructure in Assam to facilitate future manufacturing expansion.
Reported FY26 EBITDA of Rs 128.19 Cr on a revenue of Rs 445.95 Cr.

💡 Investors should monitor the AGM for updates on the commissioning timeline of the new Assam facility and the scaling of the 'QRiousCodes' track-and-trace platform.

Rs 6 per share final dividend: Control Print sets July 10, 2026, as Record Date

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 29 Jun 2026, 11:19 PM

Control Print Limited has fixed July 10, 2026, as the record date for a final dividend of Rs 6 per equity share for FY 2025-26. Based on the current market price of Rs 628.8, this represents a dividend yield of approximately 0.95%. The company reported a TTM PAT of Rs 43 Cr and maintains a very low debt-to-equity ratio of 0.01. The dividend payment is subject to shareholder approval at the upcoming Annual General Meeting (AGM).

Final dividend of Rs 6 per equity share announced for the financial year 2025-26.
Record date for determining eligible shareholders is fixed as Friday, July 10, 2026.
Dividend yield is approximately 0.95% based on the current share price of Rs 628.8.
Payment will be processed within five days following the conclusion of the Annual General Meeting.
Company maintains a strong ROCE of 23.0% and TTM EPS of Rs 27.26.

💡 Investors interested in the dividend must hold the shares before the ex-dividend date (typically one business day prior to the record date). Monitor the announcement of the AGM date for final confirmation of the payment timeline.

Control Print Announces Trading Window Closure from July 01, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 03:32 PM

Control Print Limited has informed the exchanges that its trading window for dealing in securities will be closed starting July 01, 2026. This is a mandatory regulatory procedure under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The closure pertains to the un-audited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared.

Trading window closure effective from July 01, 2026
Closure relates to the un-audited financial results for the quarter ended June 30, 2026
Restriction applies to all designated persons and their immediate relatives
Window to reopen 48 hours after the results are officially announced

💡 This is a routine administrative filing; investors should watch for the upcoming board meeting announcement which will specify the date for the Q1 FY27 results release.

View All CONTROLPR Announcements on Live Market Tracking →

💰 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.