CONTROLPR

Control Print share price & financials

India's largest homegrown maker of industrial coding & marking printers (inkjet, laser, thermal-transfer) and consumables, expanding into track-and-trace and single-dose packaging machinery via European subsidiaries.

Price: ₹623.45
Market cap: ₹916 Cr
Sector: Information Technology
Calls analysed: 6

Latest concall · Q1 FY27 · call held 24 Jul 2026

Control Print Limited Q1 FY27

Standalone Operating Revenue ₹105 cr +5%Consolidated Operating Revenue ₹115 cr +4%Standalone COGS 42% Consolidated COGS 43%

What went well

Standalone operating revenue grew 5% YoY to ₹105 crores, up from ₹100 crores in Q1 FY26.
Consolidated operating revenue increased 3.6% YoY to ₹115 crores from ₹111 crores.
Standalone cost of goods sold improved to 42% of operating revenue in Q1 FY27 from 44% in Q1 FY26.

What to watch

The V-Shapes business continues to face significant execution issues, with machines being 'too fiddly' and not performing to expectations, leading to product spills and high wastage.
Standalone business growth was slower at 4% YoY in Q1 FY27, attributed to geopolitical issues (Iran) and volatility in polymer prices affecting the extrusion industry.

Read the full call →

What Control Print Limited does

Control Print manufactures industrial coding, marking and printing equipment — continuous inkjet, thermal inkjet, high-resolution, thermal transfer overprinter, hot roll/hot quick coder and large character printers — sold with proprietary consumables (inks, solvents) to industries such as FMCG, food, pipes, cables, pharma, cement and steel for batch coding and regulatory traceability. Its India business runs on an annuity model: printers are sold once, then generate recurring high-margin consumable and service revenue over the equipment's life. Through subsidiaries Markprint BV (Netherlands) and Codeology (UK) it also makes digital multi-colour printers and label print-and-apply/end-of-line automation systems, while CP Italy/V-Shapes manufactures single-dose sachet packaging equipment and supplies packaging laminates. It is separately building a cloud-based Track & Trace offering (QRiousCodes) for supply-chain traceability and anti-counterfeiting.

Segments

Coding & Marking (India standalone)
Coding & Marking (International)
Track & Trace
Packaging

Installed base of printers: 23,000+
Domestic manufacturing facilities: 2 — Nalagarh, HP (30,000 sq.ft) & Guwahati, Assam (70,000 sq.ft), ~1,00,000 sq.ft combined
Printer categories manufactured: 7
Sales & service engineers: 350+
Branches across India: 11
Export market countries: 19

Founded 1991Headquarters Mumbai, Maharashtra, IndiaEmployees 882 (FY25) Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 3 delivered 5 missed 11 open

Standalone PBT (FY26) went quiet said Q2 FY26 Promised: We should cross ₹100 crores quite comfortably in our opinion this year in stand-alone business. Q1 FY27: The final standalone PBT figure for FY26 was again not mentioned, making verification impossible after the fiscal year has ended.
V-Shapes Mono Dose Cost at risk said Q1 FY26 Promised: Targeting to get down to ₹1. Q1 FY27: The Guwahati plant expansion, a key enabler for this cost reduction, is now 'in limbo' due to the suspension of a government incentive scheme. This puts the cost target at significant risk.
CODEOLOGY and MARKPRINT Growth Rate on track said Q4 FY26 Promised: Expecting 15-20% growth rate in both CODEOLOGY and MARKPRINT. Q1 FY27: Management noted that Markprint is 'doing well' and Codeology's product is available for sale, but did not provide specific growth numbers. The overall tone remains positive.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 3.8%, net profit down 54.3% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	102	103	122	111	112 +10%	119 +15%	140 +15%	116 +4%
Expenses	82	86	100	93	86	101	114	100
EBITDA	20	17	22	19	26 +28%	18 +3%	26 +19%	15 −18%
Margin	20%	17%	18%	17%	23%	15%	19%	13%
Other income	2	0	4	4	1	0	1	0
Interest	1	1	1	1	1	1	2	1
Depreciation	4	4	4	4	5	5	5	5
Profit before tax	17	12	21	18	22 +26%	13 +5%	20 −4%	10 −45%
Tax rate	22%	32%	-213%	52%	14%	59%	45%	60%
Net profit	13	8	67	9	19 +38%	5 −36%	11 −83%	4 −54%
EPS	8.62	5.17	41.67	5.21	11.62	3.29	7.00	2.45

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −23.6% 1Y

1Y: ₹770.15 on 10 Sept 2025 → ₹588.7. High ₹828.6 (23 Sept 2025), low ₹524.5 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +2.9%; 24 Jul
Q4 FY26: −3.1%; 21 May
Q3 FY26: −4.5%; 30 Jan
Q2 FY26: +1.6%; 14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 18.4%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹304 Cr	₹359 Cr	₹425 Cr	₹482 Cr
Operating profit	₹76 Cr	₹86 Cr	₹80 Cr	₹89 Cr
Operating margin	25.1%	23.9%	18.8%	18.4%
Interest	₹1 Cr	₹2 Cr	₹4 Cr	₹4 Cr
Depreciation	₹15 Cr	₹14 Cr	₹16 Cr	₹19 Cr
Net profit	₹52 Cr	₹55 Cr	₹100 Cr	₹44 Cr
Net margin	17.2%	15.2%	23.5%	9.0%
Cash from operations	₹55 Cr	₹50 Cr	₹50 Cr	₹50 Cr
Free cash flow	₹27 Cr	₹8 Cr	₹23 Cr	₹23 Cr
ROCE	23.0%	24.0%	18.0%	16.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹16 Cr	₹16 Cr	₹16 Cr	₹16 Cr	₹16 Cr	₹16 Cr
Reserves	₹216 Cr	₹241 Cr	₹278 Cr	₹318 Cr	₹433 Cr	₹437 Cr
Borrowings	₹3 Cr	₹4 Cr	₹6 Cr	₹7 Cr	₹7 Cr	₹7 Cr
Other liabilities	₹54 Cr	₹63 Cr	₹75 Cr	₹93 Cr	₹91 Cr	₹121 Cr
Total liabilities	₹290 Cr	₹324 Cr	₹374 Cr	₹434 Cr	₹548 Cr	₹581 Cr
Fixed assets	₹105 Cr	₹110 Cr	₹120 Cr	₹150 Cr	₹166 Cr	₹173 Cr
Capital work in progress	₹8 Cr	₹3 Cr	₹8 Cr	₹8 Cr	₹9 Cr	₹4 Cr
Investments	₹26 Cr	₹47 Cr	₹53 Cr	₹40 Cr	₹63 Cr	₹41 Cr
Other assets	₹151 Cr	₹163 Cr	₹193 Cr	₹236 Cr	₹311 Cr	₹362 Cr
Total assets	₹290 Cr	₹324 Cr	₹374 Cr	₹434 Cr	₹548 Cr	₹581 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹589, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~-8%. At that growth it is worth ₹160 — downside of 73%.

Growth the price implies: 16.1% a year; for 7 years, fading to 4%
It has actually compounded at: -8.4% a year; net profit, FY23–FY26 · EPS -7.9%
The gap: 0.2 pp; -73% downside if it only repeats history

Price today ₹588.7 Value at the reference growth ₹159.69

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Control Print Limited

Guides on how to read this kind of business and the numbers that matter.