Control Print Ltd

Dematerialisation status

• Dematerialisation requests up to Sep 30, 2026 were confirmed to depositories by the RTA Bigshare.
• Dematerialised securities have been listed on the stock exchange where existing securities are listed.
• Physical certificates for dematerialisation were mutilated and cancelled; depository name substituted within 15 days of receipt.

Transaction details

• Nature: transmission, succession and inheritance on dissolution of HUF.
• Exemption: Regulation 10(1)(g) of SAST Regulations.
• Acquirer: promoter individual; Transferor: promoter family HUF.
• Shares transferred: 3,58,740 shares (2.24%).
• Pre-Transaction: Acquirer 14,79,876 shares (9.256%); Transferor 3,58,740 shares (2.24%).
• Post-Transaction: Acquirer 18,38,616 shares (11.496%); Transferor 0 shares.
• Nil consideration; transmission on dissolution of HUF.
• No change in aggregate promoter shareholding of CPL.
• Public shareholding and control unchanged.

Promoter shareholding update

• Promoter Basant Kumar Kabra increased Control Print Limited holding via acquisition.
• Pre-acquisition stake: 9.256% (14,79,876 shares) held with PACs.
• Acquired 3,58,740 voting rights shares (2.24%).
• Post-acquisition stake: 11.496% (18,38,616 shares).
• Date of acquisition: September 25, 2026.
• Mode of acquisition: Other (member of same HUF).
• Equity capital remains Rs 1,59,942,120 (15,994,212 shares).
• Total diluted voting capital after acquisition: Rs 1,59,942,120 (15,994,212 shares).
• Acquisition is within promoter group; no new shares issued.
• Disclosure filed under SEBI SA&T Regulations 2011.

Control Print Limited – Trading Window Closure from Oct 01, 2026 till 48 hours after declaration of UnAudited Financial Results for quarter and half year ended Sep 30, 2026

Control Print Limited trading window closed from October 01, 2026 till 48 hours after the declaration of UnAudited Financial Results of the Company for the quarter and half year ended September 30, 2026

Rating Action and Ratings

• CRISIL migrated CPL long-term ratings to A/Stable and short-term to A1, then withdrew.
• Withdrawal occurred at CPL's request with lender no-objection certificate.
• Total bank facilities rated: Rs 80 crore.
• Long-term rating: Crisil A/Stable; short-term: Crisil A1 (both withdrawn).

Key Rating Drivers

• Well-established market presence with about 19–20% market share in coding and marking.
• Promoter has three decades of experience; strong client base.
• Strong financial risk profile; net worth Rs 421 crore as of 31 Mar 2026.
• Moderate scale; turnover Rs 482.24 crore in 2026.
• Working capital-intensive; gross current assets at 235 days.
• Liquidity: bank limits used around 27%; cash accruals ~Rs 54–55 crore.
• Current ratio ~2.8x; gearing remains low.
• Outlook: Stable.
• Consolidation view includes group entities due to promoter linkages.
• Material changes since last rating: ratings migrated and subsequently withdrawn.

Instruments / Ratings Details

• Total facilities rated: Rs 80 crore.
• Long-term rating: Crisil A/Stable (migrated and withdrawn).
• Short-term rating: Crisil A1 (migrated and withdrawn).
• Fund-based facilities Rs 77 crore; non-fund-based Rs 3 crore.
• Lenders include HDFC Bank Rs 20 crore; ICICI Bank Rs 37 crore; LC Rs 3 crore.
• Consolidated entities include Liberty Chemicals, Innovative Codes, CPBV, CP MEA, MPBV, CP Italy.
• Migration details: prior ratings migrated from BB/Stable and A4+; now withdrawn.

Financial Performance

• Standalone Q1 revenue approx ₹107 crore; standalone operating revenue ≈ ₹105 crore.
• Consolidated Q1 operating revenue ₹115 crore, vs ₹111 crore prior year.
• COGS standalone about 42% of operating revenue; manufacturing costs 3%; depreciation 4%.
• Last three full-year revenues: ₹460 cr, ₹395 cr, ₹347 cr, ₹295 cr respectively.

Segment and Operations

• Coding & Marking remains the largest segment, about 95% of standalone revenue.
• Track & Trace division gaining traction with new solutions and co-packaging pipeline.
• Mask lab now PPE and safety division; expanding product range.
• CP Italy costs being streamlined; sales force expanded; in-house optimizations underway.
• Packaging division gains in co-packaging; overseas subsidiaries monitored with growth targets.
• V-Shapes execution issues persist; demand is believed to exist if execution improves.
• Track & Trace TAM about ₹500-₹600 crores; could rise to ₹1,500 crores with regulation expansion.
• Exports contribute ~4-5% of quarterly revenue.

Q&A Takeaways

• V-Shapes demand exists but execution challenges currently limit sales.
• CP Italy: streamline costs, strengthen sales, and complete product tuning before scale.
• Track & Trace TAM expansion hinges on government regulation; current evidence suggests potential peak.
• Track & Trace revenue ~₹20 crores in last financial year; current quarter not disclosed.
• Assam plant incentives suspended; commissioning timeline uncertain.

Outlook and Guidance

• Standalone Coding & Marking growth expected in the 10%–15% range for the year.
• Packaging to break even in the first half of next year (FY28 half-year).
• Core coding business margins to stay stable; FX impacts may be offset by pricing.
• V-Shapes investments to pause further this year; focus on product execution and cost control.

Risks and Watchpoints

• Execution risk in V-Shapes and CP Italy; successful scale remains uncertain.
• Raw material volatility impacting packaging margins and project economics.
• Regulatory risk for Track & Trace QR code mandate.
• Overseas subsidiaries’ performance and cross-border IP transfers affecting cash flows.

AGM details

• AGM held July 23, 2026 at 4:00 PM IST via VC/OAVM; record date July 10, 2026.

Resolutions and outcomes

• Resolution 1: Adopt audited standalone and consolidated financial statements for year ended 31 March 2026; passed.
• Resolution 2: Declare final dividend of Rs 6 per share for FY2025-26; passed.
• Resolution 3: Re-appoint Basant Kabra as Director (retiring by rotation); passed.
• Resolution 4: Ratify Cost Auditor remuneration for FY ending 31 March 2027; passed.
• Resolution 5: Ratify ESOP Scheme 2025; passed.

Dividend details

• Final dividend of Rs 6 per equity share; payable to holders on record date July 10, 2026.

Directors

• Director Basant Kabra re-appointed; designation: Director; term as per retirement-by-rotation.

Auditors

• Cost Auditor remuneration for FY ending 31 March 2027 ratified.

ESOP

• Employee Stock Option Scheme 2025 ratified; special resolution.