Control Print Limited — Q3 FY26
Control Print reported standalone Q3 FY26 revenue of ₹109 crore, up 16% YoY, driven by coding & marking growth of ~15%.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered1Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Why are foreign subsidiaries causing lower consolidated profits and what is the roadmap?
Asked by Sakit Kapoor
Management explained reasons but did not provide specific financial impact or timeline for improvement.
no specific numbers for current quarterblamed execution issues without quantifying impact
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Question
how have our foreign subsidiaries and the consolidated results performance what factors have again led to the these lower profits on consolidation and what's the road map ahead
Shiva Kabra (Management)
last time I said that we should have a lower loss in this quarter and almost like a break even in the Q4 in our foreign sub mainly the Italian one... we've come out with a new model a new packaging machine in Italy... we've not been able to execute orders... we have a little bit of a backlog
Partial answer
High priority
Why did gross margins improve but EBITDA decline?
Asked by Roshi V
Acknowledged cost increases but did not provide specific breakdown or quantify EBITDA impact.
dismissed gross margin change as unimportantdid not quantify EBITDA decline
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Question
when we see the numbers the gross margins have actually become better for the consolidated numbers but then the AIDA has actually gone down. So I just wanted to know like what exactly is the scenario over here?
Shiva Kabra (Management)
the gross margin okay it's sort of dipped to 58.1% from the previous but I wouldn't give it too much importance right now... both the other expenses and the employee costs have increased sharply
Answered
Medium priority
Do laser printers pose a significant risk to the consumable business?
Asked by Vikram Hawa
Provided detailed technical explanation of limitations and concluded no significant threat.
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Question
if laser printers pose any significant risk to the consumable business... I'm aware that certain industries are for example the pipe industry is now using laser printers for marking solutions
Shiva Kabra (Management)
the lasers have been around for about two decades now... they have some fundamental limitations... they don't work on all materials... it won't give a contrast... there is a big safety issue with lasers
Partial answer
High priority
What caused the decline in gross margins and increase in employee costs and other expenses?
Asked by Anawa
Explained reasons but did not provide specific amounts or breakdown of cost increases.
did not quantify the deltablamed provisions without specific numbers
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Question
My question was regarding the decline in gross margins and the increase in employee costs and other expenses. Can you throw some color on that as to Where have we seen the delta over there apart from the graduating and the other provisions that we've made?
Jadiv G. (Management)
the employee costs have risen in the Q3 as compared to the Q2 and that is basically mainly a reason of adjustment of provisions... new labor code... we had a major impact because of the gratuity provision and also we made some kind of staff incentive provision
Answered
Medium priority
What are the printer sales volume and installed base for 9 months?
Asked by Vinit Takur
Provided specific numbers as requested.
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Question
what would be our segmental performance in print volume as sales volume? What would be a sales volume of printer and installed base for 9 months?
Shiva Kabra (Management)
the printer sales for the 9 months are a little over 2100 printers and our installed base is about 22,000 plus printers.
Answered
Medium priority
What is the revenue breakup by region and segments?
Asked by Vinit Takur
Provided specific percentage breakdown as requested.
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Question
So what's our revenue break up by region and by segments?
Shiva Kabra (Management)
within the coding and marking we have four different streams of revenue... the breakup for the Q3 is 18%, 58%, 7% and 15%.
Partial answer
High priority
When can Europe operations return to original margins?
Asked by Vinit Takur
Provided timeline but no specific margin percentage or quantitative target.
no specific margin target giventimeline is vague
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Question
when could we assume we could get back to the original margins or we could stop bleeding money at Europe operations.
Shiva Kabra (Management)
I do believe that in Q3 or Q4 of this financial year this coming financial year even in Italy it's going to be break even and in India it'll be profitable hopefully by Q1 or Q2 of next year
Answered
Medium priority
Why is market share capped at ~20% in an oligopoly?
Asked by Subhan
Directly addressed the stickiness and slow growth, no evasion.
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Question
why has our market share remained or capped at around 40 20 odd%. Is it the barrier to taking share from VideoJet or Domino a matter of technology or is the lock in of consumables at the competitor side stronger?
Shiva Kabra (Management)
it's a very sticky business and we have actually grown our market share slowly over the last few years... it's difficult for the competitors to take our customers and for us to take our competitors customers
Partial answer
Medium priority
What is the policy for incentive provisions causing employee cost increase?
Asked by Nitan Grover
Explained process but did not directly answer whether provision is made before sales.
did not clarify if provision is upfront or after salesno specific numbers
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Question
what is the policy that you are following in terms of making a provision for incentive. Are you making an upfront provision for incentive before the sales happen and because of that there's a mismatch?
Jadiv G. (Management)
incentives are always a result of a planned structure process... we identify the employees who need to be incentivized... based on our experience and based on the performance we prepare a list and we get it approved and then the provision is made according to that.
Partial answer
High priority
What is the expected growth for the printing core business and track and trace?
Asked by Pratik Ja
Provided near-term growth rates but avoided long-term guidance and track and trace specifics.
no specific 3-5 year guidancetrack and trace evolution not quantified
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Question
could you say some guidance on the printing core business? What kind of industry growth do you expect over let's say 3 to 5 years and how do you see your company growing in that period? Also, if you could give us some color on the track and race business, how you see that evolving?
Shiva Kabra (Management)
coding and marketing business is going to grow at 10 11% 12%... we'll continue growing at that... maybe in the next year or two we may able to grow at faster than the market like about 15%
Evasive
Medium priority
Are we the only ones taking price hikes and will they expand margins?
Asked by Susan Jani
Redirected to consumables and did not answer the core question about competition or margin impact.
did not answer if competitors also hikeddid not address margin expansion
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Question
earlier you mentioned that we've taken a price hike on our printers. So are we the only ones who have taken a price hike or our competition has also taken a price hike and whether these price hikes should result in any sort of gross margin expansion.
Shiva Kabra (Management)
it is more not on the printer so much as the materials or the consumables and the services and it was just lagging from our side.
Answered
Medium priority
How much of cash flow will go into capex to maintain 15% growth?
Asked by Samar Singh
Directly stated no significant capex needed for core business.
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Question
assuming our packaging business breaks even and we're doing about 50 crores of cash flow a year. how much of that will go into capex to maintain the 15% growth in the coding and marketing business and how are we thinking of the balance?
Shiva Kabra (Management)
approximately what we depreciate we spend about that much is maintenance... I don't think that fundamentally the capex is required... there's no capex needed
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin dipped to 58.1% | 58.1% | 15% | Overstated vs filing |
| 9-month standalone revenue growth ~16% | 16% | 15.96% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.