Control Print Ltd (CONTROLPR) — concall transcript | 30 June 2026

Control Print Limited reported standalone revenue of ₹107 crores in Q1 FY27, up from ₹100 crores YoY, driven by 95% contribution from Coding & Marking. Gross margins improved to 58% as COGS declined to 42%. Management highlighted growth in Packaging (co-packaging, laminates), Track & Trace, and PPE segments, with overseas expansion and distributor model adoption. V-Shapes co-packaging faces machine reliability challenges across product viscosity variations, but cost optimization and streamlined sales efforts are underway. Standalone business growth slowed to 4% YoY due to seasonal softness in extrusion and pipes. Track & Trace achieved ₹20 crores in sales, breakeven, with three pharma customers in final IQ/DQ/PQ stages. V-Shapes has seen no new investments; ₹65 crores already spent, with losses expected to narrow via operational improvements. Export revenue constitutes 4-5% of quarterly revenue, and the Assam facility remains delayed due to suspended incentives. Raw material volatility (e.g., plastic prices from ₹70 to ₹150) continues to pressure margins despite fixed customer pricing. The Track & Trace TAM is estimated at ₹500-600 crores, potentially expanding to ₹1,500 crores if regulatory scope broadens to include vaccines and psychotropic drugs, though enforcement by July 1st remains uncertain.