1. At a Glance – The “Ink Mafia” of India
There are companies that sell dreams. There are companies that sell products.
And then there is Control Print Ltd — a company that literally prints money… on packets of chips, shampoo bottles, cement bags, and everything your Indian middle-class life depends on.
Imagine this: every time you see an expiry date on a biscuit packet, there’s a decent chance this company made the machine that printed it. That’s not business — that’s silent domination.
But here’s the twist.
Despite having:
- 21,000+ installed printers
- Presence in 1700+ cities
- Serving 2700+ pin codes
- Market share ~19–20%
…the company just reported a 36% YoY fall in quarterly profit.
So what happened?
Did Indians suddenly stop eating biscuits?
Did companies stop printing expiry dates?
Or did something break internally?
Welcome to the curious case of Control Print — where:
- Core business is stable like LIC policies
- But international expansion is behaving like a Bollywood sequel nobody asked for
And the biggest mystery?
👉 Why is a company with 26.9% ROE and almost zero debt trading at P/E of 9?
Either the market is blind…
Or it knows something you don’t.
Let’s investigate.
2. Introduction – The Quiet Monopoly You Never Noticed
Control Print is not flashy.
It’s not:
- A startup
- A unicorn
- A “disruptor”
It’s something far more dangerous — a boring, sticky, high-margin business.
The company manufactures:
- Coding & marking machines
- Consumables (inks, solvents)
- Maintenance services
And here’s the genius of the model:
👉 Sell the printer once
👉 Earn from consumables forever
It’s basically the printer cartridge scam — but legal and industrial
Once a machine is installed:
- You must use their consumables
- Switching is painful
- Service dependency kicks in
Result?
👉 Recurring, annuity-like revenue
ICRA literally confirms this stickiness:
- Installed base: 22,000+ printers
- Life: 7–10 years
- Consumables = high-margin recurring income
Now ask yourself:
If your business prints money every time someone prints expiry date…
Why would your profits fall 36%?
Answer lies in one word:
👉 Italy.
3. Business Model – WTF Do They Even Do?
Let’s simplify this like explaining to a lazy investor:
Core Business (Bread & Butter)
- Industrial printers (CIJ, TIJ, Laser etc.)
- Consumables (ink = gold mine)
- Maintenance services
Revenue Mix:
- Manufacturing goods: 79%
- Services: 14%
- Trading: 7%
Translation:
👉 Machines bring customers
👉 Consumables milk them
New Experiments (a.k.a Risk Zone)
1. Track & Trace (QRiousCodes)
- Anti-counterfeiting
- Supply chain tracking
- Pharma compliance
2. Packaging (V-Shapes)
- Fancy single-dose packaging
- Think shampoo sachets but futuristic
Now here’s the problem.
Core business = steady
New business = startup vibes
And startup vibes in a listed company?
👉 Always drama.
International Expansion
