🧾 At a Glance
Control Print Ltd, a ₹1,258 Cr company, isn’t flashy like AI or EV stocks, but it’s built like a dividend-paying tank. India’s only domestic manufacturer of industrial coding and marking printers, it posted a jaw-dropping 84% profit growth in FY25. Add a fat 27% ROE, zero debt, and a consistent dividend – and this might just be the most boringly beautiful stock you’ve never heard of.
1️⃣ WTF Do They Even Do?
No, Control Print doesn’t design logos.
🖨️ It makes industrial printers and consumables used to print expiry dates, QR codes, barcodes on:
- Packaged food
- Pharma bottles
- FMCG labels
- Chemicals and even… Face Masks 😷 (added during COVID, still going)
🎯 Products:
- Coding & marking printers
- Inks, solvents, and spares (recurring revenue, baby)
- Face masks (small biz line, but still kicking)
2️⃣ Financials – Profit, Margins, ROE, Growth
5-Year Snapshot 📊
| Metric | FY20 | FY25 | CAGR |
|---|---|---|---|
| Revenue | ₹195 Cr | ₹425 Cr | 17% |
| Net Profit | ₹26 Cr | ₹100 Cr | 27% |
| EBITDA Margin | 24% | 19% | (compressed recently) |
| ROE | 16% | 26.8% | 📈 |
📦 Installed base: 21,000+ printers
📍 Coverage: 2,700 pin codes, 1,700+ towns
This company isn’t growing via blitzkrieg – it’s compounding like a disciplined SIP investor.
3️⃣ Valuation – Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| CMP | ₹787 |
| P/E | 12.6x |
| Book Value | ₹258 |
| P/B | 3.05x |
| Dividend Yield | 1.27% |
| ROE | 26.8% |
🧠 Fair Value Estimate:
Assuming 15–20% EPS growth, FY26E EPS ~₹72–₹75
Applying P/E range of 14–18x:
👉 FV Range = ₹1,000 – ₹1,350
At ₹787, this is still in “value buy” territory. The market hasn’t caught on fully… yet.
4️⃣ What’s Cooking – Triggers, Expansion, Noise
- FY25 PAT jumped 84%: From ₹55 Cr → ₹100 Cr 💥
- Dividend announced: ₹10/share, ~1.3% yield
- Capex-light business: Annual depreciation <₹20 Cr, asset turns improving
- Expansion: Steady plant upgrades and rising domestic demand for “Make-in-India” equipment
This isn’t a “moat” story — it’s a razor-and-blades model. Sell the printer once, keep selling ink forever.
5️⃣ Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Debt | ₹8 Cr |
| Cash | ₹50 Cr |
| D/E | Practically 0x |
| Net Cash | ✅ Positive |
🌟 Debt-free + Cash-rich = Flexibility + Dividends
Reserves jumped from ₹184 Cr (FY19) → ₹397 Cr (FY25). They’ve been silently stacking coins like a Gujarati grandma hoarding gold biscuits.
6️⃣ Cash Flow – Sab Number Game Hai 💰
| Year | CFO | CFI | CFF | Net Flow |
|---|---|---|---|---|
| FY25 | ₹50 Cr | ₹(37) Cr | ₹(19) Cr | ₹(7) Cr |
| FY24 | ₹50 Cr | ₹8 Cr | ₹(51) Cr | ₹7 Cr |
🟢 Operating cash flows stable
🔴 Investing aggressively in infra & tech
🟡 Conservative financing – dividend outflows are highest
7️⃣ Ratios – Sexy or Stressy?
| Ratio | Value | Comment |
|---|---|---|
| ROE | 26.8% | 🟢 Very Strong |
| ROCE | 18.4% | 🟢 Consistent |
| OPM | 19% | 🟡 Slight dip YoY |
| Debtor Days | 79 | 🟢 Efficient |
| Inventory Days | 224 | 🔴 High for B2B |
Nothing to panic about, but they’ve got room to sweat their inventory tighter.
8️⃣ P&L Breakdown – Show Me the Money
| FY25 Figures | ₹ Cr |
|---|---|
| Revenue | ₹425 |
| EBITDA | ₹80 |
| PAT | ₹100 |
| EPS | ₹62.55 |
🔥 Highest-ever EPS, despite a minor dip in operating margin.
They are slowly replacing OPM with NPM (better tax, better other income, low interest). That’s mature scaling.
9️⃣ Peer Comparison – Who Else Is in the Game?
| Company | P/E | ROE | Sales (₹ Cr) | PAT (₹ Cr) |
|---|---|---|---|---|
| Control Print | 12.6x | 26.8% | ₹425 | ₹100 |
| D-Link India | 18.4x | 22.9% | ₹1,384 | ₹104 |
| Moschip Tech | 104x | 11.2% | ₹467 | ₹33 |
| Rashi Peripherals | 9.5x | 12.5% | ₹13,773 | ₹206 |
🔍 Control Print’s ROE is highest, valuation is lowest among profitable peers.
It’s in a boring niche… which is why it’s still cheap.
🔟 Misc – Promoters, FII, DII, Janta
- Promoter Holding: 52.99% 🟢 Stable
- FII Holding: 3.5% 🟥 Drifting down
- DII Holding: 💤 Basically gone (0.58%)
- Retail: From 28% → 43% in 3 years 🔼
Public janta is waking up to this stock like they found a ₹500 note under the sofa.
🧠 EduInvesting Verdict™
💬 “This company doesn’t hype itself. It just compounds while you’re distracted by unicorns with horns made of loss statements.”
✅ India’s only major domestic player in industrial coding
✅ Razor-blade model = recurring consumables
✅ Low P/E, high ROE, no debt
✅ Growing public interest, but still under the radar
Fair Value Range: ₹1,000 – ₹1,350
(based on 14–18x FY26E EPS of ₹72–₹75)
It’s not glamorous. It’s not meme-worthy. But it’s profitable, steady, and quietly compounding. In a world of chaos, Control Print is boring — and boring is beautiful.
✍️ Written by Prashant | 📅 June 28, 2025
Tags: Control Print, Industrial Printing Stocks, High ROE Stocks, Boring Multibaggers, Razor Blade Business, Smallcap Profitable Stocks,
