1. At a Glance
Control Print Limited (CPL) might not make your next bike or build your next app, but it sure as hell prints the barcode that tracks it. In Q2 FY26, this coding and marking silent hero reported ₹112 crore in revenue, up 9.99% YoY, and ₹18.6 crore PAT, jumping 35.3% YoY. That’s the kind of growth that makes Excel sheets blush.
At a market cap of ₹1,202 crore, this smallcap gem runs a business that literally stamps its way across India. With an ROE of 26.9%, ROCE of 18.5%, and a P/E ratio of just 12, the stock trades like it’s hiding from attention. Yet, it’s quietly ruling a ₹2,200 crore Indian coding and marking industry with a 20% market share — and the only company that actually manufactures in India.
Or as the Bible would’ve said (if it had a section on Indian manufacturing): “Let there be mark, and there was Control Print.”
2. Introduction
Control Print is what happens when you take a boring business and turn it into a profit machine — quite literally. Founded in 1991, CPL has spent over three decades doing what few Indian tech hardware firms dare to do — manufacture precision coding and marking machines right here, rather than import from Europe or China.
Their customers? Everyone from ITC and Britannia to HUL, Hindalco, and Cipla — because every product that gets packaged, labelled, or shipped probably carries Control Print’s mark of existence. From food packets to steel pipes, from pharma vials to cement bags, Control Print’s ink quietly keeps India’s industrial arteries flowing.
The company’s expansion has been aggressive and global. In the last two years, they’ve turned into an M&A machine — bought 85% in Markprint B.V. (Netherlands), acquired Codeology (UK), bought assets of V-Shapes (Italy), and created subsidiaries across Sharjah, Italy, and the Netherlands. If Godrej makes soaps and Bajaj makes scooters, Control Print is building an empire of codes.
So, while everyone talks about “Digital India”, Control Print is busy powering ‘Printed India’ — one QR code at a time.
3. Business Model – WTF Do They Even Do?
If you’ve ever scanned a QR code on your juice carton, or checked an expiry date on a medicine strip — that’s Control Print’s handiwork.
Here’s the breakdown of their empire of dots and data:
a) Coding & Marking – Domestic:
The bread and butter of CPL. It manufactures continuous inkjet printers, laser printers, thermal inkjets, high-resolution and large-character printers, and consumables like inks and spare parts. Basically, they make industrial tattoos for everything from biscuits to bearings.
b) Coding & Marking – International:
Through Markprint B.V. (Netherlands), Codeology (UK), and CP Italy, the company serves European markets with advanced packaging and labelling automation systems. Codeology, for instance, specializes in label-print-and-apply automation.
c) QR-Based Track & Trace Solutions (QRiousCodes):
Think of it as the Aadhaar for products. It offers cloud-based solutions to prevent counterfeits, ensure traceability, and enhance regulatory compliance. A smart QR solution for FMCG, pharma, and industrial packaging.
d) V-Shapes – Packaging Solutions:
A foray into smart, single-dose packaging solutions and laminates — blending tech and packaging innovation.
e) Face Masks:
A side hustle started during COVID — surgical and
