Control Print Ltd-$ — Q1 FY27 earnings call
Summary generated by AI from the official transcript Control Print Ltd-$ filed with BSE on 29 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Control Print reported standalone revenue of approximately ₹107 crores for Q1 FY27, with operating revenue of about ₹105 crores versus ₹100 crores in the prior-year quarter. Management attributed the modest 4% standalone growth to a slower extrusion and pipes business linked to raw material price volatility around geopolitical disruptions, while cost of goods sold improved to 42% of operating revenue from 44% a year earlier. Management also discussed ongoing execution challenges in the V-Shapes co-packaging machines and continued pilot trials in the Track & Trace pharmaceutical segment.
Numbers mentioned
Standalone total revenue: ₹107 crores (Q1 FY27)
p. 3
“On a standalone basis, the total revenue in the first quarter is approximately ₹107 crores.”
Jaideep Barve, page 3 of the filed PDF · View the filing
Standalone operating revenue: ₹105 crores (Q1 FY27)
p. 3
“Out of the total revenue, the operating revenue for the standalone financial statements is approximately ₹105 crores.”
Jaideep Barve, page 3 of the filed PDF · View the filing
Standalone operating revenue: ₹100 crores (Q1 FY26)
p. 3
“This was approximately ₹100 crores in the Q1 of the previous year.”
Jaideep Barve, page 3 of the filed PDF · View the filing
Coding & Marking contribution to operating revenue: 95% (Q1 FY27)
p. 3
“It contributes about 95% of the total operating revenue.”
Jaideep Barve, page 3 of the filed PDF · View the filing
Cost of goods sold (standalone): 42% of operating revenue (Q1 FY27)
p. 4
“On a standalone basis, the cost of goods sold is about 42% of the operating revenue for the first quarter.”
Jaideep Barve, page 4 of the filed PDF · View the filing
Cost of goods sold (standalone, prior year): 44% of operating revenue (Q1 FY26)
p. 4
“This was 44% in the first quarter of the previous year.”
Jaideep Barve, page 4 of the filed PDF · View the filing
Consolidated operating revenue: ₹115 crores (Q1 FY27)
p. 4
“On a consolidated basis, the operating revenue is ₹115 crores in the first quarter, corresponding to ₹111 crores in the first quarter of the previous year.”
Jaideep Barve, page 4 of the filed PDF · View the filing
Consolidated cost of goods sold: 43% (Q1 FY27)
p. 4
“The cost of goods sold is approximately 43%.”
Jaideep Barve, page 4 of the filed PDF · View the filing
Printers sold: 574 printers (Q1 FY27)
p. 18
“So we sold 574 printers in the first quarter.”
Jaideep Barve, page 18 of the filed PDF · View the filing
Exports as share of revenue: 4% to 5% (Q1 FY27)
p. 20
“So our exports are about 4% to 5% in this quarter.”
Jaideep Barve, page 20 of the filed PDF · View the filing
Track & Trace revenue: ₹20 crores (FY26)
p. 14
“₹20 crores in the last financial year. I'm sorry.”
Shiva Kabra, page 14 of the filed PDF · View the filing
Investment in V-Shapes to date: ₹65 crores
p. 15
“We've invested around ₹65 crores in V-Shapes till date.”
Saloni Arya, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Coding & Marking standalone growth — 10%-12%-15% · FY27
stated conditionally by Shiva Kabra
p. 8
“by the end of the year, we would expect the core Coding & Marking business to be anywhere between that 10%, 12%, 15% growth numbers in that specific standalone Coding & Marking business.”
Shiva Kabra, page 8 of the filed PDF · View the filing
Packaging business breakeven — breakeven · first half of next financial year
stated conditionally by Shiva Kabra
p. 21
“I think, the Packaging business as a whole would probably only break even in the first half of next year, the first half of next financial year.”
Shiva Kabra, page 21 of the filed PDF · View the filing
International sales (CP MEA FZE) breakeven — breakeven · this year
stated as an aspiration by Shiva Kabra
p. 11
“I'd say, like, we probably already going to break even this year itself and our whatever investments we made in the international businesses.”
Shiva Kabra, page 11 of the filed PDF · View the filing
Coding & Marking business outlook for coming quarters — better numbers than Q1 · next three quarters
stated firmly by Jaideep Barve
p. 18
“The business outlook for the next three quarters for the Coding & Marking is stable and we'll definitely come up with better numbers than the first quarter.”
Jaideep Barve, page 18 of the filed PDF · View the filing
Track & Trace market size — ₹1,500 crores · over two years, subject to regulation
stated conditionally by Shiva Kabra
p. 20
“I would think that if the mandate is actually implemented, then the market will anyways go from maybe ₹600 crores to ₹1,500 crores or something anyways.”
Shiva Kabra, page 20 of the filed PDF · View the filing
V-Shapes/IP transfer investment — last infusion
stated as an aspiration by Shiva Kabra
p. 15
“This is pretty much going to be the last ever infusion from what we know, for our own internal calibrations are.”
Shiva Kabra, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Shiva Kabra explained that the machines underperformed technically, causing customer dissatisfaction, and that demand exists but execution needs to improve, citing cosmetics and nutraceuticals as key target industries.
Answered by Shiva Kabra
Asked by Samarth Singh: Whether the V-Shapes demand issue is really about execution rather than lack of customers, and who the potential customers are.
p. 6
“I said the demand is there for that product. It's just that we're not able to execute”
Shiva Kabra, page 6 of the filed PDF · View the filing
Shiva Kabra reviewed Markprint, Codeology and CP Italy, describing cost streamlining, sales team changes, and a longer-term stabilization approach without committing to specific dates.
Answered by Shiva Kabra
Asked by Saket Kapoor: Requested a broad update on the health of subsidiaries and the roadmap for the packaging and Track & Trace businesses.
p. 11
“Overall, I'd say the packaging industry this year is more of a streamlining activity. It's more of stabilising everything, stabilising the quality, growing the sales, and being solid, and really focusing on expanding that business next year onwards.”
Shiva Kabra, page 11 of the filed PDF · View the filing
Shiva Kabra said pilots were underway with three pharma customers going through IQ/DQ/PQ processes, with no fixed timeline since each customer has its own qualification cycle.
Answered by Shiva Kabra
Asked by Saloni Arya: Asked for a tentative timeline for Track & Trace sales given the long-standing negotiations with pharma companies.
p. 13
“They're three different customers, we can have three different outcomes. We don't know.”
Shiva Kabra, page 13 of the filed PDF · View the filing
Jaideep Barve attributed the slowdown to seasonality (Q4 being strongest) and sluggishness in the pipes and extrusion business affecting consumables demand.
Answered by Jaideep Barve
Asked by Badri Narayana Ravi: Asked why standalone revenue growth slowed to 4% versus a historical ~10% trend.
p. 18
“our business was also affected by sluggish trend in the pipes and extrusion business, where most of our consumables are used.”
Jaideep Barve, page 18 of the filed PDF · View the filing
Jaideep Barve said standalone Coding & Marking margins were largely unchanged year-on-year apart from forex effects, with a slight dip in consumables sales in Q1 expected to ease.
Answered by Jaideep Barve
Asked by Vinit Thakur: Asked about the cause of margin compression and sustainable margin levels for the year.
p. 19
“our margins have not changed much because if you look at the overall profitability and if you compare it to Q1 of the last year, for the standalone business, except for the foreign exchange fluctuations, there's not much of a change in the PBT.”
Jaideep Barve, page 19 of the filed PDF · View the filing
Management estimated the current Track & Trace market at roughly ₹500-600 crores, potentially expanding to ₹1,500 crores if regulatory mandates broaden to more drug SKUs.
Answered by Shiva Kabra
Asked by Raj Vyas: Asked about the total addressable market for Track & Trace given government QR code expansion plans.
p. 19
“Yeah. Right now, yes, it's about a ₹600 crores market, the Track & Trace.”
Shiva Kabra, page 19 of the filed PDF · View the filing
Shiva Kabra said the government had suspended incentive scheme approvals for new units, leaving the project in limbo despite equipment already being ordered.
Answered by Shiva Kabra
Asked by Diya Jain: Asked about the status and timeline of the new Assam manufacturing facility.
p. 21
“since the government has suspended new units under the scheme until further notice, we are waiting for their notice.”
Shiva Kabra, page 21 of the filed PDF · View the filing
Shiva Kabra said the Packaging business as a whole would likely only break even in the first half of next financial year, and that the Assam facility was intended mainly for co-packaging and film manufacturing.
Answered by Shiva Kabra
Asked by Kewal Shah: Asked whether V-Shapes breakeven is still expected in H2 FY27 or pushed to FY28, and about the purpose of Assam capex.
p. 21
“I don't think it'll necessarily break even in the second half of this financial year. I'll keep you posted with an update in Q2.”
Shiva Kabra, page 21 of the filed PDF · View the filing
Shiva Kabra said the counterfeiting vulnerability remains unresolved despite their unique solution being developed to address it.
Answered by Shiva Kabra
Asked by Chirag Barasara: Asked whether the QR code duplication loophole in Track & Trace has been resolved.
p. 23
“that problem is not solved. That is why our solution is unique, and hopefully it will solve that problem, but that problem is still very much true.”
Shiva Kabra, page 23 of the filed PDF · View the filing
Shiva Kabra said QRiousCodes and international business are near breakeven and will continue, while the loss-making Packaging business is being given more time as management believes the demand opportunity is real, though a tough call is possible if no path forward emerges.
Answered by Shiva Kabra
Asked by Ashutosh Singh: Asked what internal threshold would trigger management to exit underperforming businesses like Packaging.
p. 24
“As of right now, if we feel that there is no path forward, then obviously we're not going to hesitate to take a tough call.”
Shiva Kabra, page 24 of the filed PDF · View the filing
Risks flagged
Volatility in raw material and polymer prices linked to geopolitical disruption affecting extrusion and co-packaging margins.
p. 22
“Now, the raw material for the copackaging has increased sharply, so it's negatively affected our margins.”
Shiva Kabra, page 22 of the filed PDF · View the filing
Technical unreliability of V-Shapes co-packaging machines when switching between products causing wastage and customer dissatisfaction.
p. 6
“It only opens perfectly, well, 95 out of 100 times or even worse, one packet leaks and then there's some products spilled on the rest of the packs in the same carton and so on”
Shiva Kabra, page 6 of the filed PDF · View the filing
Suspension of government incentive scheme delaying the Assam manufacturing facility.
p. 17
“the government has claimed that the funds have run out of that scheme.”
Shiva Kabra, page 17 of the filed PDF · View the filing
Sticky cost increases from suppliers since COVID that are difficult to pass on due to product qualification requirements.
p. 8
“I feel like a lot of cost increases are not temporary anymore. They've become very sticky.”
Shiva Kabra, page 8 of the filed PDF · View the filing
Persistent counterfeiting risk in Track & Trace even with QR code authentication.
p. 23
“the likelihood of it actually indicating in any seriousness whether the medicine is actually genuine or not is pretty negligible”
Shiva Kabra, page 23 of the filed PDF · View the filing
Uncertainty over whether the government will actually implement expanded QR code mandates given industry lobbying against regulation.
p. 25
“My past experience has been that the industry does not like any regulation, and they may lobby against this regulation or tie unit down.”
Shiva Kabra, page 25 of the filed PDF · View the filing
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