Dear Sir,

Some time back we added Control Print (BSE Code – 522295) to our Model Portfolio. We added it around 207 odd levels in Jul’19 (CMP – 303) and had a positive view on the company in our last update on 28th Oct’19.

In fact, some of our members have been holding the stock since 55 odd levels as we originally recommended the stock in 2014 and have been holding since then.

Control Print is the only Indian manufacturer of Continuous Inkjet Printers (CIJ) and consumables under license of KBAMetronic AG, Germany at its facility in Nalagarh, Himachal Pradesh and Guwahati, Assam.

Prior to Control Print’s tie-up with KBA-Metronic AG, it was one of the largest distributors of Videojet CIJ printers in India and Nepal.

Besides CIJ Printers, the company also manufactures Large Character Printers, Electrograph Digital Printers, Thermal Transfer Over printers (TTO), Hot Ink Coders and their consumables in collaboration with respective technology leaders. The laser range of printers at Control Print is supported by MACSA Lasers. MACSA has over 90 years of experience and are market leaders for Laser Solutions internationally.

Control Print has now over 2 decades of experience in the Coding and Marking Industry and has partnered with leading global players technologically. The company provides the entire range of coding and marking solutions for the various manufacturing industries which include Automotive, Agro-Chemicals, Metals, FMCG, Pharmaceutical, Food & Beverage, Wire, Cable, & Pipe, Construction Materials, and Commercial Printing.

Transition from distribution to manufacturing – Since inception in 1991, Control Print’s been solely focused on coding and marking solutions, however till 2006-07 it was largely a distributor of companies like Video-Jet, Markem Corporation USA, Marconi Data Systems USA, etc.

In 2004 Control Print developed it’s own Contact Coder – CONPRINT CC and in 2007-08 began local manufacturing.

In 2008, Control Print further entered into an agreement with KBA Metronic, Germany for transfer of Continuous Ink Jet Printer Technology and the company started the commercial production of alphaJET under license in Dec’08. Since then Control Print has entered into technological tie-ups with other companies as well and further extended the agreement with KBA Metronic by 10 years in 2011.


Overall, we like the company as it is one of the four major players in the coding and marking industry in India. One major positive in favour of the company is that it manufactures almost entire range of printers and consumables in India itself while all the other players rely on imports to a large extent.

The coding and marking industry has been growing at around 10-15% on year on year basis and Control Print intends to grow at a higher pace on the back of its lower costs.

For FY 20, we expect the company to record double digit revenue growth and improved profitability on the back of higher operating margins.

The company is debt free and holds surplus cash to the tune of Rs 30 crore. The business is slightly high on working capital requirement; however, it has started reporting improvements on working capital front as well.

Detailed initiation report can be downloaded here:


Disclosure: I have personal investment in Control Print.


Best Regards,

Ekansh Mittal
Research Analyst
Ph.: +91-72-75050062, Mob: +91-9818866676
Email: [email protected]


Rating Interpretation

Positive – Expected return of ~15% + on annualized basis in medium to long term for investment recommendations and in short term for Special situations
Neutral – Expected Absolute return in the range of +/- 15%
Negative – Expected Absolute return of over -15%
Coverage closure – No further update on the stock
% weightage – allocation in the subject stock with respect to equity investments

Short term – Less than 1 year
Medium term – Greater than 1 year and less than 3 years
Long term – Greater than 3 years

Research Analyst Details

Name: Ekansh Mittal     Email Id: [email protected]    Ph: +91 727 5050062

Analyst ownership of the stock: In Control print

Details of Associates: Not Applicable

Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

Disclaimer: (here in referred to as Katalyst Wealth) is the domain owned by Ekansh Mittal. Mr. Ekansh Mittal is the sole proprietor of Mittal Consulting and offers independent equity research services to retail clients on subscription basis. SEBI (Research Analyst) Regulations 2014, Registration No. INH100001690

The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision

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Disclosure (SEBI RA Regulations)

Whether the research analyst or research entity or his associate or his relative has any financial interest in the subject company/companies and the nature of such financial interest – Yes, investment in Control Print

Whether the research analyst or research entity or his associates or his relatives have actual/beneficial ownership of 1% or more securities of the subject company (at the end of the month immediately preceding the date of publication of the research report or date of the public appearance) – No

Whether the research analyst or research entity or his associate or his relative has any other material conflict of interest at the time of publication of the research report or at the time of public appearance – No

Whether it or its associates have received any compensation from the subject company in the past twelve months – No

Whether it or its associates have managed or co-managed public offering of securities for the subject company in the past 12 months – No

Whether it or its associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months – No

Whether it or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months – No

Whether the subject company is or was a client during twelve months preceding the date of distribution of the research report and the types of services provided – No

Whether the research analyst has served as an officer, director or employee of the subject company – No

Whether the research analyst or research entity has been engaged in market making activity for the subject company – No