Chairman’s Speech
34th Annual General Meeting
Dear Shareholders,
I am delighted to connect with all of you once again, albeit in a virtual setting. On behalf of the Board of Directors, I extend heartfelt gratitude to each one of you for taking the time to join us today. Your unwavering trust, encouragement, and wholehearted support to the Company and its Management are deeply appreciated.
I trust that you have received and reviewed the Company’s Annual Report and Audited Accounts for the financial year ended March 31, 2025. With your kind permission, I shall consider them as read.
At Control Print, our journey since 1991 has been driven by innovation, resilience, and a commitment to building self- reliant, world-class solutions. As India’s only domestic manufacturer of coding and marking equipment, we are proud to offer end-to-end, locally manufactured solutions that serve a wide array of industries.
This year’s theme; “Mark. Move. Master” reflects our strategic direction: strengthening our core business, expanding into high-potential adjacencies, and investing in future-ready innovations. It captures our intent to lead with purpose, respond with agility, and create long-term value.
FY 2024-25 was a year of measured growth and strategic advancement. We consolidated our domestic market share at approximately 19-20%, supported by strong manufacturing capabilities in Nalagarh and Guwahati, an expanding installed base of over 21,000 printers, and recurring revenues from consumables. We sharpened our focus on high-value customers in sectors such as dairy, plywood, and cement, while maintaining strong contributions from pipes, cables, and metal. Internationally, we expanded through subsidiaries in the UK, The Netherlands, UAE, and continued to diversify through innovation-led platforms such as QRiousCodes and V-Shapes.
Global and Domestic Landscape
Despite geopolitical and economic challenges, the global economy grew by 3.3% in 2024, with growth for 2025 projected at 2.8%. India continues to outperform, with GDP growth estimated at 6.5% for FY 2024-25, driven by strong domestic fundamentals and sustained industrial momentum. These macro trends are encouraging for Control Print, as demand increases for reliable, locally manufactured coding and marking equipment under initiatives like ‘Make in India’.
Financial Performance
On a consolidated basis, in FY 2024-25, we achieved our highest-ever revenue, with net sales of ₹ 4,250.3 Million, marking an 18.3% YoY growth. Printer sales were strong, driven by targeted marketing initiatives and enhanced product visibility. Gross profit stood at ₹ 2,463.01 Million, with a margin of 57.95%, impacted by a higher proportion of lower- margin printer sales. EBITDA reached ₹ 800.9 Million, with a margin of 18.84%, reflecting increased investments in marketing and customer engagement. PAT (excluding exceptional items) stood at ₹ 1,000.5 Million, representing a year-on-year growth of 84.5%, and EPS at ₹ 62.56.
Operational Overview
At Control Print, our comprehensive product portfolio covering CIJ, TIJ, laser, hi-res and large character printers continues to experience strong demand from sectors like food, dairy, cables, steel, and pipes. Our manufacturing units operate at 60-65% capacity, and we sold 2,927 printers this year. We advanced our strategy by targeting larger accounts to enhance long-term, high-quality revenue and broadened our reach among smaller clients through dedicated lead generation efforts.
Our Three-Pronged Long-Term Growth Strategy
1. Expanding the Reach of Our Coding and Marking Business in India and Globally
We are focused on outpacing industry growth within India through our existing standalone operations. At the same time, we are expanding our international presence by growing the Markprint and Codeology businesses across Europe and the U.K. Additionally, we have started introducing products from these international businesses into the Indian market, several of which are already available and gaining initial traction.
2. Scaling Up Our Track and Trace Business
Through QRiousCodes, our dedicated Track and Trace solutions brand, we offer a robust, cloud-based platform that enhance supply chain visibility and ensure product authenticity. By leveraging advanced QR code technology, QRiousCodes empowers businesses to safeguard their products, optimise logistics, and build deeper consumer trust through transparency and traceability.
3. Strengthening Our Presence in the Packaging Business
We are actively entering and expanding in the packaging segment by leveraging V-Shapes, our innovative single-use packaging technology. Our approach includes not only the supply of advanced packaging equipment but also associated materials, offering a fully integrated solution for modern packaging needs.
Outlook
India’s robust industrial momentum continues to provide a strong tailwind for Control Print’s growth. As domestic manufacturing accelerates under national initiatives and sectoral demand intensifies, we are seeing greater adoption of coding and marking solutions across core industries. This favourable environment not only reinforces the strength of our core business but also creates fertile ground for strategic diversification.
Building on this momentum, we are expanding into high-potential areas such as Track and Trace solutions and mono-dose packaging through our V-Shapes venture in Italy. These initiatives are aligned with evolving industry needs, regulatory developments, and global packaging trends.
We remain confident in our ability to deliver sustainable, long-term growth by combining disciplined execution with innovation and a customer-first approach. As we scale operations and broaden our market presence, our focus remains on preserving healthy gross margins and building a resilient, future-ready business.
Regards,
Basant Kabra
Chairman & Managing Director