New Research Reports

IPO NOTE

Aditya Infotech Ltd (AIL) offers a comprehensive range of advanced video security and surveillance products under its brand CP PLUS'. The company also offers fully integrated security systems and Security-as-aService, directly and via distribution networks to end-customers engaged in a broad range of sectors such as banking, insurance, real estate,...

GNG Electronics, is the India’s largest refurbisher of Laptops and desktops, which sells refurbished product under the “Electronics Bazaar” brand to both retail and B2B customers.

Company is India's largest refurbisher of laptops and desktops and among the largest refurbishers of ICT Devices overall, both globally and in India with significant presence across India, USA, Europe, Africa and UAE, in terms of value, as of March 31, 2025 Company follow a repair-over-replacement approach, which provides cost advantages and helps achieve true sustainability by reducing carbon footprint. Company is India's largest Microsoft authorised refurbisher, in terms of refurbishing...

IPO NOTE

GNG Electronics Ltd (GNG) is India's largest refurbisher of laptops and desktops and ranks among the largest refurbishers of ICT devices globally. The company operates under the brand Electronics Bazaar' and has established its presence across the entire refurbishment value chain. GNG has significant presence across India, USA, Europe, Africa and UAE...

Control Print Ltd is involved in development, research, manufacturing, and marketing of printing machines, spare parts, consumables (fluids) and associated services. Company’s manufacturing facility for printers and consumables are located at Nalagarh (Himachal pradesh) and Guwahati (Assam) respectively.

Higher sales from consumables to drive margins ahead Revenues have been driven by sectors such as pipes, dairy, pharma to name a few while it is currently facing a constraint in the cement sector (~8-10% of revenue). Going ahead, the management anticipates no scope of any huge capex given the consumable has been operating at 50% utilisation level. Thus, we expect higher growth from consumables to likely improve...

Higher sales from consumables to drive margins ahead Since the company has started incorporating chips in latest printers, we expect the same to help it to track consumables used by user industry and aid them to mitigate purchases of other company's consumables by promoting their own products. The management highlighted that the company has installed a printer base of ~11000 currently. They have been charging | 1.5-2 lakh for consumables. Consumables constituted ~70%...

Higher share of consumables to improve margin trajectory CPL has an installed printer base at ~11,000 printers (FY19), which is expected to fetch a recurring income of ~| 130 crore (| 1.2 lakh/printer per year) for FY20E. Thus, consumables share is expected to improve to 75.3% of its total sales while lower margin printer sales are expected at 16.7%. Going ahead, with a string of new product launches, robust demand in pipes & cables, food & beverages and a product mix skewed towards consumables are expected to improve margins. However, elevated input costs or higher...

Control Print (CPL) reported a muted performance in Q3FY19 Net sales for the quarter came in at | 44.0 crore, up 4.4% YoY EBITDA in Q3FY19 was at | 10.5 crore with corresponding EBITDA margins at 23.9%, down 510 bps YoY. Margins were disappointing on account of relatively lower share of high-margin consumables business in the product-mix for the quarter PAT in Q3FY19 was at | 5.2 crore, down 17.4% YoY. PAT for the quarter was impacted by losses (| 1.9 crore) on investment book...

Control Print (CPL) reported a muted performance in Q2FY19 with Q2FY19 being the third consecutive quarter of no growth Net sales for the quarter came in at | 41.1 crore, down 1% YoY EBITDA in Q2FY19 was at | 8.9 crore with corresponding EBITDA margins at 21.7%, down 680 bps YoY. Margins came in substantially lower on account of a decline in share of consumables for the quarter vs. printer system. CPL earns high margins on consumables (>30%) with nearly nil to <10% margins on the printer system...

ICICI Securities Ltd | Retail Equity Research We met the management of D-Link India (D-Link) to get an update on its business and growth plans ahead. The company, which had faced hiccups in the form of product obsolescence in FY17 (network transition from 3G to 4G) and GST led hiccups in FY18, is back on the growth recovery path. The management indicated that while the recent rupee depreciation is likely to impact margins by ~100 bps in the coming quarter, the company would offset the same through some price hike...

Control Print (CPL) reported a muted performance in Q4FY18 with net sales for the quarter coming in at | 45.4 crore, flat on a YoY basis EBITDA in Q4FY18 was at | 12.8 crore with corresponding EBITDA margins at 28.2%. PAT in Q4FY18 was at | 9.3 crore, up 9.4% YoY For full year FY18, net sales were at | 173.9 crore, up 19.8% YoY with EBITDA at | 50.2 crore (EBITDA margins at 28.9%) and PAT at | 31.6 crore (EPS at | 19.4/share with dividend per share at | 6.5) In the recent past, CPL has executed a QIP wherein 6.6 lakh shares...

Control Print Limited (CPL) is involved in the coding and marking (C&M;) industry. The company manufactures and sells C&M; systems and other related supplies catering to the needs of various industries such as foods, beverages, FMCG, agrochemicals, seeds, cables/ wires, pipes, extruded plastics, textiles, steel/ metal, pharmaceuticals, cement, plywood, amongst others. CPL derives about a fifth of its revenues from the sale of printers and ~71% of revenues through sales of consumables. The Indian C&M; industry is sized at ~INR 12-13 bn, with 4 players (including CPL) controlling 80%-85% of the market. CPL has a share of less than a fifth (of the major players); other major players include Markem-Imaje S.A....

Control Print (CPL) reported a stellar Q1FY18 performance. Net sales for the quarter came in at | 45.0 crore, up 28% YoY EBITDA in Q1FY18 was at | 13.4 crore with corresponding EBITDA margins at 29.7%, up 330 bps YoY PAT for the quarter was at | 8.6 crore vs. | 5.0 crore in Q1FY17 In Q1FY18, CPL realised efficiencies in terms of lower overheads largely lower employee and other expenses as a percentage of sales Q1FY18 was the first quarter wherein CPL has incorporated Ind-As....

Control Print (CPL) reported a stellar Q1FY18 performance. Net sales for the quarter came in at | 45.0 crore, up 28% YoY EBITDA in Q1FY18 was at | 13.4 crore with corresponding EBITDA margins at 29.7%, up 330 bps YoY PAT for the quarter was at | 8.6 crore vs. | 5.0 crore in Q1FY17 In Q1FY18, CPL realised efficiencies in terms of lower overheads largely lower employee and other expenses as a percentage of sales Q1FY18 was the first quarter wherein CPL has incorporated Ind-As....

Control Print (CPL) reported a robust Q4FY17 performance, with net sales for the quarter coming in at | 45.8 crore, up 33% YoY EBITDA in Q4FY17 was at | 13.0 crore with corresponding EBITDA margins at 28.0%. PAT in Q4FY17 was at | 8.5 crore, up 18.6% YoY For full year FY17, net sales were at | 145.2 crore, up 9.2% YoY with EBITDA at | 38.3 crore (EBITDA margins at 26.0%) and PAT at | 26.1 crore (EPS at | 16.6/share with dividend per share at | 6) The management expects the growth momentum to sustain in...