Control Print's Credit Ratings Migrated & Withdrawn by CRISIL
CRISIL has migrated and withdrawn Control Print Limited's credit ratings. Long-term rating moved to Crisil A/Stable and short-term to Crisil A1. The migration reflects a strong financial risk profile with Rs. 421 crore net worth as of March 31, 2026, and comfortable leverage. CPL holds over 19-20% market share in the coding and marking industry.
The migration to a higher rating category (from BB to A) and withdrawal signifies improved creditworthiness, which can positively impact the company's borrowing costs and investor confidence, although the withdrawal itself may reduce transparency for some stakeholders.
The credit ratings have been upgraded and subsequently withdrawn at the company's request, indicating a positive assessment of the company's financial health and market position by the rating agency.
Control Print Limited (CPL) announced that CRISIL Ratings Limited has migrated and withdrawn the credit ratings assigned to the company's long-term and short-term bank facilities. The long-term rating has been migrated from 'Crisil BB/Stable/Crisil A4+ Issuer Not Cooperating' to 'Crisil A/Stable', and the short-term rating from 'Crisil A4+ Issuer Not Cooperating' to 'Crisil A1'. These ratings were subsequently withdrawn at the company's request, following the receipt of a no-objection certificate from the lender.
The rating migration reflects the company's improved financial risk profile, characterized by a strong net worth of Rs. 421 crore as of March 31, 2026, comfortable capital structure with gearing and TOLANW of 0 times and 0.23 times respectively, and robust debt protection measures with interest coverage exceeding 25 times for fiscal 2026. The company's operations are moderately scaled, with a turnover between Rs. 256-485 crore over the past four years, and are working capital intensive, with high inventory levels.
CRISIL highlighted CPL's well-established market presence in India's Coding and Marking industry, holding a significant market share of over 19-20%. The company has a strong financial risk profile, supported by increasing net worth and low leverage. Liquidity is strong, with low bank limit utilization, ample cash accruals, and liquid investments. CRISIL believes the company's business and financial risk profile will benefit from its established market position, existing printer base, and new product launches. The outlook remains stable.
A plain-language summary of a public exchange filing by Control Print Limited. Read the original for the full detail.