True ColorsShare price, financial results, shareholding and management
- Market cap
- ₹358 cr
- Stock P/E
- 11.5peers 30.2
- Book value
- ₹75.8
- Price to book
- 1.92
- EV / operating profit
- -
- Market cap to sales
- 1.19
- ROCE · FY26
- 25.2%
- ROE · FY26
- 25.6%
- ROE, 3-year average
- 56.7%
- Operating margin · FY26
- 15.5%peers 14.5%
- Sales growth, 3 years
- 55.0%
- Profit growth, 3 years
- 98.2%
- Debt to equity
- 0.25peers 0.26
- Borrowings
- ₹46 cr
- Interest cover
- 7.8×
- Cash from business / op. profit
- -75%
- Debtor days
- 135
- Pledged
- 0.00%
- Promoter holding
- 68.88%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,591
- 52-week high / low
- ₹272 / ₹125
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
True Colors share price chart
Close on 6 Nov 2026 · -2.61% on the day · Vol 12,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -3.0%
- 3 months
- -7.5%
- 6 months
- -30.1%
- 1 year
- -27.9%
- Traded a day, 20 days
- ₹0.35 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +29% | +30% |
| 3 years, a year | +55% | +98% |
| Latest half, H2 FY26 | +7% | -25% |
About True Colors: business, products and customers
True Colors supplies Indian textile printers with digital printing machines from foreign makers, the ink and sublimation paper those machines use every day, and printed fabric from its own plant near Surat. Its shares trade on BSE SME.
True Colors works in three lines. It imports and installs digital textile printers as an authorised partner of five makers (Konica Minolta, ITTEN, Pengda, Skyjet and Hopetech) and services them with more than 60 engineers; it supplies ink, which it mostly imports, and sublimation paper, which it makes at its plant in Vesma, Navsari; and it prints fabric there, which also lets buyers see the machines at work. Four engineers started the business in Surat in 2013 as a small printing service.
The business model shapes the numbers. Machine sales are large, lumpy and earn a thin distribution margin, so a year heavy in machines lowers the margin; the ink and paper that each installed machine keeps using are repeat sales at better margins, and the company says the machine warranty is tied to its ink. In fabric printing about half the revenue is job work on cloth the customer supplies and half is fabric the company buys, prints and sells, so revenue per metre differs a lot between the two; paper revenue also moves with paper weight, which fell during FY26.
Read more about the business
The prospectus says there are no listed companies doing the same work. Customers are textile processors and printers, mostly in Surat and the rest of Gujarat, then Maharashtra and Punjab, and no single customer is large. The company buys ink from INKIA Inks, a firm controlled by a director, which it is now merging into itself.
What is new: sublimation paper capacity doubled to over 2 crore metres a month, the planned merger of INKIA Inks to make ink in house, a partnership with ITACA of Spain for pigment ink, and a first step into machines for commercial printing, labels and flexible packaging.
From the prospectus (September 2025), the FY26 annual report and the May 2026 earnings call.
Read the deeper study ↓In its favour
- Sales have grown very fast: 55% a year over three years.
- It earns a high return on the money it uses: ROCE 25% in FY26.
- It has little debt for its size: debt to equity 0.25.
- The promoters own a large part of the company: 68.88%.
To watch
- Start of in house ink production of 150 tonnes a month, expected by the end of FY27 (Earnings call, 22 May 2026, p.6 and p.20).
- Tribunal approval of the INKIA Inks merger, which had the exchange's observation letter of 16 May 2026 (Annual report FY26, p.33).
- Customer dues, which the CEO said had come down from ₹111.1 cr at March 2026 to about ₹93 cr by May (Annual report FY26, p.69; Earnings call, 22 May 2026, p.20).
- Revenue growth of 20% to 22% with profit growing faster, as the CEO said (Earnings call, 22 May 2026, p.12).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
True Colors revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
True Colors half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 93 | 141 | 151.11 | 150.43 |
| Expenses | 86 | 108 | 128.40 | 126.43 |
| Operating profit | 7 | 33 | 22.71 | 24.01 |
| OPM | 7.0% | 23.0% | 15.0% | 16.0% |
| Interest | 2 | 3 | 2.47 | 2.93 |
| Depreciation | 2 | 2 | 1.98 | 2.74 |
| Profit before tax | 3 | 29 | 18.67 | 18.31 |
| Net profit | 3 | 22 | 14.72 | 16.44 |
True Colors profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 9 | 81 | 160 | 233 | 301.55 |
| Expenses | 8 | 75 | 146 | 193 | 254.83 |
| Operating profit | 1 | 6 | 14 | 41 | 46.72 |
| OPM | 8.0% | 7.0% | 9.0% | 18.0% | 15.5% |
| Other income | 0 | 0 | 1 | 0 | 0.50 |
| Interest | 0 | 0 | 2 | 5 | 5.40 |
| Depreciation | 0 | 0 | 1 | 3 | 4.73 |
| Exceptional and other items | · | -1 | -1 | -1 | · |
| Profit before tax | 1 | 5 | 11 | 32 | 36.98 |
| Tax rate | 100.0% | 20.0% | 27.3% | 25.0% | 15.7% |
| Net profit | 0 | 4 | 8 | 24 | 31.16 |
| EPS ₹ | 32.67 | 261.33 | 550 | 12.78 | 14.28 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
True Colors profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 8.0% | 7.0% | 9.0% | 18.0% | 15.5% |
| Tax rate | 100.0% | 20.0% | 27.3% | 25.0% | 15.7% |
| ROCE | · | 37.6% | 26.5% | 42.2% | 25.2% |
| ROE | · | 120.8% | 76.4% | 68.1% | 25.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
True Colors debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
True Colors balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.15 | 0.47 | 0.47 | 19 | 25 |
| Reserves | 0 | 6 | 14 | 37 | 162 |
| Net worth | 0.15 | 6.47 | 14.47 | 56 | 187 |
| Borrowings | 0 | 20 | 57 | 48 | 46 |
| Other liabilities | 10.85 | 19.53 | 34.53 | 51 | 54 |
| Total liabilities | 11 | 46 | 106 | 155 | 287 |
| Fixed assets | 0 | 0 | 40 | 47 | 80 |
| Capital work in progress | 0 | 1 | 0 | 1 | 2 |
| Investments | 0 | 0 | 0 | 0 | 27 |
| Other assets | 11 | 45 | 66 | 107 | 178 |
True Colors cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | -20 | 9 | 9 | -35 |
| Cash from investing | 0 | -1 | -34 | -10 | -65 |
| Cash from financing | 0 | 22 | 29 | 3 | 94 |
| Net cash flow | 0 | 1 | 4 | 2 | -6 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 260 | 60 | 52 | 89 | 135 |
| Inventory days | 44 | 65 | 88 | 96 | 84 |
| Days payable | 373 | 58 | 82 | 100 | 86 |
| Cash conversion cycle | -68 | 67 | 58 | 85 | 133 |
| Working capital days | 1 | 23 | -25 | 37 | 105 |
True Colors peers and competitors
Listed SME companies in the same industryBy sales, True Colors is number 4 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Kataria Industries | 325 | 27.1 | 331 | 12 | 6.0% | 0.19 |
| Airfloa Rail Technology | 1,296 | 33.2 | 320 | 39 | 20.0% | 0.28 |
| True Colors | 358 | 11.5 | 302 | 31.2 | 15.5% | 0.25 |
| Aimtron Electronics | 3,925 | 85.3 | 301 | 46 | 20.0% | 0.23 |
| Innovators Facade Systems | 207 | 14.8 | 228 | 14 | 13.0% | 0.26 |
| Fabtech Cleanrooms | 614 | 36.1 | 219 | 17 | 10.0% | 0.18 |
| Concord Control Systems | 2,464 | 60.1 | 210 | 41 | 28.0% | 0.26 |
| BEW Engineering | 66 | 17.5 | 186 | 3.8 | 5.2% | 0.44 |
| Patil Automation | 810 | 42.6 | 167 | 19 | 15.0% | 0.15 |
| Adisoft Technologies | 493 | 21.5 | 166 | 22.9 | 18.0% | 0.30 |
| Energy Mission Machineries (India) | 135 | 11.3 | 161 | 11.9 | 14.0% | 0.31 |
| Median of the 10 others | 554 | 30.2 | 215 | 18 | 14.5% | 0.26 |
True Colors shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
True Colors shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 68.88% | 68.88% |
| Foreign investors (FIIs) | 2.30% | - |
| Indian institutions (DIIs) | 10.81% | - |
| Number of shareholders | 2,486 | 1,591 |
True Colors study: the business from its own documents
Read from 7 of the company's own documentsTrue Colors so far
From the company's own record
- October 2021Company formed
- 22 Sept 2026An order announced
- 31 March 2026Promoters at 68.88%
- 20 Nov 2025Highest close since listing, ₹257.94
True Colors key facts from the filings
Each figure with the document it comes from
- Installed machines
- 900+
- Active machines in the field; 109 were installed in FY26 against 89 in FY25.Annual report FY26, p.10 and p.13
- Repeat revenue
- 50.25%
- Share of FY26 revenue from ink, sublimation paper and spares used by installed machines.Annual report FY26, p.10 and p.12
- Ink sold
- 1,140 tonnes
- FY26 volume, up from 957 tonnes; about 45 to 50 tonnes given with new machines is not counted in it.Annual report FY26, p.13; Earnings call, 22 May 2026, p.7
- Paper plant use
- 52%
- Use of the expanded sublimation paper capacity of over 2 crore metres a month in FY26; the new line began output in the last months of the year.Annual report FY26, p.6 and p.8; Earnings call, 22 May 2026, p.19
- Fabric printing
- 75,000 metres a day
- In house printing capacity, 74.82% used in FY26.Annual report FY26, p.6 and p.8
Show 5 more facts
- Gujarat share
- 62%
- Share of FY26 revenue from Gujarat; Maharashtra gave 15% and Punjab 14%.Annual report FY26, p.9
- Largest customer
- 6.04%
- Share of FY25 revenue from the biggest client; the top ten together gave 28.21%.Prospectus, p.131
- Ink bought from INKIA
- ₹17.2 cr
- FY26 purchases from INKIA Inks, a firm a director controls, which is being merged into the company.Annual report FY26, p.33 and p.88
- Ink plant phase one
- ₹40 to 45 cr
- Capex for 150 tonnes a month of in house ink in FY27, to be funded about three quarters by bank debt.Earnings call, 22 May 2026, p.6 and p.17
- IPO money used
- ₹75.7 cr of ₹100.7 cr
- Used by March 2026, including ₹41.8 cr to repay borrowings; ₹25.0 cr was still unspent.Annual report FY26, p.45
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In May 2026 the company said it expects revenue to grow by 20% to 22% a year over the medium term, with profit growing faster than sales, and called an EBITDA margin of 14% to 16% its sustainable range for now. It plans in house ink of 150 tonnes a month in FY27 for ₹40 cr to ₹45 cr and 500 tonnes a month in FY28 for a further ₹20 cr to ₹25 cr, with production expected to start by the end of the year, and targets more than 100 machine installations in FY27. The INKIA Inks merger has the exchange's observation letter of 16 May 2026 and needs tribunal approval.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
True Colors earns once on each machine it installs and then keeps earning on the ink, paper and spares that machine uses, alongside a fabric printing business.
Its weak spots are thin margins on machines, customer dues that swelled in the latest year, large purchases from a director's ink firm and a heavy reliance on Gujarat.
AverageCan it set its own prices?Customers tend to stay for ink, but the price it gets for paper and machines moves with the mix and with paper weight.
StrongHow strong is it against rivals?Its mix of machines, consumables, paper making and service is unusual in India, and it calls itself the only large domestic maker of sublimation paper.
StrongWho are its customers?Sales are spread over many textile printers, so no single customer matters much.
WatchDoes it need a lot of money?Customer credit of three to four months and new ink plants take a lot of money, part of it borrowed.
StrongCan it keep finding new work?Every new machine adds a lasting buyer of ink and paper, and digital printing is still a small part of Indian textile printing.
AverageDo good and bad years swing a lot?Machine sales are lumpy and textiles are seasonal, but the repeat half of revenue steadies the business.
Who runs True Colors?
Promoters, directors and officers; tap a name for the background
SRSanjay Raghubhai DesaiPromoter and Managing Director · holds 17.15%
Holds a BTech in mechatronics engineering from Ganpat University and over twelve years in digital textile printing, mainly in sales and marketing; earlier a partner at True Colors Print. Chairman of the laser and screen printing committee of the South Gujarat Chamber of Commerce and Industry.
Prospectus, p.1; Annual report FY26, p.15 and p.76ADAshishkumar Durlabhbhai MulaniPromoter, Chairperson and Executive Director · holds 17.15%
Over twelve years in digital textile printing; earlier the proprietor of True Colors Impex. Responsible for workflow, execution and business development across the group, and certified in AutoCAD 2D and 3D.
Prospectus, p.1; Annual report FY26, p.15 and p.76SJSatishkumar Jayantibhai PanchaniPromoter, Executive Director and Chief Executive Officer · holds 17.17%
Holds a BE in electronics and communication from Veer Narmad South Gujarat University and an MSc in electronics engineering from Hochschule Bremen, Germany; earlier the proprietor of Fresa Fashion. Chief Executive Officer since February 2025.
Prospectus, p.1; Annual report FY26, p.15 and p.76SBSagarkumar Bipinbhai MulaniPromoter, Executive Director and Chief Financial Officer · holds 17.15%
Holds a BE in electronics and communication from Veer Narmad South Gujarat University and over twelve years in digital textile printing; earlier a partner at True Colors Print. Runs finance and the sublimation paper and media coating division.
Prospectus, p.1; Annual report FY26, p.15 and p.76BSBhavesh SingapuriIndependent Director
A chartered accountant with a BCom and LLB from Veer Narmad South Gujarat University and more than 16 years in project finance, taxation, audit and compliance; co-founder and senior partner of KBDP and Co. since 2008.
Annual report FY26, p.15NSNanty ShahIndependent Director
A cost and works accountant with more than 13 years as a cost consultant and cost auditor; partner at Nanty Neetu and Co.
Annual report FY26, p.15CSCharmi SoniIndependent Director
A company secretary with a BCom from Veer Narmad South Gujarat University; Company Secretary of Khemani Distributors and Marketing, a BSE SME listed company.
Annual report FY26, p.15True Colors latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹150 cr (+7%), net profit ₹16.4 cr (-25%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 68.88%.
- 22 Sept 2026: an order announced.
True Colors announcements
9 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74 (5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 for the Quarter ended on SeptembPDF ↗
- AGM/EGMThe Voting Result in the format prescribed under Regulation 44(3) of the SEBI (LODR) Regulations, 2015, along with the Scrutinizer Report on voting through elePDF ↗
- AGM/EGMProceedings of 5th Annual General Meeting of True Colors LimitedPDF ↗
- AGM/EGMOutcome of Remote E-voting and e-voting at the Meeting of the Equity Shareholders of True Colors Limited including Scrutinizer''s ReportPDF ↗
- AGM/EGMProceedings of the Meeting of the Equity Shareholders of True Colors Limited convened as per the directions of the Hon''ble National Company Law Tribunal, AhmedPDF ↗
- Insider Trading / SASTPursuant to the Provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended by SEBI (Prohibition of Insider Trading) (Amendments) RegulatioPDF ↗
- Company UpdateIntimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- The name of the Secretarial Audit Firm appointed by PDF ↗
- Company UpdatePlease find attached Newspaper Publication w.r.t. corrigendum to the Notice of the Meeting of the Equity Shareholders of the Company scheduled on Monday, SeptemPDF ↗
- AGM/EGMPlease find attached Corrigendum to Notice of Meeting of Equity Shareholders of True Colors Limited scheduled on Monday, September 28, 2026 at 10:30 A.M. IST viPDF ↗
True Colors annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
True Colors share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on True Colors' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,46,54,600 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹550.00) and FY25 (₹12.78) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about True Colors
What does True Colors do?
True Colors supplies Indian textile printers with digital printing machines from foreign makers, the ink and sublimation paper those machines use every day, and printed fabric from its own plant near Surat. Its shares trade on BSE SME.
What is the share price of True Colors?
₹145 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of True Colors?
₹358 cr at the close on 6 Nov 2026, on 2,46,54,600 shares.
What is the P/E of True Colors?
11.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are True Colors' revenue and profit?
Revenue ₹302 cr and profit after tax ₹31 cr in FY26.
Who are the promoters of True Colors?
Sanjay Raghubhai Desai, Ashishkumar Durlabhbhai Mulani, Satishkumar Jayantibhai Panchani, Sagarkumar Bipinbhai Mulani; promoters held 68.88% at 31 March 2026.
What is True Colors' website?
truecolorsgroup.com
More SME companies like True Colors
Other listed SME companies in industrial manufacturing, the closest in size first, each read from its own documents.
- Kwick Forensic SolutionsKWICK · BSE SME · Industrial ManufacturingMarket cap ₹403 cr
- Admach SystemsADMACH · BSE SME · Industrial ManufacturingMarket cap ₹297 cr
- Kataria IndustriesKATARIA · NSE Emerge · Industrial Manufacturing · listed 2024Market cap ₹291 cr
- Fabtech CleanroomsFABCLEAN · BSE SME · Industrial ManufacturingMarket cap ₹448 cr
- Adisoft TechnologiesADISOFT · NSE Emerge · Industrial Manufacturing · listed 2026Market cap ₹455 cr
- HRS AluglazeHRS · BSE SME · Industrial ManufacturingMarket cap ₹479 cr
Built from 2 earnings call transcripts, 2 investor presentations, 2 annual reports, 1 offer document, 9 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.