Company Overview

True Colors Limited (formerly True Colors Private Limited) is India's only fully integrated digital printing ecosystem company, operating across machinery distribution, consumables manufacturing and digital print services. The company has a compounding business model that converts every machine installation into recurring ink and paper customers.

Board of Directors

Executive Directors:

  • Mr. Ashish Mulani (Chairperson and Executive Director, Age 40)
  • Mr. Sanjay Desai (Managing Director, Age 37)
  • Mr. Sagar Mulani (Executive Director and CFO, Age 36)
  • Mr. Satish Panchani (Executive Director and CEO, Age 36)

Non-Executive Independent Directors:

  • Ms. Charmi Soni (Company Secretary background)
  • Mr. Bhavesh Singapuri (Chartered Accountant)
  • Mr. Nanty Shah (Cost Consultant)

Business Model and Ecosystem

The company operates three verticals:

1. Technology Vertical: Authorized OEM partner for five global digital printer manufacturers (Konica Minolta, ITTEN, Pengda, Skyjet, Hopetech). Distribution, installation, and service of digital textile printers.

2. Consumables Vertical:

  • Ink portfolio: 11 technologies including reactive, sublimation, disperse, acid, pigment, UV, DTF, solvent, desktop, flushing solvents
  • Sublimation paper: 30-110 GSM range, 36-72 inches width, 2 crore+ metres monthly capacity at ~100% utilization (September 2026)

3. Digital Printed Fabrics Vertical: Digital printing services with 75,000+ metres per day capacity, ISO 9001:2015, 14001:2015, and 45001:2018 certified.

Financial Performance - H1 FY27

Profit & Loss Statement (Consolidated, INR Crore):

  • Revenue from Operations: 183.01 (21.11% YoY growth from H1 FY26's 151.11)
  • Other Income: 0.28 (-45.10% YoY)
  • Total Income: 183.29 (20.89% YoY)
  • COGS: 121.34 (12.86% YoY)
  • Gross Profit: 55.24 (39.89% YoY)
  • Gross Margin: 30.19% (405 bps improvement YoY)
  • Operating Expenses: 29.48 (41.13% YoY)
  • EBITDA: 32.34 (40.12% YoY)
  • EBITDA Margin: 17.67% (240 bps improvement YoY)
  • Finance Cost: 2.20 (-11.13% YoY)
  • Depreciation: 3.30 (66.65% YoY)
  • Profit before Tax: 26.85 (43.81% YoY)
  • Profit after Tax: 21.09 (43.25% YoY)
  • PAT Margin: 11.52% (178 bps improvement YoY)
  • Basic EPS: INR 8.55 (10.18% YoY)

Balance Sheet (Consolidated, INR Crore as of September 30, 2026):

  • Equity Share Capital: 24.65
  • Other Equity: 183.57
  • Net Worth: 208.22
  • Long-term Borrowings: 38.86
  • Other Non-current Liabilities: 3.79
  • Short-term Borrowings: 15.62
  • Trade Payables: 68.54
  • Other Current Liabilities: 4.12
  • Total Equity and Liabilities: 339.15
  • Property, Plant and Equipment: 97.31
  • Capital Work-in-Progress: 13.96
  • Other Non-current Assets: 2.94
  • Inventories: 61.54
  • Trade Receivables: 116.03
  • Cash and Bank Balances: 21.64
  • Other Current Assets: 25.74
  • Total Assets: 339.15

Cash Flow Statement (Consolidated, H1 FY27, INR Crore):

  • Cash Flow from Operating Activities: 27.16 (vs. -10.90 in H1 FY26)
  • Cash Flow from Investing Activities: -13.14 (vs. -21.65 in H1 FY26)
  • Cash Flow from Financing Activities: 6.34 (vs. 149.88 in H1 FY26)
  • Net Cash Flows: 20.37 (vs. 117.33 in H1 FY26)
  • Cash at Beginning of Period: 1.27
  • Cash at End of Period: 21.64

Operational Performance

Revenue Breakdown by Vertical (H1 FY27, INR Crore):

  • Paper: 51.81 (+79.04% YoY)
  • Inks: 41.76 (+7.22% YoY)
  • Fabric: 49.12 (+24.86% YoY)
  • Machines: 30.96 (-18.41% YoY)
  • Others: 5.11

Operational Volumes (H1 FY27):

  • Paper Volume: 9.97 crore metres (more than doubled YoY)
  • Ink Volume: 689 tonnes (+22% YoY)
  • Fabric Volume: 99.71 lakh metres (+7% YoY)
  • New Machine Installations: Not quantified in disclosure

Strategic Developments

Ink Manufacturing Expansion:

  • Planned merger of Inkia Inks for in-house ink manufacturing capability
  • Strategic partnership with ITACA (Spain) for premium pigment inks (October 2025)
  • Phased expansion plan:
  • Phase 1 (End FY27): 150 TPM capacity, INR 40-45 Cr capex
  • Phase 2 (FY2028): 500 TPM capacity, INR 20-25 Cr capex
  • Phase 3 (Long Term): 1,000 TPM capacity, INR 40-45 Cr capex

Paper Manufacturing Joint Venture:

  • 50:50 joint venture with Swastik Strategic Ventures LLP
  • Proposed name: True Colors Advance Materials Private Limited
  • Production capacity: 8-10 crore metres per month
  • Paper strength: 29 GSM to 45 GSM range
  • Plant location: Bardoli, Gujarat
  • Estimated project cost: INR 320-340 crore
  • Funding: 25:75 equity to debt mix, True Colors equity 50%
  • Expected contribution from FY29

Market Position and Outlook

  • Installed machine base: 956 active machines
  • Recurring revenue share: 56.2% of total revenue (inks and paper)
  • Service network: 60+ dedicated service engineers across 10 cities
  • Export markets: Commenced exports to UAE
  • Market opportunity: Global digital textile printing market expected to grow at 13.77% CAGR from US$3.89 billion (2025) to US$7.22 billion (2030)
  • India's digital printing penetration: 7-8% vs Europe's 80-95%

Capital Markets Information

  • Current Market Price: INR 143.60
  • 52 Week High/Low: INR 271.95 / INR 125
  • Market Capitalization: INR 354.04 Crore
  • Shares Outstanding: 2,46,54,600
  • BSE SME Scrip Code: 544531