Standalone Audited Financial Results for the Half year and tear ended March 31, 2026, with Audit Report and declaration of unmodified opinion.
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True Colors Limited reported total revenue of Rs 3,020.44 lakhs for FY26, up from Rs 2,343.65 lakhs in FY25, representing growth of approximately 29%. Profit after tax stood at Rs 295.75 lakhs versus Rs 272.46 lakhs in the previous year, showing growth of about 8.5%. The company listed on BSE SME platform in September 2025 through an IPO raising Rs 127.96 crores, with proceeds utilized for working capital (Rs 28.90 crores used of Rs 48.90 crores allocated), debt repayment (fully utilized Rs 41.83 crores), and general corporate purposes (Rs 4.97 crores used of Rs 9.97 crores). Operating cash flow turned negative at Rs -3,499.08 lakhs, a significant concern. The auditor issued an unmodified (clean) opinion on the financial statements.
Revenue grew strongly by 29% YoY but PAT growth was modest at 8.5%, with EBITDA margin at around 12%. The negative operating cash flow despite profitability is a red flag for shareholders as it indicates working capital management issues or aggressive revenue recognition. The clean audit opinion provides comfort on financial reporting quality.