Transcript of Earnings Conference Call held on Friday, May 22, 2026 to discuss the audited standalone financial result for the half year and year ended March 31, 2026.
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True Colors Limited reported FY2026 revenue of INR 301.55 crore, up 29.22% YoY, with EBITDA of INR 46.98 crore (15.58% margin) and PAT of INR 31.16 crore (10.33% margin). This was their first formal investor interaction since listing on BSE SME platform. The company operates a digital printing ecosystem covering machines (109 units placed), ink (1,140 tons volume), sublimation paper (11.69 crore meters), and fabric printing services. Recurring revenue from ink, paper, and spares contributed ~50% of total revenue from their 900+ machine installed base. Management guided for ~20-22% medium-term revenue growth with profitability outpacing topline. Key strategic initiatives include Phase 1 ink manufacturing (150 tons/month by FY27, INR 40-45 crore CAPEX), INKIA merger, and entry into commercial/label printing. Negative operating cash flow of INR 35 crore was explained as a timing issue from MSME payment compliance and Konica Minolta advance payments.
The company appears well-positioned in India's early-stage digital textile printing transition (7-8% penetration vs 85%+ in Europe), with compounding recurring revenue from its installed base and margin improvement expected from backward-integrated ink manufacturing. Near-term EBITDA margin guidance of 14-16% is sustainable, with room for improvement as ink manufacturing scales.