TRUE COLORS LIMITED

Builds and operates a digital printing ecosystem for India's textile industry — selling digital textile printers, sublimation inks, sublimation paper, and fabric printing services. The machine business placed 109 new printers in FY26, taking the active installed base to 900+ machines; each placement seeds future recurring revenue from ink, paper, and spares, which together contribute roughly half of total revenue. Sublimation paper capacity was doubled to 2+ crore meters per month with 52% utilization, and FY26 ink volume reached 1,140 tons against paper volume of 11.69 crore meters. Ink is currently sourced from China and Japan (via Konica Minolta), leaving the company exposed to import dependency it plans to address through in-house manufacturing — Phase-1 of 150 tons per month is targeted for FY27 with INR 40-45 crore capex, adding to the 80 tons per month coming in via the INKIA merger. Materials account for 28.5% of revenue, employee costs 11.5%, other opex 10.9%, and capex runs at 12.7% of revenue as the company invests in backward integration.