BSE: 544531
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Digital textile printing machines, Ink (sublimation and digital textile inks), Fabric printing services (manufacturing), Sublimation paper. Capital-light digital printing ecosystem business model with recurring consumables tail; transitioning into backward-integrated manufacturing
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 302 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 14.28 |
| ROE % · ROCE % | — · 21.4 |
| Debt / equity (x) | — |
| Cash from operations | (35) |
| Capex | (38) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 151 | 150 |
| Profit before tax | 19 | 18 |
| Net profit | — | — |
| EPS (₹) | 7.76 | 7.54 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.1 | 26.5 | 24 of 130 | 82% |
| ROCE | 18.7 | 11.3 | 36 of 142 | 75% |
| Market cap | 343 | 279 | 68 of 141 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · True Colors schedules H1 FY27 earnings call for November 2 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve half-year financial results on October 30, 2026 | results | low | — | — |
| 10 Oct 2026 · RTA confirms Regulation 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · True Colors 5th AGM voting results: all 5 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 30 Sept 2026 · True Colors 5th AGM concludes; FY26 revenue Rs 301.55 cr, PAT Rs 31.16 cr | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Outcome of Remote E-voting and e-voting at the Meeting of the Equity Shareholders of True Colors Limited including Scrutinizer''s Report | strategic transactions | medium | — | — |
| 28 Sept 2026 · NCLT meeting held for Inkia Inks-True Colors amalgamation scheme | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closed till half-year results | compliance | minimal | — | — |
| 23 Sept 2026 · Newspaper publication of corrigendum to NCLT-convened shareholders meeting notice | compliance | minimal | — | — |
| 22 Sept 2026 · Corrigendum to NCLT meeting notice for Inkia Inks amalgamation | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.