True Colors Ltd

BSE: 544531

₹ 129-2.49%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 318 crWebsite: truecolorsgroup.com/Updated: 24 Oct 2026

About

True Colors Ltd sells digital textile printing machines and the consumables they use, including sublimation paper and ink. It also runs a digital fabric printing business. FY26 revenue was 301.55 (Rs Cr), and 109 machines were installed that year. Recurring revenue made up 50.25% of the total in FY26.^[1][2]

Business lines

Machine revenue grew over 155% to INR 60.94 Cr in FY26 as the mix moved to higher-value, higher-capacity machines.^[2]
Digital printed fabric revenue rose 34.75% to INR 89.09 Cr in FY26.^[2]
Ink revenue rose 4.3% in FY26 as realisations fell and some ink was bundled with machine sales.^[2]
Paper revenue rose 1.35% in FY26 and fell 13% YoY in H2 FY26, as average GSM fell from 45-55 to about 35.^[2]
Recurring revenue made up 50.25% of revenue in FY26.^[2]
Manufacturing division revenue rose to INR68 crore in H1 FY26 from INR46 crore in H1 FY25. Spare parts brought in about INR6 cr in H1 FY26.^[3]

Products and new segments

The company has entered industrial printing and packaging machinery, covering commercial printing, label printing and packaging, as of FY26.^[2]
In H1 FY26 the company signed a distribution tie-up with Spain's ITACA for pigment ink aimed at home furnishing and technical textiles.^[3]

Operations and capacity

Sublimation paper capacity doubled from 1 crore to 2 crore metres a month in H1 FY26, at a capex of about INR6-7 cr. Utilisation was 85-90% before the expansion.^[3]
Paper capacity utilisation was 51.88% in FY26 after the expansion.^[2]
Fabric printing utilisation was 74.82% in FY26, against 75% in H1 FY26.^[2][3]
Printing capacity was expanded by about 15% in FY26 by adding two new machines.^[3]
An additional 1 MW rooftop solar plant was planned in H1 FY26, expected to cover 30-40% of power needs.^[3]

Key operating numbers

Machine installations were 109 in FY26, up from 89 in FY25.^[2]
The installed base was 900+ machines in FY26, up 14.07% from H2 FY25.^[2]
Ink volumes were 1,140 tonnes in FY26, up about 19%.^[2]
Paper volume was 11.69 crore metres in FY26.^[2]
The machine order book stood at 8 machines worth ₹9 cr in H1 FY26.^[3]

Market

Management estimated digital printing at about 7-8% of India's printed fabric in H1 FY26: 200 cr out of 2,500 cr metres.^[3]
Management linked machine demand in H1 FY26 to viscose adoption and textile subsidies of up to 35%.^[3]

Expansion plans

Ink manufacturing Phase 1: 150 TPM in FY27, with capex of INR 40-45 Cr.^[2]
Ink Phase 2: total capacity of 500 TPM by end of FY28, including the Inkia merger, with capex of INR 20-25 Cr.^[2]
Ink Phase 3: long-term target of 1,000 TPM, with capex of INR 40-45 Cr.^[2]
The company targets more than 100 machine installations in FY27.^[2]

Corporate actions

As of Q4 FY26, a merger of Inkia Inks into True Colors is planned, linked to the ink capacity build-out by FY28.^[2]

Market Cap

₹318 Cr

High / Low

₹272 / 125

Stock P/E

10.4

Price / Book

0.0

Book Value

₹76

EPS

₹12.6

No. of Shares

2.47 Cr

ROCE

18.2%

ROE

16.7%

OPM

14.1%

Debt / Equity

0.25

Sales

₹302 Cr

Net Profit

₹31 Cr

Promoter holding

68.9%

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