True Colors Ltd
Incorporated in October 2021, True Colors Limited imports and distributes digital textile printers and supplies products for the digital textile printing industry.[1]
- Market Cap ₹ 555 Cr.
- Current Price ₹ 225
- High / Low ₹ 240 / 174
- Stock P/E 15.2
- Book Value ₹ 80.0
- Dividend Yield 0.00 %
- ROCE 43.8 %
- ROE 70.5 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 75.2%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -26.0%
- Debtor days have increased from 67.1 to 88.4 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE SME IPO
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 9 | 81 | 160 | 234 | 292 | |
| 8 | 75 | 146 | 192 | 236 | |
| Operating Profit | 1 | 6 | 14 | 41 | 56 |
| OPM % | 8% | 7% | 9% | 18% | 19% |
| 0 | 0 | 1 | 0 | 1 | |
| Interest | 0 | 0 | 2 | 5 | 5 |
| Depreciation | 0 | 0 | 1 | 3 | 4 |
| Profit before tax | 1 | 5 | 11 | 33 | 48 |
| Tax % | 27% | 28% | 28% | 25% | |
| 0 | 4 | 8 | 25 | 36 | |
| EPS in Rs | 32.67 | 261.33 | 550.00 | 13.03 | 17.40 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 196% |
| TTM: | 46% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 269% |
| TTM: | 199% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 75% |
| Last Year: | 70% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.15 | 0.47 | 0.47 | 19 | 25 |
| Reserves | 0 | 6 | 14 | 36 | 173 |
| 0 | 20 | 57 | 48 | 73 | |
| 10 | 19 | 35 | 52 | 66 | |
| Total Liabilities | 11 | 46 | 106 | 155 | 336 |
| 0 | 0 | 40 | 47 | 51 | |
| CWIP | 0 | 1 | 0 | 1 | 16 |
| Investments | 0 | 0 | 0 | 0 | 2 |
| 11 | 44 | 66 | 107 | 268 | |
| Total Assets | 11 | 46 | 106 | 155 | 336 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 0 | -20 | 9 | 6 | |
| 0 | -1 | -34 | -8 | |
| 0 | 22 | 29 | 3 | |
| Net Cash Flow | 1 | -0 | 4 | 0 |
Ratios
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 260 | 60 | 52 | 88 |
| Inventory Days | 44 | 65 | 88 | 96 |
| Days Payable | 373 | 58 | 82 | 100 |
| Cash Conversion Cycle | -68 | 67 | 58 | 85 |
| Working Capital Days | 1 | 23 | -25 | 37 |
| ROCE % | 43% | 28% | 44% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
10h - Audio recording link of True Colors investor meet on 13 Nov 2025; transcript to be uploaded later.
-
Announcement under Regulation 30 (LODR)-Investor Presentation
1d - Investor Presentation under Regulation 30 of SEBI ( LODR) Regulations, 2015.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - Nov 12, 2025: True Colors named non-exclusive India distributor for Spain’s ITACA inks; local Surat stocking.
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Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015.- Execution Of Distributor Agreement With ITACA (Innovaciones Técnicas Aplicadas A Cerámicas Avanzadas S.A.U.), Spain
1d - True Colors appointed ITACA's India distributor for digital textile inks; agreement dated 12 Nov 2025.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
2d - Crisil monitoring report: no deviation; IPO net proceeds Rs100.70 crore kept in public issue account as of Sep 30, 2025.
Concalls
-
Nov 2025TranscriptNotesPPT
Business Profile[1]
True Colors is engaged in the import & distribution of digital textile printers and inks, manufacturing of sublimation paper, and digital textile printing (job-work & printed fabric supply). It operates a vertically integrated model covering machinery, consumables, and printing services, providing a one-stop solution for textile manufacturers, export houses, fabric dealers, and fashion brands.