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 ₹ 345 Cr.
- Current Price ₹ 140
- High / Low ₹ 272 / 140
- Stock P/E 9.48
- 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% |
Insights
In beta| Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|
| Machine Sales Volume Units |
|
||
| Cotton Printing Installed Capacity Meters |
|||
| Digital Printing Capacity Utilization % |
|||
| Polyester Printing Installed Capacity Meters |
|||
| Sublimation Paper Capacity Utilization % |
|||
| Sublimation Paper Installed Capacity (Monthly) Meters |
|||
| Active Machine Base for Recurring Revenue Units |
|||
| Energy Self-Generation Ratio % |
|||
| Estimated Digital Printing Market Penetration in India Meters (Crore) |
|||
| Solar Power Generation Units/Day |
|||
| Total Installed Base of Machines Units |
|||
Documents
Announcements
-
Intimation Regarding Expansion Of Solar Power Capacity For Captive Energy Consumption
2d - Initiating 2.5 MW solar project commissioning from June 2026; total capacity ~4.5 MW; ~50 lakh kWh/year.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
14 Feb - MA reported Rs20 crore parked in non-scheduled co-op bank; returned Feb 13, 2026; remaining IPO proceeds utilized.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
16 Jan - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the Quarter ended on December 31, 2025.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
18 Dec 2025 - One-to-one digital investor meeting with HEM PMS on Dec 18, 2025, 3:00–4:00 PM.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Dec 2025 - Announcement under Regulation 30 of SEBI (LODR) Regulations, 2018- Schedule of One-To-One Investor Meet
Concalls
-
Nov 2025Transcript PPT
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.