True Colors Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹328 Cr
- P/E
- 10.48
- ROE
- 25.78%
- PEG
- 0.10
- Price to sales
- 1.10
- Debt to equity
- 0.25
- 52W high / low
- ₹268 / ₹127
- EBITDA margin
- 15.62%
- Net profit margin
- 10.38%
- Promoter holding
- 68.89%
- Sales (last year)
- ₹301 Cr
Incorporated in October 2021, True Colors Limited imports and distributes digital textile printers and supplies products for the digital textile printing industry.[1]
Guidance scorecard · Q4 FY26 call
What True Colors Ltd's management guided
and where it ranks in Industrial Manufacturing
Industrial Manufacturing
RevenueQ4 FY26 call
20–40%- The company expects revenue growth of 20-22% over the medium term (Satish Panchani, Pages 25-26, 11).
- Over the next 3-5 years, focus will be on building an ecosystem reducing dependency on imports, especially for consumables.
- Capacity expansions: Sublimation paper capacity increased from 1 crore to 2+ crore meters/month with 52% utilization, allowing growth without further CAPEX.
2 more points from True Colors Ltd's call on revenue
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MarginsQ4 FY26 call
Up 0–2%See what True Colors Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Phase-1 ink manufacturing expansion with CAPEX of INR 40-45 crore, targeted to start production by end of FY26 and realize benefits in FY27.
- Phase-2 ink capacity expansion planned for FY28 with additional INR 20-25 crore CAPEX, increasing production to 500 tons/month.
- Phase-3 long-term target ink capacity: 1000 tons/month across various inks, with land secured (~3.5x existing footprint) for expansion.
- Sublimation paper capacity doubled to over 2 crore meters/month with 52% utilization in FY26, allowing growth without additional CAPEX.
- Total projected CAPEX around INR 110 crore, funded 25% from internal accruals and 75% through bank debt.
2 more points from True Colors Ltd's call on capex
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FundraisingQ4 FY26 call
PlannedSee what True Colors Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- The company highlights consistent demand and growing installed base with around 900 machines installed.
- The ink supply from the merged INKIA unit has been consistent for over two and a half years, indicating steady order flow for consumables.
- The company is focusing on expanding capacity for paper and ink manufacturing to meet growing demand.
- They are also entering adjacent segments like commercial printing, indicating a broadening market opportunity that should translate into future orders.
2 more points from True Colors Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹1,207 Cr | 111.0 | |
| 2 | 40%+ | Up 0–2% | ₹549 Cr | 33.8 | |
| 3 | 40%+ | Flat | ₹8,076 Cr | 94.4 | |
| 4 | 40%+ | Flat | ₹3,732 Cr | 81.2 | |
| 5 | 40%+ | Flat | ₹2,580 Cr | 61.2 | |
| 6 | 40%+ | Flat | ₹743 Cr | 43.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingFinancials of True Colors Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of True Colors Ltd
Quarterly Results
Quarter-by-quarter operating performance
Financials of True Colors Ltd
Profit & Loss
Annual income statement trend
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales + | 9 | 81 | 160 | 234 | 302 |
| Expenses + | 8 | 75 | 146 | 192 | 255 |
| Operating Profit | 1 | 6 | 14 | 41 | 47 |
| OPM % | 8% | 7% | 9% | 18% | 15% |
| Other Income + | 0 | 0 | 1 | 0 | 0 |
| Interest | 0 | 0 | 2 | 5 | 5 |
| Depreciation | 0 | 0 | 1 | 3 | 5 |
| Profit before tax | 1 | 5 | 11 | 33 | 37 |
| Tax % | 27% | 28% | 28% | 25% | 16% |
| Net Profit + | 0 | 4 | 8 | 25 | 31 |
| EPS in Rs | 32.67 | 261.33 | 550.00 | 13.03 | 12.64 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
Financials of True Colors Ltd
Balance Sheet
Capital structure and asset base
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.15 | 0.47 | 0.47 | 19 | 25 |
| Reserves | 0 | 6 | 14 | 36 | 162 |
| Borrowings + | 0 | 20 | 57 | 48 | 46 |
| Other Liabilities + | 10 | 19 | 35 | 52 | 54 |
| Total Liabilities | 11 | 46 | 106 | 155 | 287 |
| Fixed Assets + | 0 | 0 | 40 | 47 | 80 |
| CWIP | 0 | 1 | 0 | 1 | 2 |
| Investments | 0 | 0 | 0 | 0 | 27 |
| Other Assets + | 11 | 44 | 66 | 107 | 178 |
| Total Assets | 11 | 46 | 106 | 155 | 287 |
Financials of True Colors Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Cash from Operating Activity + | 0 | -20 | 9 | 6 | -35 |
| Cash from Investing Activity + | 0 | -1 | -34 | -8 | -65 |
| Cash from Financing Activity + | 0 | 22 | 29 | 3 | 94 |
| Net Cash Flow | 1 | -0 | 4 | 0 | -6 |
| Free Cash Flow | 0 | -22 | -24 | -3 | -73 |
| CFO/OP | 69% | -351% | 89% | 30% | -59% |
Financials of True Colors Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 260 | 60 | 52 | 88 | 134 |
| Inventory Days | 44 | 65 | 88 | 96 | 84 |
| Days Payable | 373 | 58 | 82 | 100 | 86 |
| Cash Conversion Cycle | -68 | 67 | 58 | 85 | 133 |
| Working Capital Days | 1 | 23 | -25 | 37 | 108 |
| ROCE % | 43% | 28% | 44% | 25% |
Guidance history
How True Colors Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | Planned | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What True Colors Ltd's management said in earlier quarters
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