Slide 1: BSE Regulation 30 cover letter
e rue COIOr November 12, 2025 To The Manager- Listing Department, BSE Limited P.J. Towers, Dalal Street, Fort, Mumbai- 400001, Maharashtra, India. Scrip ID/Code: TRUECOLORS/544531 Subject: Investors/Earning Presentation. Reference No.: Regulation 30 of SEBI (Listing Obligations and Disclosure Requir
Slide 2: True Colors Limited H1 FY26 Investor Presentation
TRUE COLORS LIMITED H1 FY26 Investor Presentation
Slide 3: Disclaimer
DISCLAIMER This presentation and the accompanying slides (the Presentation), which have been prepared by True Colors Limited solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be r
Slide 4: Index
INDEX TOPIC SLIDE NUMBER H1 FY26 Highlights H1 FY26 Highlights 4 Company Overview Company Overview 8 Business Overview Business Overview 11 Industry Overview Industry Overview 30 Financial Overview Financial Overview 35 The Path Ahead The Path Ahead 40 Certifications Certifications 44 Stock Data Sto
Slide 5: H1 FY26 Highlights
H1 FY26 Highlights
Slide 6: Management Commentary - H1 FY26 Performance
MANAGEMENT COMMENTARY - H1 FY26 PERFORMANCE “We delivered a strong performance in H1 FY26, driven by growth across machinery & inks, sublimation paper manufacturing, and digital textile printing services. Demand remained healthy across major textile hubs, supported by our integrated operating model
Slide 7: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS Revenue EBITDA EBITDA Margin Net Profit Net Profit Margin 2500.00 18.00% 1600.00 12.00% 2321.57 1471.63 15,111.36 16.00% 1400.00 10.00% 15.31% 2000.00 9.71% 14.00% 1200.00 12.00% 8.00% 1000.00 9,259.21 1500.00 10.00% 800.00 6.00% 7.65% 8.00% 1000.00 600.00 710.31 6.00% 4.00%
Slide 8: Profit & Loss Statement – H1 FY26
PROFIT & LOSS STATEMENT – H1 FY26 (In ₹ Lakhs) In ₹ Lakhs Particulars H1 FY26 H1 FY25 YoY INCOME 8,281.58 Revenue from Operations 15,111.36 9,259.21 63.20% Other Income 50.59 27.50 Total Income 15,161.95 9,286.71 63.27% EXPENDITURE Raw material 10,750.93 7,225.39 4,574.28 Employee Benefit Expenses 1
Slide 9: Company Overview
COMPANY OVERVIEW
Slide 10: True Colors Limited
TRUE COLORS LIMITED True Colors Limited is a fully integrated provider of digital textile printing solutions, uniquely combining the supply of high-end digital textile printing machines and compatible inks, in-house manufacturing of sublimation paper, and customized printing services and printed fab
Slide 11: Key Milestones
KEY MILESTONES • Established an advanced facility spanning 2,00,000 sq. ft., with a production capacity of 75,000 meters of digitally printed fabric daily, 30 lakh meter per month sublimation paper • Executed a dealership agreement manufacturing and distribution of 100 tons • Our company increased w
Slide 12: Business Overview
BUSINESS OVERVIEW
Slide 13: Our Business Model
OUR BUSINESS MODEL We operate across three key business segments, enabling us to serve as a single-point solution provider for digital textile printing: Machinery & Ink Supply Sublimation Paper Digital Textile Printing (Import & Distribution) Manufacturing Services • Authorized distributor of high-p
Slide 14: Business Verticals: Digital Printing Machines
BUSINESS VERTICALS DIGITAL PRINTING MACHINES 43.50% Revenue in FY25 Machines, Raw Material Ink & Spare Parts 89 Machines Sold in FY25 Services / Products Serving Industries 01 Sublimation Printers Textile Printing Fabric Garment Units Manufacturers Manufacturers Direct Reactive Digital Textile 02 Pr
Slide 15: Business Verticals: Sublimation Paper Manufacturing
BUSINESS VERTICALS SUBLIMATION PAPER MANUFACTURING 28.21% Revenue in FY25 Paper for Heat Transfer Process Sublimation Paper Product Serving Industries Categories: GSM (Grams per Square Meter): Other • Available in multiple GSM options to suit Sublimation 01 different printing needs (e.g., 55 GSM, 65
Slide 16: Business Verticals: Digital Textile Printing
BUSINESS VERTICALS DIGITAL TEXTILE PRINTING Textile Printing Services & Fabrics 28.29% Revenue in FY25 Services / Products Serving Industries Sublimation Printing 01 (Polyester Fabrics) Garment Textile Export Manufacturers Houses Reactive Printing 02 (Cotton & Viscose Fabrics) 03 Fluorescent Color P
Slide 17: Operational Excellence – Sublimation Paper Manufacturing Process
OPERATIONAL EXCELLENCE – INTEGRATED MANUFACTURING PROCESSES Efficient, standardized workflows across all verticals 01 Sublimation Paper Manufacturing Process Base Paper Selection Coating Application Calendering QC & Testing High-grade paper for Even application for uniform Rolled for specific Checke
Slide 18: Operational Excellence – Polyester Fabric Printing Process
OPERATIONAL EXCELLENCE – INTEGRATED MANUFACTURING PROCESSES Efficient, standardized workflows across all verticals 02 Polyester Fabric Printing Process Receiving & Storing Sublimation Printing Softening Process Fabrics High-resolution designs printed Enhances fabric touch and Inventory managed under
Slide 19: Operational Excellence – Cotton/Viscose Fabric Printing Process
OPERATIONAL EXCELLENCE – INTEGRATED MANUFACTURING PROCESSES Efficient, standardized workflows across all verticals 03 Cotton/Viscose Fabric Printing Process Fabric Receiving Preparation Heat Curing Finishing Touches & QC Raw fabric logged and Coated to enhance dye Ink fixed via thermal Softening, in
Slide 20: Nationwide Presence
NATIONWIDE PRESENCE Ludhiana, Amritsar Panipat Delhi Noida Kolkata Surat Mumbai Bangalore Head Quarters Erode, Tirupur Manufacturing Facility Service Points Sales & Regional Offices Investor Presentation 19
Slide 21: Customer Base & Engagement Strategy
CUSTOMER BASE & ENGAGEMENT STRATEGY WHO WE SERVE: We operate a B2B model serving a broad, diversified client base across the textile value chain: Traders, Owners and Textile printing Garment and Export houses wholesalers, and resellers of units and job- fabric and fashion industrial textile sublimat
Slide 22: Installed Capacity & Utilization
INSTALLED CAPACITY & UTILIZATION Sublimation Paper Manufacturing Unit Cotton Polyester 68.94% 35,00,000 70.00% 1,20,00,000 1,14,00,000 70.00% 10,16,02,800 87.28% 12,00,00,000 88 .00% 30,00,000 28,65,000 60.00% 1,00,00,000 59.42% 60.00% 78.00% 44.29% 48.81% 58.17% 8,86,87,843 10,00,00,000 25,00,000 5
Slide 23: What Sets Our Manufacturing Apart
WHAT SETS OUR MANUFACTURING APART In-House Facility End-to-End Capability Multi-Tech Print for sublimation paper & digital Sublimation, Reactive, Fluorescent, textile printing RFD to final printed fabric Foil, Position, Double-Side 1 MW Rooftop Solar installed Zero-Accident Goal Vertical Integration
Slide 24: Product Portfolio
PRODUCT PORTFOLIO DIGITAL TEXTILE PRINTING DIGITAL PRINTING MACHINES & INKS SUBLIMATION PAPER MANUFACTURING Home Men's Sublimation Reactive Furnishing Apparels Ink Ink Women's Kids Apparels Pigment Disperse GSM: 30 GSM To 100 GSM Apparels & More Ink Ink Width: 36 Inch-72 Inch Investor Presentation 2
Slide 25: Our Leadership Team
OUR LEADERSHIP TEAM Mr. Ashishkumar Mr. Sanjay Raghubhai Mr. Sagarkumar Bipinbhai Mr. Panchani Durlbhbhai Mulani Desai Mulani Satishkumar Jayantibhai Chairperson and Executive Managing Director Executive Director & CFO Executive Director & CEO Director Mr. Mulani has over 12 years of Mr. Desai holds
Slide 26: Our Leadership Team
OUR LEADERSHIP TEAM Ms. Charmi Soni Mr. Bhavesh Vinodchandra Mr. Nanty Nalinbhai Shah Non-Executive Independent Director Singapuri Non-Executive Independent Director Non-Executive Independent Director Ms. Soni is a qualified Company Secretary from the Mr. Singapuri holds degree of Bachelor of Mr. Sh
Slide 27: Revenue from Business Verticals
REVENUE FROM BUSINESS VERTICALS H1 FY26 In % FY25 In % FY24 In % FY23 In % 11.32% 0.00% 0.13% 26.03% 28.29% 27.71% 43.50% 19.16% 54.81% 60.97% 28.21% 99.87% Machinery & Ink Supply Sublimation Paper Manufacturing & Supply Digital Textile Printing In ₹ Lakhs Particulars H1 FY26 FY25 FY24 FY23 Machiner
Slide 28: Revenue from Machinery & Ink Supply
REVENUE FROM MACHINERY & INK SUPPLY (IMPORT & DISTRIBUTION) In ₹ Lakhs 7,149.22 5,765.89 5,308.51 3,891.06 3,799.10 3,396.72 2,247.09 2,388.21 499.69 597.11 626.88 591.69 FY23 FY24 FY25 H1 FY26 Ink Sale Machine Sale Spare Part Sale Investor Presentation 27
Slide 29: Revenue from Digital Textile Printing Segment
REVENUE FROM DIGITAL TEXTILE PRINTING SEGMENT H1 FY26 In % FY25 In % FY24 In % FY23 In % 3.89% 1.75% 0.00% 1.74% 0.00% 57.22% 46.28 41.04% 48.73% % 47.38% 51.97% 100.00% Fabric Sale Jobwork Sale Other Sales In ₹ Lakhs Particulars H1 FY26 FY25 FY24 FY23 Fabric Sale 1,864.20 3,436.03 1,036.99 0.00 Job
Slide 30: Revenue from Different Locations
REVENUE FROM DIFFERENT LOCATIONS In ₹ Lakhs Particulars H1 FY26 FY25 FY24 FY23 Gujarat 8,714.07 14,930.43 11,837.46 5,343.94 Maharashtra 1,840.69 3,605.83 1,337.63 266.65 Punjab 2,199.01 2,641.18 1,761.98 1,837.79 High seas Sales 1,131.00 734.89 15.05 - Tamil Nadu 383.73 533.71 239.94 209.71 Haryana
Slide 31: Industry Overview
INDUSTRY OVERVIEW
Slide 32: Digital vs Traditional – Comparative Snapshot
DIGITAL VS TRADITIONAL – COMPARATIVE SNAPSHOT Parameter Traditional Printing Digital Printing Design Flexibility Low High Short Run Economics Expensive Cost-effective Water Use High Low (waterless) Setup Time Long Instant Customization Limited On-demand Eco Impact High carbon & chemical footprint Lo
Slide 33: Growth Drivers Transforming the Industry
GROWTH DRIVERS TRANSFORMING THE INDUSTRY Why Digital is Taking Over Textile Printing Growth Driver Impact on Market Sustainability Mandates Up to 90% water savings vs. conventional methods Shorter Production Cycles Enables fast fashion & personalized prints Small Order Profitability Economical for 1
Slide 34: Digital Textile Printing: Global Trends & India's Strategic Position
DIGITAL TEXTILE PRINTING: GLOBAL TRENDS & INDIA’S STRATEGIC POSITION Global Market Overview Technology & Segments DTF (Direct to Fabric): DTG (Direct to Dye Sublimation: 45.6% share – Garment): 12.1% fastest growing. 33.9% India’s Competitive Edge Strong textile backbone with integrated clusters (Su
Slide 35: India's Textile Industry: Growth, Investments & Competitive Edge
INDIA’S TEXTILE INDUSTRY: GROWTH, INVESTMENTS & COMPETITIVE EDGE Robust Demand Policy Support • Cotton production projected to hit 7.2 • 100% FDI allowed under automatic million tonnes by 2030 route • Market size expected to grow at 10% • Union Budget 2025–26 allocation: CAGR, reaching $350 billion
Slide 36: Financial Overview
FINANCIAL OVERVIEW
Slide 37: KPIs
KPIs In ₹ Lakhs In ₹ Lakhs In ₹ Lakhs Revenue EBITDA PAT 23,365.62 2,469.38 4,091.20 16,008.24 15,111.36 2,321.57 1,471.63 8,066.04 1,449.97 824.57 566.89 391.79 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 In ₹ Lakhs Networth EBITDA Margin PAT Margin 17.48% 10.57% 19,716.59
Slide 38: KPIs
KPIs In Times Return on Net Worth Return on Capital Employed Current Ratio 1.42 61.52% 35.94% 1.2 56.42% 0.91 44.53% 21.43% 18.56% FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 In Times In ₹ In ₹ Debt- Equity Ratio EPS NAV 13.77 29.26 3.87 3.15 16.28 4.94 0.86 3.32 7.09 FY23 FY24 FY25 FY23 FY24 FY25
Slide 39: Profit & Loss Statement
PROFIT & LOSS STATEMENT (In ₹ Lakhs) Particulars H1 FY26 FY25 FY24 FY23 INCOME Revenue from Operations 15,111.36 23,365.62 16,008.24 8,066.04 Other Income 50.59 39.27 82.61 27.49 Total Income (A) 15,161.95 23,404.89 16,090.85 8,093.53 EXPENDITURE Cost of Materials Consumed 2,940.92 6,196.39 4,257.37
Slide 40: Balance Sheet
BALANCE SHEET (In ₹ Lakhs) Particulars H1 FY26 FY25 FY24 FY23 Particulars H1 FY26 FY25 FY24 FY23 EQUITY AND LIABILITIES ASSETS Non Current Assets Shareholders Funds (1) a. Property, Plant & Equipment and a. Share Capital 2,465.46 1,895.50 47.25 47.25 Intangible Assets Property, Plant & Equipment 5,0
Slide 41: The Path Ahead
THE PATH AHEAD
Slide 42: Competitive Strengths
COMPETITIVE STRENGTHS What sets us apart across the digital textile printing value chain Full-Fledged Digital Textile Ecosystem Diverse, Low-Concentration Customer Base End-to-end presence across printers, inks, sublimation paper, and We serve a wide spectrum, from MSMEs to exporters, with no digita
Slide 43: Future Growth Strategy
FUTURE GROWTH STRATEGY How we plan to scale sustainably across markets, operations, and product lines Geographic Expansion & New Customer Segments We are scaling across key textile hubs in India (like Ludhiana, Panipat, Tirupur, and Erode) while evaluating select international markets. Our focus is
Slide 44: SWOT Analysis
SWOT ANALYSIS What sets us apart across the digital textile printing value chain Strengths Weaknesses Multiple revenue streams: machines, inks, paper, printing services Reliance on selected vendors High fixed overheads Full control through vertical integration Limited global presence Strong brand in
Slide 45: Certifications
CERTIFICATIONS
Slide 46: Certifications
CERTIFICATIONS ISO 14001:2015 Environmental Management System ISO 45001:2018 Occupational Health & Safety Management System ISO 9001:2015 Quality Management System OEKO-TEK STANDARD 100 Investor Presentation 45
Slide 47: Stock Data
STOCK DATA As on 11/11/2025 As on 30/09/2025 SHAREHOLDING PATTERN BSE CODE: TRUECOLORS | INE1LDV01015 Share Price (₹) 194.00 31.12% Market Capitalization (₹ Cr) 478.30 No. of Shares 2,46,54,600 68.88% Face Value (₹) 10.00 52 week High-Low (₹) 207.75 – 173.90 Promoter & Promoter Group Public
Slide 48: Thank You
THANK YOU TRUE COLORS LIMITED Plot no. 8, 428/2-3, Soma Kanji ni Wadi, B/H. Savera Complex, Khatodara, Surat 395002 Gujarat, India Email: info@truecolorsgroup.com Website: www.truecolorsgroup.com Investor Relations Advisor EquibridgeX Advisors Pvt. Ltd. Ms. Pooja Gandhi Email: info@equibridgex.com W