True Colors Limited · BSE:TRUECOLORS
True Colors — H2 FY26 Earnings Presentation
47 slides from True Colors's earnings presentation, May 21, 2026
Slide 1: BSE filing cover letter for Investor/Earnings Presentation
< Y COIOr May 21, 2026 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 Requirements)
Slide 2: Building India's Digital Printing Ecosystem
BSE SME: 544531 Digital printed fabric Investor Presentation H2 & FY26 | May 2026 Digital printing textile machines Sublimation paper Inks Building India’s Digital Printing Ecosystem TRUE COLORS LIMITED
Slide 3: About the Company
TRUE COLORS AT A GLANCE 03 #1 THE TRUE COLORS JOURNEY 04 BOARD OF DIRECTORS 05 About the Company
Slide 4: True Colors At A Glance
True Colors 03 At A Glance True Colors Limited is India's 13+ 900+ 2 Cr Metres only fully integrated digital Years in Active Machines in the Field Per Month printing ecosystem Operations ~16 to% 18% share of India's digital fabric printing volumes* Sublimation Paper Installed Capacity company, opera
Slide 5: The True Colors Journey
04 The True Colors Journey PHASE 01 PHASE 02 2022 PHASE 03 Foundation and Manufacturing and OEM Ecosystem at Scale Market Entry Integration authorisations secured 2023 2025 Skyjet OEM BSE SME Listing Konica Minolta authorisation secured | Sublimation paper Integrated expansion capacity scaled to 201
Slide 6: Board of Directors
05 Board of Directors Executive Directors | Founding and Operating Leadership of True Colors Limited Mr. Ashish Mulani Mr. Sanjay Desai Mr. Sagar Mulani Mr. Satish Panchani CHAIRPERSON AND EXECUTIVE MANAGING DIRECTOR EXECUTIVE DIRECTOR AND EXECUTIVE DIRECTOR AND DIRECTOR CHIEF FINANCIAL OFFICER CHIE
Slide 7: Board of Directors
06 Board of Directors Non Executive and Independent Directors | Governance, Oversight and Strategic Advisory Ms. Charmi Soni Mr. Bhavesh Singapuri Mr. Nanty Shah NON EXECUTIVE AND NON EXECUTIVE AND NON EXECUTIVE AND INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR Age 26 | Director sin
Slide 8: Products and Services
PRODUCT PORTFOLIO 08 #2 TECHNOLOGY 09 CONSUMABLES 11 DIGITAL PRINTED FABRICS 12 Products and Services
Slide 9: Product Portfolio
08 Product Portfolio Three Product Categories | End to End Digital Textile Printing Solutions | One Integrated Supplier Category 1 Category 2 Category 3 Technology Consumables (Inks and Paper) Digital Printed Fabrics TRUE COLORS LIMITED | Investor Presentation 2026
Slide 10: Technology (1)
09 Technology (1) Six Machine Categories | Five OEM Authorisations | Complete Digital Printing Technology Range SUBLIMATION INKJET PRINTER P recis ion inkjet printing on s ublimat io n paper for heat trans fer to polyes t er fabrics . Mult iple print head configurat io ns DIRECT BELT for varying pro
Slide 11: Technology (2)
10 Technology (2) PIGMENT PRINTER Water bas ed pigment ink printing on cott on, polyes ter and blended fabrics . Suited for fas hion, home textiles and s us tainable low water HEAT TRANSFER printing applicat io ns . MACHINE Indus trial calendar pres s for trans ferrin g s ublimat io n prints from pa
Slide 12: Consumables
11 Consumables Eleven Ink Technologies and In House Manufactured Sublimation Paper | Warranty Linked, Recurring Revenue UV Inks Rigid and Flexible Substrate Printing SUBLIMATION Reactive Inks PAPER Cotton, Silk and Viscose Fabrics DTF Inks Direct to Film and Heat Transfer 30 to 110 GSM Dye Sublimati
Slide 13: Digital Printed Fabrics
12 Digital Printed Fabrics CATEGORY 03 Manufacturing a Digital Textile Printing Services • Sublimat i on P rinting on polyes t er fabric • Reactive P rinting on cotton and vis cos e fabric • D ual Side F abric and P os it ion P rinting • F luores cent C olour P rint ing and F oil P rinting • J ob wo
Slide 14: Business Model and Ecosystem
THE INTEGRATED ECOSYSTEM 14 #3 THE COMPOUNDING FLYWHEEL 15 REVENUE ARCHITECTURE 16 CUSTOMER STICKINESS 17 Business Model and Ecosystem
Slide 15: The Integrated Ecosystem
14 The Integrated Ecosystem Three Verticals, One Compounding Platform | The Only Fully Integrated Player in India VERTICAL 1 VERTICAL 2 VERTICAL 3 Technology Consumables Digital Printed Fabrics Distribution, Installation and Service Ink and Paper Supplier Digital Printing Services Authorised OEM par
Slide 16: The Compounding Flywheel
15 The Compounding Flywheel How Every Machine 900+ 2-3 Years 50.25% Installation M a c h i nes i n F i e l d Print Head Life Cycle R e c urr i ng R e v e nue S h a r e Builds a Lifetime Each installation generates a Replacement triggers an Share of FY26 total revenue permanent monthly base of ink up
Slide 17: Revenue Architecture
16 Revenue Architecture Three Verticals, Two Revenue Characters | FY26 Performance INR 301.55 Cr +29.22% 15.58% 10.33% T o t a l R e v e nu e | F Y 2 6 Y e a r o n Y e a r R e v e nue G r o w t h E B I T DA M a r g i n | F Y 2 6 PAT Margin | FY26 Technology 20.21% Digital Printed Fabrics 29.54% Cons
Slide 18: Customer Stickiness
17 Customer Stickiness Three Interlocking Mechanisms That Create a Lifelong Customer Relationship Warranty Linkage Colour Consistency Service and T he machine warrant y covering Dependency Parts Dependency s pare part s , print heads and D igital textile printin g is a make to B eyond the warranty p
Slide 19: Infrastructure and Capital
MANUFACTURING INFRASTRUCTURE 19 #4 NATIONWIDE PRESENCE AND 20 SERVICE NETWORK INK BUSINESS EXPANSION 21 Infrastructure and Capital
Slide 20: Manufacturing Infrastructure
19 Manufacturing Infrastructure Integrated production hub engineered for scale, quality and sustainability PRODUCTION DEPARTMENTS ACROSS VERTICLAS CAPACITY UTILISATION | FY 2026 Digital Printing Machines Stenter Machines Sublimation Paper Manufacturing Installed: 24 Cr Metres per Year Production: 12
Slide 21: Nationwide Presence And Service Network
20 Nationwide Serving India's principal textile manufacturing Presence clusters with technical support, supply continuity and customer proximity And Service Network 60+ D e d i cat ed S e r v i ce E n g i nee rs SERVICE NETWORK REVENUE BY STATE | FY 2026 KEY TEXTILE HUBS NORTH 4 3 Others Delhi NCR |
Slide 22: Ink Business Expansion
21 Ink Business Expansion Building India's first vertically integrated ~58 TPM ~80 TPM ~95 TPM ink manufacturing capability under the Average Ink volumes sold in FY24 Average Ink volumes sold in FY25 Average Ink volumes sold in FY26 INKIA brand IN-HOUSE MANUFACTURING | PHASED EXPANSION STRATEGIC RAT
Slide 23: Market Opportunity
THE DIGITAL TEXTILE PRINTING MARKET 23 #5 DIGITAL PRINTING vs TRADITIONAL: 24 THE STRUCTURAL SHIFT TCL: BUILT FOR INDIA'S DIGITAL 25 PRINTING TRANSITION Market Opportunity
Slide 24: The Digital Textile Printing Market
23 The Digital Textile Printing Market A structurally expanding global sector Global Market Size, USD Billion (2025 To 2030) At 13.77% CAGR | Source: Precedence Research 2025 3.89 2026 4.45 2027 5.09 2028 5.82 2029 6.66 2030 7.63 Market nearly doubles in five years | Digital printing grows 3x faster
Slide 25: Digital Printing vs Traditional: The Structural Shift
24 Digital Printing vs Traditional: The Structural Shift Digital printing is growing 3x faster than conventional 3.1x Faster 70% Less Water ~55% Less Energy methods, driven by Digital: 14 to 20 L per linear metre Energy saving of digital vs rotary Digital CAGR (13.83%) vs Traditional (4.46%) cost, s
Slide 26: TCL: Built for India's Digital Printing Transition
25 TCL: Built for India's Digital INDIA: DIGITAL PRINTING TECHNOLOGY MIX (2023) Printing Transition Share of active digital printing services in India by printing method Source: Textile Insights.in (2023) 8.4% 1,000+ ~13% CAGR 900+ 12.1% Digital Printing Services India Digital Printing Active Machin
Slide 27: Financial Track Record
KEY PERFORMANCE INDICATORS 27 #6 REVENUE BREAKDOWN BY 28 BUSINESS VERTICAL OPERATIONAL VOLUMES BY 29 VERTICAL SUMMARY OF OF PROFIT AND LOSS 30 STATEMENT SUMMARY OF BALANCE SHEET 31 Financial SUMMARY OF CASH FLOW STATEMENT 32 Track Record
Slide 28: Key Performance Indicators
27 Key Performance Indicators Revenue from Operations Gross Profit EBITDA Profit after Tax (IN INR CRORE) (IN INR CRORE) (IN INR CRORE) (IN INR CRORE) 47 302 31 82 41 233 25 65 160 30 14 8 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Gross Margins EBITDA Margins ROCE ROE (IN %) (IN %)
Slide 29: Operational Volumes by Vertical
28 Operational Volumes by Vertical Unit volume throughput across Paper, Inks, Fabric and Machine verticals Paper Volume (Crore Metres) INK Volume (Tonnes) Total sublimation paper metres processed per period Total ink volume sold per period 1,140 12 957 9 691 4 FY24 FY25 FY26 FY24 FY25 FY26 Fabric Vo
Slide 30: Revenue Breakdown by Business Vertical
29 Revenue Breakdown by Business Vertical Vertical-level revenue contribution and mix evolution across three year periods Revenue by Vertical (INR Crore) | Stacked Vertical Mix Shift (% of Total Revenue) Each segment stacked per period Share of each vertical in total revenue per period Vertical FY24
Slide 31: Summary of Profit and Loss Statement
30 Summary of Profit and Loss Statement Particulars (in INR Crore) FY23 FY24 FY25 FY26 Revenue from Operations 80.66 159.53 233.37 301.55 Other Income 0.29 0.98 0.69 0.50 Total Income 80.95 160.91 234.06 302.05 COGS 61.47 128.24 162.62 208.22 Gross Profit 19.19 30.42 65.02 81.99 Gross Margin (%) 23.
Slide 32: Summary of Balance Sheet
31 Summary of Balance Sheet Particulars (in INR Crore) FY23 FY24 FY25 FY26 Equity Share Capital Equity Share Capital 0.47 0.47 18.96 24.65 Other Equity 6.12 14.65 36.54 162.48 Non-Current Liabilities Long Term Borrowings 10.26 23.32 22.84 8.15 Others 0.00 0.67 2.05 2.71 Current Liabilities Short Ter
Slide 33: Summary of Cash Flow Statement
32 Summary of Cash Flow Statement Particulars (in INR Crore) FY23 FY24 FY25 FY26 Cash Flow from Operating Activities -20.40 14.75 9.15 -34.99 Cash Flow from Investing Activities -1.24 -39.78 -11.66 -64.61 Cash Flow from Financing Activities 21.59 29.51 2.87 93.61 Net Cash Flows -0.05 4.48 0.36 -5.99
Slide 34: H2FY26 Performance
CONSOLIDATED FINANCIAL 34 PERFORMANCE SUMMARY OF PROFIT & LOSS 35 STATEMENT #7 REVENUE BREAKDOWN BY 36 BUSINESS VERTICAL OPERATIONAL VOLUMES BY VERTICAL 37 INSTALLED BASE AND 38 RECURRING REVENUE QUALITY MANAGEMENT COMMENTARY 39 AND STRATEGIC OUTLOOK H2FY26 Performance
Slide 35: Consolidated Financial Performance
34 Consolidated Financial Performance Half-yearly revenue, margin and earnings trajectory Total Revenue (INR Crore) EBITDA and PAT Margin (%) Half-yearly comparison Trend line comparison 151 45 150 15 40 35 30 11 10 24 25 141 20 15 16 15 10 5 0 H2 FY25 H1 FY26 H2 FY26 H2 FY25 H1 FY26 H2 FY26 PAT Mar
Slide 36: Summary of Profit and Loss Statement
35 Summary of Profit and Loss Statement YoY Sequential Particulars (in INR Crore) H2 FY25 H1 FY26 H2 FY26 Change (%) Change (%) Revenue from Operations 140.77 151.11 150.43 6.86% -0.45% Other Income 0.41 0.51 -0.01 -102.44% -101.96% Total Income 141.18 151.62 150.42 6.54% -0.79% COGS 90.37 107.51 10
Slide 37: Revenue Breakdown by Business Vertical
36 Revenue Breakdown by Business Vertical Vertical-level revenue contribution and mix evolution across three half-year periods Revenue by Vertical (INR Crore) | Stacked Vertical Mix Shift (% of Total Revenue) Each segment stacked per period Share of each vertical in total revenue per period 5.93 4.2
Slide 38: Operational Volumes by Vertical
37 Operational Volumes by Vertical Unit volume throughput across Paper, Inks, Fabric and Machine verticals Paper Volume (Crore Metres) INK Volume (Tonnes) Total sublimation paper metres processed per period Total ink volume sold per period 7 577 6 563 5 496 H2 FY25 H1 FY26 H2 FY26 H2 FY25 H1 FY26 H2
Slide 39: Installed Base and Recurring Revenue Quality
38 Installed Base and Recurring Revenue Quality Half-yearly revenue, margin and earnings trajectory Cumulative Installed Base and Recurring Revenue Geographic Revenue Mix | New Installations (#) Ratio (%) H2 FY26 (% of Total) : New installations per period Consumables as % of total revenue Revenue c
Slide 40: Management Commentary and Strategic Outlook
39 Management Commentary and Strategic Outlook Machine placements for the full year came in at 109 units, up from 89 in the prior year. While the headline growth in unit terms appears moderate, the revenue contribution from this segment grew by over 155% year-on-year, driven by a deliberate shift to
Slide 41: Investment Merits
GROWTH ROADMAP: THREE 41 COMPOUNDING VECTORS #8 INVESTMENT CASE 44 CAPITAL MARKETS OVERVIEW 45 Investment Merits
Slide 42: Growth Roadmap: Three Compounding Vectors (1)
41 Growth Roadmap: Three Compounding Vectors (1) INK MANUFACTURING From Distribution to Manufacturing T rue C olors currently operates an ink dis tributi on bus ines s . T he C ompany's in-hous e ink manufact uri ng initiat ive trans it ions this trading vertical into a s truct urally more profitabl
Slide 43: Growth Roadmap: Three Compounding Vectors (2)
42 Growth Roadmap: Three Compounding Vectors (2) SUBLIMATION PAPER ADJACENT CATEGORIES Utilisation of newly added True Colors Limited has marked its entry sublimation paper capacity is set to in high-growth adjacent segments with drive revenue growth over the the launch of industrial printing and co
Slide 44: Growth Roadmap: Three Compounding Vectors (3)
43 Growth Roadmap: Three Compounding Vectors (3) MACHINE BASE AND GEOGRAPHIC EXPANSION The Installed Base Compounds Revenue E very machine added t o the ins talled bas e generat es years of capt ive cons umables revenue. Growing t he machine count is the mos t powerful lever available to T rue C olo
Slide 45: Investment Case
44 Investment Case Three independently compelling forces, structurally converging at the same moment FORCE 01 FORCE 02 FORCE 03 A STRUCTURAL, DECADE LONG A UNIQUE COMPETITIVE A COMPOUNDING REVENUE MARKET TRANSITION POSITION IN INDIA ENGINE, NOT A CYCLE 7 to 8% 0 INR 301.54 Cr India's current digital
Slide 46: Capital Markets Overview
45 Capital Markets Overview Market Data 0.77 Share of each vertical in total revenue per period 21.67 Current Market Price INR 173 52 Week High / Low INR 125 / INR 272 Market Capitalization INR 427 Crore 8.66 No. of Shares Outstanding 2.47 Crore 68.89 BSE SME 544531 Shareholding data as of 31st Marc
Slide 47: Get In Touch
46 Get In Touch True Colors Limited TIL Advisors Private Limited Javnika Gandharva Abhishek Mehra Company Secretary & Compliance Officer Investor Relations Advisor cs@truecolorsgroup.com abhishek@theinvestmentlab.in DISCLAIMER This document which has been prepared by True Colors Limited ("True Color