True Colors Limited · BSE:TRUECOLORS
True Colors — H1 FY27 Earnings Presentation
54 slides from True Colors's earnings presentation, Oct 31, 2026
Slide 1: Cover letter to BSE for Investor/Earnings Presentation
October 31, 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) Regul
Slide 2: Building India's Digital Printing Ecosystem
BSE SME: 544531 Digi ta l pr int ed f abr ic Investor Presentation H1FY27 | Oct 2026 Digi ta l pr int ing text il e ma chi nes Subli mat io n paper Inks Building India’s Digital Printing Ecosystem TRUE COLORS LIMITED
Slide 3: About the Company
T RUE COL OR S A T A GL AN CE 03 #1 T HE TRU E C OL ORS J OU RN EY 04 BOARD OF DIR ECTOR S 05 About the Company
Slide 4: True Colors At A Glance
True Colors 03 At A Glance True Colors Limited is India's 14+ 956 2 Cr Metres only fully integrated digital Y ear s i n A ct i ve Machi nes i n the Fi el d Per Mont h printing ecosystem Operat i ons ~ 1 6 % to % 1 8% sh are of I n d i a's d i g i t a l f a b ri c p ri n ti n g v ol u m es* Subl i ma
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 authorisations Market Entry Integration 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 27 | Director sin
Slide 8: Products and Services
PR ODU CT P OR TF OL IO 08 #2 T EC HN OLOGY 09 CON SUM ABLES 11 DIGIT AL P RIN T ED FABR ICS 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 T RUE COLOR S LIM ITED | I nve sto r Pr esent at io n 2026
Slide 10: Technology (1)
09 Technology (1) Six Machine Categories | Five OEM Authorisations | Complete Digital Printing Technology Range SUBLIMATION INKJET PRINTER Pre cis ion in kje t p rin tin g on su b lima tion p ap e r for he a t tran sfe r to p olye ste r fab rics. M ul ti pl e p rin t h e ad con figu rati ons for va
Slide 11: Technology (2)
10 Technology (2) PIGMENT PRINTER W ate r b ase d p igme n t ink p rin tin g on cotton , p olye ste r an d bl en d e d fa bri cs. Su ite d for fash io n, hom e te x ti le s an d su stai na b le low wa ter p rin tin g ap p lica tion s. HEAT TRANSFER MACHINE I nd u stria l ca le nd a r pre ss fo r tra
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 C ATEGOR Y 03 Ma nufa ct uri ng a Digital Textile Printing Services • Su bl ima ti on Prin tin g on p olye ste r fab ric • Re a ctiv e Prin tin g on cotton a nd v isc ose f ab ric • Du al Sid e Fa b ri c an d Pos ition Prin tin g • Flu ore sce n t Colo ur P rinti ng a nd F
Slide 14: Business Model and Ecosystem
T HE INT EGRA TED ECOSYST EM 14 #3 T HE COMP OU NDIN G FL YWH EEL 15 REVEN UE A RCH IT ECTU RE 16 CU STOMER ST ICK INESS 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 956 3-4 Years 56.24% Installation Machi nes in Fi el d Pr i nt H ead Li f e C ycl e Recur ri ng Rev enue Share Builds a Lifetime E ac h i ns tall ati on generat es a Repl a cement t ri gger s a n Share of H 1FY2 7 t otal permanent monthl y bas e of ink u
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 otal Revenue | FY2 6 Year on Year Revenue Grow th EBI TDA Margi n | FY2 6 PA T Margi n | FY2 6 Technology 20.21% Digital Printed Fabrics 29.54% Consumables 50.25% Digital Printed
Slide 18: Customer Stickiness
17 Customer Stickiness Three Interlocking Mechanisms That Create a Lifelong Customer Relationship Warranty Li nkage Colo ur Consis tency Serv ice and Th e ma ch in e w arra n ty c ove rin g Dependenc y Parts Dependency sp are p arts , p rin t he a ds an d D igita l te xti le prin tin g is a ma ke to
Slide 19: Infrastructure and Capital
MA NU FAC TU RIN G IN FRA STR UCT UR E 19 #4 N AT IONWI DE PR ESEN CE A ND 20 SERVIC E N ETWOR K IN K BUSIN ESS EXP AN SION 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 | FY26 Digital Printing Machines Stenter Machines Sublimation Paper Manufacturing Installed: 12.55 Cr Metres per Year Production: 12
Slide 21: Nationwide Presence And Service
20 Nationwide Serving India's principal textile manufacturing clusters with Presence technical support, supply continuity and customer proximity And Service 60+ Network Dedi cated Ser vi ce Engi neer s The Company commenced exports of inks and digitally printed fabrics to the UAE, marking a step for
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
T HE DIGI TA L TEX TIL E PRI NT IN G M AR KET 23 #5 DIGIT AL P RIN T ING vs TRA DITION AL : 24 T HE STRU CT URA L SH IFT T CL : BUI LT F OR IN DIA ' S DIGI TA L 25 PR IN TIN G TR AN SITI ON 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 956 12.1% Dig it al P ri nt i ng Ser vi c es Indi a Di gi tal Pr i nti ng
Slide 27: Financial Track Record
KEY PER FORM AN CE I NDICA TOR S 27 #6 RE VE N UE BRE A KDOWN BY 28 BUSIN E SS VE R TIC AL OPE RA TION AL VOLU ME S BY 29 VE RT ICA L SUM MAR Y OF PR OF IT A ND LOSS 30 ST ATEM EN T SUM MAR Y OF BAL AN CE SHE E T 31 Financial SUM MAR Y OF CA SH FL OW STA TE ME N T 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: H1 FY27 Performance
CON SOLI DA TED F INA NC IAL 34 PER FORM AN CE SUM MAR Y OF PR OF IT & LOSS 35 ST ATEM EN T SUM MAR Y OF BAL AN CE SHEET 36 ST ATEM EN T SUM MAR Y OF CA SH FL OW 37 #7 ST ATEM EN T REVEN UE BREA KDOWN BY 38 BUSIN ESS VER TIC AL OPERA TION AL VOLU MES BY VERT ICA L 39 IN STA LL E D BASE AN D 40 RE C
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 183 45 15 40 151 150 141 35 12 30 11 10 24 25 20 18 15 16 15 10 5 0 H2 FY25 H1 FY26 H2 FY26 H1 FY27 H2 FY25 H1 FY
Slide 36: Summary of Profit and Loss Statement
35 Summary of Profit and Loss Statement YoY Sequential Particulars (in INR Crore) H1 FY26 H2 FY26 H1 FY27 Change (%) Change (%) Revenue from Operations 151.11 150.43 183.01 21.11% 21.66% Other Income 0.51 -0.01 0.28 (45.10%) (2900.00%) Total Income 151.62 150.42 183.29 20.89% 21.85% COGS 107.51 100.
Slide 37: Summary of Balance Sheet Statement
36 Summary of Balance Sheet Statement 30 September 31 March 2026 Particulars (in INR Crore) 2026 (audited) Equity and liabilities Equity Share Capital 24.65 24.65 Other Equity 183.57 162.48 Net Worth 208.22 187.13 Long-term Borrowings 38.86 8.15 Other Non-current Liabilities 3.79 2.71 Short-term Bor
Slide 38: Summary of Cash Flow Statement
37 Summary of Cash Flow Statement Particulars (in INR Crore) H1 FY27 H1 FY26 FY26 (audited) Cash Flow from Operating Activities 27.16 (10.90) (34.99) Cash Flow from Investing Activities (13.14) (21.65) (64.61) Cash Flow from Financing Activities 6.34 149.88 93.61 Net Cash Flows 20.37 117.33 (5.99) C
Slide 39: Revenue Breakdown by Business Vertical
38 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 9.35 Ver
Slide 40: Operational Volumes by Vertical
39 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 10 689 563 577 7 5 H1 FY26 H2 FY26 H1FY27 H1 FY26 H2 FY26 H1
Slide 41: Installed Base and Recurring Revenue Quality
40 Installed Base and Recurring Revenue Quality Half-yearly revenue, margin and earnings trajectory Cumulative Installed Base and Recurring Revenue Cummulative Installed Base in Metres Volumes New Installations (#) Ratio (%) (Assuming 65% Capacity Utilisation at Client End) : New installations per p
Slide 42: Management Commentary and Strategic Outlook
41 Management Commentary and Strategic Outlook H1 FY27 has been in line with our guidance of 20%+ revenue growth, with revenue from operations rising 21.1% year-on-year to INR 183.01 crore. The growth was volume-led. Sublimation paper volumes more than doubled to 9.97 crore metres, ink volumes grew
Slide 43: Strategic Capex Update
A N EW P AP ER M AN UF ACT UR ING 43 J OI NT V EN TU RE #8 WH Y IT M AT TERS: CL OSIN G 44 IN DI A’S PA PER IMP ORT GA P T HE PROJ ECT: SC AL E, 45 IN VESTM EN T AN D F UN DI NG AN EQU AL P AR TN ER SHI P, 46 BUIL T FOR SC AL E Strategic Capex Update Bac kwa rd Integra t ion i nto Pa per Ma nufa ct
Slide 44: A New Paper Manufacturing Joint Venture
43 A New Paper Manufacturing Joint Venture True Colors has announced a 50:50 joint venture to manufacture base and speciality paper, the primary raw material for its sublimation paper business. The venture takes the Company one step further up CONFIRMED TO THE EXCHANGES its own value chain. Producin
Slide 45: Closing India's Paper Import Gap
44 Closing India’s Paper Import Gap Sublimation paper is a consumable. Every metre of digital Import dependence, lower GSM paper textile printing consumes it, so demand compounds as India’s digital printing adoption grows. 70% to 75% sourced from outside India today India still imports an estimated
Slide 46: The Project: Scale, Investment And Funding
45 THE PROJECT: Scale, Investment And Funding PLANT AND PRODUCT INVESTMENT FUNDING & STRUCTURE Structure Pr oduc t ion capac it y Estimat ed pro ject c ost 50:50 joint venture, jointly controlled 8 to 10 Cr INR 320 to 340 Cr Funding Met r es of paper per mo nth Management est i mat e, subjec t Partn
Slide 47: An Equal Partnership, Built For Scale
46 An Equal Partnership, Built For Scale GOVERNANCE AND RISK The partner is Swastik Strategic Ventures LLP, a well established Surat Shared control and balanced governance between equal partners based group with a proven execution and project development record and a shared long term vision, bringin
Slide 48: Investment Merits
GR OW TH R OADMAP : TH REE 48 COM POUN DI NG VECT OR S #9 IN VESTM EN T CA SE 51 CA PIT AL MA RKETS OVERVIEW 52 Investment Merits
Slide 49: Growth Roadmap: Three Compounding Vectors (1)
48 Growth Roadmap: Three Compounding Vectors (1) INK MANUFACTURING Fro m Dis tribution to M anufac turing Tru e Co lors cu rre ntly op e rate s a n in k d istri bu tion b u sin es s. Th e Co mpa n y's in - h ou se ink ma n uf actu rin g in itia tiv e tra n sition s th is trad in g ve rtica l in to a
Slide 50: Growth Roadmap: Three Compounding Vectors (2)
49 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 51: Growth Roadmap: Three Compounding Vectors (3)
50 Growth Roadmap: Three Compounding Vectors (3) MACHINE BASE AND GEOGRAPHIC EXPANSION The Install ed Base Compounds Revenue E very ma ch in e ad d ed to th e in stall ed b as e ge n e ra te s yea rs of ca p tive con su ma bl es re v e n ue . G ro win g th e m ach in e cou n t is th e m ost p owe rf
Slide 52: Investment Case
51 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 53: Capital Markets Overview
52 Capital Markets Overview 1.41 Market Data Current Market Price INR 143.60 24.43 52 Week High / Low INR 271.95 / INR 125 Market Capitalization INR 354.04 Crore 5.27 No. of Shares Outstanding 2,46,54,600 Crore 68.89 BSE SME 544531 Shareholding data as of 30th September, 2026 | Market price data as
Slide 54: Get In Touch
53 Get In Touch True Colors Limited TIL Advisors Private Limited Javnika Gandharva Abhishek Mehra Company Secretary & Compliance Officer Investor Relations Advisor [email protected] [email protected] DISCLAIMER This document which has been prepared by True Colors Limited ("True Color