True Colors Limited - H1 FY26 Business Update

True Colors Limited is a fully integrated digital textile solutions provider, headquartered in Surat. The company operates across three synergistic verticals:

- Digital Textile Printers & Inks - Authorized distributor forleading global brands (Konica Minolta, Hopetech, ITTEN, Pengda, Skyjet).

- Sublimation Paper Manufacturing High-capacity in-house facility ensuring quality and supply reliability.

- Printing Services & Fabrics - Offering customized digital textile printing across polyester, cotton, viscose and more.

With this end-to-end business model, True Colors serves a wide client base including textile manufacturers, garment exporters, e-commerce brands, and fashion houses across India, while steadily expanding its global footprint.

H1 FY26 Performance Highlights

The company delivered a strong performance in H1 FY26 with revenue rising 64.8% YoY to Rs. 151.61 Cr from Rs. 92.02 Cr in H1 FY25. Growth was broad-based across segments, led by Ink & Machines, which nearly doubled to Rs. 83.33 Cr (+84.5% YoY), making it the largest revenue contributor.

The Printing Unit also posted impressive growth of 76.6% YoY, reaching Rs. 39.34 Cr, while Sublimation Paper maintained steady growth at Rs. 28.94 Cr (+17.8% YoY). Overall, the results highlight strong market demand, improved product adoption, and a well-diversified revenue base driving momentum into FY26.

Capacity Expansion

The Company has completed installation of a new sublimation paper coating line, with trial runs scheduled by the end of next month. Once stabilized, production capacity is expected to increase from ~1 crore to ~2 crore meters per month, supporting growing demand and market expansion.

Global Certifications Secured

- The Printing Division has achieved Global Recycled Standard (GRS) and OEKO-TEX® certifications. These milestones reinforce the Company's commitment to sustainability and quality.

- Facilitating entry into new export markets and strengthening global customer relationships.

International Exposure

Participated in Saudi Fashion & Textile Show 2025 (Jeddah, 25-28 Sept) - one of the largest textile industry events in MENA

Sustainability Initiatives

The Company has received approval from GEDA for an additional 1 MW rooftop solar plant at its factory. With an existing 1 MW already operational, this installation will double the total solar capacity to 2 MW. Commissioning is expected by mid-Q4 of this year, further supporting sustainable energy use and enhancing long-term cost efficiency.

Management Commentary on the Perfomance

"The first half of FY26 has been a period of steady progress and growth for True Colors. The digital textile printing industry in India continues to expand ata healthy pace, driven by rising demand for sustainable solutions, customization, and faster turnaround times. Aligned with this industry momentum, True Colors has strengthened its position with consistent revenue growth across all verticals. With capacity expansion underway, global certifications achieved, and greater focus on sustainability, we are confident of sustaining this growth trajectory. Looking ahead, we aim to deepen our presence in domestic and international markets, while continuing to invest in technology, efficiency, and people to capture emerging opportunities in the fast-evolving textile ecosystem."

Shares of True Colors Limited was last trading in BSE at Rs. 189.25 as compared to the previous close of Rs. 187.80. The total number of shares traded during the day was 247200 in over 205 trades.

The stock hit an intraday high of Rs. 191.00 and intraday low of 184.80. The net turnover during the day was Rs. 46482600.00.

Source : Equity Bulls

Keywords

TrueColors INE1LDV01015 IndustrialProducts BusinessUpdate H1FY26