True Colors FY26 Revenue Rises 29.22% to INR 301.55 Cr
True Colors Limited announced its FY26 financial results, reporting a total revenue of INR 301.55 Cr, a 29.22% increase from the previous year. The EBITDA stood at INR 46.98 Cr with a margin of 15.58%, while the PAT margin was 10.33%. For H2 FY26, revenue was INR 150 Cr, with EBITDA and PAT margins of 16% and 11%, respectively. The company's recurring revenue from consumables was 50.25% of total revenue. Management emphasized the strategic shift to in-house ink manufacturing under the INKIA brand to enhance profitability.
*this image is generated using AI for illustrative purposes only.
True Colors Limited has announced its audited financial results for the fiscal year 2026 and the half-year ended March 31, 2026. The company, recognized as India's only fully integrated digital printing ecosystem, operates across machinery distribution, consumables manufacturing, and digital print services.
Financial Performance FY26
For the fiscal year 2026, True Colors Limited reported a total revenue of INR 301.55 Cr, representing a year-on-year growth of 29.22%. The company achieved an EBITDA of INR 46.98 Cr with an EBITDA margin of 15.58%. The Profit After Tax (PAT) margin stood at 10.33% for the period.
| Metric | Value |
|---|---|
| Total Revenue (FY26) | INR 301.55 Cr |
| YoY Revenue Growth | +29.22% |
| EBITDA (FY26) | INR 46.98 Cr |
| EBITDA Margin (FY26) | 15.58% |
| PAT Margin (FY26) | 10.33% |
H2 FY26 Performance
For the half-year ended March 31, 2026 (H2 FY26), the company reported a total revenue of INR 150 Cr, an increase of 6.86% compared to H2 FY25. The EBITDA margin for H2 FY26 was 16%, a decrease of 772 basis points versus the same period in the previous year. The PAT margin for the half-year stood at 11%, down by 446 basis points year-on-year. Earnings Per Share (EPS) for H2 FY26 was INR 7.54, declining by 2.84%.
Operational Highlights
The company's recurring revenue share for FY26 was 50.25%, amounting to INR 151.52 Crores derived from ink, sublimation paper, and spares. This recurring revenue model is supported by an active installed base of 900+ machines. True Colors holds approximately 16% to 18% share of India's digital fabric printing volumes.
Vertical Performance
Revenue breakdown by business vertical for FY26 shows varied growth across segments:
| Vertical | Revenue (FY26) | Growth vs FY25 |
|---|---|---|
| Machines | INR 60.94 Cr | +155.19% |
| Fabric | INR 89.09 Cr | +34.75% |
| Inks | INR 74.57 Cr | +4.30% |
| Paper | INR 66.79 Cr | +1.35% |
Strategic Outlook
Management highlighted the transition to in-house ink manufacturing under the INKIA brand as a significant step towards improving profitability. The company is also focused on increasing paper capacity utilisation. The digital textile printing market is projected to grow at a CAGR of 13.77% globally from 2025 to 2035, which the company aims to leverage through its integrated ecosystem.
How will the full ramp-up of INKIA in-house ink manufacturing impact True Colors' EBITDA margins over the next 2-3 fiscal years compared to the current 15.58%?
Given the 772 basis point EBITDA margin compression in H2 FY26, what cost pressures or pricing dynamics could persist and threaten margin recovery in FY27?
With machines revenue surging 155% in FY26, how sustainable is this growth trajectory, and what is the pipeline for new machine installations that could expand the active installed base beyond 900 units?
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