---
title: "True Colors Ltd (544531) — Share Price, Financials & Analysis"
symbol: "544531"
company: "True Colors Ltd"
canonical: "https://tapetide.com/stocks/544531"
isin: "INE1LDV01015"
nse_symbol: "TRUECOLORSLTD"
bse_code: "544531"
sector: "Capital Goods"
industry: "Industrial Products"
market_cap_cr: 369.8
generated_at: "2026-09-13T18:37:36.468Z"
---

# True Colors Ltd (544531)

Canonical page: https://tapetide.com/stocks/544531

## Company

- **NSE Symbol:** TRUECOLORSLTD
- **BSE Code:** 544531
- **ISIN:** INE1LDV01015
- **Sector:** Capital Goods
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2025-09-30
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** truecolorsgroup.com

## About

Incorporated in October 2021, True Colors Limited imports and distributes digital textile printers and supplies products for the digital textile printing industry.[1]

## Latest Price

## Key Fundamentals

Observed at 2026-09-11T04:40:57.849437Z.

- **Market Cap:** ₹369.8 Cr
- **Classification:** SME
- **P/E (reported):** 0
- **Book Value:** ₹66.65
- **Price to Book:** 2.25
- **Dividend Yield:** 0%
- **ROE:** 16.65%
- **ROCE:** 21.4%
- **Debt to Equity:** 0.25
- **Revenue (yearly):** ₹302.4 Cr
- **Net Income:** ₹31.2 Cr
- **EBITDA:** ₹47.2 Cr
- **52-Week High:** ₹271.95
- **52-Week Low:** ₹125
- **RSI (14):** 45.98

## Tapetide Score

- **Score:** 43 / 100
- **Score date:** 2026-09-04
- **Archetype:** Expensive and Under Pressure
- **What it means:** The multiple is demanding and the trend has turned against it, without the financial strength that would justify paying up. What matters is whether the de-rating stops at the multiple or starts showing up in the numbers.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Falling
- **Percentile:** 22.3 (of 4473 scored stocks)
- **Confidence:** 81%
- **Data coverage:** 62%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 64.81 | 9% |
| growth | 79.4 | 9% |
| momentum | 49.12 | 12% |
| ownership | 30.17 | 24% |
| quality | 54.24 | 22% |
| valuation | 27.87 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has a good return on equity (ROE) track record: 3 Years ROE 38.5%

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 91.8 to 135 days.
- Working capital days have increased from 39.0 days to 105 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -39.68% | 127.41% | -59.29% |
| ebitda margin growth | -11.1% | 70.04% | 105.12% |
| net income growth | 28.93% | 100% | — |
| revenue growth | 29.18% | 55% | 101.52% |
| roce | -53.68% | -38.47% | 48.8% |
| roe | -61.86% | 38.91% | -78.3% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Sales | 93 | 141 | 151 | 150 |
| Expenses | 86 | 108 | 128 | 126 |
| Operating Profit | 7 | 33 | 23 | 24 |
| OPM % | 7 | 23 | 15 | 16 |
| Other Income | 0 | 0 | 1 | 0 |
| Interest | 2 | 3 | 2 | 3 |
| Depreciation | 2 | 2 | 2 | 3 |
| Profit before tax | 3 | 29 | 19 | 18 |
| Tax % | 24 | 26 | 21 | 10 |
| Net Profit | 3 | 22 | 15 | 16 |
| EPS in Rs | 170.67 | 11.43 | 5.97 | 6.67 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 9 | 81 | 160 | 233 | 301 |
| Expenses | 8 | 75 | 146 | 193 | 254 |
| Operating Profit | 1 | 6 | 14 | 41 | 47 |
| OPM % | 8 | 7 | 9 | 18 | 16 |
| Other Income | 0 | 0 | 1 | 0 | 1 |
| Interest | 0 | 0 | 2 | 5 | 6 |
| Depreciation | 0 | 0 | 1 | 3 | 5 |
| Profit before tax | 1 | 5 | 11 | 32 | 37 |
| Tax % | 27 | 28 | 28 | 25 | 16 |
| Net Profit | 0 | 4 | 8 | 24 | 31 |
| EPS in Rs | 32.67 | 261.33 | 550 | 12.78 | 12.64 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.15 | 0.47 | 0.47 | 19 | 25 |
| Reserves | 0 | 6 | 14 | 37 | 162 |
| Borrowings | 0 | 20 | 57 | 48 | 46 |
| Other Liabilities | 10 | 19 | 35 | 52 | 54 |
| Total Liabilities | 11 | 46 | 106 | 155 | 287 |
| Fixed Assets | 0 | 0 | 40 | 47 | 80 |
| CWIP | 0 | 1 | 0 | 1 | 2 |
| Investments | 0 | 0 | 0 | 0 | 27 |
| Other Assets | 11 | 44 | 66 | 107 | 178 |
| Total Assets | 11 | 46 | 106 | 155 | 287 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0 | -20 | 9 | 9 | -35 |
| Cash from Investing Activity | 0 | -1 | -34 | -10 | -65 |
| Cash from Financing Activity | 0 | 22 | 29 | 3 | 94 |
| Net Cash Flow | 1 | 0 | 4 | 2 | -6 |
| Free Cash Flow | 0 | -22 | -24 | -3 | -73 |
| CFO/OP | 69 | -351 | 89 | 39 | -59 |

### Ratios

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 260 | 60 | 52 | 89 | 135 |
| Inventory Days | 44 | 65 | 88 | 96 | 84 |
| Days Payable | 373 | 58 | 82 | 100 | 86 |
| Cash Conversion Cycle | -68 | 67 | 58 | 85 | 133 |
| Working Capital Days | 1 | 23 | -25 | 37 | 105 |
| ROCE % | — | 43 | 28 | 44 | 26 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- |
| Promoters | 94.86% | 68.88% | 68.89% |
| FIIs | 0% | 2.3% | 0.77% |
| DIIs | 3.13% | 10.8% | 8.67% |
| Government | 0% | 0% | 0% |
| Public | 1.85% | 13.07% | 17.5% |
| Others | 0.16% | 4.95% | 4.18% |
| No. of Shareholders | 28 | 28 | 1591 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 149.82 | Sell |
| EMA (10) | 150.43 | Sell |
| SMA (20) | 150.93 | Sell |
| EMA (20) | 151.45 | Sell |
| SMA (50) | 155.51 | Sell |
| EMA (50) | 154.4 | Sell |
| SMA (100) | 161.5 | Sell |
| EMA (100) | 159.79 | Sell |
| SMA (200) | 174.14 | Sell |
| EMA (200) | 173.73 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 44.72 | Neutral |
| MACD (12,26,9) | -1.47 | Buy |
| Stochastic (14,3,3) | 54.76 | Neutral |
| ADX (14) | 19.65 | Neutral |
| Williams %R (14) | -49.73 | Neutral |
| ATR (14) | 5.1 | High Volatility |
| ROC (12) | -4.73 | Sell |
| Stoch RSI (14) | 45.89 | Neutral |
| UO (7,14,28) | 53.78 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-09 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e27c99bb-74c3-4067-8300-e3904c013a7f.pdf) |
| 2026-09-08 | [Notice Of 5Th Annual General Meeting Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8edbfeca-6204-4e10-b046-c4924efa1c31.pdf) |
| 2026-09-08 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b518c4b8-778f-4252-b9b8-577ff188cd1b.pdf) |
| 2026-09-03 | [Board Meeting Outcome for Outcome Of Board Meeting Of The Company Held On September 03 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=10fab7c3-a655-4c02-b948-3f610e79158c.pdf) |
| 2026-09-02 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bbaf1774-9763-40b9-987c-73df7d9396c6.pdf) |
| 2026-08-28 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=72ce2359-b32e-4480-8c1f-5b56fede3269.pdf) |
| 2026-08-28 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=491e8faa-7e2e-4ec0-b39e-6f7789fcda58.pdf) |
| 2026-08-27 | [NCLT Shareholder Meeting On Monday September 28 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=04655a75-2f25-47c9-b4e0-4601841d80e5.pdf) |
| 2026-08-19 | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015- Receipt Of Order From The HonBle National Company Law Tribunal Ahmedabad Bench In Relation To The Scheme Of Amalgamation (Merger By Absorption) Of Inkia Inks Private Limited (Transferor Com](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3b7dd762-d729-4c96-bc56-9590736917fc.pdf) |
| 2026-08-17 | [Announcement under Regulation 30 (LODR)-Joint Venture](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d3de1509-9ff6-4245-a59b-364c2b3c6d9e.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-05-26 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b835cfa6-d985-4ade-9509-3dbd975ad5e8.pdf) |
| 2025-11-17 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2b239455-40e4-478b-ad76-03e423602dc2.pdf) |
| 2025-11-07 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dd9691ca-3e56-45ee-9fba-732b6f9311bc.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-05-22 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5316fea1-f569-4ad9-b727-7c87c426ef74.pdf) |
| 2025-11-13 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d502f82a-04e2-428f-a79f-0b21e7f7cd49.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-05-21 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3bee5bed-3f3f-4ea2-85e6-3d54ba3061da.pdf) |
| 2026-05-21 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9b1365c3-1fef-43ce-98ad-7e77b678e6fe.pdf) |
| 2025-11-12 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=debff140-57e4-48df-b75c-c3452a778b13.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-05-20 | [Standalone Audited Financial Results For The Half Year And Year Ended March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c2e46fb9-1e30-4d64-91bc-d740b5cfde19.pdf) |
| 2025-11-10 | [Financial Result Of The Company For Half Year Ended On September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6da0c82e-44b6-4867-83bb-9740c24f7e78.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 9h - Inkia Inks will participate in FESPA Global Print Expo 2026 in Barcelona from 19-22 May, 2026. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015- Intimation Regarding Participation At FESPA Global Print Expo 2026, In Barcelona By Inkia Inks Private Limited, Group Company. 9h - Inkia Inks will participate in FESPA Global Print Expo 2026 in Barcelona from 19-22 May, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/3029afed-5780-4be6-9532-432c7ea8ae42.pdf) |
| 9 February 2026 - Q3 FY26 transcript: standalone revenue Rs202cr, EBITDA Rs27cr, PAT Rs14.7cr; consolidated revenue Rs212cr, EBITDA Rs28.5cr, PAT Rs15.5cr. | [Analysts/Institutional Investor Meet/Con. Call Updates 9 February 2026 - Q3 FY26 transcript: standalone revenue Rs202cr, EBITDA Rs27cr, PAT Rs14.7cr; consolidated revenue Rs212cr, EBITDA Rs28.5cr, PAT Rs15.5cr.](https://nsearchives.nseindia.com/corporate/SERVOTECH_09022026163133_NSEFINAL__4_.pdf) |
| 8 May - True Colors launched seven printing and packaging product lines on May 08, 2026. | [Intimation About New Product Launch 8 May - True Colors launched seven printing and packaging product lines on May 08, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/d3e5224f-3542-4301-b49d-f81847526117.pdf) |
| 8 Apr - Board approved object-clause change, borrowing powers and postal ballot on 8 Apr 2026. | [Board Meeting Outcome for Outcome Of Board Meeting Of The Company Held On April 08, 2026. 8 Apr - Board approved object-clause change, borrowing powers and postal ballot on 8 Apr 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/615c189f-2681-4961-90db-85e6bfd067dc.pdf) |
| 7 March 2026 - Servotech Renewable Power System Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed regarding voting results. | [Shareholders meeting 7 March 2026 - Servotech Renewable Power System Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed regarding voting results.](https://nsearchives.nseindia.com/corporate/SERVOTECH_07032026164450_NSE.pdf) |
| 7 Mar - Initiating 2.5 MW solar project commissioning from June 2026; total capacity ~4.5 MW; ~50 lakh kWh/year. | [Intimation Regarding Expansion Of Solar Power Capacity For Captive Energy Consumption 7 Mar - Initiating 2.5 MW solar project commissioning from June 2026; total capacity ~4.5 MW; ~50 lakh kWh/year.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/33d2eefe-d3cd-4a11-bf54-7d80fe56ad35.pdf) |
| 6 February 2026 - Dispatched postal ballot notice and e‑voting information; notice dated 04 Feb 2026. | [Copy of Newspaper Publication 6 February 2026 - Dispatched postal ballot notice and e‑voting information; notice dated 04 Feb 2026.](https://nsearchives.nseindia.com/corporate/SERVOTECH_06022026103111_NSEADV0602.pdf) |
| 4 February 2026 - Postal ballot (5 Feb–6 Mar 2026) to appoint Dr. Prabhat Kumar (09/12/25–08/12/28) and reappoint M. Kolandaivel (25/06/26–24/06/29). | [Shareholders meeting 4 February 2026 - Postal ballot (5 Feb–6 Mar 2026) to appoint Dr. Prabhat Kumar (09/12/25–08/12/28) and reappoint M. Kolandaivel (25/06/26–24/06/29).](https://nsearchives.nseindia.com/corporate/SERVOTECH_04022026163658_NOTICE_FOR_POSTAL_BALLOT__1_.pdf) |
| 30 Apr - True Colors confirms it is not a Large Corporate as of March 31, 2026. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - True Colors confirms it is not a Large Corporate as of March 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/603875a5-60a8-45dd-a58e-dd3049603b6c.pdf) |
| 30 Apr - True Colors confirms it is not a Large Corporate as of March 31, 2026. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - True Colors confirms it is not a Large Corporate as of March 31, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/603875a5-60a8-45dd-a58e-dd3049603b6c.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/SERVOTECH_29102024123957_NSEINV.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/SERVOTECH_30102024094635_NSEIN.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/SERVOTECH_30102024141054_NSEINVE2.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2b239455-40e4-478b-ad76-03e423602dc2.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/SERVOTECH_14112025161516_ilovepdf_merged__54_.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/SERVOTECH_05112024160402_NSETRAN.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://nsearchives.nseindia.com/corporate/SERVOTECH_06112023191830_TRANSCRIPT.pdf) |
| Nov 2021 | [Concall - Nov 2021](https://archives.nseindia.com/corporate/SERVOTECH_16112021101455_IP.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b835cfa6-d985-4ade-9509-3dbd975ad5e8.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/b835cfa6-d985-4ade-9509-3dbd975ad5e8.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/AR_28788_SERVOTECH_2024_2025_A_6169571_06092025174101.pdf) |
| from nse | [Financial Year 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25682_SERVOTECH_2023_2024_04092024164612.pdf) |
| from nse | [Financial Year 2023 from nse](https://archives.nseindia.com/annual_reports/AR_23818_SERVOTECH_2022_2023_07092023212507_09072023220006.zip) |
| from nse | [Financial Year 2022 from nse](https://archives.nseindia.com/annual_reports/AR_21633_SERVOTECH_2021_2022_07092022181454.zip) |
| from nse | [Financial Year 2021 from nse](https://archives.nseindia.com/annual_reports/AR_19608_SERVOTECH_2020_2021_07092021173050_09072021180018.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:37:36.468Z.