True Colors
Book Building issueSMEBSE₹128 Cr issue
0.00%
Listing gain over issue price
Issue size
₹128 Cr
1 lot at cut-off
₹1,14,600
Lot size
600shares
Open
23 Sep 2025
Close
25 Sep 2025
Allotment
26 Sep 2025
Listing
30 Sep 2025
Listing performance
Issue price
₹191
Listed at
₹191
Listing-day close
₹183.05
Latest price
₹132.30
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
-30.73%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Sep 2025 – 25 Sep 2025
- Listing date
- 30 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹191 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹128 Cr
- Market cap at offer price
- ₹471 Cr
- Promoter holding
- 94.87% → 68.88% pre-issue → post-issue
- ISIN
- INE1LDV01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- P-8, GR Flr to 3rd Flr, Somakanjiini, Wadi Patel Line Khatodara, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 19,05,600 | — | — |
| Market maker | 3,36,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹191
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,14,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,31,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
19,05,600
Anchor portion
₹36.40 Cr
at ₹191 per share
Valuation and performance
Valuation at offer price
₹191 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.03 | 10.02 |
| P/E (×) | 14.66 | 19.06 |
| Price to book (×) | 6.53 | — |
| Market cap | — | ₹471 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 44.53%
- ROCE
- 35.94%
- Debt / equity
- 0.86
- PAT margin
- 5.15%
- EBITDA margin
- 17.48%
- NAV per share
- ₹29.26
- Price to book
- 6.53
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About True Colors
True Colors Limited, incorporated on October 9, 2021 and converted to a public limited company on February 28, 2025, operates in the digital textile printing industry across three key pillars: (1) Machinery & Ink Supply through import and distribution of high-quality wide format digital textile inkjet printers from globally recognized brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET, along with specialized digital textile printing inks including sublimation inks, reactive inks, and disperse inks; (2) Sublimation Paper Manufacturing & Supply with an in-house manufacturing unit ensuring consistent supply and quality control; and (3) Digital Textile Printing services providing job-work printing and custom-printed fabric supply. The company is registered in Surat, Gujarat and serves textile manufacturers, export houses and fabric dealers across India with installation services, spare parts, and after-sales support.
Company Analysis
from RHPTrue Colors Limited is engaged in the business of import and distribution of digital textile printers, manufacturing and supplying of products related to digital textile printing industry, and providing digital textile printing services.
True Colors Limited, incorporated on October 9, 2021 and converted to a public limited company on February 28, 2025, operates in the digital textile printing industry across three key pillars: (1) Machinery & Ink Supply through import and distribution of high-quality wide format digital textile inkjet printers from globally recognized brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET, along with specialized digital textile printing inks including sublimation inks, reactive inks, and disperse inks; (2) Sublimation Paper Manufacturing & Supply with an in-house manufacturing unit ensuring consistent supply and quality control; and (3) Digital Textile Printing services providing job-work printing and custom-printed fabric supply. The company is registered in Surat, Gujarat and serves textile manufacturers, export houses and fabric dealers across India with installation services, spare parts, and after-sales support.
digital textile printingtextile machinery distributionspecialty inks and chemicalspaper manufacturingfabric printing and supply
Objects of the Issue
- Funding working capital requirements of our company Upto ₹4,890.00 lakhs p.23
- Repayment/prepayment of all or certain of our borrowings availed of by our Company Upto ₹4,183.00 lakhs p.23
- General corporate purposes p.23
- Funding working capital requirements of our company Upto 4890.00 lakhs p.84
- Repayment/prepayment of all or certain of our borrowings availed of by our Company Upto 4183.00 lakhs p.84
- General corporate purposes p.84
- Capital expenditure for setting up a new facility for expansion of manufacturing capacity for digital textile printing and sublimation paper p.81
- Repayment and/or prepayment, in part of the company's total borrowings p.122
- General corporate purposes p.81
Issue Structure
- Total Issue
- Upto 66,99,600 equity shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Upto 56,99,600 equity shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Upto 10,00,000 equity shares aggregating to ₹ [●] Lakhs
- Price Band
- Price Band of a minimum price (Floor Price) of ₹ [●] and the maximum price (Cap Price) of ₹ [●]
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- per equity share
Business Model
The company generates revenue through three segments: (1) Trading of digital textile printers and inks - importing and distributing high-quality digital printers and specialized inks to textile businesses; (2) Manufacturing and supplying sublimation paper through an in-house unit for the digital textile printing process; and (3) Digital textile printing services including job-work printing on customer-supplied fabrics and manufacturing and supplying of custom-printed fabrics. Revenue from trading of ink and digital printing machines accounted for 43.50% of revenue from operations in Fiscal 2025.
Business Segments
Import and supply of specialized digital textile printing inks including sublimation inks for polyester fabrics, reactive inks for natural fibers such as cotton and silk, and disperse inks for direct-to-fabric printing on polyester materials
Import and distribution of high-quality wide format digital textile inkjet printers from globally recognized brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET with installation services, spare parts, and after-sales support
In-house manufacturing of sublimation paper, a critical component in the digital textile printing process, ensuring consistent supply to customers, quality control over printing materials and reduced dependency on third-party suppliers
Provision of digital textile printing services including job-work printing on fabrics supplied by clients and manufacturing and supplying of custom-printed fabrics to customers who prefer to outsource their printing needs
Sources and distributes digital textile printers and inks to local manufacturers, requiring payment to suppliers within 45-60 days while offering customers credit periods of 90-120 days; maintains 60-90 days of ink inventory
Engages in own manufacturing and job work with receivable cycles of around 90 days and inventory blockage of 40-60 days for fabrics in own manufacturing; payable terms are typically 50-60 days
Recently underwent significant expansion and continues to increase capacity with higher raw material requirements; payment and receivable cycles similar to other divisions but higher inventory holding requirements
Import and distribution of high-quality wide format digital textile inkjet printers from globally recognized brands such as Konica Minolta, Hopetech, Itten, Pengda and Skyjet with dealership agreements. Supply of specialized digital textile printing inks including sublimation inks, reactive inks, and disperse inks designed for various fabric types and printing applications. Provision of installation services, spare parts, and after-sales support.
In-house manufacturing of sublimation paper, a critical component in the digital textile printing process. Customizable GSM options ranging from 30 to 100 with widths from 36 to 72 inches. Supply to sublimation printing machine owners, distributors, resellers and other sublimation printing houses. Ensures consistent supply, quality control, and reduced dependency on third-party suppliers.
Provision of digital textile printing services including job-work printing on fabrics supplied by clients and printed fabric supply (printing and supplying of custom-printed fabrics). Covers sublimation printing for polyester fabrics, reactive printing for cotton and blended materials, both side fabric printing, position printing, fluorescent color applications, and position foil printing. Serves garment manufacturers, textile export houses, fashion designers, fabric traders, wholesalers, fashion e-commerce brands and export buyers.
Import and distribution of high-quality wide format digital textile inkjet printers from globally recognized brands such as KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET, and supply of specialized digital textile printing inks including sublimation inks, reactive inks, and disperse inks
In-house sublimation paper manufacturing unit for digital textile printing process, ensuring consistent supply and quality control
Direct provision of digital textile printing services including job-work printing on client-supplied fabrics and manufacture and supply of custom-printed fabrics
The company operates in the digital textile industry, manufacturing and trading digital textile printing machines, inks, sublimation paper, and digitally printed fabrics.
SWOT Analysis
Strengths
- • Established dealership agreements with multiple recognized global OEM brands(p.22)
- • In-house sublimation paper manufacturing capability(p.22)
- • Diversified product portfolio across machinery, ink, and printing services(p.22)
- • Strong revenue growth trajectory(p.25)
- • Rapid profit growth and improving profitability(p.25)
- • Growing customer base indicating market acceptance(p.31)
- • Strategic location in Surat, a major textile hub(p.38)
- • No past delays in order completion(p.46)
- • Established track record of project execution(p.94)
- • In-house manufacturing capabilities(p.94)
- • Experienced management team with domain knowledge(p.94)
- • Strong profitability metrics and RoNW(p.96)
- • Significant revenue growth trajectory(p.96)
- • Full-fledged integrated digital textile printing ecosystem spanning machinery distribution, consumables manufacturing, and printing services(p.114)
- • Nationwide geographic presence with strategic service hubs in key textile manufacturing centers(p.115)
- • Strong recurring revenue model from consumables (inks and sublimation paper) sold to customers using company machinery(p.117)
- • Low customer concentration with top 10 customers representing only 28.21% of FY2025 revenue, reducing business risk(p.118)
- • In-house sublimation paper manufacturing facility providing vertical integration and supply chain control(p.118)
- • Experienced promoter-led management team with over 12 years of digital textile printing industry expertise(p.119)
- • Strong margin improvement trajectory with EBITDA margin improving from 7% (FY2023) to 17.48% (FY2025)(p.121)
- • Advanced manufacturing facility with significant capacity installed for sublimation paper and textile printing(p.118)
- • Integrated digital textile printing solutions provider(p.178)
- • Established sublimation paper manufacturing unit(p.218)
- • Strong revenue and profit growth trajectory(p.219)
- • Diversified product portfolio including multiple ink types(p.218)
- • Significant improvement in EBITDA margins(p.219)
- • Strong revenue growth trajectory with 45.96% YoY increase in FY2025(p.227)
- • Significant PAT margin expansion to 10.85% in FY2025(p.229)
- • Capital investments yielding substantial returns with 188.15% growth in PBT(p.229)
- • Cost efficiency gains from solar implementation reducing energy costs by ₹1.1 crore(p.229)
- • Robust rebound in contribution margin with scalability improving profitability(p.229)
- • Established manufacturing capability for sublimation paper and digital textile printed fabrics(p.230)
Weaknesses
- • No long-term agreements with majority of customers, creating revenue vulnerability(p.30)
- • High concentration of revenue from top customers(p.31)
- • Heavy dependence on imports from specific geographies, particularly China and Japan(p.33)
- • Significant working capital requirements and high inventory holding(p.34)
- • Geographic concentration of sales in three states(p.35)
- • High debt levels and dependence on bank financing(p.34)
- • Historical compliance issues with GST and statutory filings(p.39)
- • Contingent liabilities from company guarantees(p.39)
- • High employee attrition rate in FY2025(p.47)
- • Dependence on third-party logistics providers without formal contracts(p.46)
- • No formal quality inspection of all items produced(p.47)
- • Inadequate insurance coverage potential(p.48)
- • Fund deployment not appraised by independent agencies(p.48)
- • Continued promoter control post-IPO(p.49)
- • Substantial reliance on related party transactions(p.46)
- • Dependence on key machinery suppliers (Konica Minolta represents 18.4% of FY2025 purchases)(p.131)
- • Geographic concentration with Gujarat accounting for 63.9% of FY2025 revenue(p.116)
- • Significant capital expenditure requirements for manufacturing facility maintenance and expansion(p.118)
- • Limited international presence with minimal export sales (0.40% of FY2025 revenue)(p.116)
- • High leverage and debt burden(p.214)
- • Current ratio below 1.0 indicating potential liquidity stress(p.219)
- • Significant dependence on HDFC Bank for financing(p.216)
- • Personal guarantees from promoters for company loans(p.164)
- • Losses transferred from partnership firm acquisition(p.172)
- • Increased dependence on borrowed funds with finance costs surging 128.60% in FY2025(p.229)
- • Litigation involving promoters in cheque dishonor cases creating potential reputation risk(p.236)
- • Outstanding GST demand notice of ₹4.54 crores with potential tax liability(p.235)
- • Significant working capital requirements with increased trade receivables of ₹3,362.91 lakhs in FY2025(p.231)
- • Asset concentration in manufacturing units with material plant and machinery base(p.240)
Opportunities
- • Strong industry growth outlook with high CAGR in digital textile printing(p.22)
- • Large untapped market with over 1,000 digital fabric printing services(p.22)
- • Growing adoption of high-speed dye-sublimation technology(p.22)
- • Expansion potential into new geographic regions beyond current concentration(p.35)
- • Growing preference for cost-effective and rapid textile printing solutions(p.22)
- • Expansion of working capital to improve credit terms and market positioning(p.86)
- • Capacity expansion in sublimation paper manufacturing(p.86)
- • Benefits of listing to enhance brand visibility(p.84)
- • Debt reduction enabling future capital raising at competitive rates(p.88)
- • Significant growth in global digital textile printing market projected to expand from $3.78 billion (2025) to $7.22 billion (2030) at 13.83% CAGR(p.107)
- • India's digital textile printing market expected to grow at 13% CAGR between 2023-2033 with over 1,000 service providers already operational(p.110)
- • Strong government policy support including 100% FDI automatic route in textile sector and multiple government schemes (SITP, TUFS, MITRA)(p.106)
- • Growing personalization trend in fashion industry enabling micro-brands and independent designers to offer customized clothing(p.107)
- • Expansion opportunity into new geographic regions within India where digital textile printing adoption is still emerging(p.120)
- • International expansion opportunity particularly in developing economies where digital printing adoption is still emerging(p.120)
- • Expected India textile exports to reach US$ 350 billion by 2030 with technical textiles market expanding to US$ 23.3 billion by 2027(p.106)
- • Rising industry adoption of digital textile printing(p.219)
- • Expansion of digital fabric supply business(p.218)
- • Scaling manufacturing capacity and operational expansion(p.218)
- • Leveraging strategic client relationships for growth(p.218)
- • Product innovation aligned with market trends(p.218)
- • Expansion into export markets with growing international demand(p.225)
- • Service revenue diversification with sale of services at ₹3,436.03 lakhs in FY2025(p.225)
- • Migration to BSE Main Board upon meeting financial criteria and retention of enterprise value(p.264)
- • Strategic capacity expansion through capital investments supporting market growth(p.227)
Threats
- • Raw material price volatility impacting margins(p.32)
- • Supply chain disruptions from geopolitical uncertainties in key import markets(p.33)
- • Rapid shifts in market trends and consumer preferences(p.33)
- • Seasonal fluctuations in business affecting revenue and cash flows(p.36)
- • Intense competition from domestic and international players(p.43)
- • Dependence on OEM cooperation and vulnerability to dealership termination(p.33)
- • Regulatory and compliance risk in international trade(p.33)
- • Local economic and environmental disruptions in concentrated sales regions(p.35)
- • Significant foreign exchange exposure on imports(p.46)
- • 35% of purchases denominated in foreign currency(p.46)
- • Risk of logistics service discontinuation(p.46)
- • Absence of comparable publicly listed peers(p.47)
- • Competition for skilled professionals(p.47)
- • Quality defects exposure to product liability claims(p.47)
- • Natural calamities and force majeure events(p.51)
- • Indian tax regime undergoing substantial changes(p.51)
- • General economic and regulatory risks in India(p.52)
- • Market price volatility post-listing(p.49)
- • Intense competition from both domestic and international players in digital textile printing market(p.138)
- • Rapid technological advancements requiring continuous R&D investment to maintain competitiveness(p.138)
- • Dependence on imported machinery and components creating vulnerability to global supply chain disruptions and forex fluctuations(p.131)
- • Global economic slowdown projected to reduce world GDP growth from 3.3% (2024) to 2.8% (2025) potentially impacting demand(p.102)
- • Fluctuations in raw material costs and input prices affecting profitability margins(p.135)
- • Potential disruption from traditional textile printing methods and alternative technologies(p.112)
- • Intense competition from multinational corporations and specialized firms(p.220)
- • Vulnerability to global economic volatility and market slowdowns(p.220)
- • Regulatory changes affecting operations(p.220)
- • Group company competition in similar business(p.167)
- • GST compliance disputes and contingent liabilities(p.207)
- • Business seasonality exposing revenue to cyclical demand fluctuations(p.233)
- • Competitive pressures from existing and potential market competitors(p.233)
- • Regulatory risks from GST disputes and potential adverse tax determinations(p.235)
- • Foreign exchange volatility affecting export profitability and competitiveness(p.228)
- • Supply chain and input cost inflation pressures with energy-intensive operations(p.232)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ashishkumar Durlbhbhai Mulani | Promoter/Promoter Selling Shareholder | 44,78,499 shares (23.63%) | — |
| Sanjay Raghubhai Desai | Promoter/Promoter Selling Shareholder | 44,78,499 shares (23.63%) | — |
| Sagarkumar Bipinbhai Mulani | Promoter/Promoter Selling Shareholder | 44,78,499 shares (23.63%) | — |
| Panchani Satishkumar Jayantibhai | Promoter/Promoter Selling Shareholder | 44,82,299 shares (23.65%) | — |
| Ashishkumar Durlbhbhai Mulani | Promoter Selling Shareholder | 44,78,499 (23.63%) | — |
| Sanjay Raghubhai Desai | Promoter Selling Shareholder | 44,78,499 (23.63%) | — |
| Sagarkumar Bipinbhai Mulani | Promoter Selling Shareholder | 44,78,499 (23.63%) | — |
| Panchani Satishkumar Jayantibhai | Promoter Selling Shareholder | 44,82,299 (23.65%) | — |
| Ashishkumar Durlbhbhai Mulani | Promoter | 23.63% | — |
| Sanjay Raghubhai Desai | Promoter | 23.63% | — |
| Sagarkumar Bipinbhai Mulani | Promoter | 23.63% | — |
| Panchani Satishkumar Jayantibhai | Promoter | 23.65% | — |
| Ashishkumar Durlbhbhai Mulani | Promoter | 23.66% | — |
| Sanjay Raghubhai Desai | Promoter | 23.66% | — |
| Sagarkumar Bipinbhai Mulani | Promoter | 23.66% | — |
| Panchani Satishkumar Jayantibhai | Promoter | 23.68% | — |
| Ashishkumar Durlbhbhai Mulani | Promoter Selling Shareholder | — | — |
| Sanjay Raghubhai Desai | Promoter Selling Shareholder | — | — |
| Sagarkumar Bipinbhai Mulani | Promoter Selling Shareholder | — | — |
| Panchani Satishkumar Jayantibhai | Promoter Selling Shareholder | — | — |
| Ashishkumar Durlbhbhai Mulani | Promoter Selling Shareholder | — | — |
| Sanjay Raghubhai Desai | Promoter Selling Shareholder | — | — |
| Sagarkumar Bipinbhai Mulani | Promoter Selling Shareholder | — | — |
| Panchani Satishkumar Jayantibhai | Promoter Selling Shareholder | — | — |
Leadership
Ashishkumar Durlbhbhai Mulani · Chairman
Sanjay Raghubhai Desai · Managing Director
Sagarkumar Bipinbhai Mulani · CFO
Satishkumar Jayantibhai Panchani · CEO
Gandharva Javanika · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Offer documents
True Colors IPO FAQs
What is the lot size of True Colors IPO?
The minimum lot size of True Colors IPO is 600 shares. One lot costs ₹1,14,600 at the cut-off price.
When does True Colors IPO open and close?
True Colors IPO opened for subscription on 23 Sep 2025 and closed on 25 Sep 2025.
What is the listing date of True Colors IPO?
True Colors IPO listed on 30 Sep 2025.