---
title: "True Colors Ltd (544531) — Share Price, Financials & Analysis"
symbol: "544531"
company: "True Colors Ltd"
canonical: "https://tapetide.com/stocks/544531"
isin: "INE1LDV01015"
bse_code: "544531"
sector: "Capital Goods"
industry: "Industrial Products"
market_cap_cr: 362.58
generated_at: "2026-10-13T09:29:32.247Z"
---

# True Colors Ltd (544531)

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

## Company

- **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

- **Price:** ₹147.05
- **Change:** -1.75 (-1.18%)
- **Open:** ₹148.25
- **Day High:** ₹148.5
- **Day Low:** ₹147
- **Previous Close:** ₹148.8
- **Volume:** 9600
- **As Of:** 2026-10-13T09:26:22+00:00

## Key Fundamentals

Price-based figures as of 2026-10-13T14:56:22+05:30.

Observed at 2026-10-13T04:42:43.466098Z.

- **Market Cap:** ₹362.58 Cr
- **Classification:** SME
- **Book Value:** ₹75.9
- **Price to Book:** 1.94
- **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):** 49.52

## Tapetide Score

- **Score:** 45 / 100
- **Score date:** 2026-10-12
- **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:** 27.9 (of 4494 scored stocks)
- **Confidence:** 81%
- **Data coverage:** 62%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 65.18 | 9% |
| growth | 79.4 | 9% |
| momentum | 37.78 | 12% |
| ownership | 30.17 | 24% |
| quality | 54.24 | 22% |
| valuation | 30.85 | 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 | -482.4% | -476.24% | — |
| ebitda margin growth | -11.1% | 70.04% | 105.12% |
| net income growth | 28.93% | 100% | — |
| revenue growth | 29.18% | 55% | 101.52% |

## 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:** Sell
- **Buy / Neutral / Sell:** 3 / 7 / 9

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 147.54 | Buy |
| EMA (10) | 148.32 | Sell |
| SMA (20) | 148.33 | Sell |
| EMA (20) | 148.72 | Sell |
| SMA (50) | 151.28 | Sell |
| EMA (50) | 151.21 | Sell |
| SMA (100) | 153.32 | Sell |
| EMA (100) | 156.28 | Sell |
| SMA (200) | 165.68 | Sell |
| EMA (200) | 169.52 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 47.91 | Neutral |
| MACD (12,26,9) | -0.81 | Buy |
| Stochastic (14,3,3) | 44.01 | Neutral |
| ADX (14) | 14.14 | Neutral |
| Williams %R (14) | -62.78 | Neutral |
| ATR (14) | 4.99 | High Volatility |
| ROC (12) | 1.06 | Buy |
| Stoch RSI (14) | 60 | Neutral |
| UO (7,14,28) | 44.16 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-05-08 | [Intimation About New Product Launch](https://www.bseindia.com/xml-data/corpfiling/AttachLive/d3e5224f-3542-4301-b49d-f81847526117.pdf) |
| 2026-04-30 | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A](https://www.bseindia.com/xml-data/corpfiling/AttachHis/603875a5-60a8-45dd-a58e-dd3049603b6c.pdf) |
| 2026-04-30 | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A](https://www.bseindia.com/xml-data/corpfiling/AttachLive/603875a5-60a8-45dd-a58e-dd3049603b6c.pdf) |
| 2026-04-22 | [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.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/3029afed-5780-4be6-9532-432c7ea8ae42.pdf) |
| 2026-04-22 | [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.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/3029afed-5780-4be6-9532-432c7ea8ae42.pdf) |
| 2026-04-10 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/33f17350-1bcb-4f96-b980-d05861cc089f.pdf) |
| 2026-04-10 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fcf492de-b038-4b5a-884c-8831222bf286.pdf) |
| 2026-04-09 | [Shareholder Meeting / Postal Ballot-Notice of Postal Ballot](https://www.bseindia.com/xml-data/corpfiling/AttachHis/321ff6b2-cdf2-4a19-8904-1216c4b1048b.pdf) |
| 2026-04-08 | [Board Meeting Outcome for Outcome Of Board Meeting Of The Company Held On April 08, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/615c189f-2681-4961-90db-85e6bfd067dc.pdf) |
| 2026-03-27 | [Closure of Trading Window](https://www.bseindia.com/xml-data/corpfiling/AttachHis/221ad969-5519-4bb0-ad0a-68a488d1bba7.pdf) |

### Annual Reports

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

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9b1365c3-1fef-43ce-98ad-7e77b678e6fe.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b835cfa6-d985-4ade-9509-3dbd975ad5e8.pdf) |
| Feb 2026 | [Concall - Feb 2026](https://nsearchives.nseindia.com/corporate/SERVOTECH_09022026163133_NSEFINAL__4_.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2b239455-40e4-478b-ad76-03e423602dc2.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/SERVOTECH_14112025161516_ilovepdf_merged__54_.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://nsearchives.nseindia.com/corporate/SERVOTECH_07082025173748_Transcript.pdf) |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/SERVOTECH_13052025095512_NSEFinal.pdf) |
| Mar 2025 | [Concall - Mar 2025](https://nsearchives.nseindia.com/corporate/SERVOTECH_27032025110258_NSE.pdf) |
| Jan 2025 | [Concall - Jan 2025](https://nsearchives.nseindia.com/corporate/SERVOTECH_29012025101918_NSEtranscript.pdf) |
| Nov 2024 | [Concall - Nov 2024](https://nsearchives.nseindia.com/corporate/SERVOTECH_05112024160402_NSETRAN.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) |

### 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) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-09-23 | Credit rating update — Infomerics |
| 2024-07-05 | Credit rating update — Infomerics |
| 2023-09-27 | Credit rating update — CRISIL |
| 2023-04-20 | Credit rating update — Brickwork Ratings |
| 2023-02-21 | Credit rating update — Brickwork Ratings |
| 2022-12-30 | Credit rating update — CRISIL |

### 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) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-10-10 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=718948cd-1c83-4642-99de-10ea8999a2a9.pdf) |
| 2026-10-01 | [Shareholder Meeting / Postal Ballot-Scrutinizers Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=929fae30-1bf4-4e30-a57d-5f947633e631.pdf) |
| 2026-09-30 | [Shareholder Meeting / Postal Ballot-Outcome of AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4b21c23e-e8da-4aab-9544-230d72254cde.pdf) |
| 2026-09-28 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bf3a0898-8887-4231-9c32-86f3c2f7c35c.pdf) |
| 2026-09-28 | [Shareholder Meeting / Postal Ballot-Outcome of Court Convened Meeting](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e4b6a629-af5c-4965-b13e-ab63d83046cf.pdf) |
| 2026-09-28 | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f9a112cc-9de9-4c88-90e8-554dbe6d018d.pdf) |
| 2026-09-24 | [Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 - Change In Name Of Secretarial Auditor](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=16beb6fe-8a61-4614-9362-5412b0b79d02.pdf) |
| 2026-09-23 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=24ac938f-d8e7-4913-bb12-b9b72fa06672.pdf) |
| 2026-09-22 | [Corrigendum To Notice Of Meeting Of Equity Shareholders Of True Colors Limited Vide The Order Dated August 17 2026 (Order) In The Company Application No. C.A. (CAA) /30(AHM)2026 Issued By The HonBle National Company Law Tribunal Ahmedabad Bench](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cde7bbfc-fa09-4994-ba4f-8d936d1422c6.pdf) |
| 2026-09-09 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e27c99bb-74c3-4067-8300-e3904c013a7f.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) |

---

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 2026-10-13T09:29:32.247Z.