True Colors Limited IPO

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True Colors is a leading player in the digital textile printing industry, engaged in the import and distribution of digital textile printers, along with the manufacturing and supply of consumables related to digital textile printing. With a customer-centric approach and a robust ecosystem, True Colors aims to provide high-quality products and services to textile manufacturers, export houses, and fabric dealers across India.

Business Model

The company’s business model is built on manufacturing and trading, comprising three key pillars:

1. Machinery & Ink Supply (Import & Distribution)
True Colors imports and distributes high-quality wide-format digital textile inkjet printers from globally recognized brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA, and SKYJET. The company also imports and supplies specialized digital textile printing inks, including Sublimation Inks, Reactive Inks, and Disperse Inks, ensuring vibrant and durable prints for different fabric types.

2. Sublimation Paper Manufacturing & Supply
True Colors operates an in-house sublimation paper manufacturing unit, ensuring a consistent supply of quality sublimation papers. The papers are critical for sublimation printing applications, particularly in the textile industry, for printing on fabrics such as sportswear, activewear, swimwear, and corporate uniforms.

3. Digital Textile Printing
The company offers digital textile printing services, including job-work printing (printing on fabrics supplied by clients) and printed fabric supply (printing and supplying custom-printed fabrics). True Colors specializes in high-resolution, intricate designs and supports a wide range of end-use applications, including fashion apparel, home textiles, sportswear, and accessories.

Key Products and Services

True Colors offers a comprehensive product portfolio, including:

1) Digital Textile Printers: Direct belt inkjet printers, double-side inkjet printers, sublimation inkjet printers, heat transfer machines, pigment printers, and DTF printers.

2) Inks: High-performance inks tailored for different textile materials.

3) Sublimation Paper: Available in various GSM options and customizable sizes, the sublimation papers support a variety of end-use applications in the textile industry.

4) Printed Fabrics: Custom-printed fabrics for fashion apparel, home furnishings, and accessories.

Key Strengths

i) Full-Fledged Digital Textile Ecosystem: True Colors offers a comprehensive value chain, from importing machines to manufacturing consumables and providing printing services.

ii) Nationwide Presence and Service Support: The company has strategically located offices and service hubs across India, ensuring prompt support and supply.

iii) Reliable Customer Engagement and Recurring Revenue: True Colors fosters long-term customer relationships with a B2B model focused on recurring revenue from consumables.

iv) Advanced Manufacturing Facility and Supply Chain Control: The in-house sublimation paper facility ensures consistent quality, reliable supply, and cost efficiency

Objects of the True Colors Limited IPO:

Company proposes to utilize the Net Proceeds towards funding the following objects: 1. Funding working capital requirements of company (₹48.90 cr) 2. Repayment/prepayment of all or certain of borrowings (₹41.83 cr) 3. General corporate purposes.
DRHP of True Colors Limited IPO
RHP of True Colors Limited IPO

True Colors Limited IPO Details:

Open Date: Sep 23 2025
Close Date: Sep 25 2025
Total Shares: 66,99,600
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 127.96 Cr.
Lot Size: 600 Shares
Issue Price: ₹ 181-191 Per Equity Share
Listing At: BSE SME
Listing Date: Sep 30 2025

Promoters And Management:

1. Mr. Ashishkumar Durlbhbhai Mulani (39) is the Promoter, Chairman, and Executive Director of the Company. He completed his secondary education from Gujarat Secondary Education Board and a certificate course in AUTOCAD (2D & 3D) from Dhrum Design Care. With 12+ years of experience in the digital textile printing industry, he oversees workflow management, execution, and business development. Earlier, he worked with True Colors Impex as a proprietor. 2. Mr. Sanjay Raghubhai Desai (36) is the Promoter and Managing Director of the Company. A B.Tech (Mechatronics Engineering) graduate from Ganpat University, he has over 12 years of experience in the digital textile printing industry. He manages sales and marketing, expanding market reach and strengthening the international sourcing network. Previously a partner at True Colors Print, he was also appointed Chairman of the Laser and Screen-Printing Committee by SGCCI for FY 2024-25. 3. Mr. Sagarkumar Bipinbhai Mulani (35) is the Promoter and Executive Director of the Company. He holds a B.E. in Electronics and Communication from Veer Narmad South Gujarat University and certifications in Financial Analysis and Digital Innovations from upGrad, with ongoing training in Financial Modelling and Valuation at NSE Academy. With 12+ years of industry experience, he manages financial planning, budgeting, and fund management, while leading the sublimation paper and media coating division. He was earlier a partner at True Colors Print.

Financials of True Colors Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 233.65 160.08 80.66
EBITDA (Cr) 40.91 14.49 5.66
EBITDA Margins 17.48% 9.01% 7.00%
PAT (Cr) 24.69 8.24 3.91
PAT Margins 10.57% 5.15% 4.96%
ROCE 35.94% 18.56% 21.43%
Debt to Equity Ratio(In Times) 0.86 3.87 3.15
Operating Cash Flows (Cr) 5.61 9.3 -11.69

Comparison With Peers:

According to RHP their is no listed Peers of the Company Existed.

Lead Manager of True Colors Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of True Colors Limited IPO:

  1. Bigshare Services Private Limited

Discussion on True Colors Limited IPO:

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