True Colors FY26: Scaling an integrated digital printing ecosystem, with profits rising alongside working capital strain
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Frequently Asked Questions
Revenue from operations was INR 301.55 crore, EBITDA was INR 46.98 crore (15.58% margin) and PAT was INR 31.16 crore (10.33% margin), as per the FY26 summary in the investor presentation.
FY26 revenue by vertical was Paper INR 66.79 crore, Inks INR 74.57 crore, Fabric INR 89.09 crore, Machines INR 60.94 crore and Others INR 10.16 crore. The presentation also groups Consumables (ink, paper and spares) at INR 151.52 crore (50.25% of FY26 revenue).
The company reported 900+ active machines in the field and said consumables contributed 50.25% of FY26 revenue, indicating a meaningful recurring revenue component from inks, paper and spares.
Installed sublimation paper capacity was 24 crore metres per year (2 crore metres per month). FY26 production was 12.45 crore metres, implying 51.88% utilisation, per the manufacturing infrastructure slide.
Phase 1 (FY27): 150 TPM production with INR 40-45 crore capex. Phase 2 (FY28): 500 TPM with INR 20-25 crore capex, including INKIA merger adding 80 TPM plus incremental additions. Phase 3 (long term): 1,000 TPM with INR 40-45 crore capex, as per the ink business expansion slide.
FY26 operating cash flow was -34.99 crore. Management attributed this to working-capital timing pressures from MSME payment rules requiring settlement within 45 days, a shift in vendor terms versus earlier import terms, and advance-payment terms for a growing share of Konica Minolta inks.
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