True Colors H1 profit rises 43% as revenue reaches Rs 183 crore

True Colors Limited reported unaudited consolidated net profit of Rs 21.0858 crore for the half year ended September 30, 2026, up 43% from Rs 14.7163 crore a year earlier. Revenue from operations rose 21% to Rs 183.0075 crore, while total income increased by more than total expenses.

How much profit did True Colors report in H1 2026?

True Colors reported net profit of Rs 21.0858 crore for the half year ended September 30, 2026, compared with Rs 14.7163 crore in the half year ended September 30, 2025. The increase was Rs 6.3695 crore, or about 43%, and followed a profit before tax rise to Rs 26.8496 crore from Rs 18.6733 crore.

Revenue from operations increased by Rs 31.8939 crore year on year to Rs 183.0075 crore from Rs 151.1136 crore. Other income fell to Rs 28.49 lakh from Rs 50.59 lakh, but total income still rose to Rs 183.2924 crore from Rs 151.6195 crore, showing that the increase came from operations rather than other income.

True Colors also improved against the immediately preceding half year ended March 31, 2026, when it posted net profit of Rs 16.44 crore and revenue from operations of Rs 150.4338 crore. Basic and diluted earnings per share were Rs 8.55 in the September 2026 half year, compared with Rs 7.76 a year earlier and Rs 7.54 in the preceding half year; the filing says half-year earnings per share are not annualised.

What drove True Colors’ higher H1 profit?

True Colors’ higher profit reflected a Rs 31.6729 crore increase in total income, which exceeded the Rs 23.4626 crore increase in total expenses from the year-earlier half. Total expenses reached Rs 156.3204 crore in the half year ended September 30, 2026, versus Rs 132.8578 crore in the corresponding 2025 period, producing a Rs 8.1763 crore increase in profit before tax.

Purchases of stock-in-trade were the largest reported expense at Rs 66.3265 crore, up from Rs 63.2359 crore a year earlier. Cost of materials consumed rose to Rs 54.9367 crore from Rs 29.4092 crore. Those two cost lines together amounted to Rs 121.2632 crore, compared with Rs 92.6451 crore in the half year ended September 30, 2025.

Employee benefit expense increased to Rs 22.511 crore from Rs 15.4431 crore, while depreciation and amortisation rose to Rs 3.2996 crore from Rs 1.9849 crore. Direct expenses declined to Rs 9.6054 crore from Rs 12.73 crore, and the inventory-change line was negative Rs 9.5255 crore, compared with a positive Rs 2.1342 crore a year earlier, reducing total reported expenses in the latest period.

How did tax and finance costs affect True Colors’ result?

True Colors recorded tax expense of Rs 5.7638 crore for the half year ended September 30, 2026, up from Rs 3.957 crore in the corresponding prior-year period. Current tax was Rs 4.8814 crore and deferred tax expense was Rs 88.24 lakh, whereas the September 2025 half year contained a deferred tax asset of Rs 20.09 lakh.

Finance costs declined to Rs 2.195 crore from Rs 2.4691 crore a year earlier and from Rs 2.9306 crore in the half year ended March 31, 2026. Prior-period expenses were Rs 12.24 lakh, compared with Rs 8.84 lakh in the September 2025 half year, while the results reported no extraordinary items or discontinued operations.

What changed in True Colors’ balance sheet?

True Colors’ total assets rose to Rs 339.1494 crore at September 30, 2026, from Rs 286.6582 crore at March 31, 2026. Current assets increased to Rs 224.9386 crore from Rs 179.3016 crore, including cash and cash equivalents of Rs 21.6356 crore, up from Rs 1.2702 crore.

Inventories increased to Rs 61.5371 crore from Rs 42.9907 crore, while trade receivables rose to Rs 116.0259 crore from Rs 111.1221 crore. Property, plant and equipment increased to Rs 97.2204 crore from Rs 79.6087 crore, and capital work-in-progress rose to Rs 13.9581 crore from Rs 2.1138 crore.

Long-term borrowings increased to Rs 38.8585 crore at September 30, 2026, from Rs 8.1493 crore at March 31, 2026. Short-term borrowings moved lower to Rs 15.6186 crore from Rs 37.8133 crore, while total current liabilities were Rs 88.2807 crore, compared with Rs 88.66 crore at the prior financial year-end.

Did consolidation change True Colors’ H1 2026 results?

Consolidation did not change True Colors’ H1 2026 figures because its joint venture, incorporated on September 15, 2026, had no assets, liabilities, income or expenditure at September 30, 2026. The filing therefore states that the standalone and consolidated financial results for the period were identical.

True Colors invested Rs 5 lakh in the joint venture in October 2026, after the September 30 reporting date. The company said it had no subsidiary or associate as of September 30, 2026, and identified one reportable segment under Accounting Standard 17, which covers segment reporting.

The consolidated results were subject to a limited review by Lakhankiya & Dosi LLP, dated October 30, 2026. The reviewer said nothing had come to its attention indicating that the unaudited statement failed to meet applicable accounting standards or required disclosure rules; a limited review provides moderate assurance and is not an audit opinion.

Conclusion

True Colors’ half-year result combined a 21% increase in revenue from operations to Rs 183.0075 crore with a 43% increase in net profit to Rs 21.0858 crore. Total income increased by Rs 31.6729 crore while total expenses rose by Rs 23.4626 crore, despite higher material, employee and depreciation expenses.

The disclosed development to watch next is the Rs 5 lakh investment made in the joint venture during October 2026. As the venture had no activity at September 30, 2026, it had no effect on the reported half-year figures, and the filing does not disclose any later operating or financial contribution.