MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-GJ-22-0138179
True Colors Limited
True Colors Limited - information technology in Surat, Gujarat, India. FY 2026 financials & compliance.
Market Cap
₹354 Cr
TRUECOLORS · BSE
Share Price
₹155.95
+8.60% today
Revenue
₹302 Cr
FY 2025-26 · +29.2% YoY
EBITDA
₹46.93 Cr
Margin 15.6%
Net Profit
₹31.26 Cr
FY 2025-26 · +26.3% YoY
ROE
25.7%
ROCE 25.5%
Debt / Equity
0.39
Interest cover 14.4x
Authorised capital
₹25 Cr
Registered with MCA
About True Colors Limited
Data last updated:
True Colors Limited is a public limited company based in Surat, Gujarat, India. It operates in the IT products retail and distribution segment of the technology and IT services sector. It was incorporated on 09 October 2021 and has been in existence for over 5 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L17299GJ2021PLC126265. Its GSTIN is 24AAICT9214A1ZN (Gujarat). The company holds 3 GST registrations, of which 2 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 544531.
The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹24.65 Cr. It is led by directors including Sanjay Raghubhai Desai (Managing Director) and Ashishkumar Durlbhbhai Mulani.
Its last annual general meeting (AGM) was held on 25 August 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at P – 8 Gr Flr To 3rd Flr Somakanjiini Wadi Patel Line Khatodara, Surat, Gujarat, India – 395002.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹301.55 Cr, a growth of 29.2% compared to the previous year. For the same year it recorded a net profit of ₹31.26 Cr (net margin 10.4%) and EBITDA of ₹46.93 Cr (EBITDA margin 15.6%). The net worth stands at ₹187.13 Cr (up 237.2% YoY). Total assets are valued at ₹234.6 Cr (up 126.2% YoY).
The company has about 490 employees on its provident fund (EPFO) records.
As per MCA filings, the company has open charges of ₹115.85 Cr and satisfied charges of ₹75.46 Lakh on record. The company has 9 deals on record (3 secondary share transfers, 2 market trades, 2 rights issues), with disclosed funding of ₹13.5 Cr; the latest was in October 2025.
True Colors Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-22-0138179). The current compliance status is marked as compliant by the Registrar of Companies.
Company details
CIN L17299GJ2021PLC126265
Registration Number 126265
Incorporation Date 09 October 2021
ROC Ahmedabad
Listing Status Listed - Listed on BSE (544531)
Company Status Active
Date of Last AGM 25 August 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-22-0138179
CIN history
True Colors has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L17299GJ2021PLC126265, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L17299GJ2021PLC126265 | Current |
| U17299GJ2021PLC126265 | Previous |
| U17299GJ2021PTC126265 | Previous |
Key People
Sanjay Raghubhai Desai Managing Director Ashishkumar Durlbhbhai Mulani Director Sagarkumar Bipinbhai Mulani Director Recognitions & Rankings of True Colors
Contact details
True Colors Limited's registered office is in Surat, Gujarat.
- Registered AddressP – 8 Gr Flr To 3rd Flr Somakanjiini Wadi Patel Line Khatodara, Surat, Gujarat, India – 395002
- IndustryInformation Technology, IT Products Retail & Distribution
Comprehensive company report
True Colors Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Business activity
The main business activity of True Colors is manufacturing. In detail, this covers plastic products, non-metallic mineral products, rubber products, fabricated metal products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C8 | Plastic products, non-metallic mineral products, rubber products, fabricated metal products |
To see the full business activity and turnover split of True Colors Limited, buy the company report.
Financials of True Colors Limited
FY 2025-26 filings availableTrue Colors Limited reported revenue of ₹301.55 Cr (up 29.2% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue
₹302 Cr
+29.2% YoY
EBITDA
₹46.93 Cr
+16.5% YoY
Profit After Tax
₹31.26 Cr
+26.3% YoY
Net Worth
₹187 Cr
+237.2% YoY
Total Assets
₹235 Cr
+126.2% YoY
Total Debt
₹45.96 Cr
-3.3% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 302 | 233 | 160 | 80.66 | 9.04 |
| Revenue growth | +29.2% | +45.8% | +98.5% | +792.3% | - |
| EBITDA | 46.93 | 40.30 | 13.96 | 5.57 | 0.68 |
| EBITDA margin | +15.6% | +17.3% | +8.7% | +6.9% | +7.5% |
| Profit before tax | 36.97 | 32.45 | 11.48 | 5.46 | 0.67 |
| Net profit | 31.26 | 24.75 | 8.25 | 3.91 | 0.49 |
| Net profit margin | +10.4% | +10.6% | +5.2% | +4.9% | +5.4% |
| EPS (₹) | 12.64 | 12.78 | 174.51 | 82.92 | 32.95 |
| Balance sheet | |||||
| Total assets | 235 | 104 | 71.72 | 26.51 | 0.65 |
| Net worth | 187 | 55.50 | 14.61 | 6.37 | 0.64 |
| Total debt | 45.96 | 47.51 | 56.55 | 20.04 | 0.00 |
| Cash & bank | 1.27 | 7.26 | 5.05 | 0.57 | 0.62 |
| Net working capital | 125 | 55.72 | 27.47 | 15.53 | 0.66 |
| Cash flow | |||||
| Cash from operations | (34.99) | 9.15 | 9.30 | (20.47) | 0.48 |
| Cash from investing | (64.61) | (9.81) | (33.58) | (1.23) | 0.00 |
| Cash from financing | 93.61 | 2.87 | 28.76 | 21.65 | 0.14 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 02 Nov 2026
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Revenue | 302 | 233 | 160 | 80.66 | 9.04 |
| Revenue growth | +29.2% | +45.8% | +98.5% | +792.3% | - |
| Other income | 0.86 | 0.69 | 0.83 | 0.27 | 0.01 |
| Total expenses | 255 | 193 | 146 | 75.09 | 8.36 |
| Employee cost | 31.61 | 19.57 | 9.20 | 5.88 | 0.15 |
| EBITDA | 46.93 | 40.30 | 13.96 | 5.57 | 0.68 |
| EBITDA margin | +15.6% | +17.3% | +8.7% | +6.9% | +7.5% |
| Depreciation | 4.73 | 3.43 | 1.18 | 0.01 | 0.00 |
| Interest | 6.09 | 5.11 | 2.13 | 0.37 | 0.02 |
| Profit before tax | 36.97 | 32.45 | 11.48 | 5.46 | 0.67 |
| Tax | 5.82 | 8.23 | 3.23 | 1.55 | 0.18 |
| Net profit | 31.26 | 24.75 | 8.25 | 3.91 | 0.49 |
| Net profit margin | +10.4% | +10.6% | +5.2% | +4.9% | +5.4% |
| EPS (₹) | 12.64 | 12.78 | 174.51 | 82.92 | 32.95 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Equity & liabilities | |||||
| Share capital | 24.65 | 18.96 | 0.47 | 0.47 | 0.15 |
| Reserves & surplus | 162 | 36.54 | 14.14 | 5.90 | 0.49 |
| Shareholders' funds (net worth) | 187 | 55.50 | 14.61 | 6.37 | 0.64 |
| Secured loans | 45.90 | 47.51 | 44.41 | 16.30 | 0.00 |
| Unsecured loans | 0.06 | 0.00 | 12.14 | 3.74 | 0.00 |
| Total debt | 45.96 | 47.51 | 56.55 | 20.04 | 0.00 |
| Total liabilities | 235 | 104 | 71.72 | 26.51 | 0.65 |
| Assets | |||||
| Gross block | 88.97 | 51.94 | 41.02 | 0.05 | 0.00 |
| Net block | 79.63 | 47.32 | 39.74 | 0.04 | 0.00 |
| Capital work in progress | 2.11 | 0.77 | 0.00 | 1.19 | 0.00 |
| Investments | 27.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 42.99 | 35.91 | 26.49 | 10.46 | 0.94 |
| Sundry debtors | 111 | 56.60 | 22.97 | 13.34 | 6.45 |
| Cash & bank balances | 1.27 | 7.26 | 5.05 | 0.57 | 0.62 |
| Loans & advances | 20.88 | 5.87 | 6.55 | 10.18 | 2.64 |
| Total current assets | 176 | 106 | 61.06 | 34.55 | 10.65 |
| Total current liabilities | 50.85 | 49.92 | 33.59 | 19.02 | 9.99 |
| Net working capital | 125 | 55.72 | 27.47 | 15.53 | 0.66 |
| Total assets | 235 | 104 | 71.72 | 26.51 | 0.65 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Opening cash | 7.26 | 5.05 | 0.57 | 0.62 | 0.00 |
| Net cash from operating activities | (34.99) | 9.15 | 9.30 | (20.47) | 0.48 |
| Net cash from investing activities | (64.61) | (9.81) | (33.58) | (1.23) | 0.00 |
| Net cash from financing activities | 93.61 | 2.87 | 28.76 | 21.65 | 0.14 |
| Net change in cash | (5.99) | 2.21 | 4.48 | (0.05) | 0.62 |
| Closing cash | 1.27 | 7.26 | 5.05 | 0.57 | 0.62 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|---|
| Growth | |||||
| Sales growth | +29.2% | +45.8% | +98.5% | +792.3% | - |
| EBITDA growth | +16.5% | +188.7% | +150.6% | +719.1% | - |
| PBT growth | +13.9% | +182.7% | +110.3% | +714.9% | +9997.0% |
| Net income growth | +26.3% | +200.0% | +111.0% | +698.0% | - |
| Revenue CAGR (3Y) | +55.2% | +195.6% | - | - | - |
| EBITDA CAGR (3Y) | +103.5% | +289.9% | - | - | - |
| Profitability & leverage | |||||
| Net income margin | +10.3% | +10.4% | +5.2% | +4.9% | +5.4% |
| Return on capital employed | +25.5% | +42.8% | +27.7% | +43.0% | +107.8% |
| Return on net worth | +25.7% | +69.1% | +78.7% | +111.8% | +76.6% |
| Debt / equity | 0.39 | 1.48 | 3.65 | 2.86 | 0.00 |
| Long-term debt / equity | 0.13 | 0.66 | 1.60 | 1.46 | 0.00 |
| Interest cover | 14.43 | 13.86 | 16.67 | 6.65 | 2.94 |
| Efficiency & per share | |||||
| Fixed asset turnover | 4.28 | 5.02 | 7.80 | 3,226.40 | 0.00 |
| Inventory turnover | 7.64 | 7.48 | 8.66 | 14.15 | 9.62 |
| Debtors turnover | 3.60 | 5.87 | 8.82 | 8.15 | 1.40 |
| EPS (₹) | 12.64 | 12.78 | 174.51 | 82.92 | 32.95 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 75.90 | 29.27 | 309.29 | 134.77 | 42.95 |
To see the full year-wise statements and ratios of True Colors Limited, buy the company report.
Board of directors of True Colors Limited
True Colors has 7 current directors and 4 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ashishkumar Durlbhbhai Mulani Also directs: True Colors Advance Materials Private Limited | Director | 09 Oct 2021 | 5 Years 0 Months | Current |
| Sagarkumar Bipinbhai Mulani Also directs: True Colors Advance Materials Private Limited, Inkia Inks Private Limited, Athrees Electronics Private Limited and 2 more | Director | 19 Feb 2025 | 1 Years 8 Months | Current |
| Sanjay Raghubhai Desai Also directs: Inkia Inks Private Limited, Athrees Electronics Private Limited | Managing Director | 09 Oct 2021 | 5 Years 0 Months | Current |
| Satishkumar Jayantibhai Panchani Also directs: Fabcurate Private Limited | Director | 19 Feb 2025 | 1 Years 8 Months | Current |
| Charmi Soni | Director | 11 Mar 2025 | 1 Years 7 Months | Current |
| Bhavesh Vinodchandra Singapuri | Director | 11 Mar 2025 | 1 Years 7 Months | Current |
Showing 6 of 7 current directors. View all directors
Charges & borrowings
Open charges
₹115.85 Cr
Satisfied charges
₹75.46 Lakh
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 14 Jul 2026 | 101334171 | Hdfc Bank Limited | ₹7.94 Cr | Open | |
| 10 Jul 2026 | 101345930 | Hdfc Bank Limited | ₹7.94 Cr | Open | |
| 03 Oct 2022 | 100625519 | Hdfc Bank Limited | ₹99.97 Cr | Open | |
| 28 Oct 2024 | 100995846 | Hdfc Bank Limited | ₹20 Lakh | Satisfied | |
| 22 Oct 2024 | 100992696 | Hdfc Bank Limited | ₹18.46 Lakh | Satisfied |
To see the full charge records of True Colors Limited, buy the company report.
Total charge records: 6 View all charges
Deals & funding
True Colors Limited has 9 deals on record (3 secondary share transfers, 2 market trades, 2 rights issues), with disclosed funding of ₹13.5 Cr; the latest was in October 2025.
Total deals
9
Secondary share transfers
3
Market trades
2
Rights issues
2
Funding round
1
Disclosed funding
₹13.5 Cr
Deals on record (5 of 9)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2025 | Market trade | ₹4.06 Cr | Buyer: Royal Alpha Opportunity Fund |
| Sep 2025 | Market trade | ₹15.89 Cr | Buyer: Niveshaay Hedgehogs Fund, Finavenue Growth Fund, Neo Apex Venture LLP |
| Sep 2025 | IPO | ₹127.96 Cr | Investors: IPO Shareholders-True Colors Limited, Niveshaay, Santosh Industries Ltd Seller: 4 individuals |
| Sep 2025 | Secondary share transfer | Undisclosed | Buyer: Swara Ventures LLP , an individual Seller: 4 individuals |
| Mar 2025 | Funding round | ₹13.5 Cr | Investors: Niveshaay, Finavenue Growth Fund, 2 individuals |
To see the full deal history of True Colors Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
No court or tribunal cases involving True Colors Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for True Colors Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
True Colors has 3 GST registrations: 2 active and 1 cancelled or inactive.
Total GSTINs
3
Active
2
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAICT9214A1ZN | Gujarat | Active | 13 Jan 2022 |
| 09AAICT9214A1ZF | Uttar Pradesh | Active | 11 May 2024 |
To see the full GST registrations and return filing status of True Colors Limited, buy the company report.
Recent activity
True Colors Limited has 11 board changes on record since 2021: 7 appointments and 4 cessations. The latest: Bhavesh Vinodchandra Singapuri was appointed as Director on 11 Mar 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 7.94 Cr with Charge ID 101334171 was registered on 14 Jul 2026.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 7.94 Cr with Charge ID 101345930 was registered on 10 Jul 2026.
Charges
A charge with Hdfc Bank Limited of Rs. 99.97 Cr registered on 03 Oct 2022 with Charge ID 100625519 was modified on 10 Jul 2026.
Filing
True Colors Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Charges
A charge registered on 22 Oct 2024 via Charge ID 100992696 with Hdfc Bank Limited was fully satisfied on 25 Nov 2025.
Charges
A charge registered on 28 Oct 2024 via Charge ID 100995846 with Hdfc Bank Limited was fully satisfied on 17 Oct 2025.
Charges
A charge registered on 09 Oct 2024 via Charge ID 100986055 with Hdfc Bank Limited was fully satisfied on 17 Oct 2025.
AGM
True Colors Limited last Annual general meeting of members was held on 25 Aug 2025 as per latest MCA records.
Appointed
Bhavesh Vinodchandra Singapuri was appointed as Director.
Appointed
Charmi Soni was appointed as Director.
Appointed
Nanty Nalinbhai Shah was appointed as Director.
Appointed
Sagarkumar Bipinbhai Mulani was appointed as Director.
12 earlier events are in the company report.
News
Frequently asked questions
True Colors is an active public limited company based in Surat, Gujarat, India. The company works in IT products retail and distribution, within the information technology industry. It was incorporated on 09 October 2021 (5+ years old) and is registered under CIN L17299GJ2021PLC126265. Listed on BSE: 544531.
True Colors reported revenue of ₹301.55 Cr for FY 2025-26 (up 29.2% YoY) based on standalone financials.
True Colors has 7 current directors:
- Sanjay Raghubhai Desai - Managing Director
- Ashishkumar Durlbhbhai Mulani - Director
- Sagarkumar Bipinbhai Mulani - Director
- Satishkumar Jayantibhai Panchani - Director
- Charmi Soni - Director
- Bhavesh Vinodchandra Singapuri - Director
- Nanty Nalinbhai Shah - Director
The latest financial statements of True Colors on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 25 August 2025. Year-wise statements from FY 2022 are in the company report.
The GSTIN of True Colors is 24AAICT9214A1ZN, registered in Gujarat. The company has 3 GST registrations in all, of which 2 are active and 1 is cancelled or inactive. Other active GSTINs include 09AAICT9214A1ZF (Uttar Pradesh).
The CIN (Corporate Identification Number) of True Colors is L17299GJ2021PLC126265. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. True Colors is a listed company as per MCA records. Its shares are listed on BSE (code: 544531).
True Colors was incorporated on 09 October 2021, making it 5+ years old. It is registered with the Registrar of Companies, Ahmedabad.
True Colors has 9 deals on record (3 secondary share transfers, 2 market trades, 2 rights issues), with disclosed funding of ₹13.5 Cr; the latest was in October 2025.
Bhavesh Vinodchandra Singapuri was appointed as Director on 11 Mar 2025. Charmi Soni was appointed as Director on 11 Mar 2025. Nanty Nalinbhai Shah was appointed as Director on 11 Mar 2025. True Colors has 11 board changes on record in total.
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