True Colors

About the Company

True Colors is a fully integrated provider of digital textile printing solutions that uniquely combines the supply of high-end digital textile printing machines and compatible inks, in-house manufacturing of sublimation paper, and customized printing services and printed fabrics. Incorporated in October 2021 and converted to a public company in March 2025, the company operates across three core verticals: importing and distributing wide-format digital textile inkjet printers from globally recognized brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET; manufacturing sublimation paper in-house; and providing digital textile printing services including job-work printing and printed fabric supply. With 671 employees as of June 2025, True Colors delivers an end-to-end ecosystem positioning itself as a one-stop solution for modern, high-quality, and efficient textile printing needs across India.

Strengths

• Fully integrated business model covering machinery, consumables, manufacturing, and services in digital textile printing
• Established partnerships with globally recognized brands like KONICA MINOLTA, HOPETECH, ITTEN, PENGDA and SKYJET
• In-house sublimation paper manufacturing providing better margins and supply chain control
• Pan-India presence with offices in key textile hubs including Surat, Amritsar, Panipat, Ludhiana, Delhi, Erode, Mumbai, Tirupur, Kolkata, and Varanasi

Risks

• Heavy dependence on import of digital textile printing machines exposing company to foreign exchange fluctuations
• No long-term agreements with the majority of customers leading to order uncertainty and demand forecasting challenges
• Raw material price increases could adversely affect business operations and margins
• Primary India-focused presence limits international growth potential and exposes to domestic market saturation
• Highly competitive digital printing industry requiring constant innovation and R&D investment