Transcript of Earnings Conference Call held on Monday, November 02, 2026 to discuss the unaudited standalone and consolidated financial result for half year ended on September 30, 2026.

Date: November 10, 2026 The Manager- Listing Department, BSE Limited P.J. Towers, Dalal Street, Fort, Mumbai- 400001, Maharashtra, India. Scrip ID/Code: TRUECOLORS/544531 Subject: Transcript of the Analysts/ Investors Earnings Call held on November 02, 2026. Reference: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further to our communication dated October 26, 2026 and November 02, 2026, please find enclosed the transcript of the Earning Conference Call held on Monday, November 02, 2026 at 11:00 A.M. (IST) to discuss the unaudited standalone and consolidated financial results of the Company for the half year ended September 30, 2026. The said Transcript is also available on the website of the Company at https://truecolorsgroup.com/ip- fy-26-27/. Please take the above intimation on your record. Thanking you. Yours Faithfully. For True Colors Limited (Formerly Known as True Colors Private Limited) Javanika Gandharva Company Secretary & Compliance Officer M. No.: A42880 True Colors Limited H1 FY '27 Earnings Conference Call November 02, 2026 Moderator: Ladies and gentlemen, good day and welcome to the H1 FY '27 Earnings Conference Call of True Colors Limited, hosted by TIL Advisors. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the opening remarks conclude. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Mehra from TIL Advisors. Thank you and over to you, Mr. Mehra. Abhishek Mehra: Good morning and welcome everyone, and thanks for joining this H1 FY ‘27 Earnings Conference Call of True Colors Limited. The investor updates have already been uploaded on the stock exchange and on the company website. In case you do not have a copy of the same, please feel free to reach out to us. To take us through the discussion, we have with us from the Management Team, Mr. Satish Panchani – Executive Director and Chief Executive Officer, Mr. Sagar Mulani – Executive Director and Chief Financial Officer and Javnika Gandharva – Company Secretary and Compliance Officer. We will be starting the call with a “Brief Overview” of the “Business and the Financial Performance” which will be followed by the Q&A session. I would like to remind you all that everything said in this call reflecting any outlook for the future which can be construed as a forward-looking statement must be viewed in conjunction with the risks and uncertainty that the company faces. With that said, I will now hand over the call to Mr. Satish Panchani for his opening comments. Over to you, sir. Satish Panchani: Thank you so much, Abhishek, and good morning everyone, and thank you for joining the True Colors Limited earning call for the 1st Half of FY ‘27. Our results and investor presentations are available on the BSE website, and I hope you have had the chance to go through them. Page 1 of 25 So this half-year is an important one for us for two reasons. First, it is the clearest evidence so far of how our business model works. The consumables we supply to our installed base are now driving both growth and profitability, and you can see that in our results. Second, we have announced the next major step in our journey, 50/50 joint venture that will make coated paper starting from pulp, taking us right back to the beginning of the paper value chain. I will take you through our performance, the compounding model behind it, Our CapEx and growth lever, the joint venture and the thinking behind it, and finally, how all of this comes together over the next few years. So let me begin with the numbers. At the start of the year, we guided for the revenue growth of more than 20%. I am pleased to report that we have delivered on that. Revenue from operation for H1 FY ‘27 stood at INR 183.01 crore. Up 21.1% from INR 151.11 crore in the same period last year. On a sequential basis, revenue grew 21.7% over the second half of FY ‘26. More importantly, profit grew much faster than revenue. Gross margin expanded by 405 basis points to 30.2%. EBITDA rose 40.1% to INR 32.34 crore, and the EBITDA margin improved by 240 basis points to 17.7%. Profit after tax grew 43.3% to INR 21.09 crore, with the PAT margin rising by 178 basis points to 11.5%. When profits grow at twice the rate of revenue, it tells you something about the quality of that revenue. The driver here is the richer business mix with the high-margin consumables forming a larger share of our sales. I will come back to this when I talk about our compounding model because it is the single most important feature of True Colors. Our growth this half year has been driven by volume. In sublimation paper, volume more than doubled to 9.97 crore meters, up from 4.92 crore meters in H1 FY ‘26. Paper revenue grew 79% to INR 51.81 crore. And paper is now our largest revenue line at 28% of the total. Our expanded coating capacity of 2 crore meters a month is already running at optimum utilization. Three years ago, we had 30 lakh meters a month of capacity only. In INKIA, ink volume grew 22% to 689 tons, and we are now supplying more than 150 tons a month to our customers. To put that in context, our average was about 58 tons a month in FY ‘24. This growth comes directly from our expanding installed base. In digital printing fabrics, volume rose 7% to 99.71 lakh meters, while revenue grew 25% to INR 49.12 crore on the better product mix. In machines, we installed 56 units in this half against 68 a year ago. As we have said before, machine sales are lumpy by nature and should be judged over a longer cycle. Our active installed base has grown 11% over the year to 956 machines, and that is the number that drives our recurring revenue. Page 2 of 25 I want to spend a moment on how our business works because it explains these results and why we are confident about the future. True Colors is India's only fully integrated digital textile printing ecosystem company. We sell and install machines from 5 to 6 global OEM partners. We supply the ink and sublimation paper those machines consume every day, and we run our own large-scale printing operations. The machine is just a starting point. Once the machine is installed, the warranty on the printhead, spare parts, and electronics is tied to the use of the ink that is supplied by True Colors. Beyond the warranty, digital printing is a make-to-order business. Customer designs are approved on specific color profile, and changing the ink, that change the colors. So customers stay with us and they place orders with us every day or every week. Our 60+ service engineers across India, India's main textile cluster, deepen that relation over the life of the machine. So this is why every installation add to a growing base of recurring revenue. In H1 FY ‘27, ink and paper contributed 56.2% of our revenue, which is up from 48.7% a year ago. Recurring revenue is now the largest part of our business, and it carries better margin than the machine sale. As the installed base grow, this share will continue to rise, and so will our profitability. That is the compounding at work. Last year I spoke openly about the pressure on our operating cash flow. It came from two things: we moved from our purchasing to domestic MSME suppliers who must be paid within 45 days, and the larger share of ink and machine business came with the advance payment terms. I am glad to report that this has turned around. We generated operating cash flow of INR 27.16 crore in H1 FY ‘27 against an outflow of INR 10.90 crore in the same period last year. Trade receivables were broadly stable at INR 116.03 crore, even at revenue grew by more than 20%. Cash and bank balance stood at INR 21.64 crore at the end of September, up from INR 1.27 crore in March. We have a clear way of gr [Showing first 8,000 characters — download PDF for full document]