Colorbar is the rare brand that hands you the evidence itself. Its website hosts five years of its own annual returns — the MGT-7 filings every Indian company sends the Registrar of Companies, which report standalone company turnover. It is the first brand this site has audited that publishes its own statutory returns on its own website.
This audit reads those filings, the brand’s own product declarations, and the ₹399 kajal against the ₹449 lipstick, gram for gram.
Colorbar is founder-owned — Samir and Shivani Modi hold 100% of the voting equity — and its standalone turnover in its filed annual return was ₹329.82 crore in FY25 (₹349.17 crore in FY24). Its hero 24hrs foundation and Intensely Rich kajal are declared made in Colorbar’s own Indian plants; some ranges are imported. The ₹449 Velvet Matte lipstick is fair value at ₹106.90 per gram; the ₹399 Mesmereyes kajal, at roughly ₹1,140 per gram, is poor value.
Snapshot
- Founded
- 2 April 2004, New Delhi, as Colorbar Cosmetics Private Limited
- Owner
- Samir Krishan Modi and Shivani Modi — 100% of the equity, per the company’s FY25 annual return
- Filed turnover
- ₹329.82 crore in FY25 and ₹349.17 crore in FY24 (standalone, per the annual returns)
- Made in
- Own plants at Pantnagar (Uttarakhand) and Asangaon (Thane); some ranges imported
- Price band
- ₹199 to ₹2,200 across 222 products on the brand site (checked 2 September 2026)
- Cruelty-free
- Listed in PETA’s own directory; the listing page was last updated 19 June 2020
How it started
Before Colorbar, Samir Modi was running the cosmetics business at Modicare, the Modi family’s direct-selling company, and was unhappy with what Indian factories could make. So he went to Cosmoprof, the trade fair in Italy, to find the contract manufacturers who supply global luxury brands. Colorbar was incorporated in New Delhi on 2 April 2004; the brand says it launched with 16 lipsticks and 16 nail lacquers.
The early arc was steady: about ₹30 crore of revenue in 2010, ₹60 crore in 2012, and a “₹100 crore brand” by 2013, when Forbes India ranked it India’s fifth-largest colour-cosmetics brand with about 5% of the market. That 2014 piece remains the most recent independent ranking we found.
On ownership, the register is unusually clear. The FY25 annual return shows all 11,815 equity shares held personally by Samir Modi and Shivani Modi, with no holding company declared. The press routinely files Colorbar under Modi Enterprises, the family group that also runs Modicare and 24Seven, and Samir Modi does run them side by side. But no group entity holds equity in anything we read. On the record, this is a promoter-owned independent, not a conglomerate subsidiary.
The FY25 return also shows ₹152.35 crore of preference capital held by ten body corporates that the return does not name. Nothing we read gives them voting control, so this audit calls Colorbar founder-owned, with that preference capital noted alongside the word “independent”.
What they actually make
The brand site listed 222 products when we checked on 2 September 2026 — lipsticks, kajals, foundations, palettes and nail lacquer — and Open reports the company adds roughly 250 SKUs a year. Modi says he is now pruning: skincare down to 15 core products, foundations from five formulations to three.
The company’s own story page says its products are “produced and packaged in France, Germany, Italy, Korea & the United States of America”; it does not say which products come from which country. We read the declaration block on seven product pages, and here is what each one prints.
| Product | Declared manufacturer | Declared origin |
|---|---|---|
| 24hrs Weightless Liquid Foundation | Colorbar, Pantnagar, Uttarakhand | India |
| Crystal Glow Serum Foundation | Colorbar, Pantnagar, Uttarakhand | Italy |
| Take Me As I Am Vegan Matte Refill | Colorbar, Asangaon, Thane | India |
| Intensely Rich Kajal | Colorbar, Thane, Maharashtra | India |
| Just Smoky Kajal | Colorbar Cosmetics Inc, 1 Rockefeller Plaza, New York | USA |
| Mesmereyes Kajal | Colorbar Cosmetics Inc, 1 Rockefeller Plaza, New York | USA |
| Sinful Liquid Lipstick | Colorbar Cosmetics Inc, 1 Rockefeller Plaza, New York | Italy |
Declaration blocks as printed on colorbarcosmetics.com product pages, read 2 September 2026.
Four of the seven name Colorbar’s own Indian plants as manufacturer, three of them with country of origin India — including the hero 24hrs foundation and the Intensely Rich kajal. On the imported products, the declared manufacturer is Colorbar Cosmetics Inc at 1 Rockefeller Plaza, New York, the address of Colorbar’s own 100%-owned American subsidiary. On two pages the manufacturer line and the origin line name different places: Crystal Glow Serum Foundation prints the Pantnagar manufacturer line with origin Italy, and Sinful Liquid Lipstick prints the New York line with origin Italy.
Forbes India reported in 2014 that formulations came from European suppliers who also work with L’Oréal and Revlon, with packaging from China and Taiwan. The declarations we read put the everyday heroes in Uttarakhand and Thane. It is the mirror image of Bata, which most buyers assume is foreign while a separate Indian listed company runs it; Colorbar is assumed imported while making its bestsellers at home. Like Campus, which runs its own footwear factories, owning the plant is a creditable story in its own right. We did not find a declaration on Velvet Matte’s page; the pack carries one, so read it in the shop.
On the pages read on 2 September 2026, the product pages cite no test method for the 24-hour foundation claim, the 10- and 12-hour kajal wear claims or Crystal Glow’s “up to 200%* more hydration”, and the brandwide “100% Derma Tested” badge does not name who did the testing.
What Colorbar costs in India
Brand-site prices are full MRP — unlike most beauty D2C sites, colorbarcosmetics.com showed no strike-through discounting on anything we read. All prices below were checked on 2 September 2026.
| Product | Pack and price | ₹ per gram or ml |
|---|---|---|
| Intensely Rich Kajal | 0.3 g — ₹199 | ₹663/g |
| Mesmereyes Kajal | 0.35 g — ₹399 | ₹1,140/g |
| Velvet Matte Lipstick | 4.2 g — ₹449 | ₹106.90/g |
| Take Me As I Am Vegan Matte Refill | 4.2 g — ₹499 | ₹118.81/g |
| Just Smoky Kajal | 1.2 g — ₹750 | ₹625/g |
| 24hrs Weightless Liquid Foundation | 25 ml — ₹1,499 | ₹59.96/ml |
| Sinful Liquid Lipstick | 3 g — ₹1,499 | ₹499.67/g |
| Crystal Glow Serum Foundation | 32 ml — ₹1,899 | ₹59.34/ml |
The per-gram column is where the range stops being cheap. Velvet Matte — the 20-year hero, in 42 shades — is good value. The kajals cost far more: a Mesmereyes pencil holds 0.35 grams of product, so ₹399 works out to about ₹1,140 per gram, roughly double the ₹643 per gram Lakmé charges for its Eyeconic kajal at MRP, and about nineteen times what Colorbar’s own foundation costs per millilitre.
- Velvet Matte Lipstick
- ₹449 for 4.2 g — ₹106.90 per gram
- Mesmereyes Kajal
- ₹399 for 0.35 g — ₹1,140 per gram
- Gap
- The kajal costs nearly 11 times more per gram
- Checked on
- 2 September 2026
The MRP is a ceiling, not the market price — the same pattern our Sparx audit documents in footwear. Grocery-app listings we saw offered the ₹449 Velvet Matte at ₹238 to ₹349; prices move, so check the day’s price before paying full MRP anywhere.
Who Colorbar is actually for
The classic line is for the buyer who wants Indian-made colour cosmetics at chemist-counter prices with a two-decade shade legacy: Velvet Matte at ₹449, the refillable Take Me As I Am at ₹499, kajals from ₹199. The current push — foundations at ₹1,299 to ₹1,899, Sinful Liquid Lipstick at ₹1,499, palettes at ₹2,200 — prices against imported prestige brands. PETA’s directory lists Colorbar as cruelty-free, which matters to many buyers; the “100% Vegan” badge is the brand’s own, and the PETA page we read on 2 September 2026 does not address vegan status.
Colorbar’s filings and court record
The company’s own annual returns give standalone turnover of ₹349.17 crore in FY24 and ₹329.82 crore in FY25. These are figures for Colorbar Cosmetics Private Limited alone. The FY25 return lists four subsidiaries — Colorbar Cosmetics Inc (USA, 100%), Provaine SAS (France, 51%), Colorbar International Limited (100%) and Coearth Global Pvt Ltd (India, 100%) — whose results are not included in the standalone figure.
- 2004Colorbar Cosmetics Private Limited incorporated in New Delhi, 2 April
- Filed FY24₹349.17 crore standalone turnover; net worth ₹63.79 crore
- Filed FY25₹329.82 crore standalone turnover; net worth ₹44.46 crore
Standalone figures from the company’s own annual returns; the company has four subsidiaries.
Source: Colorbar’s MGT-7 annual returns, published on its own website.
The returns give net worth of ₹63.79 crore at the end of FY24 and ₹44.46 crore at the end of FY25; they do not state a profit figure. Listing plans were reported in 2021, in 2024 and in 2025 (for “early 2027”); as at 2 September 2026 we found no draft prospectus filed.
In the decided court matters we found, Colorbar was the party enforcing its trademarks. It took Faces Cosmetics India — the company behind Faces Canada — to the Delhi High Court over its registered VELVET MATTE trademark. The matter ended in a consent decree on 29 January 2024: a permanent injunction against using VELVET MATTE or any deceptively similar mark for cosmetics, withdrawal of the rival trademark application, a 90-day window to clear stock, and liquidated damages of ₹2 crore agreed for any breach. An earlier trademark action, against a trader, was decreed in terms of a mediated settlement on 22 September 2021; an order of 18 October 2022 gave those defendants one final six-month window to sell off 2,89,440 pieces (about 2.9 lakh) carrying the disputed mark. The ASCI’s annual complaints report for 2024–25 mentions neither Colorbar nor Modicare.
Buying it in India
The brand site carries the full 222-product range; Tira listed 159 items and Purplle 86 when we checked on 2 September 2026. The company says it has 100-plus exclusive stores and 1,200-plus multi-brand counters at chains such as Shoppers Stop and Lifestyle. The store count is company-stated and has been given as about 100 since 2021.
Read the manufacturer line
Pantnagar or Asangaon means made in Colorbar’s own Indian plant. “Colorbar Cosmetics Inc, 1 Rockefeller Plaza” means imported — that is the address of Colorbar’s US subsidiary.
Match origin against manufacturer
Two product pages we read declared origin Italy against a different manufacturer address on the same page. If the pack’s two lines differ, ask the counter which applies.
Compute the price per gram
Kajal net quantities run 0.3 g to 1.2 g. Divide the price by the grams before comparing pencils — a ₹399 kajal can cost double a ₹750 one per gram.
Never anchor on MRP
The brand site charges full list price. Listings elsewhere have offered the ₹449 Velvet Matte in the ₹238–349 range, so compare at least two sellers on the day.
Check the directory as well as the badge
PETA’s own directory lists Colorbar as cruelty-free, on a page last updated 19 June 2020. For the “100% Vegan” badge, check the pack and ask the brand.
Common questions
Is Colorbar an Indian brand?
Yes. Colorbar Cosmetics Private Limited was incorporated in New Delhi on 2 April 2004 and remains an unlisted Indian company. Its declared manufacturing plants are at Pantnagar in Uttarakhand and Asangaon in Thane, though some ranges are imported.
Who owns Colorbar?
Founder Samir Modi and Shivani Modi personally hold 100% of the equity, per the company’s FY25 annual return. The Modi family group connection is real as context, but no group company holds equity in anything we read.
Where are Colorbar products made?
Of seven product declarations we read, four name Colorbar’s own Indian plants as manufacturer (three with origin India), and three name its New York subsidiary as manufacturer on imported stock. Check the declaration on each pack.
Is Colorbar cruelty-free and vegan?
PETA’s directory lists Colorbar as cruelty-free; the listing page was last updated 19 June 2020. For vegan status, check the pack and ask the brand.
Is Colorbar planning an IPO?
Listing plans have been reported since 2021, most recently for early 2027. We found no draft prospectus on any record we read as at 2 September 2026.
How we research and verify brand audits: our methodology.
References
- Colorbar MGT-7 annual return, FY2024–25 — FY25 turnover ₹329.82 crore, net worth ₹44.46 crore, 100% promoter equity, preference capital, subsidiaries
- Colorbar MGT-7 annual return, FY2023–24 — FY24 turnover ₹349.17 crore, net worth ₹63.79 crore
- Colorbar, Annual Return page, accessed 2 September 2026 — the company publishes five years of its own returns
- ZaubaCorp company record, accessed 2 September 2026 — CIN, incorporation 2 April 2004, directors
- Colorbar, Our Story, accessed 2 September 2026 — “produced and packaged in France, Germany, Italy, Korea & USA”, 16 lipsticks launch, store counts
- Open magazine, 17 August 2026 — origin story, 250 SKUs a year, product pruning
- Forbes India, 15 January 2014 — early revenue, fifth-largest ranking, European suppliers
- Forbes India Storyboard18 interview, circa November 2021 — IPO in three years, store counts
- FashionNetwork India, 16 May 2024 — listing plans reported in 2024, Modi Enterprises group context
- Business Standard, 18 May 2025 — IPO planned early 2027, store counts
- Colorbar, 24hrs Weightless Liquid Foundation, accessed 2 September 2026 — ₹1,499/25 ml, Pantnagar declaration, origin India, 24-hour claim
- Colorbar, Crystal Glow Serum Foundation, accessed 2 September 2026 — ₹1,899/32 ml, Pantnagar manufacturer line, origin Italy, 200%* claim
- Colorbar, Take Me As I Am Vegan Matte Refill, accessed 2 September 2026 — ₹499/4.2 g, Asangaon declaration, origin India
- Colorbar, Intensely Rich Kajal, accessed 2 September 2026 — ₹199/0.3 g, Thane declaration, 12-hour wear claim
- Colorbar, Just Smoky Kajal, accessed 2 September 2026 — ₹750/1.2 g, New York declaration, origin USA, 12-hour claim
- Colorbar, Mesmereyes Kajal, accessed 2 September 2026 — ₹399/0.35 g, New York declaration, origin USA, 10-hour claim
- Colorbar, Sinful Liquid Lipstick, accessed 2 September 2026 — ₹1,499/3 g, New York manufacturer line, origin Italy
- Colorbar, Velvet Matte Lipstick, accessed 2 September 2026 — ₹449, 42 shades
- Purplle, Colorbar brand page, accessed 2 September 2026 — 86 products, pack sizes and MRPs
- Tira, Colorbar brand page, accessed 2 September 2026 — 159 items, prices
- PETA Beauty Without Bunnies directory, page updated 19 June 2020 — Colorbar listed cruelty-free; vegan status not addressed
- Delhi High Court order, 29 January 2024 — VELVET MATTE consent decree against Faces Cosmetics India: permanent injunction, ₹2 crore liquidated damages
- Delhi High Court order, 22 September 2021 — Colorbar trademark action, decree in terms of mediated settlement
- Delhi High Court order, 18 October 2022 — final six-month stock-clearance extension, 2,89,440 pieces
- ASCI Annual Complaints Report 2024–25 — no mention of Colorbar or Modicare
- Colorbar homepage, accessed 2 September 2026 — PETA, “100% Vegan” and “100% Derma Tested” badges
There is a genuinely good brand here. It is a 22-year-old founder-owned company that publishes its own annual returns on its own website, makes its hero foundation, a kajal and a lipstick refill in its own plants at Pantnagar and Thane, sells a 42-shade lipstick at ₹106.90 per gram, and holds a 2024 Delhi High Court consent decree protecting its VELVET MATTE trademark. Buy the classic line on those terms and you are buying well.
Our reservations are about value at the top of the range. Origins vary by range — the seven declarations we read name India, Italy and the USA — so read the pack. And at about ₹1,140 per gram, the Mesmereyes kajal costs roughly double the ₹643 per gram Lakmé charges for its Eyeconic kajal at MRP.
Buy the Indian-made classics — Velvet Matte, the refills, the ₹199 kajal — and think twice before paying ₹399 for 0.35 g of Mesmereyes.
