Choksi Asia Ltd (formerly Choksi Imaging Ltd) — the name might sound like your neighbourhood X-ray lab, but this 1992-born player just pulled off a diagnostic miracle. With a Q2FY26 revenue of ₹13.29 crore (up 57.8% YoY) and PAT of ₹1.35 crore (up 108% YoY), this once-limping healthcare equipment trader now looks like it finally found the correct prescription. The stock trades at ₹122, giving it a market cap of ₹69.3 crore and a P/E of 20.7x, which is cheaper than most overpriced syringes in the healthcare equipment space.
Debt? Almost negligible at ₹3.04 crore, with a Debt-to-Equity of just 0.08 — so no IV drips needed for liquidity here. Promoters hold a fat 71.2%, up nearly 9% QoQ, showing someone in the Choksi family still believes in their own X-rays. With ROCE at 13.2% and ROE at 10.4%, this smallcap is showing healthy vitals again after years of being clinically depressed on the profit charts.
But can this small player in diagnostic supplies survive in a world ruled by the Polys, Tarsons, and Vasa Denticities of the world? Let’s go through the scans.
2. Introduction
If you’ve ever had an X-ray taken in a dusty government hospital and wondered where that ghostly film came from, there’s a fair chance it was once made by Choksi. The company began as Choksi Imaging Ltd, a manufacturer of medical X-ray films, chemicals, and accessories, before the pandemic and poor margins forced it to hang up its production gloves.
But the story didn’t end in the darkroom. In FY22, the company made a drastic move — shutting down its Silvassa factory and selling it off to a related entity, Choksi Asia Pvt Ltd. For a while, it looked like the script would fade away like an overexposed film.
Then came the twist — in November 2024, NCLT approved the amalgamation of Choksi Asia Pvt Ltd into Choksi Imaging. The merger gave the company fresh oxygen — new lines, new energy, and a focus on NDT (Non-Destructive Testing) equipment, digital radiography, and high-margin healthcare trading.
Now reborn as Choksi Asia Ltd, the company is back on the diagnostic table with a clean bill of financial health — improving margins, consistent quarterly growth, and surprisingly low leverage. Let’s find out if this X-ray brand can beam its way into a brighter fiscal future.
3. Business Model – WTF Do They Even Do?
Choksi Asia operates in that unglamorous corner of healthcare — medical imaging and diagnostic supplies. Think of them as the people who make and sell the tools doctors use to see what’s broken inside you (literally).
The company deals in:
Ultrasound & Color Doppler systems
X-ray films, accessories & chemicals
NDT (Non-Destructive Testing) equipment for industrial imaging
CT & MR pressure injectors through tie-ups with Medtron, Germany
Automatic Film Processors and digital imaging systems via Protec Medical Systems
Basically, they sell everything from the machine that scans you to the chemical that develops your X-ray — and now even the digital imaging devices that might replace films altogether.
Fun fact: they’re official service partners for global players like Protec, Dynawell, Kontron (Esaote Group) and Medtron. It’s like being the authorized repair shop for the entire radiology lab.
After discontinuing in-house manufacturing in 2022, Choksi pivoted fully to trading, servicing, and distribution — which might sound boring but is actually smart. Why? Because film production was loss-making, while equipment trading and servicing have better margins and fewer headaches (and no factory inspectors).
4. Financials Overview
Quarterly Performance (₹ crore)
Metric
Q2FY26
Q2FY25
Q1FY26
YoY %
QoQ %
Revenue
13.29
8.42
11.90
57.8%
11.7%
EBITDA
1.60
0.97
1.39
64.9%
15.1%
PAT
1.35
0.65
1.07
108.0%
26.1%
EPS (₹)
2.37
1.67
1.88
42.0%
26.1%
Witty Diagnosis: The company’s profit chart now looks like an ECG of someone waking from a coma. Sales have surged more than 50%, operating margins are in the double digits again, and net profits have more than doubled YoY. The EBITDA margin at ~12% is a solid comeback from the dark -273% days of FY22 when it was practically hemorrhaging money.
5. Valuation Discussion – Fair Value Range
Let’s play doctor and diagnose the fair value using three simple valuation tools.
(a) P/E Method: EPS (TTM): ₹6.63 Industry Average P/E: 42.2x Company P/E: 20.7x 👉 Fair Value Range = 20x to 35x EPS = ₹133 to ₹232
(b) EV/EBITDA Method: EV = ₹64.2 crore EBITDA (FY25): ₹3.81 crore EV/EBITDA = 16.8x If it re-rates to 12–18x (industry mid-range), 👉 Fair Value Range = ₹110 to ₹165
(c) DCF (Educational Simplification): Assuming free cash flows stabilize at ₹2 crore annually, growing 10% for five years, discount rate at 12%, terminal growth 3%, 👉 DCF Value ≈ ₹130–₹150
📊 Fair Value Educational Range: ₹130 – ₹180 per share.
Disclaimer: This range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
The biggest headline was the amalgamation of Choksi Asia Pvt Ltd with Choksi Imaging Ltd, approved in November 2024. That’s like a corporate-level blood transfusion. The merged entity now carries a broader product portfolio — including NDT equipment, industrial radiography, and newer healthcare technologies.
