Photographic Products · Founded 1992 · www.choksi-asia.com · BSE 530427 · · ISIN INE865B01016
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Business
Choksi Asia Ltd. operates within the Photographic Products sector and industry in India. Based on its classification, the company is involved in activities related to the manufacturing, distribution, trading, or servicing of photographic equipment and consumables. This could encompass a range of products such as cameras, lenses, accessories, film, printing paper, chemicals, or digital imaging solutions. The core business model likely involves sourcing or producing these products and selling them through various channels (e.g., retail, wholesale, online) to generate revenue.
Revenue Mix
Specific details regarding Choksi Asia Ltd.'s key business segments and their respective revenue contributions are not publicly available. In the broader photographic products industry, potential segments might include:
Hardware Sales: Cameras, lenses, lighting equipment, drones, etc.
Consumables: Film, photographic paper, ink cartridges for photo printers, processing chemicals.
Services: Photo printing, processing, repair, or rental of equipment.
Without specific data, it is not possible to quantify the revenue mix.
Industry
The photographic products industry in India is dynamic and competitive, characterized by a significant shift from traditional film photography to digital and, more recently, the pervasive impact of high-quality smartphone cameras. The market includes global giants like Canon, Nikon, Sony, and Fujifilm, which dominate the high-end and professional segments. There are also numerous local players focusing on distribution, specific accessories, or niche segments. Choksi Asia Ltd., given the lack of extensive public information, is likely a smaller player compared to these global brands. Its positioning might be in a specific niche, regional market, or as a distributor/trader for other brands, rather than a large-scale manufacturer competing directly with multinational corporations.
MOAT
Without specific operational details, it is challenging to identify a strong, durable competitive advantage for Choksi Asia Ltd. Potential moats in this industry could include:
Brand Recognition: If the company sells its own branded products that have built customer loyalty.
Distribution Network: An efficient and widespread distribution network across India, allowing broad market access.
Cost Advantage: Ability to manufacture or source products at a significantly lower cost than competitors.
Niche Specialization: Dominance in a very specific segment (e.g., vintage film, specialized studio equipment) where competition is limited.
However, in a sector dominated by global brands with extensive R&D and marketing budgets, establishing a strong moat is difficult for smaller players unless they possess unique proprietary technology or a highly entrenched local network.
Growth Drivers
Key factors that could potentially drive growth for Choksi Asia Ltd. over the next 3-5 years include:
Rising Disposable Incomes: Increasing purchasing power in India can fuel demand for consumer electronics and hobby-related products, including mid-to-high-end cameras and accessories.
Growth of Professional Photography: The booming wedding, event, e-commerce, and content creation industries in India drive demand for professional photographic equipment and services.
E-commerce Penetration: Leveraging online sales channels to reach a wider customer base, especially in tier-2 and tier-3 cities.
Niche Market Expansion: Identifying and catering to specific, underserved segments within the photography ecosystem (e.g., specialized accessories, repair services for professional equipment, resurgence of analog photography interest).
Adaptation to Digital Trends: Successfully integrating with digital imaging trends, perhaps by offering complementary products or services for content creators and social media influencers.
Risks
Choksi Asia Ltd. faces several business risks:
Intense Competition: Fierce competition from well-established global brands with superior R&D, marketing, and distribution capabilities.
Technological Obsolescence: Rapid advancements in smartphone camera technology continue to erode the market for entry-level and mid-range dedicated cameras.
Supply Chain Disruptions: Dependence on global supply chains for components or finished goods, making it vulnerable to geopolitical events, trade policies, and logistics issues.
Economic Downturns: Photography products can be discretionary purchases, making demand sensitive to economic slowdowns and reduced consumer spending.
Currency Fluctuations: If the company relies on importing products or components, adverse currency movements can impact input costs and profitability.
Limited Scale: Smaller scale operations might restrict bargaining power with suppliers and distributors, affecting margins.
Management & Ownership
As is common with many Indian companies, Choksi Asia Ltd. is likely promoter-driven, meaning a founding family or group holds a significant stake and plays a key role in management. Specific details about the promoters, the quality of the management team, or the exact breakdown of the ownership structure (e.g., promoter holding, institutional holding, public holding) are not readily available in public records without deeper financial analysis.
Outlook
The outlook for Choksi Asia Ltd. presents a balanced view of opportunities and challenges. On one hand, the growing Indian economy, increasing disposable incomes, and the expansion of professional photography and content creation sectors offer potential avenues for growth in demand for photographic products. If the company can effectively identify and serve niche markets, build strong distribution channels, or forge strategic partnerships, it could carve out a sustainable position. However, the company operates in a highly competitive industry undergoing rapid technological shifts, primarily driven by smartphone camera advancements. Its ability to innovate, adapt to changing consumer preferences, and compete effectively against larger, well-funded global players will be crucial. Failure to adapt, coupled with intense price competition and potential supply chain vulnerabilities, could pose significant headwinds to its long-term viability.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1 | 3 | 0 | 8 | 8 | 9 | 12 | 12 | 13 | 12 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Total Income | 1 | 4 | 0 | 8 | 9 | 9 | 12 | 12 | 14 | 13 |
| Total Expenditure | 1 | 3 | 1 | 6 | 7 | 9 | 11 | 11 | 12 | 10 |
| Operating Profit | -0 | 0 | -0 | 2 | 1 | 1 | 1 | 2 | 2 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 0 | -0 | 2 | 1 | 0 | 1 | 2 | 2 | 2 |
| Provision for Tax | -0 | -0 | -1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit After Tax | -0 | 1 | 0 | 2 | 1 | 0 | 1 | 1 | 1 | 2 |
| Adjustments | 0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 1 | 0 | 2 | 1 | 0 | 1 | 1 | 1 | 2 |
| Adjusted Earnings Per Share | -1.2 | 1.6 | 0.8 | 2.7 | 1.1 | 0.4 | 1.2 | 1.9 | 2.4 | 3.7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 108 | 46 | 27 | 23 | 17 | 16 | 11 | 2 | 1 | 1 | 37 | 49 |
| Other Income | 0 | 0 | 1 | 1 | 2 | 1 | 4 | 1 | 1 | 1 | 2 | 1 |
| Total Income | 108 | 46 | 28 | 24 | 19 | 17 | 16 | 4 | 2 | 2 | 39 | 51 |
| Total Expenditure | 106 | 43 | 27 | 22 | 18 | 17 | 13 | 4 | 2 | 3 | 33 | 44 |
| Operating Profit | 2 | 3 | 1 | 2 | 1 | -0 | 3 | -0 | -0 | -1 | 5 | 7 |
| Interest | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 2 | 1 | 2 | 1 | -1 | 3 | -0 | -0 | -1 | 5 | 7 |
| Provision for Tax | -1 | 0 | 0 | 1 | 0 | 0 | 1 | -0 | 0 | -1 | 2 | 1 |
| Profit After Tax | 0 | 2 | 1 | 1 | 1 | -1 | 2 | -0 | -0 | -0 | 3 | 5 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | 0 | 2 | 1 | 1 | 1 | -1 | 2 | -0 | -0 | -0 | 3 | 5 |
| Adjusted Earnings Per Share | 1.1 | 5.6 | 2 | 3.3 | 2.2 | -1.4 | 4.9 | -1.1 | -1.2 | -1.2 | 5.4 | 9.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 3600% | 164% | 18% | -10% |
| Operating Profit CAGR | 0% | 0% | 0% | 10% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 25% | 39% | 35% | 17% |
| ROE Average | 13% | 2% | 3% | 5% |
| ROCE Average | 18% | 3% | 5% | 6% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 12 | 14 | 15 | 16 | 16 | 16 | 17 | 16 | 16 | 15 | 37 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 24 | 22 | 21 | 20 | 20 | 19 | 3 | 1 | 1 | 1 | 7 |
| Total Liabilities | 36 | 36 | 36 | 37 | 37 | 36 | 21 | 18 | 18 | 17 | 47 |
| Fixed Assets | 9 | 8 | 8 | 8 | 8 | 7 | 6 | 6 | 6 | 6 | 16 |
| Other Non-Current Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Total Current Assets | 25 | 26 | 26 | 27 | 28 | 27 | 13 | 10 | 10 | 9 | 31 |
| Total Assets | 36 | 36 | 36 | 37 | 37 | 36 | 21 | 18 | 18 | 17 | 47 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 1 | 2 | 3 | 8 | 11 | 8 | 7 | 3 | 4 | 10 |
| Cash Flow from Operating Activities | 11 | 8 | 2 | 5 | 2 | -3 | -9 | -1 | -3 | 1 | -3 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | 1 | -0 | 8 | -2 | 3 | -0 | 1 |
| Cash Flow from Financing Activities | -11 | -7 | 0 | -0 | -0 | -0 | 0 | -1 | 0 | 0 | -1 |
| Net Cash Inflow / Outflow | -1 | 1 | 2 | 5 | 3 | -3 | -1 | -4 | 1 | 1 | -3 |
| Closing Cash & Cash Equivalent | 1 | 2 | 3 | 8 | 11 | 8 | 7 | 3 | 4 | 5 | 7 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.08 | 5.56 | 1.97 | 3.3 | 2.19 | -1.42 | 4.89 | -1.08 | -1.22 | -1.17 | 5.44 |
| CEPS(Rs) | 2.21 | 6.61 | 2.96 | 3.86 | 2.74 | -0.98 | 5.37 | -0.66 | -0.8 | -0.75 | 5.76 |
| DPS(Rs) | 0.5 | 1 | 0.75 | 0.75 | 0.5 | 0 | 2.5 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 31.3 | 35.66 | 38.17 | 40.55 | 41.84 | 39.8 | 44.69 | 41.01 | 39.79 | 38.61 | 55.24 |
| Core EBITDA Margin(%) | 1.43 | 5.03 | 2.1 | 5.57 | -2.43 | -8.86 | -11.98 | -58.41 | -187.12 | -145.53 | 10.15 |
| EBIT Margin(%) | 1.22 | 5.01 | 3.25 | 7.76 | 5.8 | -3.32 | 22.03 | -19.25 | -57.71 | -76.76 | 14.07 |
| Pre Tax Margin(%) | -0.08 | 4.28 | 3.25 | 7.76 | 5.8 | -3.32 | 22.03 | -19.25 | -57.71 | -76.76 | 12.78 |
| PAT Margin (%) | 0.35 | 4.25 | 2.52 | 5.45 | 4.94 | -3.47 | 15.54 | -16.93 | -61.75 | -35.97 | 8.38 |
| Cash Profit Margin (%) | 0.72 | 5.06 | 3.78 | 6.38 | 6.16 | -2.38 | 17.05 | -10.28 | -40.54 | -23.06 | 8.88 |
| ROA(%) | 0.94 | 6.02 | 2.13 | 3.55 | 2.32 | -1.53 | 6.72 | -2.13 | -2.61 | -2.61 | 9.66 |
| ROE(%) | 3.38 | 16.6 | 5.33 | 8.37 | 5.33 | -3.49 | 11.58 | -2.53 | -3.02 | -2.99 | 13.31 |
| ROCE(%) | 5.96 | 15.7 | 6.89 | 11.93 | 6.26 | -3.34 | 16.42 | -2.88 | -2.82 | -6.38 | 18.35 |
| Receivable days | 50.16 | 63.34 | 83.09 | 97.61 | 122.52 | 109.86 | 85.05 | 116.71 | 232.59 | 81.3 | 42 |
| Inventory Days | 40.2 | 77.82 | 99.9 | 84.99 | 104.04 | 110.11 | 71.04 | 91.04 | 722.79 | 598.6 | 50.94 |
| Payable days | 0 | 0 | 175.07 | 412.3 | 504.12 | 536.86 | 372.07 | 136.29 | 92.67 | 0 | 39.49 |
| PER(x) | 15.11 | 5.93 | 14.73 | 10.31 | 7.41 | 0 | 4.44 | 0 | 0 | 0 | 12.52 |
| Price/Book(x) | 0.52 | 0.92 | 0.76 | 0.84 | 0.39 | 0.23 | 0.49 | 0.95 | 1.08 | 1.54 | 1.23 |
| Dividend Yield(%) | 3.07 | 3.03 | 2.59 | 2.21 | 3.08 | 0 | 11.52 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.11 | 0.25 | 0.3 | 0.21 | -0.27 | -0.29 | 0.1 | 4.81 | 16.42 | 14.5 | 1.05 |
| EV/Core EBITDA(x) | 6.38 | 3.82 | 5.91 | 2.42 | -3.79 | 13.05 | 0.39 | -37.66 | -44.94 | -22.66 | 7.23 |
| Net Sales Growth(%) | -36.53 | -57.45 | -40.69 | -15.34 | -24.9 | -7.68 | -28.9 | -78.34 | -68.79 | 64.72 | 2818.83 |
| EBIT Growth(%) | 146.72 | 75.23 | -61.18 | 84.61 | -45.1 | -152.86 | 609.18 | -117.78 | 7.63 | -119.4 | 633.66 |
| PAT Growth(%) | 106.51 | 415.31 | -64.58 | 67.4 | -33.43 | -164.93 | 443.41 | -122.17 | -12.39 | 3.91 | 778.42 |
| EPS Growth(%) | 106.51 | 415.32 | -64.58 | 67.4 | -33.44 | -164.93 | 443.42 | -122.17 | -12.39 | 3.91 | 564.08 |
| Debt/Equity(x) | 0.53 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.13 |
| Current Ratio(x) | 1.08 | 1.17 | 1.24 | 1.32 | 1.36 | 1.37 | 5.1 | 8.42 | 7.89 | 7.81 | 4.61 |
| Quick Ratio(x) | 0.57 | 0.73 | 0.91 | 1.11 | 1.07 | 1.17 | 4.74 | 8.14 | 5.85 | 6.61 | 3.28 |
| Interest Cover(x) | 0.94 | 6.88 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.95 |
| Total Debt/Mcap(x) | 1.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.18 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.44 | 63.44 | 63.44 | 62.23 | 62.23 | 62.23 | 62.23 | 71.15 | 71.15 | 71.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 36.56 | 36.56 | 36.56 | 37.77 | 37.77 | 37.77 | 37.77 | 28.85 | 28.85 | 28.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 | 0.24 | 0.24 | 0.41 | 0.41 | 0.41 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.57 | 0.57 | 0.57 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +3600% | +164% | +18% | -10% |
| Operating Profit CAGR | — | — | — | +10% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +25% | +39% | +35% | +17% |
| ROE Average | +13% | +2% | +3% | +5% |
| ROCE Average | +18% | +3% | +5% | +6% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.44 | 63.44 | 63.44 | 62.23 | 62.23 | 62.23 | 62.23 | 71.15 | 71.15 | 71.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 36.56 | 36.56 | 36.56 | 37.77 | 37.77 | 37.77 | 37.77 | 28.85 | 28.85 | 28.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.25 | 0.25 | 0.25 | 0.24 | 0.24 | 0.24 | 0.24 | 0.41 | 0.41 | 0.41 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.57 | 0.57 | 0.57 |
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