BSE: 526546
CHOKSI LABORATORIES LTD.
Provides analytical testing and calibration services within the Indian healthcare sector, with operations based out of Indore. The cost structure is heavily employee-driven at 40.5% of revenue, with depreciation at 15.4% and materials at just 7.5% — a shape consistent with a people-and-equipment-intensive service model. Other operating expenses made up 25.7% of revenue, and capital expenditure ran at 16.5% of revenue. The business is family-promoted, with members of the founding family holding the Managing Director and Whole Time Director positions, and is listed on BSE. No segment-level revenue split is disclosed in the available filings. The company recorded an exceptional gain from the sale of an office flat during FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Analytical testing and calibration services. Service-oriented, employee-intensive analytical testing and calibration
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 30 | 34 | 37 | 42 | 46 |
| EBITDA (ex other income) | 9 | 12 | 10 | 11 | 13 |
| margin % | 29.6 | 36.3 | 27.8 | 26.9 | 28.0 |
| Owners' profit | 0 | 3 | 1 | 2 | 2 |
| EPS, as reported (₹) | 0.30 | 4.61 | 1.59 | 2.19 | 2.82 |
| ROE % · ROCE % | 1.2 · 7.3 | 15.2 · 15.1 | 5.0 · 10.8 | 6.5 · 11.6 | 7.7 · 12.3 |
| Debt / equity (x) | 1.94 | 1.44 | 1.32 | 1.19 | 1.18 |
| Cash from operations | 8 | 8 | 12 | 12 | 9 |
| Capex | (1) | (4) | (4) | (7) | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 9 | 10 | 11 | 11 | 11 | 11 | 13 |
| Profit before tax | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Net profit | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| EPS (₹) | 0.60 | 0.22 | 0.15 | 1.32 | 0.55 | 0.35 | 0.45 | 1.47 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 31,676 | 45.6 | 12.46 | 36.8 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,858 | 79.2 | 15.52 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,403 | 23.6 | 7.48 | 27.2 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,875 | 28.9 | 13.44 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,272 | 64.8 | 5.62 | 24.8 | 6.9 | 8.6 | — | 25.3 |
| SURAKSHA DIAGNOSTIC LTD | 1,615 | 45.1 | 6.63 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| KRSNAA DIAGNOSTICS LTD | 1,609 | 16.5 | 1.64 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| 3B BLACKBIO DX LTD. | 1,199 | 20.0 | 3.61 | 14.1 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 76.2 | 23.6 | 21 of 25 | 17% |
| P/B | 5.9 | 2.1 | 17 of 24 | 30% |
| ROCE | 6.5 | 6.1 | 14 of 29 | 54% |
| ROE | 7.7 | 6.0 | 11 of 24 | 57% |
| Debt / Equity | 1.2 | 0.1 | 22 of 23 | 5% |
| EBITDA margin | 28.9 | 25.6 | 10 of 24 | 61% |
| Revenue growth | 12.5 | 20.8 | 19 of 25 | 25% |
| Profit growth | 11.4 | 22.0 | 14 of 25 | 46% |
| Market cap | 150 | 34 | 11 of 30 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Company clarifies delay in EGM proceedings submission; preferential warrants issue | compliance | medium | — | — |
| 19 Oct 2026 · Shareholders reject proposed preferential issue of convertible warrants | fund raising | high | — | — |
| 19 Oct 2026 · EGM voting results: Preferential warrant issue to promoters rejected | board shareholder meetings | low | — | — |
| 18 Oct 2026 · EGM held Oct 17 2026; preferential warrant issue resolution taken up | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Compliance certificate for share dematerialization filed with BSE | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Newspaper publication of EGM Notice submitted to BSE | compliance | minimal | — | — |
| 19 Sept 2026 · Choksi Labs board approves 3.5 lakh convertible warrants to promoters at Rs 177 | fund raising | high | — | — |
| 19 Sept 2026 · Choksi Laboratories 33rd AGM: All 3 resolutions approved by shareholders | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Board approves 3.5 lakh warrants to promoter group at Rs 177 each | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.