Choksi Asia Ltd is an Indian inspection and quality-assurance company that has reinvented itself completely - it was once a processor of medical X-ray film, but a structural shift to digital imaging forced a pivot into the industrial world of Non-Destructive Testing, or NDT (the practice of checking pipelines, aircraft parts and factory welds for flaws without damaging them). The transformation was sealed by merging with a privately held NDT specialist, Choksi Asia Private Limited, in late 2024, bringing in two decades of technical know-how, certified personnel and client relationships in oil and gas, aerospace and heavy engineering. The recurring approach is simple: it buys jumbo rolls of industrial X-ray film and other testing consumables, cuts and finishes them to customer specifications, and sells them alongside the cameras, chemicals and shielding materials that inspection crews need - a one-stop shop for industries where a failed weld or a hidden crack is simply not an option.
Business segments
A single engine powers the entire company - an industrial NDT supply and services platform, built on the legacy of a medical film business that still contributes a small, declining stream.
1. Non-Destructive Testing supply and services: the one-stop shop for industrial inspection
The company supplies almost everything an NDT inspection crew needs - from the X-ray film and processing chemicals to the radiography cameras and radiation shielding - and it also provides the certified technicians to run the tests.
- Film processing is the core factory activity - the company imports jumbo rolls of industrial X-ray film and then slits and cuts them into the specific sizes its customers require, which is how it adds value beyond simple trading.
- A full catalogue of NDT consumables and equipment - beyond film, it trades in lead screens, X-ray generators, radiography cameras, radioactive sources and photosensitised chemicals, so a single purchase order can cover an entire inspection kit.
- Services come with the products - revenue also flows from Annual Maintenance Contracts (AMC) on equipment and from commission-based services, with fixed-price AMC income recognised across the financial year.
- The customer base is concentrated in heavy industry - the top five customers accounted for 52.19% of revenue for the nine months ended December 31, 2023, and the company has been a preferred supplier to names like General Electric and Source Production Company, serving sectors where inspection failure is a safety and regulatory risk.
- Certified people are part of the moat - the merger brought in certified NDT technicians, engineers and quality assurance professionals, which means the company can offer skilled manpower alongside its products without the cost and delay of hiring from scratch.
2. Medical imaging consumables: the legacy stream in managed decline
The original business of processing medical X-ray film for hospitals and diagnostic centres still operates, but it has been deliberately wound down and now runs as a residual activity within the larger NDT entity.
- Same process, different customer - the company still processes jumbo rolls of medical X-ray film by slitting and cutting them for hospitals, clinics and radiology centres, using the same manufacturing skill set it applies to industrial film.
- A small, low-growth tail - the medical line continues to supply film and associated consumables, but it is no longer the growth engine; it is a legacy cash stream that the company has chosen to retain rather than exit entirely.
Group structure and partners
A tightly held, promoter-led public company with no subsidiaries - the entire business sits inside a single listed entity that was reshaped by a reverse-merger-style amalgamation.
- The amalgamation was the defining structural move - Choksi Asia Private Limited (CAPL), the unlisted NDT specialist incorporated in 2007, was merged into the listed entity (formerly Choksi Imaging Limited) under a scheme approved by the NCLT Mumbai Bench in November 2024, with effect from April 2023.
- The Choksi family remains firmly in control - Managing Director Samir Choksi holds nearly 44% of the equity and half the preference capital, with other family members including Bindu Samir Choksi (24%) and a reclassified public shareholder, Yamini Choksi, making up the rest of the promoter group.
- A single distribution partnership extends the sales reach - the company signed a one-year domestic Distributor Agreement with Kronix NDT Corporation in November 2024 for the sale of NDT products and accessories across India.
- A legacy customs dispute sits on the books - a ₹15.7 crore duty claim from the early 2010s, plus a ₹75 lakh penalty, remains pending before the tax tribunal, though Carestream Health Inc. has indemnified two-thirds of any non-appealable costs.