Choksi Laboratories assets rise as long-term debt grows

Choksi Laboratories Limited increased long-term borrowings by Rs 7.01 crore to Rs 24.82 crore at 30 September 2026, while cash payments for property, plant and equipment and capital work-in-progress reached Rs 6.54 crore in the half year. Completed and in-progress tangible assets together rose Rs 2.62 crore from 31 March 2026.

What assets did Choksi Laboratories add?

Choksi Laboratories increased property, plant and equipment to Rs 48.82 crore at 30 September 2026 from Rs 47.42 crore at 31 March 2026, a rise of Rs 1.40 crore. Capital work-in-progress increased to Rs 1.62 crore from Rs 40.16 lakh, adding Rs 1.22 crore over the six-month period.

The two tangible-asset categories together stood at Rs 50.45 crore at 30 September, compared with Rs 47.82 crore at 31 March. Property, plant and equipment represents completed assets, while capital work-in-progress is separately reported until completion; the Rs 1.62 crore work-in-progress balance therefore remained outside completed property, plant and equipment at the reporting date.

Choksi Laboratories' total non-current assets rose to Rs 55.35 crore from Rs 53.05 crore, an increase of Rs 2.30 crore. Total assets increased by Rs 3.26 crore to Rs 75.18 crore, while current assets rose by Rs 95.99 lakh to Rs 19.83 crore, including a Rs 1.32 crore increase in trade receivables to Rs 16.05 crore.

How much did Choksi Laboratories spend on capital assets?

Choksi Laboratories made Rs 6.54 crore of cash payments for property, plant and equipment and capital work-in-progress in the half year ended 30 September 2026, compared with Rs 2.01 crore in the corresponding six months of 2025. Payments for property, plant and equipment rose to Rs 5.32 crore from Rs 1.53 crore, and payments for capital work-in-progress rose to Rs 1.22 crore from Rs 48.08 lakh.

The cash outlay was larger than the Rs 2.62 crore rise in the two balance-sheet asset categories. The cash-flow statement also recorded depreciation and amortisation expense of Rs 3.83 crore for the September 2026 half year, compared with Rs 3.36 crore a year earlier, and a Rs 2.42 lakh gain on disposal of property, plant and equipment. Cash spending and closing asset balances consequently measure different movements.

Choksi Laboratories also reported Rs 9.74 lakh of payments for intangible assets, lower than Rs 18.12 lakh in the prior-year half. Its intangible-assets balance declined to Rs 37.19 lakh from Rs 41.69 lakh, while its right-of-use asset declined by Rs 36.38 lakh to Rs 3.35 crore. The disclosed increase in investment cash flows was therefore concentrated in property, plant and equipment and capital work-in-progress.

How did Choksi Laboratories fund the asset spending?

Choksi Laboratories received Rs 15.32 crore from long-term borrowings during the half year ended 30 September 2026 and repaid Rs 9.13 crore. Those transactions produced a net Rs 6.19 crore inflow from the two long-term borrowing lines, versus proceeds of Rs 2.81 crore and repayments of Rs 2.63 crore in the corresponding 2025 half year.

The balance-sheet long-term borrowing balance increased by Rs 7.01 crore to Rs 24.82 crore at 30 September 2026 from Rs 17.81 crore at 31 March. The filing does not identify the projects or asset categories funded by individual borrowings, so it does not establish a direct link between specific loan drawdowns and particular items of property, plant and equipment or work-in-progress.

The larger borrowing activity nevertheless occurred in the same half year as Rs 6.54 crore of cash payments for those asset categories. Total equity increased by Rs 79.46 lakh to Rs 26.37 crore, while total liabilities increased by Rs 2.47 crore to Rs 48.81 crore. These reported changes show that the balance-sheet expansion included both a higher equity balance and a higher liability balance.

What changed in Choksi Laboratories’ debt and liquidity?

Choksi Laboratories' long-term borrowings rose to Rs 24.82 crore, while short-term borrowings fell to Rs 7.44 crore from Rs 12.37 crore at 31 March 2026. The two disclosed borrowing lines combined were Rs 32.26 crore at 30 September, compared with Rs 30.18 crore six months earlier, an increase of Rs 2.08 crore.

Non-current liabilities increased to Rs 30.13 crore from Rs 23.26 crore, a rise of Rs 6.88 crore. Current liabilities declined to Rs 18.68 crore from Rs 23.09 crore, a decrease of Rs 4.41 crore, reflecting the lower short-term borrowings alongside other current-liability movements.

Non-current lease liabilities declined by Rs 34.40 lakh to Rs 3.01 crore, while current lease liabilities increased by Rs 3.36 lakh to Rs 67.11 lakh. Cash and cash equivalents on the balance sheet were Rs 22.39 lakh at 30 September 2026, compared with Rs 20.67 lakh at 31 March; the cash-flow statement separately reports closing cash and cash equivalents of Rs 22.39 lakh.

How did the spending period affect Choksi Laboratories’ results?

Choksi Laboratories reported profit before tax of Rs 98.77 lakh for the half year ended 30 September 2026, down from Rs 1.19 crore in the corresponding period of 2025. Finance costs increased to Rs 1.48 crore from Rs 1.29 crore, while depreciation and amortisation increased by Rs 47.00 lakh to Rs 3.83 crore.

Revenue from operations increased to Rs 24.49 crore from Rs 22.36 crore in the comparable half year, and total income rose to Rs 24.62 crore from Rs 22.38 crore. Choksi Laboratories identifies Analysis and Testing as its single operating segment under Indian Accounting Standard 108, so the filing does not provide separate revenue, profit or asset figures for individual facilities or projects.

Net profit for the period rose to Rs 75.11 lakh from Rs 62.71 lakh, despite the lower profit before tax. Tax expense fell to Rs 18.22 lakh from Rs 24.23 lakh, while other comprehensive income declined to Rs 5.86 lakh from Rs 35.35 lakh; total comprehensive income consequently declined to Rs 79.45 lakh from Rs 88.87 lakh.

Conclusion

Choksi Laboratories' September 2026 half-year filing records a substantial increase in tangible-asset cash spending, led by Rs 5.32 crore for property, plant and equipment and Rs 1.22 crore for capital work-in-progress. Long-term borrowings rose Rs 7.01 crore as short-term borrowings fell Rs 4.93 crore, shifting more of the reported borrowing balance into non-current liabilities.

The unresolved point is the use and timing of the Rs 1.62 crore capital work-in-progress balance. Choksi Laboratories has not disclosed project-level purposes, completion dates, funding allocations or asset-specific revenue targets in the half-year filing, while it reports Analysis and Testing as one operating segment.