Photoquip India

Photoquip, an Indian organization, started in 1976 is into development of photographic digital flash lights. In 1984,Photoquipcollaborated with Elinchrom - the world’s leading studio flash system manufacturer - with a view to export studio flash systems to Switzerland. elinchrom has a huge brand value in the international markets.

At present,Photoquipsells it products in India and outside India.

For FY11, sales were 61cr vs 45cr for FY10. Operating profit 6.14 cr vs 5.44.

Loan funds - 2.9cr

Equity - 4.8cr

Reserves and surpluses - 18.5cr

M Cap - 20.5 cr.

Promoters have been continuously buying from open market.

Some red flags mentioned here.

Views invited



Its a small company, but numbers are interesting.

I asked a leading photographer friend of mine about the company and Elinchrom. He said these guys are manufacturing Elinchrom (swiss make) in India. they have nbeen in the business for a long time and have a good reputation.

Elinchrom lighting products absolutely dominate the market. Quality at affordable prices. There are other foreign products catering to select clientele and priced way up. The main market is the Shadi/Family function photographers and small studios - that segment which buys Elinchrom products is huge, and there is NO competition.

However we need to put a size to this market? growth rates??

I am invested in this one. And moreover, they have one unique thing, which I believe will give them a huge edge over others. Elinchrom has a really great iPad / iPhone app, used to adjust lighting which is important to both shaadis and fashion photography. Some times this has to be done remotely from 15 to 20 feet away. And photographers whom I have been speaking to have been raving about this interface and how easy it makes things for them. Moreover, the best part is, its like a monopoly for Elinchrom as of now - no other competitor has anything like it - not the second, nor the third player. I feel this is the kind of innovation that makes a big difference. All Elinchrom users i spoke to, swear by it, and feel cannot use anything else after getting used to it.

Additionally, Photoquip is also working on dye sublimation printing labs / printers for small photo processing studios / labs. We need to figure out this part of the equation too.

Dear Manish,

Thanks for sharing your thoughts. Have received the annual report for FY11? If yes, would it be possible to share the same or major points?



Also do checkout the discussion on Photoquip on TED (The Equity at

Is it time to re-rate share value of Photoquip? I think so.

Photoquip India Ltd has informed BSE that a meeting of the Board of Directors was convened on December 28, 2015. The outcome of the same is as below:

  1. Sale of the General Lighting Division of the Company under the brand name “Corvi” to Corvi LED Pvt. Ltd. With the approval of the Members of the Company by Postal Ballot.

The Members of the Company had authorized the Board of Directors to transfer, sell, lease, assign, deliver or otherwise dispose off, the General Lighting Division of the Company under the brand name of ‘Corvi’ upto a sum not exceeding Rs. 25 Crores (Rupees Twenty Five Crores Only) vide Special Resolution through Postal ballot on 23.12.2014. In view of occurrence of significant losses in the LED business which were affecting the existing segment of Studio Flash and Photographic Accessories activity, the said operations were discontinued in March 2015. After reviewing the various options available, it was decided to grant license for the use of the brand ‘Corvi’ to Corvi LED Pvt. Ltd. in exchange of royalty with effect from 13th April, 2015. After valuation, it is now decided to sell the brand ‘Corvi’ to Corvi LED Pvt. Ltd., a Private Limited Company, where Mr. Vimal Soni, relative of the promoters of Photoquip, is interested as Director and Member.

In view of the related party nature of the transaction and as a matter of abundant caution and in keeping with good management practices, prior approval of the shareholders for the said sale of brand ‘Corvi’ is sought by ordinary resolution via postal ballot.

  1. Appointment of Scrutinizer for conducting Postal Ballot.

  2. Approval of Notice and Calendar of Events of Postal Ballot.

Interesting post:

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