Healthcare Services
Valuation | |
|---|---|
| Market Cap | 1.69 kCr |
| Price/Earnings (Trailing) | 411.21 |
| Price/Sales (Trailing) | 1.48 |
| EV/EBITDA | 13.62 |
| Price/Free Cashflow | -35.8 |
| MarketCap/EBT | 33.61 |
| Enterprise Value | 2.16 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -0.30% |
| Price Change 1M | -7.9% |
| Price Change 6M | -21.2% |
| Price Change 1Y | -25.4% |
| 3Y Cumulative Return | 5.8% |
| 5Y Cumulative Return | 7.8% |
| 7Y Cumulative Return | 2.2% |
Cash Flow & Liquidity |
|---|
| Revenue (TTM) |
| 1.14 kCr |
| Rev. Growth (Yr) | -0.60% |
| Earnings (TTM) | 4.05 Cr |
| Earnings Growth (Yr) | 142.7% |
Profitability | |
|---|---|
| Operating Margin | 4% |
| EBT Margin | 4% |
| Return on Equity | 0.40% |
| Return on Assets | 0.23% |
| Free Cashflow Yield | -2.79% |
| Cash Flow from Investing (TTM) | -35.64 Cr |
| Cash Flow from Operations (TTM) | -4.34 Cr |
| Cash Flow from Financing (TTM) | 47.58 Cr |
| Cash & Equivalents | 18.97 Cr |
| Free Cash Flow (TTM) | -75.79 Cr |
| Free Cash Flow/Share (TTM) | -7.02 |
Balance Sheet | |
|---|---|
| Total Assets | 1.78 kCr |
| Total Liabilities | 779.59 Cr |
| Shareholder Equity | 1 kCr |
| Current Assets | 694.29 Cr |
| Current Liabilities | 521.21 Cr |
| Net PPE | 852.04 Cr |
| Inventory | 346.63 Cr |
| Goodwill | 56.86 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.27 |
| Debt/Equity | 0.49 |
| Interest Coverage | 0.25 |
| Interest/Cashflow Ops | 0.89 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend Yield | 0.61% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money looks to be reducing their stake in the stock.
Past Returns: In past three years, the stock has provided 5.8% return compared to 12.8% by NIFTY 50.
Momentum: Stock is suffering a negative price momentum. Stock is down -7.9% in last 30 days.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money looks to be reducing their stake in the stock.
Past Returns: In past three years, the stock has provided 5.8% return compared to 12.8% by NIFTY 50.
Momentum: Stock is suffering a negative price momentum. Stock is down -7.9% in last 30 days.
Investor Care | |
|---|---|
| Dividend Yield | 0.61% |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 0.38 |
Financial Health | |
|---|---|
| Current Ratio | 1.33 |
| Debt/Equity | 0.49 |
Technical Indicators | |
|---|---|
| RSI (14d) | 42.89 |
| RSI (5d) | 47.77 |
| RSI (21d) | 41.87 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Sell |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal | Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
Summary of Shalby's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management provided a cautiously optimistic outlook for Shalby Limited, highlighting both challenges and growth opportunities across its hospital and MedTech segments. Key financials for Q3 FY '26 include a consolidated revenue of INR 279.4 crores, a minor decline of 0.6% year-over-year, with consolidated EBITDA reported at INR 37.5 crores, representing an EBITDA margin of 13.4%. The consolidated profit before tax (PBT) decreased to INR 9.2 crores, and profit after tax (PAT) improved to INR 1.3 crores from a previous loss, indicating a significant turnaround.
In the hospital business, standalone revenue fell to INR 221 crores, with EBITDA declining to INR 35.4 crores, marking a margin drop to 16%. Management expressed that a temporary downturn in insurance work due to negotiations impacted patient volumes, though government business has improved, contributing positively to revenue.
For MedTech, consolidated revenue surged by 29% year-over-year to INR 303.8 million, with notable growth in both Shalby MedTech India and Shalby Global Technologies. EBITDA transitioned to positive, reflecting effective cost optimization.
Looking ahead, management anticipates achieving double-digit volume growth across hospitals and a 5% to 6% growth in average revenue per occupied bed (ARPOB). Significant investments in robotics, technology upgrades, and clinical talent were noted as strategic initiatives to boost performance. The management aims for an average occupancy of about 40 beds in FY '27 and emphasizes that ongoing expansions and improved operational efficiencies will further strengthen earnings.
The strategic framework for the MedTech division targets long-term growth in international markets, with consistent advancements expected from infrastructure improvements and new product introductions. Overall, management remains focused on stabilizing and enhancing profitability while ensuring sustainable growth across its operations.
Understand Shalby ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| SHAH FAMILY TRUST THROUH DR. VIKRAM SHAH, TRUSTEE | 34.79% |
| ZODIAC MEDIQUIP LIMITED | 29.21% |
| VIKRAM INDRAJIT SHAH | 7.41% |
| DARSHINI VIKRAM SHAH | 2.79% |
| FIRST WATER FUND | 1.28% |
| SHANAY VIKRAM SHAH | 0.13% |
| Shah Sharmista Indrajit | 0% |
Detailed comparison of Shalby against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | Apollo Hospitals Enterprises | 1.09 LCr | 24.42 kCr | +11.60% | +19.20% | 60.76 | 4.48 | - | - |
| MAXHEALTH | Max Healthcare Institute | 1.06 LCr |
Comprehensive comparison against sector averages
SHALBY metrics compared to Healthcare
| Category | SHALBY | Healthcare |
|---|---|---|
| PE | 411.21 | 62.08 |
| PS | 1.48 | 6.31 |
| Growth | 4.5 % | 16.9 % |
Shalby Limited engages in the operation of multi-specialty hospitals primarily in India, the United States, Japan, Indonesia, Oman, the United Arab Emirates, Bangladesh, Nepal, and internationally. The company operates through Healthcare Services and Manufacturing segments. It offers arthroscopy, arthroplasty, cardiology, vascular surgery, cardiothoracic and cardiac rehabilitation, cosmetic and aesthetic, dental cosmetic and implantology, emergency medicine, endocrinology, endoscopy and laparoscopy, ENT surgery, gastroentero surgery, gastroenterology, general medicine and surgery, hair transplant, liver transplant, dermatology, psychiatry, urology, anesthesia, and hip and knee joint replacement services. The company also provides infectious disease, infertility and IVF, intensive and critical care, maxillofacial surgery, nephrology, neurosurgery, neurology, obesity surgery, obstetrics and gynecology, oncology, ophthalmology, glaucoma, orthopedic and trauma, pediatric orthopedic, pathology and microbiology, pediatrics and neonatology, plastic surgery, pulmonology and chest, radiology and imaging, rheumatology, trauma, spine surgery, and neurosurgery services, as well as organ donation. In addition, it designs, develops, and manufactures orthopedic implants; offers outpatient services, as well as provides educational programs for paramedical students and other healthcare professionals; and homecare services, such as ICU at home, diagnostics, attendants, doctor visit, nursing care, physiotherapy, pharmacy, and medical equipment. The company was formerly known as Shalby Hospitals Limited and changed its name to Shalby Limited in February 2008. Shalby Limited was founded in 1994 and is based in Ahmedabad, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
SHALBY vs Healthcare (2021 - 2026)
Here are the summarized Q&A highlights from the earnings transcript of Shalby Limited's Q3 FY '26 call.
Question 1: What's happening with inpatient and outpatient volumes? Why are surgical counts decreasing?
Answer: We faced a temporary decline due to negotiations with insurance companies, halting work with some for 2-2.5 months. We've since signed contracts again, and the flow of patients has improved. Additionally, while inpatient volumes dipped, government business increased, compensating with higher patient realization. We also added 40 doctors this quarter, offsetting a few departures. Investments in technology, like new radiation oncology units, should positively impact our numbers going forward.
Question 2: Are we getting positive results from newly hired doctors?
Answer: Yes, we are seeing gradual improvements. The integration of new doctors takes time, typically 1-2 months, as they build their practice. While we've faced challenges with insurance negotiations, the overall outlook is encouraging, and more self-paying patients are coming in. We're conducting awareness programs and utilizing high-end technologies to support the new hires.
Question 3: Are we planning to increase our government business?
Answer: Yes, we aim to capitalize on specialties within government business, particularly where realizations have improved thanks to revised rates. We will continue pursuing areas with favorable margins while being strategic about our involvement.
Question 4: Regarding tax rates' volatility"”what is the outlook?
Answer: Our effective tax rate stands around 35%, primarily due to ongoing investments in the MedTech and PK segments. We anticipate a reduction to about 25% due to recent regulatory changes that will lower tax expenses in future quarters.
Question 5: What's the expansion strategy regarding bed additions in FY '27?
Answer: We have the capacity to grow significantly in existing hospitals without major capex over the next year. We plan to add about 50 beds in Delhi NCR and have invested in advanced technology, indicating a strategy focused on operational upgrades rather than significant new acquisitions.
Question 6: What's the expected trend for ARPOB?
Answer: Historically, ARPOB has grown about 5% to 6%. With recent developments, including insurance rate revisions and new robotic technologies, we anticipate maintaining that growth trajectory.
Question 7: For hospitals opened 0-5 years, when can we expect EBITDA to ramp up?
Answer: As we upscale our services with more super-specialists and technology investments, we expect margin improvements. Aiming for about 40-bed utilization on average for FY '27, we believe that should positively influence overall EBITDA margins.
Question 8: Can you share the outlook for the implant business?
Answer: We're optimistic about our growth trajectory. Our implants' consumption within our hospitals has significantly improved. We've transitioned from a few international markets to a wider global footprint, expecting significant sales in the coming quarters.
This encapsulates the main inquiries and responses, while respecting forward-looking guidance and important financial specifics.
| Devanshi Shanay Shah | 0% |
| Ayesha Shanay Shah | 0% |
| Hemant Laxmidas Harkhani | 0% |
| Hetal Hemant Harkhani | 0% |
| Aasna Shah | 0% |
| Tarana Shah | 0% |
| Rajiv Thakore | 0% |
| Shobhaben Thakore | 0% |
| Kushal Thakore | 0% |
| Shalby Orthopaedic Hospital and Research Centre | 0% |
| Eris Infrastructure Private Limited | 0% |
| Uranus Medical Devices Limited | 0% |
| Shah Vikram Indrajit, HUF | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| 8.3 kCr |
| +8.30% |
| +5.40% |
| 74.51 |
| 12.75 |
| - |
| - |
| FORTIS | Fortis Healthcare | 69.53 kCr | 8.84 kCr | +9.10% | +51.00% | 72.41 | 7.87 | - | - |
| NH | Narayana Hrudayalaya | 37.34 kCr | 6.88 kCr | +0.70% | +30.10% | 47.64 | 5.43 | - | - |
| MEDANTA | Global Health | 30.37 kCr | 4.27 kCr | +7.80% | -6.30% | 59.1 | 7.12 | - | - |
| 270 |
| 271 |
| 281 |
| 271 |
| 269 |
| 261 |
| Profit Before exceptional items and Tax | -54.3% | 9.23 | 19 | 23 | -0.74 | 12 | 14 |
| Total profit before tax | -54.3% | 9.23 | 19 | 23 | -0.74 | 12 | 14 |
| Current tax | -52.5% | 7.17 | 14 | 18 | 10 | 13 | 13 |
| Deferred tax | 93.7% | 0.78 | -2.48 | -3.37 | 1.18 | 2.24 | -1.96 |
| Total tax | -36.8% | 7.95 | 12 | 15 | 11 | 15 | 11 |
| Total profit (loss) for period | -95.5% | 1.28 | 7.28 | 7.68 | -12.19 | -2.99 | 2.36 |
| Other comp. income net of taxes | 52.7% | -2.81 | -7.05 | -0.46 | 0.36 | -2.75 | -0.27 |
| Total Comprehensive Income | -228.6% | -1.53 | 0.23 | 7.22 | -11.82 | -5.74 | 2.09 |
| Earnings Per Share, Basic | -175% | 0.12 | 0.68 | 0.71 | -1.13 | -0.278 | 0.22 |
| Earnings Per Share, Diluted | -175% | 0.12 | 0.68 | 0.71 | -1.13 | -0.278 | 0.22 |
| 9.1% |
| 109 |
| 100 |
| 87 |
| 78 |
| 56 |
| 65 |
| Finance costs | 429.1% | 11 | 2.89 | 3.1 | 2.79 | 3.58 | 6.36 |
| Depreciation and Amortization | 5.6% | 39 | 37 | 37 | 36 | 37 | 36 |
| Other expenses | 10.5% | 380 | 344 | 294 | 270 | 182 | 214 |
| Total Expenses | 10.3% | 763 | 692 | 606 | 555 | 373 | 445 |
| Profit Before exceptional items and Tax | -14% | 136 | 158 | 121 | 104 | 55 | 57 |
| Exceptional items before tax | - | 0 | 0 | 0 | -4.44 | 0 | 0 |
| Total profit before tax | -14% | 136 | 158 | 121 | 100 | 55 | 57 |
| Current tax | -6.9% | 55 | 59 | 35 | 1.53 | 9.58 | 12 |
| Deferred tax | 19.2% | -3.29 | -4.31 | 5.71 | 29 | 3.03 | 17 |
| Total tax | -3.8% | 52 | 54 | 41 | 30 | 13 | 29 |
| Total profit (loss) for period | -19.4% | 84 | 104 | 81 | 70 | 43 | 28 |
| Other comp. income net of taxes | -3.9% | 0.2 | 0.23 | 0.26 | -0.29 | 0.16 | 0.02 |
| Total Comprehensive Income | -19.4% | 84 | 104 | 81 | 70 | 43 | 28 |
| Earnings Per Share, Basic | -21.6% | 7.8 | 9.675 | 7.52 | 6.463 | 3.97 | 2.59 |
| Earnings Per Share, Diluted | -21.6% | 7.8 | 9.668 | 7.48 | 6.463 | 3.97 | 2.59 |
| 544 |
| 555 |
| 563 |
| 572 |
| 580 |
| 588 |
| Capital work-in-progress | 638.6% | 53 | 8.04 | 6.38 | 5.24 | 5.54 | 5.66 |
| Investment property | - | 0 | 0 | 5.75 | 0 | 0 | 0 |
| Goodwill | 0% | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 |
| Non-current investments | 0% | 356 | 356 | 281 | 281 | 75 | 75 |
| Total non-current financial assets | -2.7% | 397 | 408 | 285 | 285 | 84 | 83 |
| Total non-current assets | 2.1% | 1,016 | 995 | 914 | 942 | 719 | 726 |
| Total assets | 5.9% | 1,556 | 1,470 | 1,436 | 1,374 | 1,228 | 1,167 |
| Borrowings, non-current | 28.6% | 109 | 85 | 94 | 103 | 17 | 22 |
| Total non-current financial liabilities | 25.6% | 114 | 91 | 100 | 110 | 17 | 22 |
| Provisions, non-current | 34.1% | 5.72 | 4.52 | 4.02 | 2.98 | 3.34 | 2.36 |
| Total non-current liabilities | 9.4% | 234 | 214 | 209 | 204 | 102 | 90 |
| Borrowings, current | 17.6% | 21 | 18 | 14 | 11 | 11 | 12 |
| Total current financial liabilities | 20.6% | 130 | 108 | 116 | 94 | 101 | 95 |
| Provisions, current | 0% | 3.14 | 3.14 | 2.82 | 2.82 | 1.38 | 1.38 |
| Current tax liabilities | - | 0.52 | 0 | 0.36 | - | 0 | 9.17 |
| Total current liabilities | 16.5% | 142 | 122 | 129 | 108 | 112 | 107 |
| Total liabilities | 12.2% | 377 | 336 | 338 | 312 | 213 | 197 |
| Equity share capital | 0.9% | 108 | 107 | 107 | 107 | 107 | 107 |
| Total equity | 4% | 1,179 | 1,134 | 1,098 | 1,062 | 1,015 | 970 |
| Total equity and liabilities | 5.9% | 1,556 | 1,470 | 1,436 | 1,374 | 1,228 | 1,167 |
| -47.4% |
| 11 |
| 20 |
| 27 |
| 23 |
| - |
| - |
| Net Cashflows From Operating Activities | 6.5% | 149 | 140 | 165 | 101 | - | - |
| Cashflows used in obtaining control of subsidiaries | -71% | 75 | 256 | 48 | 25 | - | - |
| Proceeds from sales of PPE | -191.4% | 0.15 | 1.93 | 0.59 | 27 | - | - |
| Purchase of property, plant and equipment | -26.7% | 23 | 31 | 3.45 | 35 | - | - |
| Proceeds from sales of long-term assets | - | 0 | 0 | 423 | 418 | - | - |
| Purchase of other long-term assets | -340.9% | -34.54 | -7.06 | 456 | 433 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | - | -41.5 | 0 | 0 | 0 | - | - |
| Interest received | 14% | 7.74 | 6.91 | 12 | 6.44 | - | - |
| Other inflows (outflows) of cash | -106.9% | -3.47 | 66 | 0 | 0 | - | - |
| Net Cashflows From Investing Activities | 50.9% | -100.63 | -206 | -172.4 | -40.31 | - | - |
| Payments to acquire or redeem entity's shares | - | 0 | 0 | 7.54 | 0 | - | - |
| Proceeds from exercise of stock options | 4.4% | 0.14 | 0.1 | 0 | 0 | - | - |
| Proceeds from borrowings | -101% | 0 | 100 | 15 | 5.88 | - | - |
| Repayments of borrowings | 0% | 11 | 11 | 31 | 8.61 | - | - |
| Payments of lease liabilities | - | 1.77 | 0 | 0 | 0 | - | - |
| Dividends paid | 0% | 13 | 13 | 11 | 11 | - | - |
| Interest paid | 867.7% | 10 | 1.93 | 2.47 | 2.07 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0.06 | 0 | - | - |
| Net Cashflows from Financing Activities | -151.8% | -35.8 | 72 | -38.21 | -17.25 | - | - |
| Net change in cash and cash eq. | 124% | 12 | 5.91 | -46.09 | 43 | - | - |
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
High Scoring Large Cap stocks have outperformed low scoring stocks by 90% over last 4 years
Analysis of Shalby's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| a) Healthcare Services | 88.9% | 242 Cr |
| b) Manufacturing & Trading of Implants | 11.1% | 30.2 Cr |
| Total | 272.1 Cr |