Shalby Ltd
Shalby Ltd is engaged in healthcare delivery space in India. It operates a chain of multi-specialty hospitals across India. The business of the company is to offer tertiary and quaternary healthcare services to patients in various areas of specialization such as orthopaedics, complex joint replacements, cardiology, neurology, oncology, renal transplantations, etc.[1]
The company is the global leader in knee replacement surgery and one of the top Indian hospitals in joint replacement surgery.
- Market Cap ₹ 2,737 Cr.
- Current Price ₹ 253
- High / Low ₹ 275 / 177
- Stock P/E 34.7
- Book Value ₹ 105
- Dividend Yield 0.00 %
- ROCE 11.6 %
- ROE 7.19 %
- Face Value ₹ 10.0
Pros
Cons
- Company has a low return on equity of 8.43% over last 3 years.
- Dividend payout has been low at 9.45% of profits over last 3 years
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Healthcare Healthcare Healthcare Services Hospital
Part of BSE Healthcare BSE SmallCap BSE Allcap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2014 | Mar 2015 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
132 | 241 | 263 | 322 | 380 | 462 | 484 | 419 | 647 | 708 | 830 | 873 | 877 | |
107 | 177 | 192 | 250 | 300 | 379 | 401 | 331 | 516 | 565 | 651 | 712 | 721 | |
Operating Profit | 25 | 64 | 70 | 73 | 80 | 84 | 83 | 88 | 131 | 143 | 179 | 161 | 156 |
OPM % | 19% | 27% | 27% | 23% | 21% | 18% | 17% | 21% | 20% | 20% | 22% | 18% | 18% |
1 | 3 | 2 | 6 | 10 | 9 | 18 | 9 | 9 | 20 | 21 | 26 | 24 | |
Interest | 0 | 2 | 5 | 11 | 12 | 9 | 7 | 4 | 4 | 4 | 4 | 13 | 11 |
Depreciation | 5 | 10 | 20 | 16 | 22 | 33 | 36 | 37 | 36 | 37 | 37 | 39 | 39 |
Profit before tax | 21 | 56 | 47 | 52 | 55 | 51 | 57 | 55 | 100 | 121 | 158 | 136 | 130 |
Tax % | 34% | 26% | 39% | 42% | 26% | 37% | 51% | 23% | 30% | 33% | 34% | 38% | |
14 | 41 | 28 | 30 | 40 | 32 | 28 | 43 | 70 | 81 | 104 | 84 | 79 | |
EPS in Rs | 5.47 | 11.79 | 8.15 | 3.47 | 3.75 | 2.97 | 2.59 | 3.97 | 6.46 | 7.48 | 9.61 | 7.76 | 7.31 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 17% | 19% | 25% | 15% | 16% | 12% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 13% |
5 Years: | 13% |
3 Years: | 11% |
TTM: | 3% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 23% |
3 Years: | 3% |
TTM: | -27% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 21% |
3 Years: | 23% |
1 Year: | -4% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 8% |
3 Years: | 8% |
Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2014 | Mar 2015 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 25 | 35 | 35 | 87 | 108 | 108 | 108 | 108 | 108 | 107 | 107 | 107 |
Reserves | 23 | 111 | 137 | 171 | 657 | 686 | 706 | 742 | 799 | 863 | 955 | 1,027 |
0 | 37 | 98 | 325 | 114 | 71 | 62 | 44 | 41 | 34 | 121 | 110 | |
19 | 32 | 77 | 99 | 96 | 91 | 105 | 119 | 139 | 163 | 192 | 226 | |
Total Liabilities | 67 | 215 | 347 | 682 | 975 | 956 | 981 | 1,012 | 1,087 | 1,167 | 1,376 | 1,470 |
31 | 105 | 144 | 312 | 647 | 689 | 670 | 658 | 628 | 603 | 599 | 579 | |
CWIP | 0 | 5 | 91 | 221 | 47 | 3 | 6 | 8 | 6 | 10 | 5 | 8 |
Investments | 6 | 19 | 26 | 10 | 10 | 24 | 43 | 32 | 62 | 313 | 511 | 599 |
30 | 86 | 86 | 139 | 270 | 239 | 262 | 315 | 391 | 242 | 260 | 284 | |
Total Assets | 67 | 215 | 347 | 682 | 975 | 956 | 981 | 1,012 | 1,087 | 1,167 | 1,376 | 1,470 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2014 | Mar 2015 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
7 | 71 | 15 | 46 | 57 | 77 | 101 | 165 | 140 | 149 | |||
-5 | -157 | -241 | -0 | -32 | -52 | -40 | -172 | -206 | -101 | |||
-3 | 89 | 226 | -51 | -22 | -28 | -17 | -38 | 72 | -36 | |||
Net Cash Flow | -1 | 3 | -1 | -6 | 3 | -2 | 43 | -46 | 6 | 12 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2011 | Mar 2014 | Mar 2015 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 25 | 21 | 28 | 38 | 48 | 64 | 69 | 81 | 53 | 46 | 52 | 55 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 25 | 21 | 28 | 38 | 48 | 64 | 69 | 81 | 53 | 46 | 52 | 55 |
Working Capital Days | 16 | 29 | -83 | -54 | -15 | 61 | 73 | 80 | 73 | 35 | 38 | 37 |
ROCE % | 48% | 23% | 9% | 7% | 7% | 7% | 12% | 13% | 14% | 12% |
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Oct - Regulation 74(5) certificate confirming dematerialization/rematerialization details for quarter ended Sep 30, 2025.
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
30 Sep - AGM Sep 29, 2025: All three resolutions (audited FY2024-25 accounts; secretarial auditor; cost auditor remuneration) passed.
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Shareholder Meeting / Postal Ballot-Outcome of AGM
29 Sep - Held 21st AGM Sept 29, 2025; audited FY2024-25 financials taken as read; secretarial auditor appointed.
- Closure of Trading Window 25 Sep
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Disclosure Under Regulation 29(2) Of Securities Exchange Board Of India (Substantial Acquisition Of Shares And Takeover) Regulations, 2011
20 Sep - Shah Family Trust bought 60,000 Shalby shares on Sep 19, 2025; holding rose to 34.79%.
Annual reports
Concalls
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Business Segments
1) Healthcare Services (90% in H1 FY25 vs 96% in FY22): [1] [2] The company manages a network of 11 multispecialty tertiary hospitals and 5 orthopedic centers spanning 13 cities across India, with a total capacity of over 2,350 hospital beds, it provides services across 30+ specialties. Additionally, it operates 60 outpatient clinics domestically and 23 internationally. Between FY22 and FY24, segment revenue increased by 28%, driven by growth in in-patient numbers, including daycare services, and overall surgery count. [3] [4]