Shalby Ltd

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Shalby Ltd

₹ 153 -1.04%
21 Aug - close price
shalby.org BSE: 540797 NSE: SHALBY
About

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.

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 1,652 Cr.
  • Current Price ₹ 153
  • High / Low ₹ 275 / 126
  • Stock P/E 14.6
  • Book Value ₹ 115
  • Dividend Yield 0.00 %
  • ROCE 9.67 %
  • ROE 9.08 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 8.46% over last 3 years.
  • Contingent liabilities of Rs.513 Cr.
  • Dividend payout has been low at 4.14% of profits over last 3 years
  • Debtor days have increased from 60.1 to 73.1 days.

* 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 1000 BSE Healthcare BSE Hospitals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
211 217 195 206 233 212 221 207 237 224 214 225 254
167 165 152 168 182 177 178 176 190 185 186 193 211
Operating Profit 45 52 43 38 50 35 43 31 47 39 28 31 42
OPM % 21% 24% 22% 19% 22% 17% 19% 15% 20% 17% 13% 14% 17%
5 6 5 4 8 5 6 7 6 6 8 5 5
Interest 1 1 1 1 3 3 3 3 3 4 4 2 3
Depreciation 9 9 9 9 10 10 10 10 10 10 10 11 11
Profit before tax 40 47 38 33 46 28 36 26 40 31 22 23 34
Tax % 35% 36% 36% 31% 34% 39% 42% 42% 36% 35% 37% -129% 26%
26 30 25 23 30 17 21 15 26 20 14 54 25
EPS in Rs 2.42 2.81 2.29 2.09 2.82 1.61 1.93 1.39 2.38 1.83 1.28 4.97 2.32
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
241 263 322 380 462 484 419 647 708 830 869 899 916
177 192 250 300 379 401 331 516 565 651 712 752 775
Operating Profit 64 70 73 80 84 83 88 131 143 179 157 146 141
OPM % 27% 27% 23% 21% 18% 17% 21% 20% 20% 22% 18% 16% 15%
3 2 6 10 9 18 9 9 20 21 30 24 23
Interest 2 5 11 12 9 7 4 4 4 4 13 14 13
Depreciation 10 20 16 22 33 36 37 36 37 37 39 40 41
Profit before tax 56 47 52 55 51 57 55 100 121 158 136 116 110
Tax % 26% 39% 42% 26% 37% 51% 23% 30% 33% 34% 38% 3%
41 28 30 40 32 28 43 70 81 104 84 113 112
EPS in Rs 11.79 8.15 3.47 3.75 2.97 2.59 3.97 6.46 7.48 9.61 7.76 10.45 10.40
Dividend Payout % 0% 0% 0% 0% 17% 19% 25% 15% 16% 12% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 17%
3 Years: 8%
TTM: 5%
Compounded Profit Growth
10 Years: %
5 Years: 20%
3 Years: 11%
TTM: 43%
Stock Price CAGR
10 Years: %
5 Years: -4%
3 Years: -11%
1 Year: -23%
Return on Equity
10 Years: 7%
5 Years: 8%
3 Years: 8%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 35 35 87 108 108 108 108 108 107 107 107 108
Reserves 111 137 171 657 686 706 742 799 863 955 1,027 1,139
37 98 325 114 71 62 44 41 34 121 110 131
32 77 99 96 91 105 119 139 163 192 226 217
Total Liabilities 215 347 682 975 956 981 1,012 1,087 1,167 1,376 1,470 1,595
105 144 312 647 689 670 658 628 603 599 579 621
CWIP 5 91 221 47 3 6 8 6 10 5 8 0
Investments 19 26 10 10 24 43 32 62 313 511 599 623
86 86 139 270 239 262 315 391 242 260 284 350
Total Assets 215 347 682 975 956 981 1,012 1,087 1,167 1,376 1,470 1,595

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
71 15 46 57 77 101 165 140 149 91
-157 -241 -0 -32 -52 -40 -172 -206 -101 -109
89 226 -51 -22 -28 -17 -38 72 -36 9
Net Cash Flow 3 -1 -6 3 -2 43 -46 6 12 -8
Free Cash Flow -87 -123 14 37 56 93 162 110 126 18
CFO/OP 113% 34% 67% 93% 98% 94% 134% 89% 102% 88%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 21 28 38 48 64 69 81 53 46 52 55 73
Inventory Days
Days Payable
Cash Conversion Cycle 21 28 38 48 64 69 81 53 46 52 55 73
Working Capital Days 29 -83 -54 -15 61 73 80 73 35 38 37 58
ROCE % 23% 9% 7% 7% 7% 12% 13% 14% 12% 10%

Insights

In beta
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
ALOS (Average Length of Stay, without Daycare)
Days

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ARPOB (Average Revenue Per Occupied Bed)
Rs.
In-Patient Count (includes Daycare)
Nos.
Occupancy Rate
%
Occupied Beds
Nos.
Operational Beds
Nos.
Total Bed Capacity
Nos.
Total Surgeries Count
Nos.

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.12% 74.12% 74.24% 74.25% 74.25% 74.27% 74.27% 74.27% 74.33% 74.33% 74.33% 74.33%
4.11% 4.62% 4.88% 5.35% 5.37% 4.65% 4.54% 5.21% 4.63% 4.47% 4.36% 4.47%
0.00% 0.00% 0.00% 0.06% 0.09% 0.14% 0.18% 0.19% 0.19% 0.19% 0.25% 0.30%
20.90% 20.42% 20.13% 19.65% 19.59% 20.26% 20.33% 19.65% 20.18% 20.36% 20.41% 20.26%
0.87% 0.83% 0.76% 0.70% 0.69% 0.69% 0.69% 0.69% 0.66% 0.66% 0.66% 0.65%
No. of Shareholders 50,22549,49549,85849,31551,47952,32852,89553,43753,78452,49551,41550,770

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

DRHP

Credit ratings

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