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 ₹ 2,142 Cr.
- Current Price ₹ 198
- High / Low ₹ 298 / 177
- Stock P/E
- Book Value ₹ 91.9
- Dividend Yield 0.61 %
- ROCE 6.61 %
- ROE 0.62 %
- Face Value ₹ 10.0
Pros
Cons
- Company has a low return on equity of 5.31% over last 3 years.
- Dividend payout has been low at 11.4% 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
259 | 275 | 290 | 324 | 378 | 462 | 487 | 431 | 699 | 805 | 934 | 1,087 | 1,104 | |
196 | 207 | 235 | 252 | 299 | 379 | 404 | 342 | 577 | 667 | 755 | 954 | 976 | |
Operating Profit | 63 | 68 | 56 | 71 | 79 | 83 | 83 | 89 | 122 | 138 | 179 | 133 | 129 |
OPM % | 24% | 25% | 19% | 22% | 21% | 18% | 17% | 21% | 17% | 17% | 19% | 12% | 12% |
2 | 2 | 2 | 7 | 10 | 9 | 17 | 8 | 8 | 22 | 19 | 28 | 25 | |
Interest | 2 | 5 | 10 | 11 | 12 | 9 | 7 | 5 | 8 | 11 | 18 | 39 | 40 |
Depreciation | 11 | 21 | 11 | 17 | 23 | 33 | 36 | 37 | 43 | 48 | 52 | 66 | 66 |
Profit before tax | 52 | 43 | 36 | 50 | 54 | 50 | 57 | 55 | 79 | 102 | 128 | 56 | 48 |
Tax % | 28% | 43% | -1% | 43% | 27% | 37% | 51% | 23% | 32% | 34% | 35% | 97% | |
38 | 25 | 36 | 29 | 39 | 32 | 28 | 42 | 54 | 68 | 84 | 2 | -5 | |
EPS in Rs | 11.17 | 7.36 | 4.30 | 3.40 | 3.65 | 2.93 | 2.55 | 3.93 | 5.01 | 6.27 | 7.78 | 0.58 | -0.05 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 17% | 20% | 25% | 20% | 19% | 15% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 17% |
3 Years: | 16% |
TTM: | 13% |
Compounded Profit Growth | |
---|---|
10 Years: | -13% |
5 Years: | -26% |
3 Years: | -52% |
TTM: | -101% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 18% |
3 Years: | 17% |
1 Year: | -28% |
Return on Equity | |
---|---|
10 Years: | 6% |
5 Years: | 6% |
3 Years: | 5% |
Last Year: | 1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 35 | 35 | 87 | 87 | 108 | 108 | 108 | 108 | 108 | 107 | 107 | 107 |
Reserves | 106 | 133 | 117 | 164 | 643 | 672 | 691 | 727 | 768 | 820 | 893 | 885 |
37 | 98 | 224 | 328 | 114 | 71 | 62 | 44 | 155 | 180 | 378 | 476 | |
39 | 85 | 75 | 99 | 96 | 89 | 105 | 118 | 162 | 173 | 231 | 236 | |
Total Liabilities | 217 | 351 | 504 | 679 | 961 | 939 | 967 | 997 | 1,194 | 1,281 | 1,609 | 1,704 |
130 | 175 | 319 | 323 | 650 | 692 | 672 | 660 | 675 | 685 | 966 | 969 | |
CWIP | 5 | 91 | 82 | 221 | 47 | 3 | 6 | 8 | 6 | 11 | 15 | 8 |
Investments | 0 | 0 | 0 | 0 | 0 | 11 | 28 | 16 | 25 | 146 | 81 | 95 |
81 | 85 | 102 | 134 | 264 | 233 | 260 | 314 | 488 | 440 | 547 | 632 | |
Total Assets | 217 | 351 | 504 | 679 | 961 | 939 | 967 | 997 | 1,194 | 1,281 | 1,609 | 1,704 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
60 | 14 | 43 | 55 | 79 | 19 | 68 | 20 | -4 | ||||
-153 | -236 | 1 | -31 | -51 | -60 | -61 | 146 | -36 | ||||
96 | 222 | -51 | -22 | -30 | 90 | -50 | -151 | 48 | ||||
Net Cash Flow | 3 | 0 | -6 | 3 | -2 | 49 | -43 | 15 | 8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 21 | 29 | 40 | 38 | 49 | 64 | 71 | 80 | 53 | 48 | 57 | 59 |
Inventory Days | 77 | 113 | 119 | 105 | 242 | 1,152 | 1,361 | 1,017 | ||||
Days Payable | 395 | 462 | 522 | 415 | 606 | 546 | 744 | 377 | ||||
Cash Conversion Cycle | 21 | 29 | 40 | -280 | -299 | -339 | -239 | -283 | 53 | 654 | 673 | 698 |
Working Capital Days | 35 | -46 | -26 | -64 | -18 | 57 | 70 | 77 | 74 | 75 | 48 | 56 |
ROCE % | 22% | 13% | 12% | 9% | 7% | 7% | 7% | 10% | 10% | 11% | 7% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
5h - News paper publication - 21st AGM Notice - pre despatch
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
1d - Exercise of 1000 ESOPs by eligible employee under Shalby Limited Employee Stock Options Scheme - 2021
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - One-to-one video meeting with Purnartha Investment Advisers on Aug 25, 2025; no unpublished price-sensitive information.
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Intimation Regarding 21St Annual General Meeting Of The Member Of The Company Scheduled On 29Th September 2025
19 Aug - 21st AGM on Sept 29, 2025; book closure Sept 23–29; cut-off Sept 22; e-voting Sept 24–28.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
19 Aug - Q1 FY26 consolidated revenue INR303cr, EBITDA INR48.5cr, PAT INR7.7cr; MedTech strong growth.
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]