Shalby Limited (SHALBY)

Healthcare · Healthcare Services · NSE · Updated 15 July 2026

₹168.23 ↓ 12.36% (1Y)

🎯 Key Takeaways

Shalby Limited is transitioning from a period of losses to profitability, driven by strong international operations and cost management, though near-term margin pressures persist due to strategic investments. The company is targeting double-digit EBITDA in implants and 15%+ CAGR in hospitals and pharma, with a focus on scaling high-margin international markets while managing U.
Revenue grew 3% QoQ to ₹276 in Q3FY25.
⚠️ Margin pressure persists due to strategic capex in robotics and LINAC infrastructure, which may delay breakeven in high-growth segments.

Market Cap

₹1,708

P/E Ratio

56.5

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Shalby Limited is transitioning from a period of losses to profitability, driven by strong international operations and cost management, though near-term margin pressures persist due to strategic investments. The company is targeting double-digit EBITDA in implants and 15%+ CAGR in hospitals and pharma, with a focus on scaling high-margin international markets while managing U.S. and Iran headwinds.

📰 What's Happening

In Q4 FY26, Shalby reported revenue of ₹295.5 crores, up 9.4% YoY, with EBITDA surging 43.1% YoY to ₹37.4 crores and PAT turning positive at ₹18.5 crores versus a loss of ₹12.2 crores a year earlier. Full-year FY26 revenue reached ₹1,168.2 crores, growing 4.8% YoY, while EBITDA rose to ₹169.6 crores and PAT to ₹60.6 crores. Management highlighted profitability in African and CIS markets offsetting U.S. and Iran headwinds, and confirmed plans for double-digit EBITDA in implants and a revised tax rate of 25% under the new regime. A conference call was scheduled for May 29, 2026 to discuss results and outlook, and the Nomination and Remuneration Committee approved the grant of 4,000 stock options under the 2021 scheme with a ₹100 exercise price and two-year vesting.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	199	235	238	216	244	279	268	276
Operating Profit	35	48	58	47	44	55	40	39
OPM %	12.9%	18.3%	22.1%	19.6%	15.9%	16.2%	12.2%	12.3%
Net Profit	14	21	28	19	16	15	2	-3
EPS	₹1.29	₹1.94	₹2.57	₹1.78	₹1.49	₹1.37	₹0.22	₹-0.28

The company’s financial trajectory shows a clear inflection point: after years of losses, Shalby achieved profitability in FY26 with PAT of ₹60.6 crores and EBITDA of ₹169.6 crores, up sharply from prior periods. This improvement is attributed to international growth and operational efficiency, though revenue growth remains modest at 4.8% YoY for the full year. The sequential decline in operating profit margin from 16.2% in Q1FY25 to 12.3% in Q3FY25 reflects ongoing investments in capex and expansion, which management views as necessary for long-term scalability in high-growth segments like implants and pharma.

🔮 Management Outlook & What's Next

Management has outlined an ambitious roadmap, targeting 15%+ CAGR in hospitals and pharma, aiming for INR600-700 crores in implant revenue by 2030, and projecting double-digit EBITDA in implants. They also expect the tax rate to stabilize at 25% under the new regime in FY27, with capex of ₹160 crores in FY26 focused on robotics and LINAC bunkers. These forward-looking statements were reiterated during the Q4 FY26 earnings call scheduled for May 29, 2026, where management emphasized international resilience and structural profitability improvements.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Healthcare Services

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Apollo Hospitals Enterprise Limited	1.16 L Cr	64.5	20.5%	21.9%	0.64
Max Healthcare Institute Limited	1.02 L Cr	101.2	—	—	—
Fortis Healthcare Limited	72,752	94.6	—	—	—
Aster DM Healthcare Limited	39,048	7.1	—	—	—
Narayana Hrudayalaya Ltd.	37,625	47.7	—	—	—
Global Health Limited	33,405	65.8	—	—	—
Krishna Institute of Medical Sciences Limited	30,477	80.3	—	—	—
Dr. Lal Path Labs Ltd.	26,871	63.6	—	—	—
Syngene International Limited	18,295	36.3	—	—	—
Dr. Agarwal's Health Care Limited	14,266	88.8	14.9%	6.8%	0.13

🔗 Peer Stock Analyses

APOLLOHOSP MAXHEALTH FORTIS ASTERDM NH

⚠️ Risk Factors

1. Margin pressure persists due to strategic capex in robotics and LINAC infrastructure, which may delay breakeven in high-growth segments. 2. International profitability, while resilient, is exposed to geopolitical and regulatory risks in African, CIS, and Middle Eastern markets, particularly given headwinds in U.S. and Iran operations. 3. The EPS labeling error in the June 25, 2026 filing underscores potential transparency or reporting lapses that could affect investor trust if not promptly addressed.

📋 Recent Filings

🧠 Analyst's Read

Shalby is transitioning from a turnaround phase to a growth trajectory, underpinned by international profitability and targeted investments in high-margin segments. Investors should monitor execution of the implant revenue target, margin recovery in domestic operations, and management’s ability to sustain international resilience amid geopolitical headwinds.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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