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SHALBY - Shalby

📊 NSE: SHALBY 🏢 Healthcare 📅 Last Updated: 12/14/2025 13:06

📢 Recent Corporate Announcements

Shalby Launches Advanced Oncology and Radiotherapy Department at Surat Hospital

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 09 Mar 2026, 12:52 PM

Shalby Limited has inaugurated a comprehensive Oncology Department at its Surat multi-specialty hospital. The new facility includes advanced radiotherapy services, enabling the hospital to provide integrated cancer care across medical, surgical, and radiation oncology. This expansion targets the South Gujarat region, aiming to provide specialized diagnosis and treatment under one roof. The addition of high-margin oncology services is expected to enhance the hospital's service mix and potentially improve its Average Revenue Per Occupied Bed (ARPOB).

Inauguration of a dedicated Oncology Department at Shalby Multi-Specialty Hospital, Surat
Introduction of advanced Radiotherapy facilities for comprehensive cancer treatment
Integrated care model featuring medical, radiation, and surgical oncology teams
Strategic expansion to capture demand for specialized cancer care in the South Gujarat region

💡 Investors should view this as a positive operational development that could boost high-margin revenue for the Surat unit. Monitor future quarterly results for improvements in ARPOB and occupancy driven by these specialized services.

Shalby Subsidiary PK Healthcare Receives NABH Accreditation Valid Until 2030

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 03 Mar 2026, 05:05 PM

Shalby Limited's subsidiary, PK Healthcare Private Limited (Shalby International Hospitals) located in Gurugram, has been granted accreditation by the National Accreditation Board for Hospitals & Healthcare Providers (NABH). The accreditation follows the 6th Edition Standards, which focus on patient safety, clinical governance, and risk management. This certification is valid for a period of four years, extending until 2030. Such accreditations are critical for healthcare providers to maintain quality benchmarks and attract corporate and insurance-linked patients.

PK Healthcare Pvt Ltd (Gurugram) granted NABH accreditation under the rigorous 6th Edition Standards.
The accreditation is valid for a long-term duration until the year 2030.
Framework emphasizes patient safety protocols, clinical governance, and continuous quality improvement.
Accreditation strengthens the hospital's position in evidence-based clinical care and infection control.

💡 Investors should view this as a positive operational milestone that validates the quality of healthcare services at Shalby's Gurugram facility. This accreditation is likely to improve the hospital's reputation and operational efficiency, supporting long-term revenue growth.

Shalby Discontinues SOCE Operations in Rajkot and Lucknow Due to Economic Inviability

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 02 Mar 2026, 07:17 PM

Shalby Limited has announced the closure of its Shalby Orthopedics Centre of Excellence (SOCE) operations in Rajkot and Lucknow, effective January 31 and February 15, 2026, respectively. The combined revenue contribution from these units was minimal, totaling approximately 0.75% of the company's FY2024-25 turnover. Management cited economic inviability as the primary reason for this strategic exit to maintain financial parameters. However, the company will continue to operate its Outpatient Department (OPD) services in both cities.

Closure of SOCE operations in Rajkot (Jan 31, 2026) and Lucknow (Feb 15, 2026) due to economic inviability.
Lucknow unit contributed ₹5.69 crore (0.65% of turnover) in FY2024-25.
Rajkot unit contributed ₹0.91 crore (0.10% of turnover) from July 2024 to March 2025.
Combined impact on total turnover is negligible at less than 1%.
OPD services will remain operational in both cities to maintain market presence.

💡 This is a minor portfolio rationalization move to eliminate loss-making or low-margin units. Investors should monitor if this leads to improved operating margins in the upcoming quarters.

Shalby Increases Stake in Subsidiary PK Healthcare to 91.13% via Rs 59.6 Cr Rights Issue

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 28 Feb 2026, 05:08 PM

Shalby Limited has increased its stake in its subsidiary, PK Healthcare Private Limited (PKHPL), from 87.26% to 91.13%. The company invested approximately Rs 59.60 crore by subscribing to 5.96 crore equity shares at a price of Rs 10 per share through a rights issue. The capital infusion will be utilized by PKHPL for debt repayment and working capital requirements. PKHPL, which focuses on the Delhi/NCR healthcare market, reported a turnover of Rs 91.19 crore in FY 2024-25.

Acquired 5,96,01,950 equity shares of PK Healthcare at Rs 10 per share
Total investment amount stands at Rs 59,60,19,500
Shalby's shareholding in PKHPL increased from 87.26% to 91.13%
Funds will be used by the subsidiary for debt repayment and working capital
PKHPL's turnover grew from Rs 67.36 crore in FY23 to Rs 91.19 crore in FY25

💡 This move consolidates control and helps deleverage a key subsidiary in the high-growth Delhi/NCR region. Investors should monitor if this capital infusion leads to improved consolidated margins for Shalby in the coming quarters.

Shalby Q3 FY26: Consolidated PAT Turns Positive at ₹1.3 Cr; MedTech Revenue Jumps 29% YoY

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 18 Feb 2026, 04:25 PM

Shalby Limited reported a marginal 0.6% YoY decline in consolidated revenue to ₹279.4 crores for Q3 FY26, while consolidated PAT turned positive at ₹1.3 crores compared to a loss in the previous year. The core hospital business faced headwinds with a 2.6% revenue decline and lower occupancy of 44%, primarily due to ongoing negotiations with major insurance providers. Conversely, the MedTech segment showed strong momentum with 29% revenue growth and achieved EBITDA breakeven for the first time. The company maintains a stable balance sheet with a net debt of ₹408 crores and a low gearing ratio of 0.41x.

Consolidated PAT improved to ₹1.3 crores from a loss of ₹3 crores in the same quarter last year.
MedTech segment revenue grew 29% YoY to ₹30.38 crores, with EBITDA turning positive at ₹0.7 million.
Hospital standalone revenue declined 2.6% YoY to ₹221 crores with occupancy dropping to 44% from 46%.
ARPOB (Average Revenue Per Occupied Bed) saw a marginal increase of 1.1% YoY to ₹43,171.
Shalby International (Gurgaon) reported revenue of ₹23.9 crores with 51% contribution from international patients.

💡 Investors should monitor the recovery in hospital occupancy once insurance negotiations are finalized and track the scalability of the now-profitable MedTech division. The stock remains a watch as the company transitions its medical implant business from a turnaround to a growth phase.

Shalby Limited Releases Q3 FY 2025-26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 12 Feb 2026, 06:24 PM

Shalby Limited has officially released the audio recording of its earnings conference call for the third quarter of FY 2025-26, held on February 12, 2026. The call discussed the unaudited standalone and consolidated financial results for the period ended December 31, 2025. This disclosure is in compliance with Regulation 30 and 46(2) of the SEBI (LODR) Regulations, 2015. Investors can now access the management's commentary and responses to analyst queries via the provided web link.

Earnings conference call for Q3 FY 2025-26 conducted on February 12, 2026, at 4:00 p.m.
Discussion covered both standalone and consolidated unaudited financial results for the quarter ended December 31, 2025.
Audio recording link made available on the company's official website for public access.
Compliance filing follows the initial intimation provided to exchanges on February 2, 2026.

💡 Investors should listen to the recording to understand management's outlook on hospital occupancy rates and the growth of their implants business.

Shalby Q3 FY26 Results: Consolidated PAT Turns Positive at ₹13 Mn Despite Flat Revenue

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 08:53 PM

Shalby Limited reported a mixed performance for Q3 FY26, with consolidated revenue remaining nearly flat at ₹2,794 million, a marginal 0.6% YoY decline. The company successfully turned around its consolidated bottom line, reporting a PAT of ₹13 million compared to a loss of ₹29.9 million in the year-ago period. However, operational metrics showed weakness, with inpatient counts down 7% and surgery counts down 8.5% YoY. Standalone EBITDA margins also faced significant pressure, contracting to 16.0% from 21.5% in Q3 FY25.

Consolidated PAT improved to ₹13 million from a loss of ₹29.9 million in Q3 FY25.
Standalone EBITDA margins compressed by 550 bps YoY to 16.0% due to higher operating expenses.
Total surgery counts declined by 8.5% YoY to 6,833, while ARPOB saw a marginal increase of 1.1% to ₹43,171.
MedTech (Implant Business) contributed 10.88% to consolidated revenue, amounting to ₹303.8 million.
Consolidated net debt stood at ₹4,086 million as of December 2025 with an annualized ROCE of 6.7%.

💡 Investors should exercise caution due to the decline in operational volumes and significant margin compression in the core standalone business. While the turnaround in consolidated PAT is positive, the high debt-to-equity ratio of 0.41x and low ROCE warrant a watchful approach.

Shalby Limited Grants 13,000 ESOPs to Employees Under 2021 Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 08:44 PM

Shalby Limited has approved the grant of 13,000 stock options to eligible employees under its 2021 ESOP Scheme. The grant is split into 11,000 options at an exercise price of ₹10 and 2,000 options at ₹100 per share. These options carry a vesting period of two years and must be exercised within one year of vesting. Importantly, the company stated that there will be no increase in paid-up share capital as the shares are sourced from the secondary market via a trust.

Grant of 13,000 total stock options to eligible employees on February 11, 2026
Exercise price set at ₹10 for 11,000 options and ₹100 for 2,000 options
Vesting period of 2 years from the date of grant with a 1-year exercise window thereafter
Zero equity dilution as shares are channelized from the secondary market through a Trust

💡 This is a routine corporate action for employee retention with no impact on equity dilution. Investors should remain focused on the company's operational performance and hospital occupancy rates.

Shalby to Strike-off Inoperative Step-down Subsidiary Ningen Lifecare

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 08:26 PM

Shalby Limited has announced the closure of its step-down subsidiary, Ningen Lifecare Private Limited (NLPL), through a strike-off process. The subsidiary is currently inoperative and reported zero turnover, revenue, and income for the financial year 2024-25. This decision was taken as the entity has no operational activities and serves no strategic purpose. The move is expected to streamline the corporate structure and reduce administrative overheads without impacting consolidated financials.

Ningen Lifecare Private Limited (NLPL) to be closed via the strike-off process subject to regulatory approvals
NLPL contributed Rs. Nil to the company's turnover and revenue in FY 2024-25
The subsidiary is currently inoperative and has no active business operations
Closure will result in NLPL ceasing to be a step-down subsidiary of Shalby Limited

💡 This is a routine administrative cleanup of an inactive entity with no impact on the company's earnings. Investors should remain focused on the growth of Shalby's core hospital and healthcare operations.

Shalby Re-appoints Shyamal Shivkumar Joshi as Independent Director for 5-Year Second Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 11 Feb 2026, 08:23 PM

Shalby Limited has approved the re-appointment of Mr. Shyamal Shivkumar Joshi as an Independent Director for a second consecutive term of 5 years. The new term is set to commence on May 17, 2026, and will run through May 16, 2031, pending shareholder approval via postal ballot. Mr. Joshi is a Chartered Accountant who has been associated with Shalby Hospitals since 2010, providing expertise in corporate strategy and fundraising. This move ensures continuity in the company's governance and strategic oversight.

Re-appointment of Mr. Shyamal Shivkumar Joshi for a second 5-year term starting May 17, 2026
Mr. Joshi has been associated with Shalby Hospitals for over 15 years since 2010
Expertise spans corporate strategy, fundraising, M&A, taxation, and accounting
Appointment is subject to shareholder approval through a Special Resolution via Postal Ballot
Board confirmed the director is not debarred by SEBI or any other regulatory authority

💡 This is a routine management update ensuring board continuity; investors should view this as a standard governance procedure with no immediate impact on stock valuation.

Shalby Q3 PAT Drops 34% YoY to ₹138 Mn; Board Approves ₹59.6 Cr Investment in Subsidiary

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 07:37 PM

Shalby Limited reported a weak financial performance for Q3 FY26, with standalone Net Profit declining 33.9% YoY to ₹137.91 million. Revenue from operations remained largely stagnant with a marginal 2.4% YoY decline to ₹2,152.36 million. The Board has approved a significant capital commitment of ₹59.60 crore to subscribe to a rights issue by its subsidiary, PK Healthcare Private Limited. Additionally, the company is streamlining its structure by closing its non-operational step-down subsidiary, Ningen Lifecare Private Limited.

Standalone Net Profit fell 33.9% YoY to ₹137.91 million from ₹208.58 million in the previous year's quarter.
Revenue from operations decreased to ₹2,152.36 million compared to ₹2,206.40 million in Q3 FY25.
Profit Before Tax (PBT) saw a sharp decline of 38.8% YoY, dropping to ₹218.72 million.
Approved investment of ₹59.60 crore to acquire 5.96 crore shares in subsidiary PK Healthcare Private Limited.
Initiated strike-off process for step-down subsidiary Ningen Lifecare Private Limited due to lack of operations.

💡 Investors should exercise caution as the company faces significant margin contraction and declining profitability. Monitor the performance of the subsidiary PK Healthcare to see if the ₹59.6 crore investment yields better consolidated returns.

Shalby Approves Enhanced Banking Facilities of ₹199.88 Crore for Working Capital and US Subsidiary

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 06 Feb 2026, 04:21 PM

Shalby Limited has received approval from its Management Committee to avail renewed and enhanced banking facilities totaling ₹199.88 crore from IndusInd Bank. The funds are designated for working capital and a foreign currency term loan for its US-based step-down subsidiary, Shalby Advanced Technologies, Inc. Additionally, the parent company will utilize a portion of these facilities for an overdraft facility. This move is aimed at strengthening the liquidity and operational capacity of its international business segment.

Approved enhanced banking facilities up to ₹199.88 crore from IndusInd Bank Limited
Funds to be used for working capital and foreign currency term loans for US subsidiary Shalby Advanced Technologies, Inc.
Includes a renewed overdraft facility for the parent company, Shalby Limited
The transaction is conducted at arm's length with no promoter interest involved

💡 Investors should monitor the performance of the US subsidiary to ensure the additional capital leads to improved operational efficiency. This is a routine financial arrangement and does not necessitate immediate changes to investment positions.

Shalby Ltd to Host Q3 FY26 Earnings Conference Call on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 02 Feb 2026, 06:56 PM

Shalby Limited has scheduled its earnings conference call for Q3 FY 2025-26 on February 12, 2026, at 4:00 PM IST. The management team, including the Chairman and CFO, will discuss the unaudited financial results for the quarter ended December 31, 2025. This call provides an opportunity for analysts and institutional investors to gain insights into the company's operational performance and future outlook. The investor presentation will be made available on the company's website following the board's approval of the results.

Conference call scheduled for February 12, 2026, at 4:00 PM IST
Focus on unaudited financial results for the quarter ended December 31, 2025
Top management including CMD Dr. Vikram Shah and CFO Amit Kumar to participate
Dial-in numbers provided for universal and international access including US, UK, and Singapore

💡 Investors should monitor the call for management commentary on hospital occupancy rates and the growth of the MedTech segment. Pay close attention to any updates on margin expansion and geographic diversification plans.

Shalby Discontinues SOCE Operations in Rajkot and Lucknow; Retains OPD Services

🔵 WATCH ⭐ 6/10

OTHER 📅 31 Jan 2026, 05:50 PM

Shalby Limited has announced the discontinuation of its Shalby Orthopedics Centre of Excellence (SOCE) operations in Rajkot and Lucknow. The Rajkot operations will cease on January 31, 2026, while the Lucknow operations are set to end on February 15, 2026. Despite the closure of these specialized centers, the company will continue to maintain its Outpatient Department (OPD) services in both cities. This move indicates a strategic restructuring of their regional operational footprint.

SOCE operations in Rajkot to be discontinued effective January 31, 2026.
SOCE operations in Lucknow to be discontinued effective February 15, 2026.
OPD services will remain fully operational in both Rajkot and Lucknow locations.
The decision was communicated as per Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should monitor upcoming financial reports for any impact on revenue and seek management clarity on whether these closures are due to underperformance or a strategic shift in the SOCE business model.

Shalby Limited Employee Exercises 1,000 Stock Options Under ESOP Scheme-2021

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jan 2026, 06:17 PM

Shalby Limited has announced the exercise of 1,000 stock options by an eligible employee at an exercise price of ₹10 per share. The shares are being transferred via the Shalby Limited Employee Welfare Trust, which sources shares from the secondary market. As a result, there is no change to the company's total paid-up equity share capital. This transaction is part of the 2021 ESOP scheme, where 30,000 options had vested in July 2025.

1,000 stock options exercised by an eligible employee at a price of ₹10 per share.
Zero dilution of paid-up equity share capital as shares are channelized through the secondary market.
Total money realized from the exercise amounts to ₹10,000, credited to the Employee Welfare Trust.
Out of 48,000 options granted in July 2023, 18,000 options have lapsed and 30,000 have vested.
The exercise period for the remaining vested options remains open until July 11, 2026.

💡 No action is required from investors as this is a routine administrative matter involving a negligible number of shares with no equity dilution.

View All SHALBY Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 5.5% YoY to INR 289.9 Cr in Q2 FY26. Segmental growth: Shalby Hospitals/Pharma/Franchise grew to INR 234.5 Cr (80.9% of total), Shalby MedTech (Implants) grew 42.1% YoY to INR 33.7 Cr (11.6% of total), and Shalby International (Sanar) contributed INR 19.9 Cr (6.9% of total).

Geographic Revenue Split

A significant portion of revenue is generated from Gujarat, particularly the flagship SG Highway hospital. Sanar International Hospital expands the footprint into Delhi-NCR, while international patients from 60+ countries contribute 65% of Sanar's revenue.

Profitability Margins

Consolidated OPM declined from 19.3% in FY24 to 12.2% in FY25 due to losses in Sanar and MedTech. Standalone EBITDA margin for H1 FY26 was 20.6%, down from 21.6% YoY, reflecting a 1.8% decline in core profitability.

EBITDA Margin

Consolidated EBITDA for Q2 FY26 was INR 46.1 Cr, up 15.8% YoY from INR 39.8 Cr. MedTech EBITDA grew 1795.4% YoY to INR 3.66 Cr, while Shalby International reported an EBITDA loss of INR 1.2 Cr in Q2 FY26.

Capital Expenditure

Shalby acquired Healers Hospital Private Limited (HHPL) for INR 104 Cr to transition from a leased to an owned model. Net debt is expected to increase by INR 100-105 Cr for HHPL and INR 140-145 Cr for the PKHPL acquisition.

Credit Rating & Borrowing

ICRA revised the long-term rating from [ICRA]A+(Stable) to [ICRA]A+(Negative) due to margin deterioration. Gross borrowings stood at INR 129.44 Cr as of September 2025 with a net debt of INR 30.93 Cr.

⚙️ Operational Drivers

Raw Materials

Orthopedic implants (knee/hip), surgical consumables, and pharmaceutical medicines represent the primary material costs, with materials and consumables accounting for 25.9% of total revenue in Q2 FY26.

Import Sources

Implants are manufactured in-house via Shalby Advanced Technologies (SAT) in the USA (Consensus Orthopedics assets) and sourced for domestic use in India.

Key Suppliers

Shalby MedTech (internal subsidiary) serves as a key supplier for implants; other pharmaceutical and consumable suppliers are not specifically named in the documents.

Capacity Expansion

Sanar International Hospital has a total bed capacity of 130. Group-wide occupancy was 47.5% in 9M FY25, while Sanar operated at a low 21% occupancy in Q2 FY26.

Raw Material Costs

Materials and consumables costs were 25.9% of revenue in Q2 FY26. Procurement strategies include in-house manufacturing of implants to reduce external sourcing costs and improve supply chain control.

Manufacturing Efficiency

MedTech sold 10,988 implant components in Q2 FY26, a 16.4% YoY increase. Hospital efficiency is constrained by low occupancy at Sanar (21%) and emerging specialty units.

📈 Strategic Growth

Expected Growth Rate

16-20%

Growth Strategy

Growth will be driven by scaling the MedTech implant division (expected 50% YoY growth), increasing international patient footfall at Sanar (currently 65% of its revenue), and diversifying into non-arthroplasty segments like oncology and transplants.

Products & Services

Arthroplasty (joint replacement) surgeries, knee and hip implants, liver/kidney/bone marrow transplants, and cardiac care services.

Brand Portfolio

Shalby, Sanar International, Shalby Academy, Slaney, Griffin, and Consensus Orthopedics (acquired assets).

New Products/Services

MedTech is planning to launch new implant products in FY26, which is expected to drive the projected 50% revenue growth in that segment.

Market Expansion

Expansion into the Delhi-NCR market via Sanar and increasing the number of Shalby Orthopedics Centres of Excellence (SOCEs) across India.

Market Share & Ranking

Shalby is a leading player in the Indian arthroplasty (joint replacement) market, though specific market share % is not disclosed.

Strategic Alliances

Strategic acquisition of Healers Hospital (HHPL) and PK Healthcare (Sanar) to consolidate the Delhi-NCR presence.

🌍 External Factors

Industry Trends

The industry is shifting toward multi-specialty care and digital accreditation (Digital NABH). Shalby is positioning itself by diversifying beyond its core arthroplasty strength into transplants and oncology.

Competitive Landscape

Competes with major multi-specialty hospital chains and specialized orthopedic clinics.

Competitive Moat

The primary moat is the brand reputation of Dr. Vikram Shah in arthroplasty and the high switching costs/technical expertise required for complex joint replacements.

Macro Economic Sensitivity

Healthcare demand is sensitive to per capita income growth and widening medical insurance coverage, which increases the affordability of elective surgeries.