Shalby Limited (SHALBY)
₹128.95 -1.86% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shalby's revenue was ₹331 Cr (+11.7% year on year, +15.4% on the previous quarter), and net profit ₹10.5 Cr (+36.7% year on year); the operating margin was 12.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹331 | +11.7% | +15.4% |
| Operating profit | ₹41.6 | +0.1% | +43.4% |
| Net profit | ₹10.5 | +36.7% | -41.7% |
| EPS (₹) | 0.98 | +38.0% | -42.4% |
| Operating margin | 12.6% | — | — |
SHALBY delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 67.69% of the SHALBY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.65%. The price fell 1.86% on that unusually high delivery, the pattern the delivery dashboard labels distribution.
Delivery in the last 5 sessions: 49.5% · 46.4% · 49.4% · 56.6% · 67.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Shalby Limited received an order dated October 12, 2026, from the Chief Medical and Health Officer (CMHO), Jabalpur, suspending the registration of its Jabalpur hospital unit. The suspension follows a minor fire incident on October 11, 2026, reportedly triggered by a mobile phone blast in a patient room, though no injuries or casualties were reported. The order restricts new patient admissions until reassessment and submission of prescribed fire and electrical safety inspection reports. The company stated that the safety audit is underway and expects the financial impact not to be material relative to its operations (TTM revenue of ₹1,176 Cr).
- Jabalpur hospital unit registration suspended by CMHO per order dated October 12, 2026 (received October 13, 2026)
- Minor fire incident occurred on October 11, 2026, reportedly due to a mobile phone blast; no casualties or injuries reported
- Suspension restricts new patient admissions pending fire and electrical safety audits
- Company expects the financial impact of the temporary restriction not to be material
Shalby Limited announced that shareholders rejected the ordinary resolutions for appointing Mr. Shanay Vikram Shah as Director and Whole-time Director at the 22nd AGM. The voting results declared on September 11, 2026, failed to secure the requisite majority despite the promoter group holding a 74.33% stake. Consequently, Mr. Shah automatically ceased to be an Additional Director effective September 10, 2026, though he will continue in his role as President of the Company.
- Ordinary Resolutions 3 and 4 for the appointment of Shanay Vikram Shah failed to get requisite shareholder approval
- Cessation as Additional Director/Whole-time Director took effect retrospectively from September 10, 2026
- Shanay Vikram Shah will continue to act in an executive capacity as President of Shalby
- Promoter holding stands at 74.33%, indicating notable pushback from public or institutional shareholders
At Shalby Limited's 22nd AGM held on September 10, 2026, shareholders approved the adoption of FY26 financial statements and cost auditor remuneration. However, resolutions regarding the appointment of Shanay Vikram Shah as Director and Whole Time Director (effective August 12, 2026) were defeated. Because promoters were considered interested and did not vote their 8,02,83,373 shares, institutional and public non-institutional votes decided the outcome, resulting in 81.71% (2,50,408 votes) dissenting against the appointments. Only 18.29% (56,067 votes) backed the resolutions, highlighting significant public and institutional pushback on board composition.
- Resolutions 3 and 4 to appoint Shanay Vikram Shah as Director and Whole Time Director for 5 years were defeated with 81.71% votes against.
- Promoter group (holding 8,02,83,373 shares or ~74.33% equity) was interested in Resolutions 3 & 4 and did not vote.
- Institutional shareholders strongly rejected the appointment, voting 91.43% (2,36,980 votes) against.
- Resolution 1 (FY26 financial statements) passed near-unanimously with 99.98% votes in favor (8,05,70,219 votes).
Shalby Limited concluded its 22nd Annual General Meeting on September 10, 2026, conducted via video conferencing. Key resolutions put to vote included the adoption of FY26 financial statements and the appointment of Mr. Shanay Vikram Shah as a Whole Time Director for a 5-year term effective August 12, 2026. The statutory auditor and secretarial auditor reports contained no qualifications or adverse remarks. Final scrutinizer voting results will be released within 48 hours.
- 22nd Annual General Meeting concluded on September 10, 2026, lasting 27 minutes (04:00 PM to 04:27 PM IST)
- Remote e-voting was held from September 05, 2026 (09:00 AM) to September 09, 2026 (05:00 PM)
- Proposed appointment of Mr. Shanay Vikram Shah as Whole Time Director for a 5-year tenure starting August 12, 2026
- Final voting results to be submitted to exchanges within 48 hours of meeting conclusion
Shalby Limited has issued communications containing the web-link and access path for its FY 2025-26 Annual Report and 22nd AGM Notice to shareholders whose email IDs are not registered. The 22nd Annual General Meeting is scheduled for Thursday, September 10, 2026, at 4:00 PM IST via Video Conferencing. Remote e-voting begins on September 5, 2026, and concludes on September 9, 2026, with the cut-off date fixed as September 3, 2026.
- 22nd Annual General Meeting scheduled for September 10, 2026 at 4:00 PM IST via VC/OAVM
- Cut-off date for remote e-voting and speaker registration set for September 3, 2026
- Remote e-voting window opens September 5, 2026 (9:00 AM IST) and closes September 9, 2026 (5:00 PM IST)
- Communication sent pursuant to Regulation 36(1)(b) of SEBI LODR to unregistered email holders as of August 14, 2026
Shalby reported a consolidated revenue of ₹338.6 Cr for Q1 FY27, up 11.6% YoY compared to ₹303.4 Cr in Q1 FY26. Consolidated PAT grew to ₹10.5 Cr (PAT margin 3.1%) from ₹7.7 Cr in the prior year period, while EBITDA stood at ₹49 Cr with a margin of 14.5%. Notably, the Gurgaon unit (Shalby International) achieved EBITDA breakeven for the first time since acquisition, generating revenue of ₹26.2 Cr. The MedTech business delivered strong momentum with revenue expanding 53% YoY to ₹47 Cr, marking its fourth consecutive EBITDA-positive quarter.
- Consolidated revenue grew 11.6% YoY to ₹338.6 Cr, with EBITDA at ₹49 Cr (14.5% margin)
- Consolidated PAT increased to ₹10.5 Cr (margin 3.1%) vs ₹7.7 Cr in Q1 FY26
- Gurgaon unit reached EBITDA breakeven with revenue of ₹26.2 Cr and ARPOB of ₹91,326
- MedTech division revenue jumped 53% YoY to ₹47 Cr, maintaining positive EBITDA for 4 consecutive quarters
- Net debt stood at ~₹463 Cr with a gearing ratio of 0.46x, while credit rating outlook improved from negative to stable (rated A)
Shalby Limited has informed the exchanges that Mr. Deepak Anand has resigned from the post of Chief Executive Officer of its wholly-owned subsidiary, Shalby Medtech Limited. The resignation was tendered via letter dated August 18, 2026, and takes effect at the close of business on September 4, 2026. The stated reason is a personal relocation abroad, with the company confirming no other material reasons. Shalby Medtech is a key segment within Shalby's broader ₹1,176 Cr TTM revenue base.
- Deepak Anand resigned as CEO of wholly-owned subsidiary Shalby Medtech Limited on August 18, 2026.
- Cessation is effective from the close of business hours on September 4, 2026.
- Executive stated the sole reason for departure was relocating abroad for personal reasons.
Shalby Limited has published the audio recording of its Q1 FY 2027 earnings conference call held on August 13, 2026. This follows a fiscal year (FY26) where the company reported revenue of ₹1,141 crore and a PAT of ₹34 crore. Investors can access the recording to evaluate management's progress on the MedTech implant division, which is targeting 50% YoY growth, and the recovery plan for Sanar International, which previously reported low occupancy of 21%. The stock has underperformed the market with a -25.2% return over the last 12 months.
- Earnings conference call for Q1 FY 2027 conducted on August 13, 2026, at 10:30 a.m. IST
- TTM Revenue stands at ₹1,141 crore with an Operating Profit Margin of 12.5%
- Company is pursuing a 16-20% growth rate strategy driven by MedTech and international patient footfall
- Promoter holding remains stable at 74.33% as of March 2026
Shalby Limited reported a consolidated revenue growth of 11.6% YoY to ₹338.6 Cr for Q1 FY27, driven by its core hospital business and the MedTech segment. Consolidated PAT rose 36.7% to ₹10.5 Cr, although standalone performance was weaker with PAT declining 2.4% to ₹25.1 Cr. The MedTech (implant) division contributed ₹47.17 Cr to revenue but reported a negligible EBITDA of ₹0.16 Cr. The company's consolidated ROCE remains low at 6.7%, and it carries a net debt of ₹463.6 Cr with a Debt/Equity ratio of 0.46x.
- Consolidated Revenue increased 11.6% YoY to ₹3,386 million in Q1 FY27.
- Consolidated PAT grew 36.7% YoY to ₹105 million, despite standalone PAT falling 2.4%.
- MedTech segment contributed 13.92% of total revenue at ₹471.7 million but only ₹1.6 million in EBITDA.
- Standalone EBITDA margins contracted to 18.4% from 21.6% in the same quarter last year.
- Net Debt stood at ₹4,636 million as of June 30, 2026, with a Debt/Equity ratio of 0.46x.
Shalby Limited has granted 15,000 Employee Stock Options (ESOPs) to eligible employees at an exercise price of ₹100 per share. This exercise price represents a significant discount to the current market price of ₹157.3. The options have a vesting period of 2 years and must be exercised within 1 year of vesting. Crucially, the company stated that share capital will not increase as shares are sourced from the secondary market, resulting in zero dilution for existing shareholders.
- Grant of 15,000 options convertible into an equal number of equity shares of ₹10 face value
- Exercise price fixed at ₹100 per share, approximately 36% below the current market price of ₹157.3
- Vesting period set at 2 years from the grant date of August 12, 2026
- Zero dilution impact as shares are channelized from the secondary market via a Trust
Shalby Limited has appointed Mr. Shanay Vikram Shah as an Additional Director (Whole-time Director) for a five-year term effective August 12, 2026. Mr. Shah, aged 35, is a promoter and the son of the current Chairman and Managing Director, Dr. Vikram Shah. He has been associated with the company since 2013 and previously served as President, overseeing international business and strategy. The appointment is subject to shareholder approval at the upcoming AGM on September 10, 2026.
- Appointment of Mr. Shanay Vikram Shah as Whole-time Director for a 5-year term starting August 12, 2026
- Mr. Shah is 35 years old and holds a Master’s degree in International Health Management from Imperial College London
- He has been associated with Shalby since October 5, 2013, providing over 10 years of industry experience
- Shareholder approval for the appointment is scheduled for the 22nd AGM on September 10, 2026
Shalby Limited reported a consolidated revenue of ₹331.22 Cr for Q1 FY27, an 11.7% increase over the ₹296.43 Cr reported in Q1 FY26. Profit Before Tax (PBT) for the quarter stood at ₹19.69 Cr, a decline of 13% YoY from ₹22.65 Cr, primarily impacted by a ₹11.48 Cr loss in the Manufacturing (MedTech) segment. The board approved the appointment of Mr. Shanay Vikram Shah as a Whole-Time Director for a five-year term. Additionally, the company completed the acquisition of the remaining 0.67% stake in its step-down subsidiary, SGTPL, for SGD 20,000, making it a 100% subsidiary.
- Consolidated revenue for Q1 FY27 reached ₹331.22 Cr, up 11.7% YoY from ₹296.43 Cr.
- Healthcare Services segment revenue grew to ₹288.81 Cr, contributing 87% of total revenue.
- Manufacturing & Trading of Implants segment reported a loss of ₹11.48 Cr, widening from a ₹9.91 Cr loss in Q1 FY26.
- Appointment of Mr. Shanay Vikram Shah (Promoter group) as Whole-Time Director for 5 years effective August 12, 2026.
- Acquisition of 10,000 shares (0.67%) of Shalby Global Technologies Pte. Ltd. for SGD 20,000 from promoters.
Shalby Limited has announced the exercise of 3,000 employee stock options on August 10, 2026, at an exercise price of ₹100 per share. The total money realized from this exercise is ₹3,00,000, which will be received by the Shalby Limited Employee Welfare Trust. Crucially, there is no change in the company's paid-up equity share capital as the shares are being transferred from the secondary market via the Trust. This exercise follows the vesting of 33,000 options on July 12, 2026, while 52,500 options from the original grant have lapsed.
- 3,000 options exercised on August 10, 2026, out of 33,000 vested options.
- Exercise price fixed at ₹100 per share, representing a discount to the current market price of ₹161.9.
- ₹3,00,000 total money realized by the Shalby Limited Employee Welfare Trust.
- 52,500 options lapsed out of the 85,500 options originally granted on July 12, 2024.
- Zero dilution to existing shareholders as shares were channelized from the secondary market.
Shalby Limited has approved availing working capital facilities totaling ₹129.70 crore from Kotak Mahindra Bank. A significant portion, ₹119.70 crore, is dedicated to its US-based step-down subsidiary, Shalby Advanced Technologies, Inc., to support its operational requirements. The parent company will utilize the remaining ₹10 crore through Working Capital Demand Loans or Cash Credit. This total facility represents approximately 11.4% of the company's TTM revenue and is significant relative to its existing debt of ₹131 crore.
- Total working capital facility approved for ₹129.70 crore from Kotak Mahindra Bank.
- ₹119.70 crore allocated specifically for the US step-down subsidiary, Shalby Advanced Technologies, Inc.
- ₹10 crore sanctioned for the parent company via WCDL/Cash Credit facilities.
- The total facility amount is equivalent to ~10.4% of the company's current Net Worth of ₹1247 crore.
- The facility supports the MedTech segment, which the company expects to grow by 50% YoY.
Shalby Limited has announced the rescheduling of its Q1 FY 2027 earnings conference call, originally set for August 7, 2026. The call is now slated for Thursday, August 13, 2026, at 10:30 AM IST. This session will involve senior management, including the Chairman and Managing Director, to discuss the company's performance following a year (FY26) where revenue reached ₹1,141 crore with a PAT of ₹34 crore.
- Earnings conference call rescheduled to August 13, 2026, from the original August 7 date
- The call time has been adjusted to 10:30 AM IST from the previously planned 4:00 PM IST
- Management representation includes the CMD, President, COO, CEO of MedTech, and CFO
- The call follows a TTM revenue performance of ₹1,141 crore and an OPM of 12.5%
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.
Consumer Behavior
Increasing consumer preference for elective surgeries and high-end tertiary care driven by insurance penetration.
Geopolitical Risks
International patient flow (65% of Sanar revenue) is subject to global travel stability and geopolitical relations with the 60+ source countries.
Regulatory & Governance
Industry Regulations
Pricing controls on procedures, implants, and medical devices pose significant compliance and profitability challenges.
Legal Contingencies
The company faces litigation/lawsuit risks which are monitored as event risks; specific case values are not disclosed.
Risk Analysis
Key Uncertainties
Attrition of key doctors and delayed profitability of the Sanar and MedTech acquisitions (RoCE fell to 6.5% in FY25).
Geographic Concentration Risk
High revenue concentration in Gujarat, particularly the SG Highway flagship unit.
Third Party Dependencies
Reliance on newly onboarded doctors in emerging specialties to drive revenue growth.
Technology Obsolescence Risk
Pursuing Digital NABH Accreditation to modernize operational processes and claim processing.
Credit & Counterparty Risk
Receivables are primarily from cash and insurance patients; ARPOB growth is supported by an improving payor mix.
