Shalby Limited
NSE: SHALBY · Hospital · sector
₹115.29NSE close 2026-10-26
Key numbers
Market cap₹1,240 cr
Price₹115.29
52w high / low₹255 / ₹115
P/E32.9xSector median 42.5x
P/B1.2xSector median 4.9x
Book value₹93.5
Dividend yield–Sector median 0.17%
ROE3.9%Sector median 12.1%
ROCE6.3%Sector median 13.8%
OPM12.1%Sector median 20.3%
Debt / equity0.54xSector median 0.24x
EV/EBITDA11.9xSector median 23.6x
Interest cover2.4x
Current ratio1.25x
Sales growth 3y+12.3%Sector median +14.1%
Profit growth 3y-18.0%Sector median +14.7%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 32 companies in Hospital (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹84 cr vs borrowings ₹540 cr (FY26): borrowings are higher by ₹455 cr.
- Borrowings rose in each of the last 3 years (₹180 cr → ₹540 cr).
- Operating profit covered interest 2.4x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 4 of the last 5 years (FY26, FY25, FY24, FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 69% of net profit in the last 12 months.
- Debtor days went from 57 (FY24) to 73 (FY26).
- Dividend paid in 4 of the last 5 financial years.
- Price ₹115.29 on 2026-10-26: -54.8% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹281.05 · low ₹115.29
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 268 | 276 | 265 | 296 | 285 | 272 | 287 | 331 |
| EBITDA | 33 | 34 | 21 | 42 | 42 | 30 | 29 | 42 |
| OPM % | 12.2% | 12.3% | 7.9% | 14.0% | 14.6% | 11.1% | 10.2% | 12.6% |
| Other income | 7 | 5 | 5 | 7 | 4 | 7 | 8 | 7 |
| Net profit | 3 | -3 | -11 | 9 | 8 | 2 | 18 | 11 |
| EPS (₹) | 0.22 | -0.28 | -1.13 | 0.71 | 0.68 | 0.12 | 1.72 | 0.98 |
| Revenue YoY | +6.7% | -1.3% | +8.5% | +11.7% | ||||
| Profit YoY | +147.2% | – | – | +21.6% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 699 | 805 | 934 | 1,087 | 1,141 | 1,176 |
| EBITDA | 116 | 137 | 177 | 133 | 143 | 143 |
| Net profit | 54 | 68 | 84 | 6 | 37 | 39 |
| EPS (₹) | 5.00 | 6.31 | 7.78 | 0.18 | 3.23 | 3.50 |
| Revenue growth | +15.2% | +16.0% | +16.4% | +5.0% | +6.5% | |
| Profit growth | +25.4% | +23.3% | -92.6% | +501.1% | – | |
| Dividend / share (₹) | 1.00 | 1.00 | 1.20 | 1.20 | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +12.3% | +22.2% | +6.5% |
| Net profit | -18.0% | -2.7% | – |
| EPS | -20.0% | -4.0% | – |
| Share price | – | -31.4% (2y) | -52.0% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 928 | 1,000 | 992 | 1,005 |
| Borrowings | – | 180 | 314 | 427 | 540 |
| Cash & equivalents | – | 158 | 108 | 129 | 84 |
| Total assets | – | 1,281 | 1,608 | 1,704 | 1,839 |
| Fixed assets | – | 668 | 840 | 848 | 922 |
| Capital work in progress | – | 6 | 15 | 8 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 106 | 145 | 175 | 228 |
| Inventory | – | 185 | 235 | 319 | 376 |
| Payables | – | 88 | 130 | 118 | 128 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 19 | 68 | 20 | -4 | -0 |
| Cash from investing | -60 | -61 | 38 | -36 | -97 |
| Cash from financing | 90 | -50 | -151 | 48 | 84 |
| Capex | 75 | 18 | 47 | 71 | 149 |
| Free cash flow | -56 | 49 | -28 | -76 | -149 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 7.3% | 8.3% | 0.6% | 3.7% |
| ROCE % | – | 10.0% | 11.0% | 6.7% | 6.4% |
| Debtor days | – | 48 | 57 | 59 | 73 |
| Inventory days | – | 345 | 1,351 | 1,017 | 908 |
| Payable days | – | 164 | 744 | 377 | 310 |
| Cash conversion cycle (days) | – | 229 | 664 | 699 | 671 |
| Working capital days | – | 159 | 90 | 68 | 46 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.33% |
| FIIs | 4.65% |
| DIIs | 0.31% |
| of which Mutual funds | 0.02% |
| Public (non-institutions) | 20.08% |
| Quarter | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.25% | 74.27% | 74.27% | 74.27% | 74.33% | 74.33% | 74.33% | 74.33% |
| Promoter group | % |
|---|---|
| Shah Family Trust Throuh DR. Vikram Shah, Trustee | 34.79% |
| Zodiac Mediquip Limited | 29.21% |
| Vikram Indrajit Shah | 7.42% |
| Darshini Vikram Shah | 2.79% |
| Shanay Vikram Shah | 0.13% |
| Shah Kairav Kiritkumar | 0.00% |
| Ayesha Shanay Shah | 0.00% |
| Aadhya Shanay Shah | 0.00% |
| Devanshi Shanay Shah | 0.00% |
| Shah Sharmista Indrajit | 0.00% |
| Shalby Orthopaedic Hospital and Research Centre | 0.00% |
| Eris Infrastructure Private Limited | 0.00% |
| Uranus Medical Devices Limited | 0.00% |
| Shah Vikram Indrajit HUF | 0.00% |
| Shah Indrajit Chimanlal HUF | 0.00% |
| Public holders above 1% | % |
|---|---|
| First Water Fund | 1.81% |
50,572 shareholders. Pledged: 0.00% of promoter shares.
Peers in Hospital
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | ₹1,12,797 cr | 54.0x | 11.9x | 23.6% | 21.8% | 15.1% | +14.9% | 0.26% |
| MAXHEALTH | ₹81,266 cr | 55.7x | 7.6x | 14.5% | 13.8% | 26.1% | +22.4% | 0.18% |
| MANIPALHOS | ₹73,581 cr | – | – | – | – | – | – | – |
| FORTIS | ₹55,467 cr | 52.9x | 5.6x | 11.1% | 13.2% | 22.2% | +13.2% | 0.14% |
| NH | ₹33,971 cr | 41.4x | 7.5x | 20.0% | 13.7% | 18.7% | +20.4% | 0.26% |
| ASTERDM | ₹33,523 cr | 104.7x | 7.3x | 8.0% | 12.8% | 16.7% | -27.0% | 0.16% |
| MEDANTA | ₹32,575 cr | 58.5x | 8.2x | 15.1% | 15.8% | 20.5% | +17.9% | 0.04% |
| KIMS | ₹28,123 cr | 131.3x | 12.5x | 9.3% | 9.6% | 19.5% | +21.1% | 0.74% |
| AGARWALEYE | ₹15,065 cr | 101.3x | 7.4x | 7.6% | 16.5% | 27.8% | – | 0.01% |
| SHALBY | ₹1,240 cr | 32.9x | 1.2x | 3.9% | 6.3% | 12.1% | +12.3% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Healthcare Services | ₹1,010 cr | 88.5% | ₹95 cr | 9.4% |
| Manufacturing of Implants | ₹131 cr | 11.5% | ₹-35 cr | -26.4% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-19 | Dividend | Annual General Meeting/Dividend - Rs 1.20 Per Share |
| 2023-08-08 | Dividend | Annual General Meeting/Dividend - Rs 1.20 Per Share |
| 2022-09-19 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2021-09-17 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2020-09-04 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2019-08-16 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2018-09-07 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Hospital and Medical care: Hospital activities
| Sector | Healthcare |
| Industry | Hospital |
| Sub-industry | Hospital |
| Symbol | SHALBY |
| BSE code | 540797 |
| ISIN | INE597J01018 |
| Face value | ₹10.0 |
| Incorporated | 2004-08-30 |
| Website | www.shalby.org |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.