SHALBY

Shalby share price & financials

Price
₹163.99
Market cap
₹1.7k Cr
Sector
Healthcare
Calls analysed
6
Latest concall · Q1 FY27 · call held 13 Aug 2026

Shalby Limited Q1 FY27

Consolidated Revenue ₹338.6 cr +12%Consolidated EBITDA ₹49 cr +1%Consolidated EBITDA Margin 14.5% Consolidated PAT ₹10.5 cr +36%

What went well

  • Consolidated revenues stood at ₹338.6 crores, a strong growth of 11.6% on year-on-year basis.
  • Hospital segment occupied beds increased to 701, showing a growth of 9.8% year-on-year.
  • Shalby International's Gurgaon unit achieved its EBITDA break-even for the first time.

What to watch

  • Consolidated EBITDA margin stood at 14.5%, compared to 16% in the corresponding quarter last year, reflecting a 1.5 percentage point decline.
  • Standalone hospital EBITDA margin declined to 18.4% from 21.6% in Q1 FY26, a 320 bps compression.
Read the full call →

What Shalby Limited does

Shalby Limited runs a network of multi-specialty hospitals across India built on the joint-replacement surgery practice pioneered by founder Dr. Vikram Shah, and has since diversified into cardiac science, oncology, neuroscience, critical care, general medicine and organ transplants. It earns from in-patient and out-patient hospital care delivered through owned, franchised and O&M (operate-and-maintain) facilities, plus hospital operations outside its core network including PK Healthcare in Delhi-NCR. A separate MedTech vertical designs, manufactures and distributes orthopedic implants through its Shalby MedTech subsidiary, which includes a US manufacturing arm (Shalby Advanced Technologies) and a Singapore-based distribution arm (Shalby Global Technologies).

Segments

  • Shalby Hospitals, Pharma & Franchise
  • Shalby International
  • Shalby MedTech
Hospitals (across 10 cities in India)
13
Total bed capacity
2,200+
Domestic outpatient (OPD) clinics
60
International OPD clinics
23
Doctors team (incl. visiting consultants)
1,150+
Total employees
4,500+
Founded 1994Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 2 delivered 4 missed 12 open
  • Effective Tax Rate delivered said Q4 FY25 Promised: FY26 tax rate will be somewhere around 25% Q1 FY27: Confirmed transition to lower tax rate of ~26% for hospital segment.
  • Consolidated Revenue Growth missed said Q4 FY25 Promised: Higher single-digit growth for FY26 Q1 FY27: FY26 target, no new update.
  • Hospital and Pharma Business Revenue CAGR at risk said Q4 FY26 Promised: minimum 15% CAGR Q1 FY27: Hospital segment revenue grew 7% YoY, below the 15% target.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 11.8%, net profit up 25.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue268 276 265 296 285 +6%272 −1%287 +8%331 +12%
EBITDA33 34 21 42 42 +27%30 −12%29 +38%42 +0%
Net profit2 -3 -12 8 7 +250%1 +133%18 +250%10 +25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −38.2% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹234.11 on 10 Sept 2025 → ₹144.78. High ₹266.83 (23 Sept 2025), low ₹126.8 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.7%
13 Aug
Q4 FY26
−2.0%
29 May
Q3 FY26
−6.2%
12 Feb
Q2 FY26
−0.7%
15 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 12.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.5%.

Year endingFY23FY24FY25FY26
Revenue₹805 Cr₹933 Cr₹1.1k Cr₹1.1k Cr
Operating profit₹137 Cr₹177 Cr₹133 Cr₹143 Cr
Operating margin17.0%19.0%12.2%12.5%
Interest₹9 Cr₹16 Cr₹39 Cr₹39 Cr
Depreciation₹48 Cr₹52 Cr₹65 Cr₹70 Cr
Net profit₹68 Cr₹84 Cr₹2 Cr₹34 Cr
Net margin8.4%9.0%0.2%3.0%
Cash from operations₹68 Cr₹20 Cr₹-4 Cr₹0 Cr
Free cash flow₹50 Cr₹-26 Cr₹-74 Cr₹-145 Cr
ROCE10.0%11.0%6.0%6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹108 Cr₹108 Cr₹107 Cr₹107 Cr₹108 Cr₹108 Cr
Reserves₹727 Cr₹768 Cr₹820 Cr₹893 Cr₹895 Cr₹898 Cr
Borrowings₹44 Cr₹155 Cr₹180 Cr₹378 Cr₹535 Cr₹595 Cr
Other liabilities₹118 Cr₹162 Cr₹173 Cr₹231 Cr₹246 Cr₹248 Cr
Total liabilities₹997 Cr₹1.2k Cr₹1.3k Cr₹1.6k Cr₹1.8k Cr₹1.8k Cr
Fixed assets₹660 Cr₹675 Cr₹685 Cr₹966 Cr₹976 Cr₹1.0k Cr
Capital work in progress₹8 Cr₹6 Cr₹11 Cr₹15 Cr₹54 Cr₹19 Cr
Investments₹16 Cr₹25 Cr₹146 Cr₹81 Cr₹87 Cr₹62 Cr
Other assets₹314 Cr₹488 Cr₹440 Cr₹547 Cr₹665 Cr₹721 Cr
Total assets₹997 Cr₹1.2k Cr₹1.3k Cr₹1.6k Cr₹1.8k Cr₹1.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.74 pp while the public added +0.61 pp. The shareholder count shrank 5% to 50,770.

Promoters
74.3%
FIIs
4.5%
DIIs
0.3%
Public
20.3%
Others
0.7%

Since Jun 2025

  • FIIs −0.74 pp
  • Public +0.61 pp
  • DIIs +0.11 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.1%, FIIs 4.1%, Public 20.9%, Others 0.9%.Dec '23: Promoters 74.1%, FIIs 4.6%, Public 20.4%, Others 0.8%.Mar '24: Promoters 74.2%, FIIs 4.9%, Public 20.1%, Others 0.8%.Jun '24: Promoters 74.3%, FIIs 5.3%, DIIs 0.1%, Public 19.6%, Others 0.7%.Sep '24: Promoters 74.3%, FIIs 5.4%, DIIs 0.1%, Public 19.6%, Others 0.7%.Dec '24: Promoters 74.3%, FIIs 4.7%, DIIs 0.1%, Public 20.3%, Others 0.7%.Mar '25: Promoters 74.3%, FIIs 4.5%, DIIs 0.2%, Public 20.3%, Others 0.7%.Jun '25: Promoters 74.3%, FIIs 5.2%, DIIs 0.2%, Public 19.6%, Others 0.7%.Sep '25: Promoters 74.3%, FIIs 4.6%, DIIs 0.2%, Public 20.2%, Others 0.7%.Dec '25: Promoters 74.3%, FIIs 4.5%, DIIs 0.2%, Public 20.4%, Others 0.7%.Mar '26: Promoters 74.3%, FIIs 4.4%, DIIs 0.3%, Public 20.4%, Others 0.7%.Jun '26: Promoters 74.3%, FIIs 4.5%, DIIs 0.3%, Public 20.3%, Others 0.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Shalby Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shah Family Trust Throuh Dr. Vikram Shah, Trustee 34.79%unchanged
Zodiac Mediquip Limited 29.21%unchanged
Vikram Indrajit Shah 7.41%unchanged
Darshini Vikram Shah 2.79%unchanged
First Water Fund AIF1.73%+0.09 pp
Shanay Vikram Shah 0.13%unchanged
Shalby Orthopaedic Hospital and Research Centre 0.00%unchanged
Eris Infrastructure Private Limited 0.00%unchanged
Uranus Medical Devices Limited 0.00%unchanged
Aasna Shah 0.00%unchanged
Hemant Laxmidas Harkhani 0.00%unchanged
Ayesha Shanay Shah 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Shalby Limited

Guides on how to read this kind of business and the numbers that matter.