Shalby Ltd(SHALBY)

NSE: SHALBYBSE: 540797

₹ 113-2.16%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,221 crNext results: 3 Nov 2026Website: www.shalby.orgUpdated: 24 Oct 2026

About

Shalby Ltd is an Ahmedabad-based hospital and orthopaedic implant group operating across two segments: Healthcare Services (88.5% of FY26 revenue) and Manufacturing of Implants (11.5%). The company runs 1,365 operational beds across its hospital network and, through its US subsidiary Shalby Advanced Technologies, manufactures knee and hip implants sold in the US, India and international markets.^[1][2][3][4]

Hospital operations and bed capacity

The group operated 1,365 beds as of Q1 FY27, down 3.5% YoY; 701 beds were occupied in Q1 FY27, up 9.8% YoY.^[2]
Shalby International (Gurugram), a 130-bed unit acquired from PK Healthcare, is a separate unit from the 8 standalone hospitals and is still ramping from a low base.^[5]
The 7-hospital cohort with 10+ years of maturity generated an EBITDA margin of 20.3% on revenue of ₹1,483 mn in Q4 FY26, illustrating mature-asset operating leverage.^[5]
Shalby operates 60 domestic and 23 international OPD centres as patient acquisition and outreach hubs, with international centres in East Africa, Iraq, CIS, Dubai, Oman, Bangladesh and Nepal.^[3]
Over ₹80 crores was invested in robotics (5 orthopaedic robots plus 2 other-specialty robots), linac bunkers (now 5 group-wide) and PET-CT equipment over the 8-9 months to Q3 FY26.^[6]

Key operating metrics

Standalone hospital ARPOB was ₹44,711 in Q1 FY27, down 2.1% YoY, compared with ₹42,932 for full-year FY26.^[2][5]
Group occupancy rate improved to 51% in Q1 FY27 (+624 bps YoY); excluding Shalby International it was 54%.^[2]
Average length of stay (excluding daycare) was 3.69 days in Q1 FY27, up 4.5% YoY.^[2]
Total surgeries reached 9,326 in Q1 FY27 (+3.5% YoY); 47 transplants were performed in the quarter.^[2]
Shalby International (Gurugram) ARPOB was ₹91,326 in Q1 FY27, at 24% occupancy, and achieved EBITDA break-even for the first time since acquisition.^[2]

Payor and specialty mix

Payor mix in Q1 FY27: 30% self-pay, 38% insurance, 32% government - government share rose from 24% a year earlier, while self-pay fell from 36%.^[2]
Shalby operates across 30+ clinical specialties; FY25 revenue mix was led by Arthroplasty (36%), Critical Care (10%), Cardiac (10%), Oncology (10%), and Orthopaedic & General Medicine (9%).^[3]
Arthroplasty share of hospital revenue declined to 33% in Q3 FY26 from ~70% a decade ago; oncology, cardiology and critical care each represent 10 - 15% and are growing at high double digits.^[6]
Shalby has served over 3.4 million patients since inception; FY25 payer mix was 40% self-pay, 36% government, 23% corporate and 1% TPA corporate/private.^[3]

Implant manufacturing

Shalby Advanced Technologies (USA) operates a vertically integrated implant manufacturing facility of 45,000 sq. ft. covering machining, polishing, sterilisation and packaging.^[3]
SAT has over 32 years of operations and more than 120,000 successful knee and hip implantations worldwide without a single product recall.^[3]
The implant portfolio includes the CKS and CKS Plus knee systems, the Tahoe Unicondylar Knee System (TUKS), advanced hip systems and Duraniom - India's only TiNbN knee implant, US FDA-approved.^[3]
SMTL India (the domestic manufacturing entity) grew revenue 131% YoY to ₹813 mn in FY26; Shalby MedTech consolidated revenue grew 46% YoY to ₹1,350 mn in FY26.^[5]
More than 70 - 80% of implants used in Shalby hospitals from January 2026 are manufactured by Shalby MedTech, up from 15 - 20% until Q3 FY26.^[6]

Customers and distribution

Implants are sold in the US, India, Indonesia and across Southeast Asia, the Middle East, Africa and the CIS region; exports represent 1.21% of total company turnover in FY25.^[3]
SAT (USA) sold 74,088 implant components (₹1,071.70 mn revenue) in FY25; Shalby Global Technologies (Singapore) sold 4,931 components (₹163.72 mn) in FY25.^[3]
Shalby International (Gurugram) derives over half its revenues from international patients and is being positioned as a centre of excellence for transplants and complex procedures.^[3]

Expansion and capex

Mumbai Asha Parekh Hospital (200 beds) is in development within budget, with targeted completion in FY31.^[5]
Two additional linac bunkers are planned for Mohali and Delhi NCR over the next 12 - 18 months from Q3 FY26.^[6]
Implant business has received regulatory approvals in Malaysia, Argentina, South Korea, Vietnam and Iran; upcoming markets include Nepal, Iraq, Ethiopia, Paraguay, Sri Lanka and Russia.^[5]
India implant distribution is expanding to Assam, Odisha, Uttar Pradesh and Uttarakhand as upcoming markets.^[5]

Recent developments

ICRA downgraded Shalby's long-term credit rating from A+ to A on its ₹830 crore credit facility in late July 2026; the outlook was revised from negative to stable.^[2]
Shalby International (Gurugram) achieved EBITDA break-even in Q1 FY27 for the first time since acquisition, posting ₹18.17 mn EBITDA on ₹262.3 mn revenue at 24% occupancy.^[2]
Shalby MedTech consolidated EBITDA was positive for the fourth consecutive quarter in Q1 FY27, with India revenue growing 98% YoY to ₹360.96 mn.^[2]
The Rajkot and Lucknow SOCE franchisee units were closed by Q3 FY26; management confirmed no plans to add significant new franchisees, with OPD services continuing from those locations.^[6]

Market Cap

₹1,221 Cr

High / Low

₹255 / 126

Stock P/E

35.4

Price / Book

1.4

Book Value

₹93

EPS

₹3.5

No. of Shares

10.8 Cr

ROCE

6.6%

ROE

3.7%

OPM

8.5%

Debt / Equity

0.54

Sales

₹1,141 Cr

Net Profit

₹35 Cr

Promoter holding

74.3%

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Shalby Ltd(SHALBY)

About

Hospital operations and bed capacity

Key operating metrics

Payor and specialty mix

Implant manufacturing

Customers and distribution

Expansion and capex

Recent developments

Signal history

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