Shalby Limited (SHALBY) · mywealthgrid

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About

Shalby operates a network of hospitals within India's healthcare services sector. Quarterly revenue ranges ₹215–₹331 Cr (standalone to consolidated), indicating multiple facilities or subsidiaries. The company competes in a fragmented but consolidating market with moderate leverage (D/E 0.54) and persistent profitability.

Founded: 1993
Face value: ₹10

Market cap

₹1,442 Cr

P/E

36.7×

P/B

1.4×

Dividend yield

0.9%

ROE

3.7%

ROCE

7.9%

Debt / equity

0.54

OPM

12.5%

EPS (TTM)

₹3.7

Book value

₹93.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 42 paired with ROE of 3.74% flags valuation stretched relative to capital returns—verify what earnings growth justifies the multiple
Standalone net profit swings ₹1.28 Cr (Dec 2025) to ₹53.67 Cr (Mar 2026)—identify whether seasonal, acquisition-driven, or extraordinary, and whether core business is stable
Stock declined 25.67% over 1y despite recent profitable quarters—verify what operational or execution concerns override current results
Operating margins fluctuate 10–17% across quarters—clarify whether variance reflects utilization swings, service-mix shifts, or uncontrolled cost pressures

Generated analysis · source review pending

Growth drivers

Standalone revenue grew ~13% q-o-q from Sep 2025 (₹223.97 Cr) to Jun 2026 (₹253.79 Cr)—verify whether organic (beds, occupancy) or inorganic (M&A)
Consolidated revenue consistently exceeds standalone by 30%+ (e.g., ₹331.22 vs ₹253.79 Cr in Jun 2026)—verify accretion from acquisitions and contribution from subsidiaries
Operating margin peaks of 16.74% and 17.4% demonstrate operational leverage achievable across quarters—identify cost control and service-mix levers to lift structural profitability
Moderate debt (D/E 0.54) provides balance-sheet capacity for facility expansion or bolt-on acquisitions—verify capex plans and M&A pipeline

Generated analysis · source review pending

2,167 historical price candles were omitted because the exchange source has not been verified.

₹133.6-6%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 21.5% over the last 5 years
+Dividend payout of 33% of profit
+High promoter holding of 74.3% with no pledge

Cons

−Low return on equity of 4.3% (3-yr avg)
−Profit declined 2.5% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 24
Growth: 51
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	462	487	431	699	805	934	1,087	1,141
COGS	283	125	—	174	196	64	115	151
Gross profit	179	362	—	525	609	870	972	990
	97	280	—	405	472	693	840	847
	82	82	—	120	137	177	133	143
OPM %	17.8%	16.8%	—	17.2%	17%	19%	12.2%	12.5%
Depreciation	33	36	—	43	48	52	66	70
Interest	8	6	—	6	9	16	39	39
	9	17	14	8	23	19	28	27
Profit before tax	50	57	55	79	102	128	56	61
Tax	19	29	—	25	34	45	54	26
Tax %	37.2%	51.4%	—	31.8%	33.7%	34.9%	96.6%	42.7%
	32	28	42	54	68	84	2	35
PAT margin %	6.9%	5.7%	9.8%	7.7%	8.4%	8.9%	0.2%	3%
EPS (₹)	2.9	2.6	—	5	6.3	7.8	0.2	3.2
EPS adjusted (₹)	2.9	2.6	3.9	5	6.3	7.8	0.6	3.5
	17.1%	19.6%	—	20%	19%	15.4%	0%	—
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	108	108	108	108	108	107	107	107	108
Reserves	657	672	691	727	768	820	893	885	898
Minority interest	—	0	0	—	—	—	7	3	0
	91	57	49	44	155	181	314	427	540
	118	102	119	118	162	173	286	282	294
Total equity & liabilities	975	939	967	997	1,194	1,281	1,608	1,704	1,839
	647	692	672	650	657	685	966	955	1,046
CWIP	46	2	3	4	5	6	15	8	0
Investments	10	11	28	16	25	146	81	95	62
	271	235	263	327	507	444	545	646	731
Total assets	975	939	967	997	1,194	1,281	1,608	1,704	1,839

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Healthcare Services	1,010.14	95.28	1,264.97	574.16	690.81	13.79
Manufacturing of Implants	131.29	-34.72

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.7%	74.3%	—	75%	75.6%	93.2%	89.5%	86.7%
EBITDA margin %	17.8%	16.8%	—	17.2%	17%	19%	12.2%	12.5%
EBIT margin %	10.6%	9.4%	—	11%	11%	13.4%	6.2%	6.4%
PAT margin %	6.9%	5.7%	9.8%	7.7%	8.4%	8.9%	0.2%	3%
Working capital
Receivable days	64	71	80	53	48	57	59	73
Inventory days	17	44	—	253	345	1,350	1,017	908
Payable days	73	176	—	—	164	744	377	310
NWC days	8	-60	—	—	230	663	698	671
Leverage
Current ratio	2.23	2.92	3.32	2.6	2.8	1.71	1.45	1.25
Debt to EBITDA	0.69	0.6	—	1.29	1.32	1.77	3.22	3.78
Debt to equity	0.07	0.06	0.05	0.18	0.19	0.31	0.43	0.54
Interest coverage	7.2	9.9	—	15.2	12.2	9	2.4	2.6
Asset turnover	0.49	0.5	0.43	0.59	0.63	0.58	0.64	0.62
Return ratios
Return on assets %	3.4%	2.9%	4.3%	4.5%	5.3%	5.2%	0.1%	1.9%
Return on capital employed %	6.9%	7.3%	1%	9.2%	10.5%	12.2%	7.5%	7.9%
Return on equity %	4.1%	3.5%	5.1%	6.2%	7.3%	8.3%	0.2%	3.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.12%	74.12%	74.24%	74.25%	74.25%	74.27%	74.27%	74.27%	74.33%	74.33%	74.33%	74.33%
	4.11%	4.62%	4.88%	5.35%	5.37%	4.65%	4.54%	5.2%	4.64%	4.47%	4.36%	4.46%
	0%	0%	0%	0.06%	0.09%	0.14%	0.18%	0.2%	0.2%	0.2%	0.25%	0.3%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	20.9%	20.43%	20.13%	19.64%	19.6%	20.25%	20.32%	19.64%	20.17%	20.34%	20.41%	20.26%
No. of shareholders	—	—	—	—	—	—	—	—	53,784	52,495	51,415	50,770

Promoter holding up 0.21 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
SHAH FAMILY TRUST THROUGH DR. VIKRAM I SHAH, TRUSTEEPromoters	BuyMarket Purchase	60,000	₹0	34.73% → 34.79%	20 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

13 deals · 30 May 2022 – 22 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
22 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,54,105	₹266.55	₹36.09 Cr
22 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,54,105	₹266.34	₹36.07 Cr
5 Sept 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	5,68,902	₹223.57	₹12.72 Cr
5 Sept 2025	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	5,68,902	₹223.40	₹12.71 Cr
5 Sept 2025	MUSIGMA SECURITIES	Bulk	NSE	Sell	5,48,438	₹223.36	₹12.25 Cr
5 Sept 2025	MUSIGMA SECURITIES	Bulk	NSE	Buy	5,48,438	₹223.24	₹12.24 Cr
13 Jun 2025	HARESH TIKAMDAS KASWANI	Block	NSE	Sell	7,00,000	₹180.00	₹12.60 Cr
13 Jun 2025	FIRST WATER FUND	Block	NSE	Buy	7,00,000	₹180.00	₹12.60 Cr
13 Jun 2025	HARESH TIKAMDAS KASWANI	Bulk	NSE	Sell	7,00,000	₹180.00	₹12.60 Cr
13 Jun 2025	FIRST WATER FUND	Bulk	NSE	Buy	7,00,000	₹180.00	₹12.60 Cr

1–10 of 13

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. VIKRAM INDRAJIT SHAHExecutive Director-Chairperson related to Promoter-MD
Mr. SHYAMAL SHIVKUMAR JOSHINon-Executive - Independent Director
Mr. UMESH KRISHNANKUTTY MENONNon-Executive - Independent Director
Mr. TEJ RAMJIDASS MALHOTRANon-Executive - Independent Director
Mr. ASHOK BHATIANon-Executive - Independent Director
Mrs. SUJANA MANAN SHAHNon-Executive - Independent Director
Mr. Amit KumarChief Financial Officer
Mr. Tushar ShahCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.02%

of the company's equity

All mutual funds

0.01%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
IB63-Groww BSE Hospitals ETF	Groww Mutual Fund	18,066	0.28	0.18%	0.017%	+3,640
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	741	0.01	0.03%	0.001%	+1
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	80	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

46 announcementsExport CSV

12 Sept 2026, 3:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.7%	74.3%	—	75%	75.6%	93.2%	89.5%	86.7%
EBITDA margin %	17.8%	16.8%	—	17.2%	17%	19%	12.2%	12.5%
EBIT margin %	10.6%	9.4%	—	11%	11%	13.4%	6.2%	6.4%
PAT margin %	6.9%	5.7%	9.8%	7.7%	8.4%	8.9%	0.2%	3%
Working capital
Receivable days	64	71	80	53	48	57	59	73
Inventory days	17	44	—	253	345	1,350	1,017	908
Payable days	73	176	—	—	164	744	377	310
NWC days	8	-60	—	—	230	663	698	671
Leverage
Current ratio	2.23	2.92	3.32	2.6	2.8	1.71	1.45	1.25
Debt to EBITDA	0.69	0.6	—	1.29	1.32	1.77	3.22	3.78
Debt to equity	0.07	0.06	0.05	0.18	0.19	0.31	0.43	0.54
Interest coverage	7.2	9.9	—	15.2	12.2	9	2.4	2.6
Asset turnover	0.49	0.5	0.43	0.59	0.63	0.58	0.64	0.62
Return ratios
Return on assets %	3.4%	2.9%	4.3%	4.5%	5.3%	5.2%	0.1%	1.9%
Return on capital employed %	6.9%	7.3%	1%	9.2%	10.5%	12.2%	7.5%	7.9%
Return on equity %	4.1%	3.5%	5.1%	6.2%	7.3%	8.3%	0.2%	3.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Max Healthcare Institute LimitedMAXHEALTHMAXHEALTH	₹91,573 Cr	₹95,052 Cr	₹8,712 Cr	₹2,318 Cr	26.8%	₹1,457 Cr	17.2%	13.8%	14.3%	-110
Manipal Health Enterprises LimitedMANIPALHOSMANIPALHOS	₹91,552 Cr	₹1,02,105 Cr	₹10,336 Cr	₹2,611 Cr	25.3%	₹917 Cr	8.9%	12.5%	12.8%	38
Fortis Healthcare LimitedFORTISFORTIS	₹59,268 Cr	₹62,140 Cr	₹9,506 Cr	₹2,131 Cr	22.8%	₹1,048 Cr	11.7%	13%	11.1%	-99
Aster Dm Healthcare LimitedASTERDMASTERDM	₹36,728 Cr	₹37,429 Cr	₹4,876 Cr	₹958 Cr	19.4%	₹319 Cr	9.2%	11.9%	9.7%	-112
Global Health LimitedMEDANTAMEDANTA	₹36,498 Cr	₹37,688 Cr	₹4,683 Cr	₹979 Cr	20.8%	₹556 Cr	12.6%	16.9%	15.1%	-26
Narayana Hrudayalaya Ltd.NHNH	₹35,594 Cr	₹40,460 Cr	₹9,072 Cr	₹1,749 Cr	20.5%	₹816 Cr	10.2%	15.1%	19.7%	-181
Krishna Institute Of Medical Sciences LimitedKIMSKIMS	₹29,457 Cr	₹32,701 Cr	₹4,213 Cr	₹833 Cr	20.5%	₹205 Cr	6.2%	9.5%	11%	-50
Dr. Agarwal's Health Care LimitedAGARWALEYEAGARWALEYE	₹15,420 Cr	₹15,578 Cr	₹2,207 Cr	₹612 Cr	27.4%	₹148 Cr	8.1%	10.1%	6.8%	-76
Rainbow Childrens Medicare LimitedRAINBOWRAINBOW	₹13,003 Cr	₹13,003 Cr	₹1,820 Cr	₹575 Cr	32%	₹285 Cr	16.5%	18.2%	17.9%	-73
Park Medi World LimitedPARKHOSPSPARKHOSPS	₹11,696 Cr	₹11,924 Cr	₹1,679 Cr	₹444 Cr	26.5%	₹258 Cr	16.3%	21.4%	16.7%	-2
Healthcare Global Enterprises LimitedHCGHCG	₹9,984 Cr	₹10,895 Cr	₹2,627 Cr	₹480 Cr	18.3%	₹23 Cr	0.9%	9.1%	1.2%	-93
Yatharth Hospital & Trauma Care Services LimitedYATHARTHYATHARTH	₹9,965 Cr	₹10,218 Cr	₹1,334 Cr	₹310 Cr	24.2%	₹174 Cr	14.1%	12.3%	10%	-26

Date	Category	Subject	Filing
12 Sept 2026, 3:09 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
11 Sept 2026, 5:09 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
10 Sept 2026, 6:37 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
20 Aug 2026, 12:52 pm	Company Update General	Weblink Letter To Shareholders Whose Email Ids Are Not Registered Intimating Exact Path Of Annual Report FY 2025-26 And Notice Of 22Nd AGM	PDF
19 Aug 2026, 6:17 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
19 Aug 2026, 2:23 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
18 Aug 2026, 2:43 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
17 Aug 2026, 6:01 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	60	14	43	55	79	19	68	20	-4	-0
	53	-237	1	-31	-51	-60	-61	38	-36	-97
	-111	222	-51	-22	-30	90	-50	-151	48	84
Net cash flow	3	-0	-6	3	—	49	-43	-93	8	-13
Free cash flow	119	-124	12	36	58	-56	49	-28	-76	-149
CFO / Operating profit %	—	—	52.7%	67.8%	—	15.8%	49.6%	11.1%	-3.3%	-0%

Shalby Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

6

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Healthcare Services · revenue

Shalby Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends6

Board meetings1

Other corporate actions1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Healthcare Services · revenue

6

1

1