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Shalby Ltd.

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shalby.orgBSE: 540797NSE: SHALBY
Market Cap₹ 1,608 Cr.
Current Price
High / Low₹ 275 / 126
Stock P/E40.9
Book Value₹ 94
Price to Book1.36
Dividend Yield0.00 %
ROCE6.9 %
ROE3.5 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Healthcare Services: 88.5% • Manufacturing of Implants: 11.5%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence
50%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Latest quarter profit grew 36.7% YoY, showing strong momentum
  • Company has delivered good sales growth of 21.5% CAGR over last 5 years
  • Working capital cycle has improved - days down from 68 to 46

CONS

  • A large part of profit comes from other income (44.2% of PBT)
  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on equity of 4.1% over last 3 years
  • Company has a low return on capital employed of 8.7%
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.13x)
  • Operating cash flow has been negative in recent years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcareHospital & Healthcare Services
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.APOLLOHOSP8960.0061.66128831.050.22610.4038.417043.5020.5621.7315.70
2.MAXHEALTH1036.5069.24100883.610.19322.964.872366.1716.7014.9725.29
3.MANIPALHOS729.95107.6096015.960.002434.30—30906.30—13.9323.83
4.FORTIS911.9065.7068844.630.11272.802.262545.0317.4614.0721.28
5.ASTERDM780.05213.3667994.810.0029.28-68.701310.6821.6011.4619.53
6.MEDANTA1479.7571.5439786.300.03157.25-1.091304.0526.5019.3821.99
7.NH1888.8047.3038599.670.24207.275.372683.6378.0516.2017.43
8.LALPATHLAB1919.4559.4532217.741.071705.001172.397977.001090.9529.5631.03
9.KIMS764.80157.2332122.100.0037.40-56.001179.5035.3311.5119.03
10.AGARWALEYE514.20109.8716301.490.0055.0244.56614.0225.9716.1427.75
11.VIJAYA1496.8582.2315417.210.1353.1037.61230.9822.8330.2842.66
12.SHALBY148.9040.911608.270.0010.5036.70331.2211.746.8812.56
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
235238216244279268276265296285272287331
192185174205234235242244255244242258319
Operating Profit43534239453334214242302912
OPM %18.32%22.15%19.59%15.91%16.21%12.20%12.30%7.87%14.01%14.58%11.12%10.21%3.71%
55551075574787
Interest334689111191011911
Depreciation12121216161716161717181819
Profit before Tax33433122301412-1231991020
Tax %36.85%35.33%38.14%26.35%51.53%82.77%124.21%-1547.30%66.14%61.84%86.13%-92.19%46.71%
Net Profit0000152-3-128711810
1.942.571.781.491.370.22-0.28-1.130.710.680.121.720.98

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3243784624874316998059341,0871,1411,176
2522993794043445776677559529961,063
Operating Profit7179838387122138179135145114
OPM %22.08%20.88%18.06%17.00%20.27%17.39%17.17%19.13%12.40%12.71%9.65%
710917982319282727
Interest111297581118414140
Depreciation1723333637434852667072
Profit before Tax505450575579102128566158
Tax %43.16%27.10%37.18%51.37%23.06%31.81%33.68%34.86%96.55%42.73%34.89%
Net Profit293932284254688323538
EPS0.000.000.000.003.925.006.277.830.583.48—
Dividend Payout %0.00%0.00%17.06%19.57%25.48%19.96%19.02%15.33%0.00%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
15%
5 Years:
22%
3 Years:
12%

COMPOUNDED PROFIT GROWTH

10 Years:
0%
5 Years:
-2%
3 Years:
-18%

STOCK PRICE CAGR

10 Years:
—
5 Years:
-5%
3 Years:
-17%
1 Year:
-38%

RETURN ON EQUITY

10 Years:
6%
5 Years:
5%
3 Years:
4%
Last Year:
3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2024

Sep 19

₹ 0.12

Rs.1.2000 per share(12%)Final Dividend

2023

Aug 8

₹ 0.12

Rs.1.2000 per share(12%)Final Dividend

2022

Sep 19

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2021

Sep 17

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2020

Sep 4

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital87108108108108108107107107108
Minority Interest-10000-0-0730
164643672691727768820892884897
339132837864179188341425534
Trade Payables39495660587188130118128
112977989110156189241203236
Total Liabilities7411,0309981,0271,0661,2821,3911,7191,7401,902
3236506926726606756859669551,046
Capital Work in Progress22146234561180
0011281625146819562
812131523121185235319376
0000000145175228
Cash & Bank1611625298411112273522
174205256279281346357254153167
Total Assets7411,0309981,0271,0661,2821,3911,7191,7401,902

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
7126537688429620-4-0
Cash from Investing-153-2371-31-51-60-6138-36-97
Cash from Financing96222-51-21-3090-50-1514884
3-0-63-249-43-938-13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.2574.2574.2774.2774.2774.3374.3374.3374.33
5.355.374.654.545.214.634.474.364.47
0.060.090.140.180.190.190.190.250.30
Government0.000.000.000.000.000.000.000.000.00
Public20.3520.2920.9421.0220.3320.8421.0121.0720.91

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Shareholders meeting

2026-09-10 - Outcome and Proceeding of 22nd Annual General Meeting held on 10th September 2026

2026-08-20
Updates

2026-08-20 - Shalby Limited has informed the Exchange regarding 'Weblink letter to Shareholders whose email IDs are not registered intimating exact path of Annual Report FY 2025-26 and Notice of 22nd AGM'.

2026-08-19
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Shalby Limited has informed the Exchange about Transcript

2026-08-19
Copy of Newspaper Publication

2026-08-19 - Shalby Limited has informed the Exchange about Copy of Newspaper Publication - Notice of AGM and E-voting information post despatch of the same

2026-08-18
Resignation of Director/KMP/SMP

2026-08-18 - Shalby Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-18
Resignation

2026-08-18 - Shalby Limited has informed the Exchange regarding Resignation of Mr Deepak Anand as Chief Executive Officer of Shalby Medtech Limited (a wholly-owned subsidiary) w.e.f. September 04, 2026.

2026-08-14
Copy of Newspaper Publication

2026-08-14 - Shalby Limited has informed the Exchange about Copy of Newspaper Publication relating to Pre-despatch Notice of AGM

2026-08-13
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Shalby Limited has informed the Exchange about Link of Recording

2026-08-13
Copy of Newspaper Publication

2026-08-13 - Shalby Limited has informed the Exchange about Copy of Newspaper advertisement relating to unaudited financial results for quarter ended June 30, 2026

News

Recent coverage and analyst commentary for SHALBY

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