Shalby Ltd.
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ABOUT
AI Sector View
AI GENERATEDHealthcare
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.
PROS
- Company has delivered good profit growth of 21.4% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 16.5% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.26x)
- Stock looks reasonably valued - P/E of 14.3 is below its historical median
- Company comfortably covers its interest (9.0x coverage)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 9.1% over last 3 years
- Operating margins have contracted to 16.3% from 23.0%
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Growth is decelerating - 3Y profit CAGR (11.8%) trails the 5Y trend (21.4%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | 8960.00 | 61.66 | 128831.05 | 0.22 | 610.40 | 38.41 | 7043.50 | 20.56 | 21.73 | 15.70 |
| MAXHEALTH | 1036.50 | 69.24 | 100883.61 | 0.19 | 322.96 | 4.87 | 2366.17 | 16.70 | 14.97 | 25.29 |
| MANIPALHOS | 729.95 | 107.60 | 96015.96 | 0.00 | 2434.30 | — | 30906.30 | — | 13.93 | 23.83 |
| FORTIS | 911.90 | 65.70 | 68844.63 | 0.11 | 272.80 | 2.26 | 2545.03 | 17.46 | 14.07 | 21.28 |
| ASTERDM | 780.05 | 213.36 | 67994.81 | 0.00 | 29.28 | -68.70 | 1310.68 | 21.60 | 11.46 | 19.53 |
| MEDANTA | 1479.75 | 71.54 | 39786.30 | 0.03 | 157.25 | -1.09 | 1304.05 | 26.50 | 19.38 | 21.99 |
| NH | 1888.80 | 47.30 | 38599.67 | 0.24 | 207.27 | 5.37 | 2683.63 | 78.05 | 16.20 | 17.43 |
| LALPATHLAB | 1919.45 | 59.45 | 32217.74 | 1.07 | 1705.00 | 1172.39 | 7977.00 | 1090.95 | 29.56 | 31.03 |
| KIMS | 764.80 | 157.23 | 32122.10 | 0.00 | 37.40 | -56.00 | 1179.50 | 35.33 | 11.51 | 19.03 |
| AGARWALEYE | 514.20 | 109.87 | 16301.49 | 0.00 | 55.02 | 44.56 | 614.02 | 25.97 | 16.14 | 27.75 |
| VIJAYA | 1496.85 | 82.23 | 15417.21 | 0.13 | 53.10 | 37.61 | 230.98 | 22.83 | 30.28 | 42.66 |
| SHALBY | 148.90 | 40.91 | 1608.27 | 0.00 | 10.50 | 36.70 | 331.22 | 11.74 | 6.88 | 12.56 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 211 | 217 | 195 | 206 | 233 | 212 | 221 | 207 | 237 | 224 | 215 | 225 | 254 | |
| 167 | 165 | 152 | 168 | 182 | 177 | 178 | 176 | 190 | 185 | 186 | 193 | 225 | |
| Operating Profit | 45 | 52 | 43 | 38 | 50 | 35 | 43 | 31 | 47 | 39 | 30 | 31 | 29 |
| OPM % | 21.11% | 23.83% | 22.14% | 18.54% | 21.63% | 16.69% | 19.28% | 14.86% | 19.79% | 17.40% | 13.77% | 13.99% | 11.27% |
| 5 | 6 | 5 | 4 | 8 | 5 | 6 | 7 | 6 | 6 | 6 | 5 | 5 | |
| Interest | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 2 | 3 |
| Depreciation | 9 | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 11 | 11 |
| Profit before Tax | 40 | 47 | 38 | 33 | 46 | 28 | 36 | 26 | 40 | 31 | 22 | 23 | 34 |
| Tax % | 34.56% | 35.79% | 35.76% | 30.63% | 33.53% | 38.72% | 41.68% | 41.74% | 35.94% | 35.37% | 36.95% | -128.77% | 26.03% |
| Net Profit | 26 | 30 | 25 | 23 | 30 | 17 | 21 | 15 | 26 | 20 | 14 | 54 | 25 |
| 2.44 | 2.83 | 2.30 | 2.10 | 2.84 | 1.60 | 1.94 | 1.39 | 2.39 | 1.84 | 1.28 | 4.99 | 2.33 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 322 | 380 | 462 | 484 | 419 | 647 | 708 | 830 | 869 | 899 | 918 | |
| 250 | 300 | 379 | 401 | 332 | 516 | 565 | 651 | 712 | 752 | 789 | |
| Operating Profit | 73 | 80 | 84 | 83 | 87 | 131 | 143 | 179 | 157 | 146 | 129 |
| OPM % | 22.53% | 21.01% | 18.06% | 17.06% | 20.79% | 20.29% | 20.24% | 21.57% | 18.07% | 16.30% | 14.02% |
| 6 | 10 | 9 | 18 | 10 | 9 | 20 | 21 | 30 | 24 | 22 | |
| Interest | 11 | 12 | 9 | 7 | 4 | 4 | 4 | 4 | 13 | 14 | 13 |
| Depreciation | 16 | 22 | 33 | 36 | 37 | 36 | 37 | 37 | 39 | 40 | 41 |
| Profit before Tax | 52 | 55 | 51 | 57 | 55 | 100 | 121 | 158 | 136 | 116 | 110 |
| Tax % | 41.63% | 26.36% | 36.72% | 50.95% | 22.73% | 30.14% | 33.41% | 34.40% | 38.27% | 2.66% | -2.28% |
| Net Profit | 30 | 40 | 32 | 28 | 43 | 70 | 81 | 104 | 84 | 113 | 112 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 3.97 | 6.46 | 7.48 | 9.67 | 7.80 | 10.50 | — |
| Dividend Payout % | 0.00% | 0.00% | 16.82% | 19.31% | 25.19% | 15.47% | 15.94% | 12.41% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- 17%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- 21%
- 3 Years:
- 12%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -5%
- 3 Years:
- -17%
- 1 Year:
- -38%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- 9%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 87 | 108 | 108 | 108 | 108 | 108 | 107 | 107 | 107 | 108 |
| 171 | 657 | 686 | 706 | 742 | 799 | 862 | 954 | 1,025 | 1,138 | |
| 336 | 127 | 83 | 78 | 64 | 61 | 43 | 118 | 99 | 115 | |
| Trade Payables | 39 | 49 | 59 | 60 | 59 | 61 | 73 | 73 | 79 | 103 |
| 111 | 102 | 79 | 89 | 109 | 147 | 190 | 232 | 194 | 191 | |
| Total Liabilities | 744 | 1,043 | 1,015 | 1,042 | 1,082 | 1,176 | 1,275 | 1,485 | 1,505 | 1,655 |
| 312 | 647 | 689 | 670 | 658 | 628 | 603 | 599 | 579 | 621 | |
| Capital Work in Progress | 221 | 46 | 2 | 3 | 4 | 4 | 6 | 5 | 8 | 0 |
| 10 | 10 | 24 | 43 | 32 | 62 | 313 | 511 | 599 | 623 | |
| 8 | 12 | 13 | 15 | 20 | 20 | 18 | 17 | 20 | 25 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118 | 132 | 180 | |
| Cash & Bank | 16 | 115 | 25 | 29 | 83 | 104 | 3 | 9 | 22 | 13 |
| 178 | 212 | 262 | 283 | 285 | 357 | 332 | 224 | 145 | 193 | |
| Total Assets | 744 | 1,043 | 1,015 | 1,042 | 1,082 | 1,176 | 1,275 | 1,485 | 1,505 | 1,655 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 82 | 27 | 56 | 77 | 86 | 124 | 192 | 140 | 149 | 91 | |
| Cash from Investing | -157 | -242 | -0 | -32 | -52 | -40 | -172 | -206 | -101 | -109 |
| Cash from Financing | 89 | 226 | -51 | -21 | -28 | -17 | -38 | 72 | -36 | 9 |
| 3 | -1 | -6 | 3 | -2 | 43 | -46 | 6 | 12 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Outcome and Proceeding of 22nd Annual General Meeting held on 10th September 2026
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 - Shalby Limited has informed the Exchange about Transcript
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 - Shalby Limited has informed the Exchange about Resignation of Director/KMP/SMP
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 - Shalby Limited has informed the Exchange about Copy of Newspaper Publication relating to Pre-despatch Notice of AGM
2026-08-13 - Shalby Limited has informed the Exchange about Link of Recording
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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Shalby Ltd.
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