Shalby Limited

BSE: SHALBY540797ISIN INE597J01018

Healthcare
Hospital
BSE 1000

Share price

₹123.70+0.80 (+0.65%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹250.85
52W low: ₹111.00
Off 52W high: -50.69%
1M return: -7.51%
3M return: -23.95%
6M return: -25.62%
1Y return: -49.15%
20D avg volume: 3,976
50 DMA: ₹137.49
200 DMA: ₹155.86

Key ratios Consolidated

Market cap: ₹1,336 Cr
Current price: ₹123.70
52W high / low: ₹250.85 / ₹111.00
Face value: ₹10.00
P/E: 35.06
P/B: 1.30
EPS (TTM): ₹3.53
Book value / share: ₹95.02
ROE: —
ROCE: 7.90%
Operating margin: —
Net margin: —
Debt / equity: 0.54
Net debt: ₹517.72 Cr
Interest cover: 2.55
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 152.3 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	313.17	331.22	287.44	272.13	285.43	296.43	264.89	275.63	267.54	278.89	244.23	216.05
	5.04	7.41	8.08	7.23	4.47	7.01	5.32	5.42	7.16	9.70	4.99	4.52
	318.22	338.64	295.52	279.35	289.91	303.43	270.21	281.05	274.70	288.59	249.22	220.57
	301.74	318.94	285.92	270.12	270.83	280.78	270.95	268.70	260.99	258.18	227.44	189.75
	8.66	8.24	14.95	17.69	16.70	15.46	22.31	69.36	66.33	13.32	7.78	7.27
	42.99	42.01	41.25	32.13	31.21	29.34	27.63	28.72	23.26	24.30	17.64	19.13
	43.32	47.86	49.56	47.02	45.21	46.51	44.81	47.82	47.11	44.85	39.93	37.76
	11.05	10.56	9.34	10.64	9.64	9.37	10.67	10.66	9.26	8.12	6.47	3.63
	18.92	18.74	18.48	17.61	17.37	16.52	16.23	16.32	16.84	16.37	15.60	12.40
	176.66	178.08	165.05	160.52	163.33	170.18	162.80	40.69	33.64	26.79	90.40	18.94
	16.47	19.70	9.61	9.23	19.07	22.65	-0.74	12.35	13.70	30.41	21.78	30.81
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	16.47	19.70	9.61	9.23	19.07	22.65	-0.74	12.35	13.70	30.41	21.78	30.81
	8.59	9.20	-8.85	7.95	11.80	14.97	11.45	15.34	11.34	15.67	5.74	11.75
	7.88	10.50	18.45	1.28	7.28	7.68	-12.19	-2.99	2.36	14.74	16.04	19.06
	0.73	0.98	1.72	0.12	0.68	0.71	-1.13	-0.28	0.22	1.37	1.49	1.78
Key metrics
	46.44	49.00	37.43	37.48	46.08	48.54	26.16	39.33	39.80	54.90	43.85	46.84
	14.80%	14.80%	13.00%	13.80%	16.10%	16.40%	9.90%	14.30%	14.90%	19.70%	18.00%	21.70%
	2.50%	3.20%	6.40%	0.50%	2.60%	2.60%	-4.60%	-1.10%	0.90%	5.30%	6.60%	8.80%
	2.20%	—	1.50%	—	2.30%	—	0.80%	—	—	—	—	—
	9.70%	11.70%	8.50%	-1.30%	6.70%	6.30%	8.50%	27.60%	—	—	—	—
	8.20%	36.70%	251.40%	142.80%	208.50%	-47.90%	-176.00%	-115.70%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,204	1,141	1,087	933.75	804.92	698.95
	27.76	26.79	27.60	19.43	22.52	12.42
	1,232	1,168	1,115	953.17	827.44	711.37
	1,177	1,108	1,059	824.98	725.40	627.78
	49.54	64.80	92.69	31.97	169.85	132.83
	158.38	133.94	103.92	76.24	72.27	72.56
	187.76	188.29	184.58	155.44	143.64	118.41
	41.59	38.99	38.71	16.03	9.13	5.90
	73.75	69.99	65.76	52.24	48.09	42.87
	680.31	659.08	655.16	327.12	151.34	124.59
	55.01	60.56	55.73	128.19	102.04	83.58
	0.00	0.00	0.00	0.00	0.00	-4.44
	55.01	60.56	55.73	128.19	102.04	79.15
	16.89	25.87	53.81	44.69	34.37	25.18
	38.11	34.69	1.92	83.50	67.68	53.97
	3.55	3.23	0.18	7.78	6.31	5.00
Key metrics
	170.35	169.54	160.20	196.46	159.26	127.92
	14.15%	14.90%	14.70%	21.00%	19.80%	18.30%
	3.17%	3.00%	0.20%	8.90%	8.40%	7.70%
	—	7.90%	7.60%	—	—	—
	7.27%	5.00%	16.40%	16.00%	15.20%	—
	—	1,706.80%	-97.70%	23.40%	25.40%	—
	—	-149.05	-75.79	—	—	—
	—	0.00	-2.26	—	—	—
	—	0.54	0.43	—	—	—
	—	517.72	391.94	—	—	—
	—	152.3	126.2	—	—	—
Balance sheet
	—	1,839	1,704	—	—	—
	—	719.33	657.96	—	—	—
	—	21.90	34.78	—	—	—
	—	228.42	175.21	—	—	—
	—	376.38	319.21	—	—	—
	—	20.71	23.15	—	—	—
	—	922.30	848.17	—	—	—
	—	128.49	118.42	—	—	—
	—	575.69	455.32	—	—	—
	—	539.62	426.72	—	—	—
	—	386.74	290.05	—	—	—
	—	152.88	136.67	—	—	—
	—	1,006	995.33	—	—	—
Cash flow
	—	-0.01	-4.34	—	—	—
	—	-97.28	-35.64	—	—	—
	—	84.41	47.58	—	—	—
	—	149.04	71.45	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	245.32	253.79	224.85	215.24	223.97	236.65	207.06	220.64	212.27	232.72	206.32	195.15
	5.29	5.28	5.59	5.78	5.81	5.52	7.14	6.28	5.29	7.52	4.37	5.21
	250.61	259.07	230.45	221.01	229.78	242.18	214.20	226.91	217.56	240.23	210.70	200.36
	219.05	225.18	206.29	199.14	199.22	202.08	188.52	191.15	189.28	194.40	178.18	161.88
	79.62	0.00	75.38	51.96	53.46	0.00	53.05	51.41	49.95	—	—	—
	4.71	4.34	3.46	3.57	3.39	3.16	2.88	2.96	2.97	3.01	2.95	2.68
	30.48	29.84	29.39	28.73	27.47	26.82	26.05	28.10	28.97	27.79	25.53	24.76
	3.19	3.08	2.36	3.55	4.28	2.58	2.66	3.09	2.70	2.67	0.99	0.61
	10.95	10.80	10.53	10.00	9.94	9.68	9.63	9.94	9.78	9.54	9.12	9.33
	90.39	177.45	85.18	101.78	100.69	159.85	94.12	19.76	18.16	16.27	19.55	14.28
	31.55	33.88	24.16	21.87	30.56	40.10	25.68	35.77	28.28	45.84	32.52	38.48
	0.00	0.00	-0.70	0.00	0.00	0.00	0.00	—	—	—	—	—
	31.55	33.88	23.46	21.87	30.56	40.10	25.68	35.77	28.28	45.84	32.52	38.48
	8.05	8.82	-30.20	8.08	10.81	14.41	10.72	14.91	10.95	15.37	9.96	13.76
	23.50	25.07	53.67	13.79	19.75	25.70	14.96	20.86	17.34	30.47	22.56	24.72
	2.19	2.33	4.99	1.28	1.84	2.39	1.39	1.94	1.61	2.84	2.10	2.30
Key metrics
	45.69	47.76	36.35	35.42	44.78	52.36	37.97	48.80	40.76	58.05	42.63	48.42
	18.60%	18.80%	16.20%	16.50%	20.00%	22.10%	18.30%	22.10%	19.20%	24.90%	20.70%	24.80%
	9.60%	9.90%	23.90%	6.40%	8.80%	10.90%	7.20%	9.50%	8.20%	13.10%	10.90%	12.70%
	2.30%	—	1.80%	—	2.50%	—	2.10%	—	—	—	—	—
	9.50%	7.20%	8.60%	-2.40%	5.50%	1.70%	0.40%	13.10%	—	—	—	—
	19.00%	-2.50%	258.80%	-33.90%	13.90%	-15.70%	-33.70%	-15.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	939.20	898.56	872.68	829.68	708.02	647.16
	21.94	24.86	26.44	20.70	19.36	12.63
	961.14	923.41	899.13	850.39	727.38	659.79
	849.66	806.72	763.39	692.07	606.03	555.44
	206.96	300.74	212.39	—	176.83	159.32
	16.08	13.58	11.82	10.51	9.15	9.06
	118.44	112.41	109.01	99.53	86.76	78.32
	12.18	12.78	11.11	2.89	3.10	2.79
	42.28	40.15	38.89	37.08	37.06	35.50
	454.80	327.57	380.21	66.80	116.94	108.43
	111.46	116.69	135.74	158.31	121.36	104.36
	-0.70	-0.70	0.00	—	—	-4.44
	110.76	116.00	135.74	158.31	121.36	99.92
	-5.25	3.08	51.95	54.47	40.55	30.11
	116.03	112.91	83.79	103.85	80.81	69.81
	10.79	10.50	7.80	9.68	7.52	6.46
Key metrics
	165.22	168.93	185.74	198.28	161.52	138.21
	17.59%	18.80%	21.30%	23.90%	22.80%	21.40%
	12.35%	12.60%	9.60%	12.50%	11.40%	10.80%
	—	8.90%	10.90%	—	—	—
	5.73%	3.00%	5.20%	17.20%	9.40%	—
	42.77%	34.80%	-19.30%	28.50%	15.80%	—
	—	54.10	125.73	—	—	—
	—	1.14	1.78	—	—	—
	—	0.10	0.09	—	—	—
	—	106.39	81.59	—	—	—
	—	41.4	30.3	—	—	—
Balance sheet
	—	1,595	1,470	—	—	—
	—	514.33	475.24	—	—	—
	—	13.35	21.60	—	—	—
	—	179.85	131.71	—	—	—
	—	24.64	20.13	—	—	—
	—	6.01	—	—	—	—
	—	605.79	554.97	—	—	—
	—	102.67	79.44	—	—	—
	—	150.72	122.29	—	—	—
	—	119.74	103.19	—	—	—
	—	20.21	17.79	—	—	—
	—	99.53	85.40	—	—	—
	—	1,247	1,134	—	—	—
Cash flow
	—	128.16	148.82	—	—	—
	—	-108.60	-100.63	—	—	—
	—	-27.80	-35.80	—	—	—
	—	74.06	23.09	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +8.27%
Sales CAGR 5Y: —
Profit CAGR 3Y: +11.79%
Profit CAGR 5Y: —
Sales YoY (TTM): +5.73%
Profit YoY (TTM): +42.77%

Consolidated

Sales CAGR 3Y: +12.35%
Sales CAGR 5Y: —
Profit CAGR 3Y: -19.97%
Profit CAGR 5Y: —
Sales YoY (TTM): +7.27%
Profit YoY (TTM): +17,422.73%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 74.34%

Quarter	September 2026	June 2026
Promoter %	74.34%	74.33%

Holder	Type	Holding	Previous	Change
SHAH FAMILY TRUST THROUH DR. VIKRAM SHAH, TRUSTEE	Promoter	34.79%	34.79%	0.00%
ZODIAC MEDIQUIP LIMITED	Promoter	29.21%	29.21%	0.00%
VIKRAM INDRAJIT SHAH	Promoter	7.42%	7.41%	+0.01%
DARSHINI VIKRAM SHAH	Promoter	2.79%	2.79%	0.00%
FIRST WATER FUND	Public	1.81%	1.73%	+0.08%
SHANAY VIKRAM SHAH	Promoter	0.13%	0.13%	0.00%
Kairav K Shah HUF	Promoter Group	0.00%	0.00%	0.00%
AADHYA SHANAY SHAH	Promoter Group	0.00%	0.00%	0.00%
Shalby Orthopaedic Hospital and Research Centre	Promoter Group	0.00%	0.00%	0.00%
Shah Vikram Indrajit HUF	Promoter Group	0.00%	0.00%	0.00%
Eris Infrastructure Private Limited	Promoter Group	0.00%	0.00%	0.00%
Ayesha Shanay Shah	Promoter Group	0.00%	0.00%	0.00%
Shanay Vikram Shah HUF	Promoter Group	0.00%	0.00%	0.00%
SHAH KAIRAV KIRITKUMAR	Promoter Group	0.00%	0.00%	0.00%
Uranus Medical Devices Limited	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Apollo Hospitals Enterprises Ltd.	1,23,324	8,577.00	56.78	19.50%	+19.24% TTM	+35.20% TTM	+9.78%
Max Healthcare Institute Limited	90,129	926.00	65.28	12.70%	+15.17% TTM	+1.73% TTM	-18.59%
Manipal Health Enterprises Limited	87,828	667.70	—	—	—	—	—
ASTER DM QUALITY CARE LIMITED	62,665	718.90	172.72	10.20%	+15.70% TTM	+3.89% TTM	+4.39%
Fortis Healthcare Ltd	59,710	790.90	55.79	12.00%	+17.50% TTM	+18.62% TTM	-22.35%
Narayana Hrudayalaya Limited	39,427	1,929.30	45.89	11.40%	+71.40% TTM	+1.61% TTM	+5.41%
Global Health Limited	37,682	1,401.45	61.46	15.00%	+26.18% TTM	+9.16% TTM	+12.21%
Krishna Institute of Medical Sciences Limited	31,074	739.85	159.85	8.20%	+30.90% TTM	-51.92% TTM	+3.15%
Dr. Agarwal's Health Care Limited	16,618	524.15	89.77	9.70%	—	—	+1.80%
Rainbow Children's Medicare Limited	12,990	1,278.95	43.51	16.80%	+22.83% TTM	+17.12% TTM	-8.02%
PARK MEDI WORLD LIMITED	9,958	230.55	—	18.10%	—	—	—
YATHARTH HOSPITAL & TRAUMA CARE SERVICES LIMITED	9,900	1,027.45	54.50	11.00%	+50.40% TTM	+19.12% TTM	+25.09%
HealthCare Global Enterprises Limited	9,286	621.95	279.19	6.90%	+13.77% TTM	-19.23% TTM	—
Jupiter Life Line Hospitals Limited	9,178	279.95	49.57	13.80%	+16.71% TTM	-6.85% TTM	-9.74%
Paras Healthcare Limited	8,135	751.85	—	—	—	—	—
Kovai Medical Center & Hospital Ltd S	6,561	5,996.35	25.97	20.60%	+14.96% TTM	+16.29% TTM	-1.95%
Artemis Medicare Services Limited	4,758	300.60	41.36	13.70%	+14.77% TTM	+21.46% TTM	+22.59%
Indraprastha Medical Corporation Lt S	3,092	337.25	16.09	30.70%	+10.72% TTM	+9.95% TTM	-44.21%
Dr.Agarwals Eye Hospital Ltd. S	2,616	5,413.80	34.33	16.10%	+20.01% TTM	+31.87% TTM	+2.39%
KMC Speciality Hospitals India Limited S	2,453	150.40	43.98	24.60%	+35.05% TTM	+137.83% TTM	+118.35%
Shalby Limited	1,336	123.70	35.06	7.90%	+7.27% TTM	+17,422.73% TTM	-49.15%
GUJARAT KIDNEY AND SUPER SPECIALITY LIMITED	1,260	159.75	75.29	8.60%	—	—	—
GPT Healthcare Limited S	1,152	140.45	24.38	16.40%	+18.07% TTM	-0.78% TTM	-5.48%
Rays of Belief Limited	528	252.45	—	—	—	—	—
ASARFI HOSPITAL LIMITED	347	176.40	—	18.40%	—	—	+22.97%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Disclosure under Regulation 30(5) of SEBI (LODR) Regulations4 Nov 2026 · Company Update / General
Audio recording for earnings conference call for Q2 FY 2026-274 Nov 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication of Financials Q2FY274 Nov 2026 · Company Update / Newspaper Publication
Investor Presentation for the quarter ended September 30, 20263 Nov 2026 · Company Update / Investor Presentation
Notice of Postal Ballot3 Nov 2026 · AGM/EGM / Postal Ballot
Appointment of Executive Director for a term of five years3 Nov 2026 · Company Update / Change in Management
Financial Results for the quarter and half year ended September 30, 20263 Nov 2026 · Result / Financial Results
Outcome of Board Meeting3 Nov 2026 · Board Meeting / Outcome of Board Meeting
Intimation u/r. 30 of SEBI LODR28 Oct 2026 · Company Update / General
Schedule of Earnings Conference Call to discuss Q2FY2027 earnings23 Oct 2026 · Company Update / Analyst / Investor Meet
Shalby Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 03/11/2026 ,inter alia, to consider and approve Board Meeting Intimation22 Oct 2026 · Board Meeting / Board Meeting
Intimation u/r. 30 of SEBI LODR17 Oct 2026 · Company Update / General
Intimation u/r. 30 of SEBI LODR14 Oct 2026 · Company Update / General
Copy of newspaper publication about advance intimation for transfer of shares to IEPF8 Oct 2026 · Company Update / Newspaper Publication
Certificate under SEBI (Depositories Participants) Regulations, 2018 - certificate u/r 74(5)5 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Trading Window Closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 201526 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Cessation of Mr. Shanay Vikram Shah as Additional Director designated as Whole-time Director of the Company w.e.f. September 10, 202612 Sep 2026 · Company Update / Change in Management
Scrutinizer report of Annual General Meeting held on September 10, 2026 and voting results.11 Sep 2026 · AGM/EGM / AGM
Outcome and Proceeding of 22nd Annual General Meeting held on 10th September 202610 Sep 2026 · AGM/EGM / AGM
Weblink letter to Shareholders is atttached herewith20 Aug 2026 · Company Update / General
Transcript of Earnings Call held on August 13, 202619 Aug 2026 · Company Update / Earnings Call Transcript
Newspaper advertisement - Notice of 22nd AGM & e-voting information19 Aug 2026 · Company Update / Newspaper Publication
Resignation of Mr. Deepak Anand, CEO of Shalby Medtech Limited, a wholly-owned subsidiary (Senior Management)18 Aug 2026 · Company Update / Change in Management
BRSR Report for FY 2025-2617 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Annual Report FY 2025-2617 Aug 2026 · Others / Reg. 34 (1) Annual Report
Copy of Newspaper publication relating to Pre-despatch Notice of AGM14 Aug 2026 · Company Update / Newspaper Publication
Audio Recording for Investor Con-Call for Unaudited Financials Results for QFY2713 Aug 2026 · Company Update / Analyst / Investor Meet
News Paper Advertisement for Unaudited Financial Results Q1FY2026-2713 Aug 2026 · Company Update / Newspaper Publication
Investor Presentation12 Aug 2026 · Company Update / Investor Presentation
Grant of ESOP under Shalby Ltd Employee Stock Options Scheme-202112 Aug 2026 · Company Update / Allotment of ESOP / ESPS
Appointment of Mr. Shanay Vikram Shah as additional Director Designated as Whole-Time Director of the Company w.e.f. August 12, 2026.12 Aug 2026 · Company Update / Change in Management
Outcome of Board Meeting of Financial Results for Quarter ended June 30, 202612 Aug 2026 · Board Meeting / Outcome of Board Meeting
Unaudited Financial Results for Quarter Ended June 30, 202612 Aug 2026 · Result / Financial Results
Exercise of ESOP10 Aug 2026 · Company Update / Allotment of ESOP / ESPS
Availing working capital facilities from Kotak Mahindra Bank Limited30 Jul 2026 · Company Update / General
Reschedule of Q1 FY 2027 Earnings Conference Call which was earlier scheduled to be held on Friday, August 7, 2026, at 4:00 PM IST, now to be held on Thursday, August 13, 2026 at 10:30 AM IST.29 Jul 2026 · Company Update / Analyst / Investor Meet
The Board Meeting to be held on 05/08/2026 has been revised to 12/08/2026 The Board Meeting to be held on 05/08/2026 to consider unaudited financial results for quarter ended June 30, 2026 ....27 Jul 2026 · Board Meeting / Board Meeting
Credit Rating27 Jul 2026 · Company Update / Credit Rating
Exercise of stock option under Shalby Limited Employees Stock Options Scheme - 202120 Jul 2026 · Company Update / General
Schedule of Earnings Conferece Call on 7-Aug-2026 to discuss Q1FY2027 results16 Jul 2026 · Company Update / Analyst / Investor Meet

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 1.2000	19 Sep 2024	—	—

Board meetings

3 Nov 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results
5 Aug 2026 Board Meeting - Financial Results