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Shalby Ltd share Price

Company details

6M Return -4.75%
1Y Return 27.86%
Mkt Cap.(Cr) 1,559.12
Volume 225,984
Div Yield 0.85%
OI Chg %
Volume 225,984

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Sales in line but margins miss…

About The Stock

    Started by renowned orthopaedic surgeon Dr Vikram Shah, Shalby is a multi-specialty hospitals chain with expertise in joint replacement.

    • Revenue-wise breakup FY22: anthroplasty:29%, critical care & general medicine: 22%, orthopaedic: 8%, oncology:9%, cardiac science: 8%, neurology 5%, nephrology:3%, others:16%
    • Shalby registered a blended ARPOB of ₹ 31,347 and ALOS of 4.55 days (without day care procedures) in FY22
    • Acquisition of US based Consensus to diversify into related implant business besides supporting arthroplasty and orthopaedic segments


    Strong 11% YoY increase in-patient count along with 1.6% YoY growth in surgeries.

    • Revenues grew 12% YoY to ₹ 163 crore
    • EBITDA was at ₹ 24 crore, a dip of 23% YoY with margins at 14.8%
    • Adjusted PAT was at ₹ 10.2 crore (growth of 4% YoY)

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Shalby Ltd.

Q4FY23 Quarterly & FY23 Annual Result Announced for Shalby Ltd.

Healthcare Facilities company Shalby announced Q4FY23 & FY23 results:

Consolidated Q4FY23:

  • Revenues of Rs 2,082 million, growth of 25% YoY
  • EBITDA of Rs 348 million, growth of 23% YoY
  • Profit After Tax was Rs 139 million, growth of 37% YoY
  • Occupied Bed during the quarter were 579, growth of 16% YoY
  • In patient count (incl. Day Care) of 18,551, growth of 24% YoY
  • Total Surgery count of 6,553, growth of 18% YoY

Consolidated FY23:

  • Consolidated Revenues of Rs 8,274 million, growth of 16% YoY
  • Consolidated EBITDA of Rs 1,593 million, growth of 20% YoY
  • Consolidated Profit After Tax was Rs 677 million, growth of 25% YoY
  • In patient count (incl. Day Care) of 71,893, growth of 18% YoY
  • Total Surgery count of 27,352, growth of 35% YoY
  • ARPOB for full year was 34,842, growth of 11% YoY
  • Net cash (after deducting debt) at group level stood at Rs 712 million in FY23 v/s Rs 475 mn in FY22
  • Board has declared dividend of Rs 1.20 per share (12% of face value)

Mr. Shanay Shah, President said: “I am happy to report that our hospital business continued to deliver consistent performance in all key operational and financial parameters with surgery count and In-patient count (Incl day care) grew by 35% and 18% YoY respectively in full year FY23. Hospital revenue (Rs.7,274 mn) and EBITDA (Rs.1615 mn) grew by 11% and 13% YoY with robust EBITDA margin of 22% in full year FY23.

ARPOB and ALOS were recorded at Rs.34,842 and 3.92 respectively in FY23 vis-à-vis Rs 31,347 and 4.55 in the previous year. Our core specialties such as Arthroplasty, Oncology, Cardiac Science, Orthopedic, Critical care & General Medicine, Neurology and Nephrology contributed 88% to the revenues respectively in FY23.

International revenue of Rs. 104 million in FY23 grew by 144% YoY from FY22 whereby majority of the patients came from East African countries. Our homecare business also showed a strong performance with revenue grew by 38% YoY in FY23 at Rs.9.8 million, from FY22. The Shalby Academy vertical also showed an encouraging response with 2000 students enrolled for various healthcare programs during FY23.

Our Realized Return on Capital Employed from hospital business recorded at 16% in FY23 on an annualized basis v/s 14% in FY22. We have closed the quarter with a net cash balance of Rs. 712 million at the group level and are well positioned to fund our strategic growth plans. Shalby continued to add many milestones backed by clinical excellence and patient satisfaction and we feel proud to make a positive difference in people’s lives."

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Investment recommendation

Sales in line but margins miss…
Call Date
20 Jan 2023
Entry Price 154.00
Target Price 180.00
12-18 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Shalby Ltd Stocks COMPARISION


Equity Capital: 876.32 Cr FV: 10.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 2,740.13 38,215.03
LAST 3M 15,440.75 56,940.18
LAST 6M 64,524.17 36,402.84
LAST 12M 119,330.76 80,528.88
Shalby Limited - Updates

Jun 01, 2023 l NSE Announcement

Shalby Limited - Analysts/Institutional Investor Meet/Con. Call Updates

May 29, 2023 l NSE Announcement

Date Action Type Ratio
Sep 19, 2022 Dividend 10
Sep 17, 2021 Dividend 10

Shalby Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Shalby Limited is an Ahmedabad-headquartered chain of multi-specialty hospitals and has a pan-India presence. It predominantly operates through 11 hospitals with an aggregate bed capacity of 2,012 beds. Out of these, 4 are located in Ahmedabad and 1 each at Vapi, Surat, Indore, Jabalpur, Mohali, Jaipur and Mumbai. Besides this, Shalby has 40 Outpatient Clinics spread across 35 cities of India and 7 Shalby Arthroplasty Centre of Excellence (SACE). It is expanding its footprint in western and central India. Shalby`s international footprint is spread across Africa, UAE, Bangladesh and Cambodia consisting of 6 outpatient clinics and 1 SACE in Africa, 2 SACE in the UAE and 1 outpatient clinic each in Bangladesh and Cambodia. Shalby is one of the leading multi-specialty chain of hospitals in India. The Hospitals are tertiary care hospitals, few of which also offer quaternary healthcare services to patients in various areas of specialisation such as orthopaedics, complex joint replacements, cardiology, neurology, oncology, and renal transplantations. Led by Dr. Vikram Shah, an orthopaedic surgeon with more than 25 years of professional experience, The Hospital has grown from a single hospital to a chain of multi-specialty hospitals. Apart from a focus on orthopaedics, the hospitals provide advanced levels of care across various specialties such as neurology, cardiac care, critical care, oncology, and nephrology. The Hospitals, Krishna Shalby, SG Shalby, Shalby Indore and Shalby Jabalpur are accredited by the NABH. Further, Krishna Shalby and SG Shalby are also accredited by the NABL. Shalby Ltd was originally incorporated as a private limited company with the name `Shalby Hospital Private Limited` on August 30, 2004. Subsequently, The Company was converted to a public limited company and the name of the company was changed to `Shalby Hospital Public Limited` on May 15, 2006. The name of the Company was subsequently changed to Shalby Hospitals Limited on July 26, 2006. In 2007, the company established and commenced operations of its first multi-specialty hospital, SG Shalby, at Sarkhej Gandhinagar Highway in Ahmedabad. The name of the Company was changed to Shalby Limited on February 13, 2008. The company commenced a new hospital Shalby Vapi at Vapi in April 2012. The company commenced a new hospital Krishna Shalby in Ahmedabad in October 2012. The company commenced a new hospital Shalby Jabalpur at Jabalpur in Madhya Pradesh in March 2015. The company commenced a new hospital Shalby Indore at Indore in August 2015. In 2016, the company executed a memorandum of understanding with ZH Private Limited to manage and operate Zynova Shalby. During the year under review, the company executed an O&M agreement with Kamesh Hospital to commence operations of Shalby Mohali. In 2017, the company entered into an agreement with Bait Al Batterjee Medical Company LLC, Dubai, to provide outpatient orthopaedics and spine surgeries. On 22/05/2016 the company filed Draft Red Herring Prospectus and on 29/11/2017 filed Red Herring Prospectus with SEBI for raising Rs. 504.80 cr. The Issue dates were from 05/12/2017 to 07/12/2017 with Price Band of Rs. 245 to Rs. 248. The Issue got subscribed 2.27 times leading to its Issue Price being fixed at Rs. 248. The Shares got listed in BSE and NSE on 15/12/2017 at Rs. 237 which is 4.44% below Issue Price.On 27 March 2018, Shalby Limited announced that it has signed Memorandum of Understanding (MoU) to establish state- of- the art, Heart & Lung Transplant Centres, across all Shalby Units in India in association with Gleneagles Global Health City to provide comprehensive medical care facilities to patients across all Shalby units in India. This arrangement will facilitate patients and families residing in tier- II & tier-Ill cities and its catchment areas in a big way, by reducing their dependence on select metro cities for such life saving programs. This will enable Shalby and Gleneagles Global to expand their respective business verticals, adding more features, capabilities and boost patients footfalls. Shalby Limited (Shalby Multispecialty Hospitals), Ahmedabad signed a Memorandum of Understanding (MOU) with Sen Sok International University Hospital, Phnom Penh, Cambodia on April 12, 2018. Under the aegis of this MOU, to begin with, Shalby will be sending Specialists to Sen Sok Hospital for Orthopedic Specialty, which may be expanded to other specialties on mutual agreement, from time to time. Further, under the scope of the MOU, Shalby Academy, a unit of Shalby Limited, will allow nursing and Paramedic staff from Sen Sok International University Hospital to undergo various academic courses being run by Shalby Academy in India. Shalby Academy has been conducting various courses covering Paramedics, Hospital Management and specialized programs for doctors to excel in their careers. On 4 June 2018, Shalby Limited signed Memorandum of Understanding (MoU) with Berkeley Health Education P. Ltd, initiatives by promoter of Dabur Group, for conducting several programmes in Healthcare sector wherein Berkeley will organize the courses and Shalby will impart practical training at its various units across India. This Collaboration will benefit Nurses, Para Medical Staff and Doctors as several courses in different field of Healthcare will be conducted under this arrangement. On 1 September 2018, Shalby Limited informed the stock exchanges that Shalby Hospitals, Indore Unit has received the approval for Renal Transplant for a period of 5 years with effect from 6 July 2018 and Shalby Indore has successfully carried out one Renal Transplant, recently. This approval to our facility will facilitate patients from Madhya Pradesh and nearby states to reduce their dependence on select Metro cities for such life saving programs. On 20 September 2018, Shalby Hospitals, Jaipur performed a rare surgery on an 11 year old girl and removed an ovarian mass weighing 12.5 kg intact, to avoid spillage. On 24 September 2018, Shalby Limited informed the stock exchanges that credit rating agency ICRA Limited has upgraded the long-term ratings to [ICRA] A (pronounced as ICRA A) from [ICRA A-] (pronounced as ICRA A minus) on the term loans and fund based facilities aggregating to Rs 103.02 crore availed by the company. ICRA has also revised its outlook on the long-term rating to `Positive` from `Stable`.

Registered Address

Opp Karnawati Club, Sarkhej Gandhinagar Highway, Ahmedabad, Gujarat, 380015

Tel : 91-79-40203000
Email : companysecretary:shalby.in
Website : http://www.shalby.org

KFin Techologies Ltd

AGM Date (Month) : Sep
Face Value Equity Shares : 10
Market Lot Equity Shares : 1
BSE Code : 540797
Book Closure Date (Month) : Sep
BSE Group : B
ISIN : INE597J01018

FAQ’s on Shalby Ltd Shares

You can buy Shalby Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Shalby Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Jun 02, 2023 03:59 PM the closing price of Shalby Ltd was ₹ 144.35.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Jun 02, 2023 03:59 PM, the market cap of Shalby Ltd stood at ₹ 1,559.12.

The latest PE ratio of Shalby Ltd as of Jun 02, 2023 03:59 PM is 22.24

The latest PB ratio of Shalby Ltd as of Jun 02, 2023 03:59 PM is 0.62

The 52-week high of Shalby Ltd is ₹ 168.00 while the 52-week low is ₹ 94.95

According to analyst recommendations, Shalby Ltd has a “Buy” rating for the long term.

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