Shalby Ltd. (IN:SHALBY)
:SHALBY
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Shalby Ltd.
(SHALBY)
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Rating:50Neutral
Price Target:
₹172.00
▼(-15.19% Downside)
Action:Reiterated
Date:05/29/26
The score is held back primarily by weakening financial quality—especially negative operating/free cash flow and rising leverage—despite strong revenue growth. Technicals are supportive with positive trend/momentum, but valuation is demanding (high P/E) without a dividend yield to improve the risk/reward.
Positive Factors
Specialized hospital chain & orthopaedics focus
Shalby’s core business is a multi‑specialty hospital network with a clear clinical focus on orthopaedics and joint replacement. That specialization creates durable procedure demand, referral flows and ancillary revenue streams (diagnostics, pharmacy) that support steady utilization and pricing power over time.
Negative Factors
Negative operating and free cash flow
Two consecutive years of negative operating and free cash flow indicate the business is consuming cash, increasing reliance on external funding. This undermines internal financing for capex and working capital, elevates refinancing and execution risk for network expansion or debt repayment over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized hospital chain & orthopaedics focus
Shalby’s core business is a multi‑specialty hospital network with a clear clinical focus on orthopaedics and joint replacement. That specialization creates durable procedure demand, referral flows and ancillary revenue streams (diagnostics, pharmacy) that support steady utilization and pricing power over time.
Read all positive factors
Shalby Ltd. (SHALBY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹18.59B
Dividend Yield0.59%
Average Volume (3M)71.31K
Price to Earnings (P/E)48.1
Beta (1Y)1.28
Revenue Growth5.01%
EPS Growth618.23%
CountryIN
Employees2,853
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.19
Shares Outstanding108,009,766
10 Day Avg. Volume22,132
30 Day Avg. Volume71,313
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.46
Price to Sales (P/S)1.29
P/FCF Ratio-8.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4
Revenue Forecast (FY)₹11.94B
Shalby Ltd. Business Overview & Revenue Model
Company Description
Shalby Limited operates multi-specialty hospitals primarily in India. The company offers arthroscopy, arthroplasty, cardiology, cardiothoracic and vascular surgery, cosmetic and aesthetic, dental cosmetic and implant ology, emergency medicine, end...
How the Company Makes Money
Shalby Ltd. primarily makes money by delivering hospital and clinical services to patients through its owned/operated hospitals. Its core revenue stream comes from patient care services, including inpatient admissions (room/ward/ICU charges), surg...
Shalby Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.22B | 11.41B | 10.87B | 9.34B | 8.05B | 6.99B |
| Gross Profit | 4.00B | 2.09B | 2.02B | 2.50B | 3.70B | 3.05B |
| EBITDA | 1.60B | 1.43B | 1.60B | 1.90B | 1.61B | 1.30B |
| Net Income | 44.77M | 373.89M | 62.22M | 840.77M | 677.01M | 541.25M |
Balance Sheet | ||||||
| Total Assets | 17.82B | 18.39B | 17.04B | 16.08B | 12.81B | 11.94B |
| Cash, Cash Equivalents and Short-Term Investments | 1.31B | 841.97M | 1.29B | 1.08B | 2.16B | 2.02B |
| Total Debt | 5.35B | 5.95B | 4.76B | 3.78B | 1.81B | 1.74B |
| Total Liabilities | 7.80B | 8.33B | 7.08B | 6.00B | 3.54B | 3.17B |
| Stockholders Equity | 10.02B | 10.05B | 9.92B | 10.00B | 9.28B | 8.76B |
Cash Flow | ||||||
| Free Cash Flow | -671.45M | -1.82B | -1.03B | -275.11M | 492.90M | -564.77M |
| Operating Cash Flow | 138.47M | -333.59M | -313.01M | 195.96M | 677.73M | 189.17M |
| Investing Cash Flow | -692.97M | -990.00M | -433.53M | 380.73M | -610.59M | -602.82M |
| Financing Cash Flow | 396.33M | 1.19B | 822.58M | -1.51B | -500.24M | 904.59M |
Shalby Ltd. Technical Analysis
Positive
202.80
Price Trends
154.91
Positive
162.71
Positive
192.46
Negative
Market Momentum
4.00
Negative
62.28
Neutral
74.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SHALBY, the sentiment is Positive. The current price of 202.8 is above the 20-day moving average (MA) of 165.19, above the 50-day MA of 154.91, and above the 200-day MA of 192.46, indicating a neutral trend. The MACD of 4.00 indicates Negative momentum. The RSI at 62.28 is Neutral, neither overbought nor oversold. The STOCH value of 74.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SHALBY.
Shalby Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹1.19T | 60.54 | ― | 0.27% | 15.76% | 34.29% | |
67 Neutral | ₹725.29B | 67.31 | ― | 0.11% | 17.28% | 34.55% | |
66 Neutral | ₹325.10B | 57.40 | ― | 0.04% | 19.44% | 15.55% | |
63 Neutral | ₹383.95B | 96.70 | ― | 0.84% | 12.20% | -93.03% | |
61 Neutral | ₹968.52B | 65.05 | ― | 0.14% | 19.14% | 34.04% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | ₹18.59B | 48.08 | ― | 0.59% | 5.01% | 618.23% |
* Healthcare Sector Average
IN:SHALBY
Shalby Ltd.
167.60
-19.20
-10.28%
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31.74%
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-159.40
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-0.37%
Shalby Ltd. Corporate Events
Shalby Employee Exercises Stock Options With No Change to Share Capital
May 5, 2026
Shalby Ltd. has reported that an eligible employee has exercised 7,000 stock options granted under the Shalby Limited Employees Stock Options Scheme 2021, with the company’s Employee Welfare Trust arranging the transfer of an equivalent numb...
Shalby Faces Rs 4.14 Crore Tax Demand After ITAT Ruling
Apr 11, 2026
Shalby Limited has disclosed that the Income Tax Appellate Tribunal’s Ahmedabad Bench has ruled against the company in a tax matter linked to pre‑demerger transactions at Shalby Surat Hospital Pvt. Ltd. The tribunal has upheld a tax de...
Shalby’s Krishna Unit Wins Five-Year Approval for Kidney Transplants
Apr 11, 2026
Shalby Limited has announced that its Krishna unit in Ahmedabad has secured a five-year approval to conduct kidney transplants, effective from 9 April 2026. The authorization allows the hospital to offer advanced renal transplant procedures as par...
Shalby Subsidiary Hospital in Gurugram Secures NABH 6th Edition Accreditation
Mar 3, 2026
Shalby Limited has announced that its subsidiary PK Healthcare Private Limited, which operates Shalby International Hospitals in Gurugram, has received accreditation under the 6th Edition standards of the National Accreditation Board for Hospitals...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.