Shalby Ltd. (SHALBY) AI Stock Analysis

• Market Cap: ₹20.52B
• Dividend Yield: 0.63%
• Average Volume (3M): 71.31K
• Price to Earnings (P/E): 452.7
• Beta (1Y): 1.00
• Revenue Growth: 11.49%
• EPS Growth: -91.65%
• Country: IN
• Employees: 2,853
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.79
• Shares Outstanding: 108,009,766
• 10 Day Avg. Volume: 22,132
• 30 Day Avg. Volume: 71,313
• PEG Ratio: -3.76
• Price to Book (P/B): 2.18
• Price to Sales (P/S): 1.99
• P/FCF Ratio: -21.06
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: ₹208.00 ▲(8.70% Upside)

Shalby Ltd.'s overall stock score is primarily impacted by financial performance challenges, including margin compression and cash flow issues. Technical analysis indicates bearish momentum, and the stock appears overvalued based on its high P/E ratio. These factors collectively suggest caution for potential investors.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong demand for Shalby's medical services and effective market penetration, supporting long-term business expansion.

Solid Equity Base

A strong equity base provides financial stability and resilience, enabling Shalby to withstand economic fluctuations and invest in growth opportunities.

Market Position

Shalby's established market position in the healthcare sector enhances its competitive advantage, attracting a diverse patient base and supporting sustainable growth.

Negative Factors

Margin Compression

Margin compression due to rising costs can erode profitability, challenging Shalby's ability to maintain competitive pricing and invest in future growth.

Negative Cash Flow

Negative cash flow limits Shalby's financial flexibility, potentially hindering its capacity to fund operations, pay down debt, or invest in strategic initiatives.

Increased Leverage

Higher leverage increases financial risk, potentially impacting Shalby's creditworthiness and ability to secure favorable financing terms in the future.

Shalby Ltd. Business Overview & Revenue Model

Company Description

Shalby Ltd. (SHALBY) is a leading healthcare provider based in India, specializing in multi-specialty hospitals and healthcare services. The company operates a network of hospitals that offer a wide range of medical services, including orthopedics, cardiology, urology, and more. Shalby is known for its advanced surgical techniques, particularly in joint replacement and minimally invasive surgeries, and is committed to delivering high-quality patient care through its state-of-the-art facilities and experienced medical professionals.

How the Company Makes Money

Shalby Ltd. generates revenue primarily through its hospital operations, which include inpatient and outpatient services, surgical procedures, and diagnostic services. The company's revenue model is based on a fee-for-service approach, where patients are charged for the medical services and treatments they receive. Key revenue streams include patient admissions, elective surgeries, and consultations across various specialties. Additionally, Shalby may benefit from partnerships with insurance providers and government health programs that facilitate patient access to its services. Other factors contributing to its earnings include the expansion of its hospital network, strategic alliances with healthcare providers, and the introduction of advanced medical technologies that attract a broader patient base.

Shalby Ltd. Financial Statement Overview

Summary

Shalby Ltd. shows strong revenue growth but faces significant margin compression and profitability challenges. The balance sheet is solid, but increased leverage and negative cash flow pose liquidity risks.

Income Statement

Shalby Ltd. has shown a steady increase in revenue over the years, with a notable revenue growth rate of 16.4% from 2024 to 2025. However, the gross profit margin declined from 26.8% in 2024 to 18.6% in 2025, indicating increased cost pressures. The net profit margin also saw a significant drop from 9.0% in 2024 to just 0.6% in 2025, largely due to a sharp decrease in net income. The EBIT and EBITDA margins have contracted, suggesting operational challenges.

Balance Sheet

The company maintains a solid equity base with an equity ratio of 58.2% in 2025, despite a slight decline from previous years. The debt-to-equity ratio increased from 0.38 in 2024 to 0.48 in 2025, reflecting higher leverage. Return on equity has dropped significantly due to decreased net income, reflecting lower profitability relative to equity.

Cash Flow

The cash flow statement reveals concerning trends, particularly a negative free cash flow of -1,027 million in 2025, exacerbated by increased capital expenditure. The operating cash flow to net income ratio is negative, indicating cash flow issues. The free cash flow to net income ratio highlights challenges in converting profit to cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.04B	10.87B	9.34B	8.05B	6.99B	4.31B
Gross Profit	3.28B	2.02B	2.50B	3.70B	3.05B	1.81B
EBITDA	1.54B	1.60B	1.90B	1.61B	1.30B	947.61M
Net Income	-5.14M	62.22M	840.77M	677.01M	541.25M	423.96M
Balance Sheet
Total Assets	0.00	17.04B	16.08B	12.81B	11.94B	9.97B
Cash, Cash Equivalents and Short-Term Investments	1.29B	1.29B	1.08B	2.16B	2.02B	1.29B
Total Debt	0.00	4.76B	3.78B	1.81B	1.74B	541.27M
Total Liabilities	-9.95B	7.08B	6.00B	3.54B	3.17B	1.62B
Stockholders Equity	9.95B	9.92B	10.00B	9.28B	8.76B	8.35B
Cash Flow
Free Cash Flow	0.00	-1.03B	-275.11M	492.90M	-564.77M	577.89M
Operating Cash Flow	0.00	-313.01M	195.96M	677.73M	189.17M	843.49M
Investing Cash Flow	0.00	-433.53M	380.73M	-610.59M	-602.82M	-569.70M
Financing Cash Flow	0.00	822.58M	-1.51B	-500.24M	904.59M	-293.57M

Shalby Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 191.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SHALBY, the sentiment is Negative. The current price of 191.35 is below the 20-day moving average (MA) of 202.42, below the 50-day MA of 225.59, and below the 200-day MA of 207.33, indicating a bearish trend. The MACD of -9.67 indicates Negative momentum. The RSI at 25.90 is Positive, neither overbought nor oversold. The STOCH value of 28.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SHALBY.

Shalby Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TTKHLTCARE	71 Outperform	₹14.77B	22.29	―	0.94%	6.98%	-17.11%
SMSPHARMA	65 Neutral	₹29.16B	32.44	―	0.13%	11.91%	36.92%
VIMTALABS	64 Neutral	₹26.89B	34.06	―	0.17%	17.05%	56.84%
KRSNAA	62 Neutral	₹23.34B	27.52	―	0.38%	11.51%	21.56%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SHALBY	49 Neutral	₹20.52B	452.70	―	0.63%	11.49%	-91.65%
PANACEABIO	41 Neutral	₹21.02B	-292.55	―	―	9.78%	50.78%

Shalby Ltd. Corporate Events

Shalby Limited Reports No Activity in Physical Share Transfers

Shalby Limited has submitted a report to the National Stock Exchange of India and BSE Limited concerning the re-lodgment of transfer requests for physical shares under a special window, as per SEBI’s guidelines. The report indicates that no requests were received, processed, approved, or rejected from July to September 2025, highlighting a lack of activity in this area.