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Shalby Ltd. (IN:SHALBY)
:SHALBY
India Market
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Shalby Ltd. (SHALBY) AI Stock Analysis

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IN:SHALBY

Shalby Ltd.

(SHALBY)

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Neutral 58 (OpenAI - 4o)
Rating:58Neutral
Price Target:
₹276.00
▲(11.65% Upside)
The overall stock score is primarily influenced by financial performance challenges, including margin compression and negative cash flow. While technical analysis shows bullish momentum, valuation concerns due to a negative P/E ratio and low dividend yield weigh heavily on the score.

Shalby Ltd. (SHALBY) vs. iShares MSCI India ETF (INDA)

Shalby Ltd. Business Overview & Revenue Model

Company DescriptionShalby 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, endocrinology, endoscopy and laparoscopy, ENT surgery, gastroentero surgery, gastroenterology, general medicine and surgery, hair transplant, liver disease and transplant, and hip and knee joint replacement services. It also provides infectious disease, infertility and IVF, intensive and critical care, maxillofacial surgery, nephrology, neuro surgery, neurology, obesity surgery, obstetrics and gynecology, oncology, oncosurgery, ophthalmology and glaucoma, orthopedic and trauma, pediatric orthopedic, pathology and microbiology, pediatrics and neonatology, plastic surgery, pulmonology and chest, radiology and imaging, rheumatology, trauma, organ donation, and urosurgery services. The company operates 11 hospitals comprising aggregate capacity of 2,012 beds. In addition, it offers outpatient services through 50 outpatient clinics, as well as provides educational programs and fellowships for paramedical students and other healthcare professionals; and homecare health services, such as attendants, doctors, nursing, physiotherapy, pathology, pharmacy, and medical equipment, as well as conducts clinical research trials. It also operates in Kenya, Tanzania, Rwanda, Uganda, the United Arab Emirates, Bangladesh, Cambodia, Jakarta, Oman, Uzbekistan, Nepal, and internationally. The company was formerly known as Shalby Hospitals Limited and changed its name to Shalby Limited in February 2008. Shalby Limited was founded in 1994 and is headquartered in Ahmedabad, India.
How the Company Makes MoneyShalby Ltd. generates revenue primarily through its network of hospitals, where it offers a comprehensive array of medical services and treatments. The company earns income from patient consultations, surgical procedures, and inpatient care across various specialties. Additionally, Shalby Ltd. may engage in partnerships with healthcare providers, insurance companies, and medical equipment suppliers to enhance its service offerings and operational efficiency. Revenue is also driven by its reputation for quality healthcare, attracting patients from both within India and abroad, thereby expanding its customer base and enhancing its financial performance.

Shalby Ltd. Financial Statement Overview

Summary
Shalby Ltd. shows strong revenue growth but faces significant margin compression and profitability challenges. The balance sheet is robust, though leverage has increased. Cash flow issues are notable, with negative free cash flow and operating cash flow, indicating potential liquidity risks.
Income Statement
65
Positive
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
70
Positive
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
45
Neutral
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.
BreakdownTTMDec 2025Dec 2023Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue10.66B10.87B8.05B9.34B6.99B4.31B
Gross Profit2.80B2.02B3.70B2.50B3.05B1.81B
EBITDA1.68B1.60B1.61B1.98B1.30B962.41M
Net Income347.99M62.22M677.01M840.77M541.25M423.96M
Balance Sheet
Total Assets0.0017.04B12.81B16.08B11.94B9.97B
Cash, Cash Equivalents and Short-Term Investments1.49B1.29B2.16B1.08B802.52M219.91M
Total Debt0.004.76B1.81B3.78B1.74B541.27M
Total Liabilities-10.12B7.08B3.54B6.00B3.17B1.62B
Stockholders Equity10.12B9.92B9.28B10.00B8.76B8.35B
Cash Flow
Free Cash Flow0.00-1.03B492.90M-275.11M-564.77M577.89M
Operating Cash Flow0.00-313.01M677.73M195.96M189.17M843.49M
Investing Cash Flow0.00-433.53M-610.59M380.73M-602.82M-569.70M
Financing Cash Flow0.00822.58M-500.24M-1.51B904.59M-293.57M

Shalby Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price247.20
Price Trends
50DMA
214.55
Positive
100DMA
201.30
Positive
200DMA
205.72
Positive
Market Momentum
MACD
12.82
Negative
RSI
63.05
Neutral
STOCH
48.25
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 247.2 is above the 20-day moving average (MA) of 233.38, above the 50-day MA of 214.55, and above the 200-day MA of 205.72, indicating a bullish trend. The MACD of 12.82 indicates Negative momentum. The RSI at 63.05 is Neutral, neither overbought nor oversold. The STOCH value of 48.25 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

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
₹32.56B43.8917.78%0.14%15.84%79.69%
67
Neutral
₹16.31B25.867.67%0.87%8.10%-19.89%
60
Neutral
₹25.66B31.858.79%0.35%13.78%32.21%
58
Neutral
₹26.70B1,145.000.49%13.03%-100.65%
55
Neutral
₹22.40B29.9910.81%0.16%10.29%25.18%
47
Neutral
₹24.78B215.84-1.00%11.80%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
IN:SHALBY
Shalby Ltd.
248.35
-32.30
-11.51%
IN:KRSNAA
Krsnaa Diagnostics Limited
790.95
-59.71
-7.02%
IN:PANACEABIO
Panacea Biotec Limited
405.60
89.65
28.37%
IN:SMSPHARMA
SMS Pharmaceuticals Limited
252.65
-121.59
-32.49%
IN:TTKHLTCARE
TTK Healthcare Limited
1,154.55
-490.63
-29.82%
IN:VIMTALABS
Vimta Labs Limited
731.10
464.12
173.84%

Shalby Ltd. Corporate Events

Shalby Hospitals Pioneers World’s First Autonomous Robotic Joint Surgery
Jul 27, 2025

Shalby Multi-Specialty Hospitals has achieved a significant milestone by performing the world’s first fully autonomous robotic joint replacement surgery. This innovative technology, featuring a saw-based robotic arm with 7-axis movement, enhances surgical precision and reduces recovery time, reinforcing Shalby’s position as a leader in orthopedic innovation. The advancement is expected to benefit millions globally by providing safer and more precise surgeries.

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.Date of analysis: Sep 23, 2025