Shalby Ltd. (SHALBY) AI Stock Analysis

• Market Cap: ₹26.70B
• Dividend Yield: 0.49%
• Average Volume (3M): 109.87K
• Price to Earnings (P/E): 1145.0
• Beta (1Y): 1.02
• Revenue Growth: 13.03%
• EPS Growth: -100.65%
• Country: IN
• Employees: 2,853
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.84
• Shares Outstanding: 108,009,766
• 10 Day Avg. Volume: 117,864
• 30 Day Avg. Volume: 109,872
• 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: ₹276.00
• Price Target Upside: 11.65% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 58 Neutral
• 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. 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, 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 Money

Shalby 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

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 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.66B	10.87B	8.05B	9.34B	6.99B	4.31B
Gross Profit	2.80B	2.02B	3.70B	2.50B	3.05B	1.81B
EBITDA	1.68B	1.60B	1.61B	1.98B	1.30B	962.41M
Net Income	347.99M	62.22M	677.01M	840.77M	541.25M	423.96M
Balance Sheet
Total Assets	0.00	17.04B	12.81B	16.08B	11.94B	9.97B
Cash, Cash Equivalents and Short-Term Investments	1.49B	1.29B	2.16B	1.08B	802.52M	219.91M
Total Debt	0.00	4.76B	1.81B	3.78B	1.74B	541.27M
Total Liabilities	-10.12B	7.08B	3.54B	6.00B	3.17B	1.62B
Stockholders Equity	10.12B	9.92B	9.28B	10.00B	8.76B	8.35B
Cash Flow
Free Cash Flow	0.00	-1.03B	492.90M	-275.11M	-564.77M	577.89M
Operating Cash Flow	0.00	-313.01M	677.73M	195.96M	189.17M	843.49M
Investing Cash Flow	0.00	-433.53M	-610.59M	380.73M	-602.82M	-569.70M
Financing Cash Flow	0.00	822.58M	-500.24M	-1.51B	904.59M	-293.57M

Shalby Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 247.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIMTALABS	68 Neutral	₹32.56B	43.89	17.78%	0.14%	15.84%	79.69%
TTKHLTCARE	67 Neutral	₹16.31B	25.86	7.67%	0.87%	8.10%	-19.89%
KRSNAA	60 Neutral	₹25.66B	31.85	8.79%	0.35%	13.78%	32.21%
SHALBY	58 Neutral	₹26.70B	1,145.00	―	0.49%	13.03%	-100.65%
SMSPHARMA	55 Neutral	₹22.40B	29.99	10.81%	0.16%	10.29%	25.18%
PANACEABIO	47 Neutral	₹24.78B	215.84	-1.00%	―	11.80%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Shalby Ltd. Corporate Events

Shalby Hospitals Pioneers World’s First Autonomous Robotic Joint Surgery

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.