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Swing Capital

Shalby Ltd

NSE: SHALBY BSE: 540797Healthcare

Shalby Ltd is engaged in healthcare delivery space in India. It operates a chain of multi-specialty hospitals across India. The business of the company is to offer tertiary and quaternary healthcare services to patients in various areas of specialization such as orthopaedics, complex joint replacements, cardiology, neurology, oncology, renal transplantations, etc.[1] The company is the global leader in knee replacement surgery and one of the top Indian hospitals in joint replacement surgery.

₹160
52W: ₹126 — ₹275
PE 23.3 · Book ₹109 · +47% vs book
Market Cap₹1,728 Cr
Stock P/E23.3Price to Earnings
ROCE11.6%Return on Capital
ROE7.19%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Company has a low return on equity of 8.43% over last 3 years.
  • −Dividend payout has been low at 9.45% of profits over last 3 years

Shareholding Pattern

Promoters74.33%
FIIs4.36%
DIIs0.25%
Public20.41%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.25%74.25%74.27%▲0.074.27%74.27%74.33%▲0.174.33%74.33%
FIIs5.35%5.37%▲0.04.65%▼0.74.54%▼0.15.21%▲0.74.63%▼0.64.47%▼0.24.36%▼0.1
DIIs0.06%0.09%▲0.00.14%▲0.10.18%▲0.00.19%▲0.00.19%0.19%0.25%▲0.1
Public19.65%19.59%▼0.120.26%▲0.720.33%▲0.119.65%▼0.720.18%▲0.520.36%▲0.220.41%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales217195206233212221207237224215
Expenses165152168182177178176190185186
Operating Profit52433850354331473930
OPM %24%22%19%22%17%19%15%20%17%14%
Net Profit30252330172115262014
EPS ₹2.812.292.092.821.611.931.392.381.831.28

AI Insights

Revenue Trend

TTM revenue at ₹883Cr, up 1.1% YoY. OPM at 17%.

Debt Position

Borrowings at ₹135Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹53Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.25% (+0.25pp change). FIIs: 4.36% (+0.36pp change). Promoters hold 74.33%.

Margin & Efficiency

ROCE declining from 48% (Mar 2011) to 12% (Mar 2025). Working capital days: 37.

Valuation

PE 23.3x with 11.6% ROCE. Price is 47% above book value of ₹109. Dividend yield: 0%.

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