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Shalby Ltd.
(SHALBY)
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Rating:46Neutral
Price Target:
₹134.00
▼(-17.51% Downside)
Action:Reiterated
Date:08/29/26
The score is primarily pressured by weakening financial quality—negative operating/free cash flow and higher leverage alongside margin compression—despite strong revenue growth. Technicals are also weak with the stock trading below major moving averages and negative MACD. Valuation remains demanding at ~43.7x earnings, offering limited margin of safety.
Positive Factors
Strong multi-year revenue expansion
Revenue growth from approximately 4.3B to 11.4B over five fiscal years demonstrates sustained expansion in the hospital platform and patient-services base. Continued top-line momentum can support operating scale, broader clinical reach, and reinvestment in capacity over the next several quarters.
Negative Factors
Persistent negative cash generation
Negative operating and free cash flow over two consecutive fiscal years indicates that reported growth is not currently converting into internally generated liquidity. Continued cash consumption can constrain investment flexibility, increase reliance on funding, and heighten execution risk as the business expands.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue expansion
Revenue growth from approximately 4.3B to 11.4B over five fiscal years demonstrates sustained expansion in the hospital platform and patient-services base. Continued top-line momentum can support operating scale, broader clinical reach, and reinvestment in capacity over the next several quarters.
Read all positive factors
Shalby Ltd. (SHALBY) vs. iShares MSCI India ETF (INDA)
Market Cap
₹15.34B
Dividend Yield0.44%
Average Volume (3M)5.37K
Price to Earnings (P/E)40.1
Beta (1Y)1.18
Revenue Growth6.50%
EPS GrowthN/A
CountryIN
Employees2,217
SectorGeneral
Sector StrengthN/A
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)3.54
Shares Outstanding108,009,766
10 Day Avg. Volume8,933
30 Day Avg. Volume5,370
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)2.4
Revenue Forecast (FY)₹12.11B
Shalby Ltd. Business Overview & Revenue Model
Company Description
Shalby Limited operates a chain of multi-specialty hospitals in India and internationally. The company operates through Healthcare Services and Manufacturing segments. It offers rheumatology, knee and hip joint replacement, spine surgery, orthoped...
How the Company Makes Money
Shalby primarily makes money by providing hospital-based healthcare services to patients across its hospital network. Its core revenue streams typically include (1) inpatient services such as surgeries and procedures (with associated operating the...
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 | 11.76B | 11.41B | 10.87B | 9.34B | 8.05B | 6.99B |
| Gross Profit | 2.71B | 2.09B | 2.02B | 2.50B | 3.70B | 3.05B |
| EBITDA | 1.47B | 1.43B | 1.60B | 1.90B | 1.61B | 1.30B |
| Net Income | 393.14M | 373.89M | 62.22M | 840.77M | 677.01M | 541.25M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 18.39B | 17.04B | 16.08B | 12.81B | 11.94B |
| Cash, Cash Equivalents and Short-Term Investments | 841.97M | 841.97M | 1.29B | 1.08B | 2.16B | 2.02B |
| Total Debt | 0.00 | 5.95B | 4.76B | 3.78B | 1.81B | 1.74B |
| Total Liabilities | -10.06B | 8.33B | 7.08B | 6.00B | 3.54B | 3.17B |
| Stockholders Equity | 10.06B | 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
Negative
162.45
Price Trends
153.41
Negative
161.41
Negative
164.14
Negative
Market Momentum
-3.34
Negative
42.46
Neutral
66.40
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 162.45 is above the 20-day moving average (MA) of 145.02, above the 50-day MA of 153.41, and below the 200-day MA of 164.14, indicating a bearish trend. The MACD of -3.34 indicates Negative momentum. The RSI at 42.46 is Neutral, neither overbought nor oversold. The STOCH value of 66.40 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹380.59B | 68.36 | ― | 0.07% | 21.27% | 4.09% | |
64 Neutral | ₹640.94B | 118.95 | ― | 0.54% | 15.70% | -2.76% | |
60 Neutral | ₹618.31B | 59.22 | ― | 0.12% | 17.50% | 20.65% | |
59 Neutral | ₹1.25T | 59.58 | ― | 0.23% | 17.20% | 32.79% | |
55 Neutral | ₹957.69B | 65.60 | ― | 0.20% | 15.96% | 26.87% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | ₹15.34B | 40.12 | ― | 0.44% | 6.50% | ― |
* General Sector Average
IN:SHALBY
Shalby Ltd.
142.05
-122.70
-46.35%
IN:APOLLOHOSP
Apollo Hospitals Enterprise Limited
8,701.90
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IN:ASTERDM
Aster DM Healthcare Ltd.
735.30
104.35
16.54%
IN:FORTIS
Fortis Healthcare Ltd.
819.00
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IN:MAXHEALTH
Max Healthcare Institute Ltd
983.95
-126.63
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IN:MEDANTA
Global Health Limited
1,415.50
109.66
8.40%
Shalby Ltd. Corporate Events
Shalby Medtech CEO Deepak Anand to Step Down in September
Aug 18, 2026
Shalby Limited has announced that Mr. Deepak Anand will resign as Chief Executive Officer of its wholly owned subsidiary, Shalby Medtech Limited, effective at the close of business on September 4, 2026. The company stated that Anand’s decisi...
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.