Shalby Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shalby Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shalby reported consolidated Q4 FY26 revenue of Rs 295.5 crore, up 9.4% year-on-year, with EBITDA rising 43.1% to Rs 37.4 crore and EBITDA margin expanding to 12.7%. Consolidated PAT for the quarter stood at Rs 18.5 crore against a loss in the same period last year, aided by a lower tax regime. Management also discussed the Shalby MedTech implant business, which posted its second consecutive quarter of positive EBITDA, and addressed the impact of the U.S.-Iran conflict on the Gurugram international hospital business.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated Revenue: INR295.5 crores (Q4 FY26)
p. 3
“Consolidated revenue stood at INR295.5 crores as against INR270.2 crores in Q4 '25, registering a growth of 9.4% on a year-on-year basis.”
Amit Kumar, page 3 of the filed PDF · View the filing
EBITDA: INR37.4 crores (Q4 FY26)
p. 3
“EBITDA improved significantly to INR37.4 crores as against INR26.2 crores in the Q4 of '25, reflecting a strong growth of 43.1% year-on-year basis.”
Amit Kumar, page 3 of the filed PDF · View the filing
EBITDA margin: 12.7% (Q4 FY26)
p. 3
“EBITDA margin stands now at 12.7% as compared to 9.7% in the Q4 of '25.”
Amit Kumar, page 3 of the filed PDF · View the filing
Consolidated PAT: INR18.5 crores (Q4 FY26)
p. 4
“Our consolidated PAT stands at INR18.5 crores with a PAT margin of 6.2% as against loss of INR12.2 crores in the Q4 '25.”
Amit Kumar, page 4 of the filed PDF · View the filing
Consolidated Revenue: INR1,168.2 crores (FY26)
p. 4
“Consolidated revenue of FY '26 stands at INR1,168.2 crores as compared to INR1,114.6 crores in FY '25, reflecting a strong growth of 4.8% year-on-year basis.”
Amit Kumar, page 4 of the filed PDF · View the filing
Net debt (gearing): 0.44x, net debt of INR446.2 crores (FY26)
p. 4
“The group continues to maintain a healthy balance sheet with a comfortable gearing ratio of 0.44x with a net debt of INR446.2.”
Amit Kumar, page 4 of the filed PDF · View the filing
Standalone PAT: INR53.7 crores (Q4 FY26)
p. 4
“Standalone PAT increased significantly to INR53.7 crores compared to INR15 crores in the Q4 of '25 with PAT margin improving to 23.3% in Q4 '26 as against 7% in the Q4 '25.”
Amit Kumar, page 4 of the filed PDF · View the filing
ARPOB: INR42,689 (Q4 FY26)
p. 4
“Our operational ARPOB has shown a growth of 2.7%, standing today at INR42,689 compared to INR41,585 in the corresponding quarter last year.”
Amit Kumar, page 4 of the filed PDF · View the filing
Occupancy: 48% (Q4 FY26)
p. 4
“Moving to the occupied beds, our occupied beds in the Q4 was 649 as against 633 in the Q4 of '25, reflecting a growth of 2.4% year-on-year basis with an overall occupancy of 48%.”
Amit Kumar, page 4 of the filed PDF · View the filing
Shalby MedTech consolidated revenue: approximately INR40 crores (Q4 FY26)
p. 5
“For quarter 4, financial year '26, consolidated revenue stood at approximately INR40 crores, reflecting strong growth of nearly 45% year-on-year and about 32% sequentially.”
Deepak Anand, page 5 of the filed PDF · View the filing
Shalby MedTech EBITDA: over INR3.7 crores (Q4 FY26)
p. 5
“More importantly, we delivered a significant turnaround in profitability with a consolidated EBITDA improving to over INR3.7 crores compared to a loss of INR9.3 crores in the corresponding quarter last year.”
Deepak Anand, page 5 of the filed PDF · View the filing
Shalby MedTech full year revenue: crossed INR135 crores (FY26)
p. 6
“For the full year financial year '26, consolidated revenue crossed INR135 crores, representing growth of approximately 46% over financial year '25.”
Deepak Anand, page 6 of the filed PDF · View the filing
Shalby MedTech full year EBITDA: approximately INR6.7 crores (FY26)
p. 6
“EBITDA improved sharply from a loss position of INR 19.2 crores in financial year '25 to a positive EBITDA of approximately INR6.7 crores in financial year '26.”
Deepak Anand, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Tax rate — 25% · FY27
stated firmly by Amit Kumar
p. 9
“So thank you for this question. Yes, now at the Shalby Limited, we have moved to the new tax regime. So it would be a lower tax of 25% as compared to 35% tax we had been under in the earlier years, and it had contributed to our profitability this year.”
Amit Kumar, page 9 of the filed PDF · View the filing
Capex — FY27 and onwards
stated firmly by Amit Kumar
p. 11
“And since we have already heavily invested into our capex into the FY '26, we do not see a large spending coming into the FY '27 and onwards that will be able to save our significant cash flows.”
Amit Kumar, page 11 of the filed PDF · View the filing
Hospital and pharma business growth — minimum 15% CAGR · long-term
stated as an aspiration by Amit Kumar
p. 12
“So from here, we are looking at sustainable growth of minimum 15% as a CAGR, if I talk about the long-term plan also not without any significant capex because our current installed capacity also supports us to take an upside of 40% to 50% with the infra we have.”
Amit Kumar, page 12 of the filed PDF · View the filing
Implant business revenue — INR600-700 crores · 2030
stated as an aspiration by Deepak Anand
p. 12
“So the implant business at 2030, we are looking at somewhere close to INR600 crores to INR650 crores from a top line standpoint because we are not just focusing only on the top line.”
Deepak Anand, page 12 of the filed PDF · View the filing
Implant business EBITDA margin — upwards of 15% · 2030
stated as an aspiration by Deepak Anand
p. 12
“We're also working towards to get to a good solid double-digit EBITDA upwards of 15%.”
Deepak Anand, page 12 of the filed PDF · View the filing
Occupancy — north of 50% · next year
stated as an aspiration by Amit Kumar
p. 15
“Yes, it is likely. It should be good a better number from there.”
Amit Kumar, page 15 of the filed PDF · View the filing
CGHS revenue upside — 7%, 8% · coming quarters
stated conditionally by Amit Kumar
p. 14
“However, the CGHS rates are also being getting revised which would be giving an upside to 7%, 8% into our revenues.”
Amit Kumar, page 14 of the filed PDF · View the filing
Gross margin
stated as an aspiration by Amit Kumar
p. 14
“We would be seeing a good upside to it from here, however we have to still implement certain of the measures, and we'll be open to more confidently comment on.”
Amit Kumar, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said international patients contribute 60% of Gurugram revenue with healthy margins, impacted temporarily by the U.S.-Iran conflict but offset by growth in Africa and CIS countries.
Answered by Amit Kumar
Asked by Soham: When will the international business (Gurugram) become profitable and what is its current profitability?
p. 8
“So the business has been growing. And overall level in our Gurugram unit, 60% of the international patients contribute to the revenue. And this has been -- this maintains a healthy profitability margin.”
Amit Kumar, page 8 of the filed PDF · View the filing
Management said the implant business had its second consecutive quarter of positive EBITDA but still needs to reach double-digit EBITDA and positive cash flow.
Answered by Deepak Anand
Asked by Soham: What is the profitability status of the U.S. implant business?
p. 8
“So implant business is already -- if you look at it the second consecutive quarter of having a positive EBITDA, right?”
Deepak Anand, page 8 of the filed PDF · View the filing
Management attributed the rise in borrowings to two acquisitions and said future increments would be less significant given the MedTech breakeven.
Answered by Amit Kumar
Asked by Soham: Why is debt/borrowing increasing over the past several years?
p. 9
“See, in the past, this borrowing you had been seeing on to our balance sheet has been largely by the reasons of the 2 acquisitions which we have done in the recent years, one in the U.S. and another into the Gurugram unit.”
Amit Kumar, page 9 of the filed PDF · View the filing
Management said they could not give a specific timeline but were confident of breakeven in the short term, citing NABH accreditation and growing CIS/Africa business.
Answered by Amit Kumar
Asked by Sanchita Sood: When will Shalby International Hospital reach EBITDA breakeven?
p. 9
“See, by the restriction, we cannot comment on the timeline, but we are very confident to see this happening in the short term only.”
Amit Kumar, page 9 of the filed PDF · View the filing
Management said two loss-making SOCEs in Rajkot and Lucknow were shut, reducing occupancy percentage but improving future EBITDA margins.
Answered by Amit Kumar
Asked by Sanchita Sood: Why did the number of operational beds decline year-on-year?
p. 10
“So this is also why the reason if you notice that we had closed down our 2 SOCEs, which were Rajkot and Lucknow, they had not been -- they have closed down, and that is leading to an overall reason of decrease that you see as a decrease in the occupancy percentage.”
Amit Kumar, page 10 of the filed PDF · View the filing
Management cited turbulence in the Gurugram unit, the U.S.-Iran conflict, government scheme disruptions, and doctor attrition as reasons for the slowdown.
Answered by Amit Kumar
Asked by Pinaki Banerjee: Why did revenue CAGR drop from 15-16% (FY23-25) to single digits in FY26?
p. 11
“There had been turbulence in some of the government schemes, which had contributed to some decrease into the patient -- inpatient in the quarter 2, quarter 3 and also the doctor attrition, which had been addressed into the Q4.”
Amit Kumar, page 11 of the filed PDF · View the filing
Management attributed the decline to new doctor recruitment costs and higher medicine costs from oncology treatment expansion.
Answered by Amit Kumar
Asked by Shubham Harne: Why has gross margin decreased from around 90% to 85%?
p. 13
“If we have to factor in our gross margins, there has been a slight decrease by the reasons of the new doctors which we are recruiting since we had faced a turbulence in the quarter 2 and quarter 3.”
Amit Kumar, page 13 of the filed PDF · View the filing
Management said government business takes longer to collect payments but noted CGHS rate revisions would provide upside to revenue.
Answered by Amit Kumar
Asked by Shubham Harne: Why is government business increasing while self-pay and insurance are declining, despite prior stated intent to reduce government business share?
p. 14
“But importantly, the government business although is being increasing at our end as a share. However, the CGHS rates are also being getting revised which would be giving an upside to 7%, 8% into our revenues.”
Amit Kumar, page 14 of the filed PDF · View the filing
Management acknowledged uncertainty but said growth in CIS and African countries and domestic operations were offsetting the impact.
Answered by Amit Kumar
Asked by Soham: How will the U.S.-Iran conflict affect numbers in FY27 given its unpredictability?
p. 15
“Yes, you are right. The situation is uncertain. However, our teams have taken many good initiatives around this.”
Amit Kumar, page 15 of the filed PDF · View the filing
Management said standards were not being maintained at franchisee locations and they would pursue franchisees more selectively going forward.
Answered by Shanay Shah
Asked by Nikhil Gupta: Are plans for 50 franchisee hospitals being scaled back?
p. 12
“So we are basically -- after starting the franchisee model, we did realize that often the kind of standards that we want to maintain at the different locations is often not taken as seriously as we do.”
Shanay Shah, page 12 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict in the Middle East impacting international patient inflows to Gurugram hospital
p. 5
“This decline was primarily attributable to the ongoing geopolitical situation in the Middle East impacting our little off par operations coming through for the international patients coming in our Gurugram unit, although this has been partly also offset by our growing business in the Asia and CIS countries.”
Amit Kumar, page 5 of the filed PDF · View the filing
Doctor attrition and leadership turbulence at PK Health facility
p. 11
“We had a turbulence into the quarter 2 and quarter 3 where there had been a leadership change and we witnessed some of the attrition of the doctors.”
Amit Kumar, page 11 of the filed PDF · View the filing
Delays in recovering payments from government business
p. 14
“So see, government business, yes, there are certain challenges associated with it when you have to recover the money from the government, it takes time, but this is also an improving process.”
Amit Kumar, page 14 of the filed PDF · View the filing
Uncertainty from the ongoing U.S.-Iran conflict affecting international patient flows
p. 15
“Yes, you are right. The situation is uncertain. However, our teams have taken many good initiatives around this.”
Amit Kumar, page 15 of the filed PDF · View the filing
Loss-making SOCE units in Rajkot and Lucknow contributing to EBITDA drag prior to closure
p. 10
“They had been EBITDA negative for us. Since we had closed down that, it would be contributing to also a better margin on the EBITDA front in the coming quarters.”
Amit Kumar, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.