Shalby financials and balance sheet

NSE: SHALBYBSE: 540797Healthcare ServicesSmall Cap

₹113.39₹1.80 (1.56%)BSE ₹113.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹115.19.

52-week range of traded prices to 23 Oct 2026

₹110.61Low, 23 Oct 2026₹253.00High, 23 Oct 2025

Next results date: the board meets on 3 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹1,225 Cr1,220th largest listed
P/E: 31.2
P/B: 1.2
Dividend yield: Nonein the last 12 months
ROE: 3.9%
ROCE: 4.6%
Debt to equity: 0.54
Volume, NSE: 1,03,86155.3% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Shalby annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,141 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 13.3% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,141
Materials and goods−151
Employee costs−188
Other expenses−659
Operating profit143
Depreciation−70
Other income+27
One-off items0.0
Finance costs−39
Profit before tax61
Tax−26
Net profit35

What the company owns

Plant, investments and other assets₹1,150 Cr
Inventory₹376 Cr
Receivables₹228 Cr
Current investments₹62 Cr
Cash and bank₹22 Cr

What pays for it: net worth and liabilities

Net worth₹1,006 Cr
Borrowings₹540 Cr
Other liabilities₹165 Cr
Owed to suppliers₹128 Cr

Shalby business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Shalby segment results by quarter

Revenue by segment

₹1,141 CrTotal

Healthcare Services₹1,010 Cr88.5% of total
Manufacturing of Implants₹131 Cr11.5% of total

Profit by segment

Healthcare Services₹95.3 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Healthcare Services
Revenue, ₹ crore
668
714
855
980
1,010
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
96
119
151
96
95
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Manufacturing of Implants
Revenue, ₹ crore
31
91
78
107
131
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−17
−17
−23
−40
−35
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	699	805	934	1,087	1,141
Company revenue, as in its results	461	487	431	699	805	934	1,087	1,141
Revenue	–	–	–	668	714	855	980	1,010
Revenue growth	–	–	–	–	6.9%	19.8%	14.5%	3.1%
Profit	–	–	–	96	119	151	96	95
Profit growth	–	–	–	–	23.4%	27.2%	−36.3%	−0.8%
Margin	–	–	–	14.4%	16.6%	17.6%	9.8%	9.4%
Return on capital	–	–	–	11.2%	9.8%	9.0%	5.7%	13.8%
Assets	–	–	–	1,037	1,054	1,329	1,353	1,265
Liabilities	–	–	–	179	−158	−339	−332	574
Capital employed	–	–	–	858	1,212	1,668	1,685	691
Revenue	–	–	–	31	91	78	107	131
Revenue growth	–	–	–	–	195.5%	−13.9%	36.8%	22.5%
Profit	–	–	–	−17	−17	−23	−40	−35
Margin	–	–	–	−55.1%	−18.2%	−29.0%	−37.6%	−26.4%
Return on capital	–	–	–	−92.9%	−3.9%	−4.2%	−5.5%	−442.4%
Assets	–	–	–	156	227	278	351	−413
Liabilities	–	–	–	138	−196	−261	−376	−421
Capital employed	–	–	–	18	423	539	727	8

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Shalby quarterly results

₹ crore	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 16 Jun	Mar 2021Filed 7 May	Mar 2022Filed 6 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
Revenue from operations	383	461	487	431	699	805	934	1,087	1,141
	300	380	405	344	579	668	757	954	999
Materials and goods bought	39	112	125	104	174	196	64	115	151
Employee costs	–	65	65	57	118	144	155	185	188
Other expenses	–	203	215	184	286	328	538	655	659
Operating profit before depreciation	83	81	82	86	120	137	177	133	143
Operating margin	21.8%	17.6%	16.8%	20.1%	17.2%	17.0%	19.0%	12.2%	12.5%
Materials, % of revenue	–	24.4%	25.7%	24.1%	25.0%	24.4%	6.8%	10.5%	13.3%
Employee costs, % of revenue	–	14.0%	13.5%	13.2%	16.9%	17.8%	16.6%	17.0%	16.5%
Other expenses, % of revenue	–	44.0%	44.1%	42.7%	40.9%	40.8%	57.6%	60.3%	57.7%
Depreciation and amortisation	23	33	36	37	43	48	52	66	70
Operating profit after depreciation	61	48	46	50	77	89	125	67	73
Other income	9	10	17	9	12	23	19	28	27
Finance costs	12	7	6	4	6	9	16	39	39
Profit before one-off items and tax	57	50	57	55	84	102	128	56	61
One-off items	0	0	0	0	−4	0	0	0	0
Profit before tax	57	50	57	55	79	102	128	56	61
	15	19	29	13	25	34	45	54	26
Current tax	10	4	12	8	2	35	60	57	44
Deferred tax	4	14	17	5	23	−1	−15	−3	−18
	43	32	28	42	54	68	83	2	35
Belonging to the company's shareholders	–	32	28	42	54	68	83	6	37
Belonging to outside owners of subsidiaries	–	0	0	0	–	0	–	−4	−3
Other comprehensive income	–	0	0	0	0	1	1	−3	−25
Total comprehensive income	–	32	28	43	54	69	84	−1	10
Net margin	11.1%	6.9%	5.7%	9.8%	7.7%	8.4%	8.9%	0.2%	3.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 16 Jun	Mar 2021Filed 7 May	Mar 2022Filed 6 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	780	799	835	876	928	1,008	995	1,006
	780	799	835	876	928	1,000	992	1,005
Share capital	108	108	108	108	107	107	107	108
Reserves	672	691	727	768	820	893	885	898
Belonging to outside owners of subsidiaries	0	0	0	0	0	7	3	0
	57	49	36	174	181	314	427	540
Repayable after a year	57	49	36	101	102	176	137	153
Repayable within a year	0	0	0	73	79	138	290	387
	88	83	82	172	194	323	455	576
Trade payables	56	60	58	71	88	130	118	128
Other financial liabilities	25	17	14	12	12	37	19	41
Other liabilities	6	1	10	14	13	15	25	15
Provisions	1	5	1	1	1	3	4	4
	71	84	80	145	159	276	253	258
Other financial liabilities	1	1	1	0	0	51	0	42
Other liabilities	12	15	19	1	3	10	47	7
Provisions	2	2	2	3	3	4	6	8
Deferred tax	–	18	23	31	43	35	63	49
Liabilities going with businesses held for sale	0	0	0	0	–	–	–	–
	939	967	997	1,194	1,281	1,608	1,704	1,839
Held for sale or for a demerger	7	7	7	7	–	–	–	–
	737	733	725	743	737	1,055	1,046	1,120
Plant in use, after depreciation	681	662	646	656	668	840	848	922
Plant being built	2	3	4	5	6	15	8	0
Intangible assets	0	1	3	10	7	70	50	67
Goodwill	10	10	10	10	10	57	57	57
Intangible assets being developed	2	3	4	1	4	–	14	18
Investments	0	0	0	0	0	0	0	0
Other financial assets	3	5	32	3	11	36	22	12
Deferred tax	2	0	0	–	0	–	7	0
Trade receivables	–	0	10	–	0	–	0	–
Other assets	37	48	16	59	31	38	39	43
	196	227	265	444	544	552	658	719
Inventories	13	15	23	121	185	235	319	376
Trade receivables	81	95	88	101	106	145	175	228
Cash and cash equivalents	5	8	6	56	12	27	35	22
Other bank balances	69	20	77	55	0	0	0	0
Current investments	11	28	16	25	146	81	95	62
Loans given	0	0	0	0	0	11	0	0
Other financial assets	6	54	47	79	58	54	11	10
Tax paid in advance	–	–	–	–	27	–	–	–
Other assets	10	6	8	8	10	–	23	21
Net debt	−28	−8	−64	39	22	206	297	455

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 May	Mar 2022Filed 6 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
	84	19	68	20	−4	0
	99	42	96	40	10	40
	1	−91	−46	−140	−131	−99
Receivables	8	−22	−5	−33	−31	−56
Inventories	−5	−98	−64	−48	−84	−61
Payables	−3	14	17	−31	−8	9
Other working capital	1	15	7	−28	−7	10
Tax paid	−9	−23	−28	−20	−14	−40
Capital spending	27	75	18	47	71	149
Free cash flow	58	−56	49	−28	−76	−149
	−57	−60	−61	38	−36	−97
Plant and property sold	0	27	1	2	1	4
Companies bought	−1	0	0	0	0	0
Interest received	5	7	8	5	8	2
	−29	90	−50	−151	48	84
Borrowings raised	0	120	27	90	152	154
Borrowings repaid	−20	−9	−40	0	−39	−41
Interest paid	−4	−4	−7	−13	−35	−35
Lease payments	0	0	0	0	−18	−25
Dividends paid	5	11	11	13	13	0
Shares bought back	0	0	8	206	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−2	49	−43	−93	8	−13

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Shalby dividend history

₹ per share	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 16 Jun	Mar 2021Filed 7 May	Mar 2022Filed 6 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
Earnings per share	₹2.85	₹2.93	₹2.55	₹3.92	₹5.00	₹6.31	₹7.78	₹0.18	₹3.23
Diluted earnings per share	₹2.85	₹2.93	₹2.55	₹3.92	₹5.00	₹6.27	₹7.77	₹0.18	₹3.23
Dividend per share	–	₹0.50	₹0.50	₹1.00	₹1.00	₹1.20	₹1.20	–	–
Book value per share	–	₹72.20	₹73.99	₹77.28	₹81.13	₹86.45	₹93.13	₹91.86	₹93.49
Dividend payout	–	17.1%	19.6%	25.5%	20.0%	19.0%	15.4%	–	–
Shareholder yield	–	–	–	0.5%	0.9%	1.3%	8.5%	0.6%	0.0%
Market cap at the year end (₹ crore)	2,235	1,397	498	1,089	1,264	1,449	2,583	2,129	1,370

Ratios

Consolidated, years to March.Shalby PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 16 Jun	Mar 2021Filed 7 May	Mar 2022Filed 6 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 11 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 27 May
Revenue growth	–	20.3%	5.6%	−11.5%	62.2%	15.2%	16.0%	16.4%	5.0%
Operating profit growth	–	−2.8%	0.8%	5.7%	38.8%	14.0%	29.5%	−25.1%	7.7%
Net profit growth	–	−25.9%	−12.9%	53.6%	27.4%	25.4%	23.4%	−97.7%	1,706.6%
Earnings per share growth	–	2.8%	−13.0%	53.7%	27.6%	26.2%	23.3%	−97.7%	1,694.4%
	–	4.1%	3.5%	5.2%	6.3%	7.5%	8.7%	0.6%	3.7%
	–	–	−0.6 pts	1.7 pts	1.1 pts	1.2 pts	1.2 pts	−8.0 pts	3.1 pts
From the net margin	–	–	−0.7 pts	2.6 pts	−1.1 pts	0.6 pts	0.5 pts	−8.1 pts	2.9 pts
From asset turnover	–	–	0.1 pts	−0.9 pts	1.8 pts	0.1 pts	0.0 pts	0.0 pts	−0.1 pts
From borrowing	–	–	0.0 pts	0.0 pts	0.4 pts	0.5 pts	0.7 pts	0.1 pts	0.2 pts
Return on capital employed	–	5.7%	5.4%	5.7%	7.3%	8.0%	9.4%	4.7%	4.7%
Cash conversion	–	–	–	199.1%	35.0%	100.1%	23.5%	−226.1%	0.0%
Interest cover	4.9	6.7	7.2	13.7	13.1	9.7	7.8	1.7	1.9
Debt to equity	–	0.07	0.06	0.04	0.20	0.19	0.31	0.43	0.54
Receivable days	–	64	71	74	53	48	57	59	73
Inventory days	–	42	44	81	253	345	1,351	1,017	908
Payable days	–	183	176	203	148	164	744	377	310
Cash conversion cycle, days	–	−77	−60	−47	158	230	663	698	671
Working capital days	–	17	65	71	110	123	101	122	143
Asset turnover	–	0.49	0.51	0.44	0.64	0.65	0.65	0.66	0.64
Assets per rupee of net worth	–	1.20	1.21	1.20	1.28	1.37	1.50	1.66	1.77
Sales per rupee of plant	–	0.68	0.74	0.67	1.07	1.20	1.11	1.28	1.24
Capital spending to depreciation	–	–	–	0.72	1.76	0.38	0.90	1.09	2.13
Plant being built, % of plant in use	–	0.3%	0.5%	0.6%	0.7%	0.9%	1.8%	0.9%	0.0%

No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.1%
Cash from operations against operating profit: 0.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	21.5%	12.3%
Profit growth, yearly rate	–	−2.5%	−18.0%
Return on equity, average	–	5.4%	4.3%
Return on capital employed, average	–	6.8%	6.3%
Operating margin, average	17.1%	15.6%	14.6%
Net margin, average	6.9%	5.7%	4.1%
Asset turnover, average	–	0.65	0.65
Cash conversion cycle, days, average	–	484	677
Interest cover, average	7.4	6.8	3.8
Debt to equity, average	–	0.33	0.43

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	102	15	0
Cash from investing	−216	−95	−97
Cash from financing	22	−19	84
Capital spending	361	268	149
Dividends paid	48	26	0
Shares bought back	213	206	0
Shares issued for cash	0	0	0
Borrowings raised	542	396	154
Borrowings repaid	129	81	41

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	8	4	8	5	2	2
Altman Z-scorePublished threshold 1.81	–	7.09	3.69	5.90	4.38	4.58	4.39	3.48	2.56
Beneish M-scorePublished threshold −1.78	–	–	–	−2.67	−2.59	−2.57	−1.64	−2.44	−2.19
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	1.53	8.71	4.93	1.79	2.53	7.45
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	1.04	0.52	0.54	0.13
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	10.97	4.09	−47.23	−9.84	19.97	4.74	25.36
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	7.54	68.47	357.25	40.57	94.46	−44.58	−14.11
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	9.07	−1.32	4.63	0.90	−4.31	−1.84	−0.33
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.19	0.19	0.09	0.10	0.07	0.11	0.00
Effective tax ratePublished threshold 17.16 per cent	25.42	37.18	51.37	23.06	31.81	33.68	34.86	96.55	42.72
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	2.77	5.84	19.21	71.01	−23.13

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
27 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AReview, Downgrade	Stable	60
27 Jul 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AReview, Downgrade	Stable	238.27
27 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AReview, Downgrade	Stable	78
27 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Letter of credit	[ICRA]AReview, Downgrade	Stable	453.73

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.