• The document contains the transcript of Shalby Limited's Earnings Conference Call for Q1 FY2027 held on August 13, 2026, where unaudited financial results were discussed.
  • The call was hosted by Elara Securities, with moderation by Mr. Kashish Thakur from Elara Securities.
  • Management participants included: Dr. Vikram Shah (Chairman and Managing Director), Mr. Shanay Shah (Whole-Time Director), Dr. Nishita Shukla (Chief Operating Officer, Shalby Hospitals), Mr. Amit Kumar (Chief Financial Officer), Mr. Deepak Anand (Chief Executive Officer, Shalby Medtech Limited), Mr. Babu Thomas (Chief Human Resource Officer), and Mr. Jigar Todi (Investor Relations).
  • The investor presentation was referenced as being available on the stock exchange website and the company website shalby.org.
  • The company included a disclaimer regarding forward-looking statements, referring participants to slide #2 of the investor presentation for details.

Financial Highlights Discussed:

Consolidated Performance (Q1 FY27 vs Q1 FY26):

  • Revenue: ₹338.6 Cr (vs ₹303.4 Cr), growth of 11.6% YoY
  • EBITDA: ₹49.0 Cr (vs ₹48.5 Cr), growth of 1% YoY
  • EBITDA Margin: 14.5% (vs 16.0%)
  • PBT: ₹19.7 Cr (vs ₹22.7 Cr), PBT margin of 5.8%
  • PAT: ₹10.5 Cr (vs ₹7.7 Cr), PAT margin of 3.1% (vs 2.5%)
  • Net Debt: Approximately ₹463 Cr
  • Gearing Ratio: 0.46X

Standalone Hospital Segment Performance:

  • Revenue: ₹259 Cr (vs ₹242 Cr), growth of 7% YoY
  • EBITDA: ₹47.8 Cr (vs ₹52.4 Cr)
  • EBITDA Margin: 18.4% (vs 21.6%)
  • PBT: ₹34 Cr (vs ₹40 Cr), PBT margin of 13.1%
  • PAT: ₹25 Cr (vs ₹25.7 Cr), PAT margin of 9.7% (vs 10.6%)
  • Net Debt: ₹54.5 Cr
  • ROCE: 9.4% (annualized)
  • Operational Metrics:
  • ARPOB: ₹44,711 (vs ₹45,673)
  • ALOS: 3.69 days (vs 3.53 days)
  • Occupied Beds: 701 (vs 639), growth of 9.8% YoY
  • Occupancy Rate: 51% (54% excluding Shalby International)
  • Payer Mix: 30% self-pay, 38% insurance, 32% government business

Shalby International (Gurgaon Unit):

  • Revenue: ₹26.2 Cr (vs ₹23.2 Cr)
  • ARPOB: ₹91,326
  • ALOS: 3.8 days
  • International Revenue Contribution: 42% of operating revenue
  • Achieved EBITDA break-even for the first time since acquisition

MedTech Business Performance:

  • Consolidated Revenue: ₹47 Cr, growth of 17% QoQ and 53% YoY
  • SMTL (India) Revenue: ₹36 Cr, growth of 29% sequentially and 98% YoY
  • SAT US Revenue: ₹38.8 Cr, modest sequential growth of 9% YoY
  • Singapore Unit (SGTPL) Revenue: ₹9.9 million
  • Consolidated EBITDA: Positive ₹1.7 million (fourth consecutive quarter)
  • Inventory: Showing improving trend with 30% improvement expected in inventory holding days

Additional Business Updates:

  • The group completed 47 transplants during the quarter (41 kidney, 5 liver, 1 bone marrow)
  • Management priorities include sustaining growth momentum in SMTL, improving profitability, inventory optimization, and selective investments in products and technologies
  • Expected gross margin improvement of 100-200 basis points each quarter
  • Tax rate benefit from transition to new tax scheme (26% vs previous 35%)

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with detailed Q&A session.
  • Participants included analysts from RK Invest, Elara Securities, and Kedia Securities.
  • Key discussion points in Q&A included: margin sustainability, MedTech profitability, hospital occupancy, Shalby International performance, tax rate guidance, ROCE improvement, Mumbai expansion plans, ICRA rating downgrade, government business mix, and cash conversion cycle.
  • The company clarified that the recent ₹129 Cr working capital facility from Kotak is a debt replacement at more efficient cost, not new debt infusion.
  • Management expressed confidence in achieving 20% EBITDA margin for hospital segment for FY27.