Financial Performance - Consolidated (Q2 FY27)

Total Revenue: ₹3,182 million vs ₹2,899 million in Q2 FY26 (+9.8% YoY) and ₹3,386 million in Q1 FY27 (-6.0% QoQ)

EBITDA: ₹464 million vs ₹461 million in Q2 FY26 (+0.8% YoY) and ₹490 million in Q1 FY27 (-5.2% QoQ)

EBITDA Margin: 14.6% vs 15.9% in Q2 FY26 and 14.5% in Q1 FY27

PBT: ₹165 million vs ₹191 million in Q2 FY26 (-13.7% YoY) and ₹197 million in Q1 FY27 (-16.4% QoQ)

PBT Margin: 5.2% vs 6.6% in Q2 FY26 and 5.8% in Q1 FY27

PAT: ₹79 million vs ₹73 million in Q2 FY26 (+8.3% YoY) and ₹105 million in Q1 FY27 (-24.9% QoQ)

PAT Margin: 2.5% (consistent with 2.5% in Q2 FY26, down from 3.1% in Q1 FY27)

Annualized ROCE: 6.6%

Financial Performance - Standalone (Q2 FY27)

Total Revenue: ₹2,506 million vs ₹2,298 million in Q2 FY26 (+9.1% YoY) and ₹2,591 million in Q1 FY27 (-3.3% QoQ)

EBITDA: ₹457 million vs ₹448 million in Q2 FY26 (+2.0% YoY) and ₹478 million in Q1 FY27 (-4.3% QoQ)

EBITDA Margin: 18.2% vs 19.5% in Q2 FY26 and 18.4% in Q1 FY27

PBT: ₹316 million vs ₹306 million in Q2 FY26 (+3.2% YoY) and ₹339 million in Q1 FY27 (-6.9% QoQ)

PBT Margin: 12.6% vs 13.3% in Q2 FY26 and 13.1% in Q1 FY27

PAT: ₹235 million vs ₹198 million in Q2 FY26 (+19.0% YoY) and ₹251 million in Q1 FY27 (-6.2% QoQ)

PAT Margin: 9.4% vs 8.6% in Q2 FY26 and 9.7% in Q1 FY27

Annualized ROCE: 9.4%

Balance Sheet Position (Consolidated as of September 2026)

Gross Borrowings: ₹5,371 million

Cash & Cash Equivalents: ₹789 million

Net Debt: ₹4,582 million

Debt/Equity Ratio: 0.45x

Balance Sheet Position (Standalone as of September 2026)

Gross Borrowings: ₹1,156.25 million

Cash & Cash Equivalents: ₹660.38 million

Net Debt: ₹495.87 million

Business Vertical Performance (Q2 FY27 Consolidated)

Shalby Hospitals, Pharma & Franchise: Revenue ₹2,561.8 million (80.51% of total), EBITDA ₹416.9 million

Shalby International (PK Healthcare, Delhi-NCR): Revenue ₹296.7 million (9.32% of total), EBITDA ₹37.7 million

Shalby MedTech (Implant Business): Revenue ₹316.0 million (9.93% of total), EBITDA ₹3.6 million

Others: Revenue ₹7.7 million (0.24% of total), EBITDA ₹6.2 million

Operational Performance - Hospital Business (Q2 FY27)

In-Patient Count: 25,357 vs 22,735 in Q2 FY26 (+11.5% YoY) - Includes day care count

Out Patient Count: 137,335 vs 127,709 in Q2 FY26 (+7.5% YoY)

Surgeries Count: 8,618 vs 7,539 in Q2 FY26 (+14.3% YoY)

ARPOB: ₹42,581 vs ₹40,794 in Q2 FY26 (+4.4% YoY)

Operational Beds: 1,365 vs 1,415 in Q2 FY26 (-3.5% YoY)

Occupied Beds: 715 vs 673 in Q2 FY26 (+6.2% YoY)

Occupancy Rate: 52% vs 48% in Q2 FY26 (+488 bps)

ALOS (without Daycare): 3.58 days vs 3.74 days in Q2 FY26 (-4.3% YoY)

Note: Shalby International (PK) ARPOB was ₹96,388 in Q2 FY27

Hospital Performance by Maturity (Q2 FY27)

10+ Years Maturity (7 hospitals): Revenue ₹1,570.2 million, Operational Beds 808, ARPOB ₹44,979, EBITDA ₹343.5 million (21.9% margin)

5-10 Years Maturity (3 hospitals): Revenue ₹878.9 million, Operational Beds 427, ARPOB ₹31,578, EBITDA ₹163.7 million (18.6% margin)

0-5 Years Maturity (1 hospital - PK Healthcare): Revenue ₹296.7 million, Operational Beds 130, ARPOB ₹96,388, EBITDA ₹14.8 million (5.0% margin)

Corporate: Revenue ₹56.9 million, EBITDA loss ₹50.3 million (-88.4% margin)

Shalby MedTech (Implant Business) Developments

Global Footprint - Existing Markets: North America, Japan, India, Indonesia

Approval Received Markets: Malaysia, Argentina, Nepal

Regulatory Approvals Pending: South Korea, Vietnam

India Footprint - Existing Markets: Andhra Pradesh, Chhattisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana

Newest Markets: West Bengal, Odisha

Upcoming Markets: Assam, Uttar Pradesh, Uttarakhand

Operational Excellence Initiatives: Growth in implant processing volumes, reduction in quality control non-conformances, reduction in defects from contract manufacturers, implementation of process efficiency initiatives including enhanced inspection processes, reinstatement of passivation line, establishment of secondary clean line.

Strategic Growth Initiatives: Eastern India expansion (West Bengal, Odisha), Central India reactivation (Nagpur), surgeon engagement programs, brand visibility at point of care.

Conference Participations (July-September 2026): CCA 2026 New Delhi (July 31-Aug 2), TUKSplasty Experience Indore (Aug 22), AOTS 2026 Kolkata (Sept 11-12), RAC 2026 Coimbatore (Sept 20).

Upcoming Marketing Priorities: Scientific education programs, conference activation (WCOI Amritsar November 14-15, 2026; Orthotrends January 2027), digital demand generation, field sales enablement.

Corporate Overview

Hospital Network: 13 hospitals (11 multispecialty, 2 single specialty) across 10 cities in India

Total Bed Capacity: 2,200+ beds

Medical Professionals: 1,500+ doctors including visiting consultants

Joint Replacement Surgeries: 200,000+ successful surgeries since inception

Founder Innovation: Dr. Vikram Shah's "Zero Technique" for joint replacement surgery

Shareholding Pattern

As on September 30, 2026 (details not quantified in presentation)

Board of Directors

Dr. Vikram Shah (Chairman and Managing Director), Dr. Ashok Bhatia (Independent Director), Mr. Tej Malhotra (Independent Director), Ms. Sujana Shah (Independent Director), Mr. Shyamal Joshi (Independent Director), Dr. Umesh Menon (Independent Director)

Investor Contact

Jigar Todi (Investors Relation & Corporate Strategist) - +91 9512049871, ircs3.corp@shalby.org