• Event Type: The document is a transcript of the Q4 and Full Year FY2026 Earnings Conference Call hosted by Elara Securities India Private Limited.
  • Date and Time: The call was held on May 29, 2026. A specific time was not mentioned in the transcript.
  • Purpose: The stated purpose was to discuss the Audited Financial Results for Q4 and the financial year ended March 31, 2026 (FY 2025-26).
  • Management Participants: The management team on the call included:
  • Dr. Vikram Shah - Chairman and Managing Director
  • Mr. Shanay Shah - President
  • Dr. Nishita Shukla - COO, Shalby Hospitals
  • Mr. Amit Kumar – CFO
  • Mr. Deepak Anand – CEO, Shalby MedTech Ltd.
  • Mr. Babu Thomas - CHRO
  • Mr. Jigar Todi – Investor Relations
  • Availability of Materials: The investor presentation was referenced as being uploaded on the stock exchange website and the company website (shalby.org). The transcript itself was filed with the exchanges and is available in the Investors Section of the company's website.
  • UPSI Statement: The call included a standard disclaimer regarding forward-looking statements, referring participants to Slide 2 of the investor presentation for details. There was no explicit statement that no Unpublished Price Sensitive Information (UPSI) would be shared.

Financial Highlights Discussed

The call extensively discussed the financial performance for Q4 FY26 and Full Year FY26:

Consolidated Q4 FY26 Performance (YoY):

  • Revenue: INR 295.5 Cr (vs. INR 270.2 Cr in Q4 FY25), growth of 9.4%
  • EBITDA: INR 37.4 Cr (vs. INR 26.2 Cr in Q4 FY25), growth of 43.1%
  • EBITDA Margin: 12.7% (vs. 9.7%)
  • PBT: INR 9.6 Cr (vs. Loss of INR 0.7 Cr)
  • PAT: INR 18.5 Cr (vs. Loss of INR 12.2 Cr)
  • The significant improvement in PAT was attributed to both higher EBITDA and a beneficial change in the corporate tax regime to 25% (from 35%), which is stated to be a recurring benefit.

Consolidated Full Year FY26 Performance (YoY):

  • Revenue: INR 1,168.2 Cr (vs. INR 1,114.6 Cr in FY25), growth of 4.8%
  • EBITDA: INR 169.6 Cr (vs. INR 160.2 Cr)
  • EBITDA Margin: 14.5% (vs. 14.4%)
  • PBT: INR 60.6 Cr (vs. INR 55.7 Cr), growth of 8.7%
  • PAT: INR 34.7 Cr (vs. INR 1.9 Cr)
  • Net Debt: INR 446.2 Cr with a gearing ratio of 0.44x

Standalone (Hospital) Q4 FY26 Operational Metrics:

  • Revenue: INR 230.4 Cr (growth of 7.6% YoY)
  • ARPOB: INR 42,689 (growth of 2.7% YoY)
  • ALOS: 3.81 days (vs. 3.68 days)
  • Occupied Beds: 649 (vs. 633)
  • Occupancy: 48% (50% excluding the Gurugram unit)
  • Payer Mix: 33% self-pay, 37% insurance, 30% government business

Shalby MedTech (Subsidiary) Performance:

  • Q4 FY26 Revenue: ~INR 40 Cr (45% YoY growth, 32% QoQ growth)
  • Q4 FY26 EBITDA: INR 3.7 Cr (vs. loss of INR 9.3 Cr in Q4 FY25)
  • FY26 Revenue: ~INR 135 Cr (46% YoY growth)
  • FY26 EBITDA: ~INR 6.7 Cr (vs. loss of INR 19.2 Cr in FY25)
  • The business reported its second consecutive quarter of positive EBITDA.

Shalby International (Gurugram Unit) Performance:

  • Q4 FY26 Revenue: INR 21.5 Cr (vs. INR 22.8 Cr in Q4 FY25)
  • The decline was attributed to the geopolitical situation in the Middle East impacting international patient flow, partly offset by growth from Asia and CIS countries.
  • ARPOB: INR 88,592; ALOS: 3.44 days
  • International patients contributed 47% of the unit's revenue.

Strategic and Operational Updates:

  • The company completed 70 transplants (51 kidney, 19 liver) in FY26.
  • Through Shalby Academy, over 2,400 participants were trained, including new BBA and MBA programs in healthcare management.
  • For MedTech, FY26 was described as a transition from a "build and invest" to a "scale and execute" phase, with focus on global expansion, cost optimization, and innovation (including a robotics partnership with Curexo).
  • A long-term ambition for MedTech is to reach INR 600-650 Cr in revenue by 2030.
  • The company infused ~INR 60 Cr equity into the Shalby International (Gurugram) unit, increasing its stake from ~87% to 91%.
  • Capex for FY26 was ~INR 160 Cr, focused on oncology (LINAC bunkers in Surat and Krishna) and robotics. FY27 capex is not expected to be as significant.
  • The company closed two SOCEs (Rajkot and Lucknow) that were EBITDA negative.
  • Plans for aggressive franchisee expansion have been scaled back to be more selective to maintain quality standards.

Additional Notes Section

  • Attachment: The regulatory filing included the earnings call transcript as an enclosure.
  • Financial Data: Extensive financial data and operational metrics were disclosed and discussed during the call, as detailed above.
  • Q&A Highlights: The Q&A session covered topics including the profitability timeline for the Gurugram unit, FY27 margin expectations, reasons for slower FY26 revenue growth (geopolitics, doctor attrition, government scheme turbulence), gross margin pressure, government business rates (CGHS revision expected to provide a 7-8% upside), and expansion plans for both hospitals and MedTech.