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Shalby’s fundamentals are mixed rather than unequivocally strong. Consolidated revenue and EBITDA rose in FY2025-26, but finance costs and depreciation left only ₹346.86 million of profit after tax on ₹1,695.42 million of EBITDA. At the same time, reported net debt increased to ₹4,636 million and debt/equity to 0.46x in the Q1 FY2027 investor presentation, from ₹1,680 million and 0.18x in the Q1 FY2025 comparison.
The investment case therefore depends on whether Shalby can convert operating growth into cash earnings, reduce leverage and recover margins. A reliable P/E, EV/EBITDA, price-to-book or free-cash-flow-yield conclusion requires the live share price and the latest filings; those ratios should not be treated as static.
What Shalby does
Shalby Limited is listed as NSE: SHALBY and BSE: 540797. Its investor-relations materials describe a multi-specialty hospital group with 11 tertiary hospitals and more than 2,000 beds. The consolidated business also includes pharma and franchise activities and the implant business operated through Shalby MedTech.
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This mix matters when analysing the stock. Hospital revenue, medical-device revenue and pharma or franchise income can have different growth rates, margins, working-capital needs and capital intensity. A consolidated EBITDA margin is therefore useful for judging the group, but it does not by itself reveal which segment is creating or consuming returns.
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FY2025-26 financial performance
The latest completed-year figures reported by The Economic Times in 2026 show year-over-year growth in both revenue and EBITDA.
| Consolidated metric | FY2025-26 | FY2024-25 | Change |
|---|---|---|---|
| Revenue from operations | ₹11,414.29 million | ₹10,869.55 million | Approximately 5.0% increase |
| EBITDA | ₹1,695.42 million | ₹1,602.02 million | Approximately 5.8% increase |
| Finance cost | ₹389.95 million | Figure not included in the cited FY2024-25 comparison | |
| Depreciation and amortization | ₹699.87 million | Figure not included in the cited FY2024-25 comparison | |
| Profit before tax | ₹605.59 million | Figure not included in the cited FY2024-25 comparison | |
| Profit after tax | ₹346.86 million | Figure not included in the cited FY2024-25 comparison |
Revenue growth of about 5% is positive, but it is not high enough on its own to offset a materially larger interest bill or a heavy depreciation charge. EBITDA increased by about ₹93.40 million, while finance cost was ₹389.95 million and depreciation and amortization was ₹699.87 million. Those charges explain why only ₹605.59 million reached profit before tax and ₹346.86 million reached profit after tax.
Operating profit versus bottom-line profit
FY2025-26 EBITDA was approximately 14.9% of revenue. PAT was only about 3.0% of revenue, so the group converted a relatively modest share of operating earnings into attributable bottom-line profit. EBITDA is therefore not a substitute for net income when assessing Shalby’s earnings power: lenders are paid before shareholders, and hospital assets create a recurring depreciation burden.
The difference also affects valuation. An EV/EBITDA multiple may make the business look less expensive than a P/E multiple because EBITDA is measured before finance costs and depreciation. For a leveraged hospital operator, both views are necessary.
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What the debt numbers say
The Q1 FY2027 investor presentation reports gross borrowings of ₹5,509 million, cash and equivalents of ₹873 million, net debt of ₹4,636 million and debt/equity of 0.46x. The Q1 FY2025 presentation reported net debt of ₹1,680 million and debt/equity of 0.18x.
| Balance-sheet measure | Q1 FY2027 presentation | Q1 FY2025 presentation | Direction |
|---|---|---|---|
| Gross borrowings | ₹5,509 million | Not included in the cited comparison | |
| Cash and equivalents | ₹873 million | Not included in the cited comparison | |
| Net debt | ₹4,636 million | ₹1,680 million | Increase of about 176% |
| Debt/equity | 0.46x | 0.18x | Higher leverage |
Net debt rose by roughly 2.8 times between the two presentation periods. That change makes interest coverage, refinancing terms, capital expenditure and operating cash flow central to the stock thesis. A debt/equity ratio of 0.46x is not automatically distress-level leverage, but it is materially higher than the earlier 0.18x reference point.
Why leverage changes the equity risk
- Interest sensitivity: Higher borrowings can absorb a larger portion of EBITDA when rates rise or earnings soften.
- Refinancing exposure: Maturities and covenant terms determine whether existing debt can be rolled over on acceptable terms.
- Capex flexibility: Hospitals require ongoing investment in buildings, equipment and technology. Debt-funded expansion can increase future EBITDA, but it also raises near-term cash commitments.
- Equity dilution risk: If internal cash generation is inadequate, management may need to raise equity or other capital, affecting existing shareholders.
Investors should reconcile borrowings in the latest balance sheet with cash-flow statements, lease liabilities and any guarantees. Net debt is a useful starting point, not a complete measure of all fixed obligations.
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The Q1 FY2027 presentation shows revenue of ₹3,386 million and EBITDA of ₹490 million, implying a 14.5% EBITDA margin. The Q1 FY2025 presentation showed revenue of ₹2,886 million, EBITDA of ₹549 million and a 19.02% EBITDA margin.
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| Quarterly presentation | Revenue | EBITDA | EBITDA margin |
|---|---|---|---|
| Q1 FY2027 | ₹3,386 million | ₹490 million | 14.5% |
| Q1 FY2025 | ₹2,886 million | ₹549 million | 19.02% |
Revenue in the represented periods increased, but EBITDA declined and the margin fell by about 4.5 percentage points. That is a warning about operating leverage and mix. It does not, by itself, establish a full-year trend: these are individual quarter presentations, and hospital volumes, payer mix, new-facility ramp-up and one-off expenses can vary by quarter.
Annual presentation figures need period discipline
The Q1 FY2027 presentation also lists FY2026 revenue of ₹11,168 million, FY2026 EBITDA of ₹1,600 million and a 14% EBITDA margin. Those presentation figures should not replace the audited FY2025-26 financial-summary numbers of ₹11,414.29 million revenue and ₹1,695.42 million EBITDA when discussing the latest completed year. The difference may reflect presentation period labels, consolidation scope or the way the investor deck rounds or defines its measures. Analysts should use the audited statements for annual comparisons and label presentation figures separately.
How to value SHALBY without using stale multiples
A valuation needs a share price, share count, balance-sheet date and earnings period. Market-ratio pages are time-sensitive, so a P/E or EV/EBITDA figure copied without its date can be misleading.
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P/E: equity value against earnings
Calculate market capitalisation as the current share price multiplied by the latest diluted shares outstanding. Divide that value by trailing-12-month or latest-full-year PAT, clearly labelling which period is used. Using FY2025-26 PAT of ₹346.86 million gives a historical earnings denominator, not a forecast. A low P/E can signal undervaluation, but it can also reflect high leverage, cyclical earnings or concern that current profit is not sustainable.
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EV/EBITDA: includes debt
Enterprise value is market capitalisation plus net debt, with adjustments for other debt-like obligations where appropriate. Divide EV by the same period’s EBITDA. Because Shalby’s latest disclosed net debt is ₹4,636 million, EV/EBITDA captures a burden that P/E can obscure. Use consolidated EBITDA when using consolidated net debt, and do not mix standalone earnings with consolidated borrowings.
Price-to-book: useful but asset-sensitive
Price-to-book compares market capitalisation with shareholders’ equity. It can help when a hospital owns substantial physical assets, but book value may not reflect the earning power of newer facilities, impairment risk or the value of medical-device operations. Check whether equity includes non-controlling interests and use the same consolidation basis as the share count.
Free-cash-flow yield: tests cash conversion
Free cash flow is operating cash flow minus maintenance and growth capital expenditure, divided by market capitalisation. The supplied annual snapshot does not provide the cash-flow and capex figures needed to calculate a defensible yield. Investors should retrieve the latest consolidated cash-flow statement, separate maintenance from expansion spending where management provides that detail, and avoid treating EBITDA as free cash flow.
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Peer comparison is most useful when companies are measured on the same basis and date. Compare consolidated with consolidated and standalone with standalone; otherwise a different subsidiary mix can create a false advantage.
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| Comparison axis | What to examine for Shalby |
|---|---|
| Revenue growth | FY2025-26 consolidated revenue grew about 5.0% year over year. |
| EBITDA margin | FY2025-26 was approximately 14.9%; Q1 FY2027 was 14.5%. |
| PAT margin | FY2025-26 was approximately 3.0%. |
| Leverage | Q1 FY2027 net debt was ₹4,636 million and debt/equity 0.46x. |
| Returns | Compare ROCE using the same fiscal period and treatment of leases and goodwill. |
| Asset utilisation | Review occupancy, average revenue per occupied bed and new-bed ramp-up when disclosed in each company’s filings. |
| Business mix | Adjust for Shalby’s pharma/franchise and medtech activities rather than treating it as a pure hospital operator. |
| Valuation | Refresh P/E, EV/EBITDA and price-to-book with the same market date and accounting basis. |
A peer trading at a higher multiple may have faster growth, stronger margins, lower net debt or better returns on capital. Conversely, a discount may be justified if Shalby’s leverage remains elevated or if medtech and hospital profits have different quality and volatility.
What could improve the investment case
- EBITDA margin recovery toward the group’s prior level, supported by better utilisation, pricing or cost control.
- Revenue growth that is accompanied by operating cash generation rather than only accounting EBITDA.
- Debt reduction through internally generated cash, asset monetisation or disciplined capital expenditure.
- Clear evidence that medtech and pharma/franchise activities add profitable diversification without increasing working-capital stress.
- Stable or improving ROCE after including the capital invested in hospitals and other businesses.
Risks that can invalidate a bullish thesis
- Margin compression: The Q1 comparison already shows a lower EBITDA margin in the later presentation period.
- High fixed costs: Hospitals carry depreciation, staffing and facility costs that do not fall immediately when volumes weaken.
- Debt service: Net debt growth can make a small decline in EBITDA disproportionately damaging to PAT and cash flow.
- Execution risk: New beds, facilities or acquisitions may take longer than expected to reach target utilisation.
- Consolidation complexity: Hospital, medtech and pharma results can mask segment-level weakness in group numbers.
- Valuation timing: A multiple based on an old share price or an unrepresentative quarter can produce a false margin of safety.
A practical monitoring checklist
- Download the newest consolidated results and investor presentation, and record the reporting date.
- Update revenue, EBITDA, PBT, PAT, operating cash flow and capital expenditure in a single worksheet.
- Recalculate EBITDA margin and PAT margin; investigate any divergence between EBITDA growth and cash generation.
- Reconcile gross borrowings, cash, lease liabilities and net debt, then calculate net debt/EBITDA.
- Track debt/equity and finance cost each quarter, noting refinancing dates and interest-rate changes.
- Separate hospital, medtech and pharma or franchise contributions whenever segment data is disclosed.
- Refresh the share price, diluted share count, market capitalisation, P/E, EV/EBITDA, price-to-book and free-cash-flow yield on the same date.
- Compare those figures with peers using matching fiscal periods and consolidation definitions.
Bottom line for investors
Shalby delivered measurable FY2025-26 growth, but the quality of that growth needs scrutiny. EBITDA rose to ₹1,695.42 million while PAT was ₹346.86 million, showing the impact of ₹389.95 million of finance cost and ₹699.87 million of depreciation and amortization. The Q1 FY2027 disclosures add a second concern: net debt of ₹4,636 million and a 14.5% EBITDA margin.
That combination makes Shalby a balance-sheet and margin-recovery story, not a stock that can be judged from revenue growth or a single P/E ratio. Investors should wait for refreshed price-based multiples, verify cash conversion and watch whether leverage declines before treating the shares as fundamentally attractive.
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