Shalby LimitedPharmaceuticals & HealthcareSHALBY
Q1 FY27 concall · earnings callShalby Limited
The quarter was about the hospital segment showing steady revenue growth while MedTech delivered strong top-line expansion, but both faced profitability pressure and management is focused on executing levers for margin improvement.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹338.6 Cr | 11.6% | |
| Consolidated EBITDA | ₹49 Cr | 1% | |
| Consolidated EBITDA Margin | 14.5% | — | |
| Consolidated PAT | ₹10.5 Cr | — | |
| Standalone Hospital Revenue | ₹259 Cr | approx. 7% | |
| Standalone Hospital EBITDA Margin | 18.4% | — | |
| Occupied Beds | 701 | 9.8% | |
| Shalby MedTech Revenue | approximately ₹47 Cr | 53% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹275.63 Cr+27.6% YoY+3% QoQ | ₹-2.99 CrTurned loss-making YoYTurned loss-making QoQ | ₹-0.28Turned negative YoYTurned negative QoQ |
| Q2 FY25 | ₹267.54 Cr+12.4% YoY-4.1% QoQ | ₹2.36 Cr-91.4% YoY-84% QoQ | ₹0.22-91.4% YoY-83.9% QoQ |
| Q1 FY25 | ₹278.89 Cr+18.4% YoY+14.2% QoQ | ₹14.74 Cr-29.2% YoY-8.1% QoQ | ₹1.37-29.4% YoY-8.1% QoQ |
| Q4 FY24 | ₹244.23 Cr+22.7% YoY+13% QoQ | ₹16.04 Cr+15.4% YoY-15.8% QoQ | ₹1.49+15.5% YoY-16.3% QoQ |
| Q3 FY24 | ₹216.05 Cr+6.7% YoY-9.2% QoQ | ₹19.06 Cr+24.7% YoY-30.9% QoQ | ₹1.78+25.4% YoY-30.7% QoQ |
TL;DR
- Consolidated revenue grew 11.6% YoY to ₹338.6 Cr.
- EBITDA margin declined to 14.5% due to hospital segment pressure.
- Shalby International (Gurgaon) achieved EBITDA break-even for the first time.
- MedTech revenue surged 53% YoY and posted fourth consecutive quarter of positive consolidated EBITDA.
- Management expects hospital EBITDA margin to improve to upward of 20% for the full year.
Said on the call
“Our objective is not to simply grow the top line we want to build a business with a stronger margin, higher asset productivity, better cash conversion and a sustainable long-term growth.”
From the Q&A
| Topic | What management said |
|---|---|
| Hospital Margin Sustainability | Management is confident margins will improve due to upcoming bunker revenue flow, new TPA renewals (potential 5-7% revenue jump), and strong growth in specific units. They expect full-year hospital EBITDA margin upward of 20%. |
| MedTech Profitability | Weak MedTech profitability attributed to foreign exchange changes and depreciation from past CAPEX. Initiatives are expected to reduce cash outflow by ~₹3 Cr/month, with another project by Q4 reducing it further by another ~₹3 Cr/month, leading to double-digit EBITDA margins thereafter. |
| Shalby International (Gurgaon) | Achieved EBITDA break-even with 24% occupancy. Expects occupancy to touch 30%+ from Q3/Q4 and to become PBT positive in 6-9 months. |
| Tax Rate | Hospital segment has shifted to a new tax scheme at ~26% rate. Group effective tax rate (ETR) fell to 47% from 66% YoY. Gurgaon unit has tax loss carry-forwards, so no tax expense expected for 2-3 years once PBT positive. |
| Credit Rating Downgrade | ICRA downgrade from (A+) to (A) was a procedural assessment, but outlook improved from negative to stable. A ₹129 Cr facility is a debt replacement at a better cost, not new debt infusion. |
Guidance
- Expect hospital EBITDA margin upward of 20% on a full-year basis.
- Shalby International occupancy expected to touch 30%+ from Q3/Q4 and achieve PBT positive in 6-9 months.
- Initiatives to reduce MedTech cash outflow by ~₹3 Cr/month, with further ~₹3 Cr/month reduction expected by Q4, leading to double-digit EBITDA margins.
- Expect group ROCE to improve to industry standard of 11% to 13% in 1 to 2 years.
- Gurgaon unit is not expected to incur tax expense for the next 2-3 years once PBT positive.
Source
Summary written from the transcript filed by Shalby Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:18 IST.
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