India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,140 Vikram Indrajit Shah & family ₹2,200 Cr
Market Cap
₹1,302 Cr
SHALBY · NSE
Share Price
₹115.19
-4.47% today
Revenue
₹1,141 Cr
FY 2025-26 · +5.0% YoY
EBITDA
₹145 Cr
Margin 12.7%
Net Profit
₹24.48 Cr
FY 2025-26 · +305.9% YoY
P/E (TTM)
34.7x
P/B 1.4x
ROE
2.2%
ROCE 6.1%
Debt / Equity
0.54
Interest cover 55.0x
About Shalby Limited
Data last updated:
Shalby Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the hospital and clinical services segment of the healthcare sector. It was incorporated on 30 August 2004 and has been in existence for over 22 years.
Its director Vikram Indrajit Shah and family are #1,140 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L85110GJ2004PLC044667. Its GSTIN is 03AAICS5593B1ZG (Punjab). The company holds 4 GST registrations, all of them active. It is a listed company as per MCA records. Its shares are listed on BSE: 540797 and NSE: SHALBY.
The company has an authorised share capital of ₹117.75 Cr and a paid-up capital of ₹108.01 Cr. It was formerly known as Shalby Hospital Public Limited and Shalby Hospitals Limited. It is led by directors including Vikram Indrajit Shah (Managing Director) and Umesh Krishnankutty Menon.
Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Opp: Karnawati Club Sarkhej Gandhinagar Highway Nr.Prahladnagar Gardern, Ahmedabad, Gujarat, India – 380015.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹1,141.43 Cr, a growth of 5% compared to the previous year. For the same year it recorded a net profit of ₹24.48 Cr (net margin 2.1%) and EBITDA of ₹145.07 Cr (EBITDA margin 12.7%). The net worth stands at ₹1,005.24 Cr (up 1.3% YoY). Total assets are valued at ₹1,615.13 Cr (up 8.7% YoY).
The company has about 2,529 employees on its provident fund (EPFO) records. Its group structure includes 6 subsidiaries.
The company is associated with 3 brands: Shalby Academy, Shalby and Shalby Hospitals. As per MCA filings, the company has open charges of ₹582.62 Cr and satisfied charges of ₹473.03 Cr on record. Court records list 85 cases involving the company, including 54 filed by the company and 31 filed against it; 16 cases are pending. The company has 30 deals on record (13 secondary share transfers, 9 market trades, 7 funding rounds), with disclosed funding of ₹11.22 Cr; the latest was in September 2025. Its 9 peer companies in the Healthcare industry (Multi Specialty Hospitals), with the same principal business activity (hospital activities) are compared by revenue, 5 larger and 4 smaller; the largest is Paras Healthcare Limited with revenue of ₹1,314.21 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2024, listing 13 overdue payments to 4 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website shalby.org.
Company details
CIN L85110GJ2004PLC044667
Registration Number 044667
Incorporation Date 30 August 2004
ROC Ahmedabad
Listing Status Listed - Listed on NSE (SHALBY); Listed on BSE (540797)
Company Status Active
Date of Last AGM 29 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
Name history
Shalby has undergone 4 name changes throughout its history. The current legal name is Shalby Limited.
| Company Name | Status |
|---|---|
| Shalby Limited | Current |
| Shalby Hospital Public Limited | Previous |
| Shalby Hospitals Limited | Previous |
| Shalby Hospital Limited | Previous |
| Shalby Hospital Private Limited | Previous |
CIN history
Shalby has one previous CIN (Corporate Identification Number): U85110GJ2004PLC044667. The current CIN is L85110GJ2004PLC044667, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L85110GJ2004PLC044667 | Current |
| U85110GJ2004PLC044667 | Previous |
Key People
Vikram Indrajit Shah Managing Director Umesh Krishnankutty Menon Director Tej Ramjidass Malhotra Director Recognitions & Rankings of Shalby
Contact details
Shalby Limited's registered office is in Ahmedabad, Gujarat. Its website is shalby.org. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressOpp: Karnawati Club Sarkhej Gandhinagar Highway Nr.Prahladnagar Gardern, Ahmedabad, Gujarat, India – 380015
- IndustryHealthcare, Hospitals
To see the full contact details of Shalby Limited, buy the company report.
Comprehensive company report
Shalby Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Shalby operates multiple associated brands including Shalby Academy, Shalby, and Shalby Hospitals. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers medical education, training programs, and healthcare up-skilling for professionals. | shalbyacademy.com | |
| Delivers comprehensive home nursing care services. | shalbyhomecare.org | |
| Multi-specialty hospital services are delivered through a chain in India. | shalby.org |
Business activity
The main business activity of Shalby is hospital and medical care. In detail, this covers hospital activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| Q | Hospital and Medical Care | Q1 | Hospital activities |
To see the full business activity and turnover split of Shalby Limited, buy the company report.
Financials of Shalby Limited
FY 2025-26 filings availableShalby Limited reported revenue of ₹1,141.43 Cr (up 5% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹1,141 Cr
+5.0% YoY
EBITDA
₹145 Cr
+7.7% YoY
Profit After Tax
₹24.48 Cr
+305.9% YoY
Net Worth
₹1,005 Cr
+1.3% YoY
Total Assets
₹1,615 Cr
+8.7% YoY
Total Debt
₹595 Cr
+24.9% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,141 | 1,087 | 934 | 805 | 699 | 431 | 487 |
| Revenue growth | +5.0% | +16.4% | +16.0% | +15.2% | +62.2% | -11.5% | - |
| EBITDA | 145 | 135 | 179 | 138 | 117 | 87.33 | 82.77 |
| EBITDA margin | +12.7% | +12.4% | +19.1% | +17.2% | +16.8% | +20.3% | +17.0% |
| Profit before tax | 60.54 | 55.73 | 128 | 102 | 79.16 | 55.05 | 56.71 |
| Net profit | 24.48 | (11.89) | 79.26 | 66.52 | 56.03 | 43.19 | 27.15 |
| Net profit margin | +2.1% | -1.1% | +8.5% | +8.3% | +8.0% | +10.0% | +5.6% |
| EPS (₹) | 3.48 | 0.58 | 7.83 | 6.31 | 5.01 | 3.93 | 2.55 |
| Balance sheet | |||||||
| Total assets | 1,615 | 1,486 | 1,400 | 1,122 | 1,058 | 901 | 879 |
| Net worth | 1,005 | 992 | 1,000 | 928 | 876 | 835 | 799 |
| Total debt | 595 | 476 | 378 | 180 | 155 | 44.03 | 62.21 |
| Cash & bank | 21.94 | 34.86 | 27.23 | 12.29 | 111 | 83.57 | 28.73 |
| Net working capital | 482 | 409 | 299 | 256 | 321 | 182 | 136 |
| Cash flow | |||||||
| Cash from operations | (0.01) | (4.34) | 19.60 | 67.78 | 18.92 | 79.15 | 55.37 |
| Cash from investing | (97.28) | (35.64) | 146 | (61.08) | (60.28) | (51.27) | (30.67) |
| Cash from financing | 84.41 | 47.58 | (151) | (50.00) | 90.46 | (29.86) | (21.50) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 331 | 287 | 272 | 285 | 296 | 265 | 276 | 268 |
| Revenue growth (YoY) | +11.7% | +8.5% | -1.3% | +6.7% | +6.3% | - | - | - |
| Other income | 7.41 | 8.08 | 7.23 | 4.48 | 7.01 | 5.32 | 5.42 | 7.16 |
| EBITDA | 41.59 | 29.35 | 30.26 | 41.61 | 41.54 | 20.84 | 33.90 | 32.65 |
| EBITDA margin | +12.6% | +10.2% | +11.1% | +14.6% | +14.0% | +7.9% | +12.3% | +12.2% |
| Depreciation | 18.74 | 18.49 | 17.61 | 17.37 | 16.52 | 16.23 | 16.32 | 16.84 |
| Interest | 10.57 | 9.34 | 10.64 | 9.65 | 9.37 | 10.67 | 10.66 | 9.26 |
| Profit before tax | 19.69 | 9.60 | 9.24 | 19.07 | 22.66 | (0.74) | 12.34 | 13.71 |
| Tax | 9.20 | (8.85) | 7.95 | 11.80 | 14.97 | 11.45 | 15.34 | 11.34 |
| Net profit | 10.49 | 18.45 | 1.29 | 7.27 | 7.69 | (12.19) | (3.00) | 2.37 |
| EPS (₹) | 0.98 | 1.72 | 0.12 | 0.68 | 0.71 | (1.13) | (0.28) | 0.22 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 899 | 869 | 830 | 708 | 647 | 419 | 484 |
| Revenue growth | +3.4% | +4.7% | +17.2% | +9.5% | +54.5% | -13.5% | - |
| EBITDA | 146 | 157 | 179 | 143 | 127 | 87.03 | 82.54 |
| EBITDA margin | +16.2% | +18.1% | +21.6% | +20.2% | +19.6% | +20.8% | +17.1% |
| Profit before tax | 116 | 136 | 158 | 121 | 99.92 | 55.48 | 57.01 |
| Net profit | 108 | 72.56 | 98.77 | 79.61 | 71.95 | 43.34 | 27.53 |
| Net profit margin | +12.0% | +8.4% | +11.9% | +11.2% | +11.1% | +10.4% | +5.7% |
| EPS (₹) | 10.50 | 7.80 | 9.67 | 7.53 | 6.46 | 3.97 | 2.59 |
| Balance sheet | |||||||
| Total assets | 1,392 | 1,256 | 1,196 | 1,016 | 970 | 915 | 894 |
| Net worth | 1,247 | 1,134 | 1,062 | 970 | 907 | 850 | 814 |
| Total debt | 131 | 110 | 121 | 34.08 | 41.31 | 44.03 | 62.21 |
| Cash & bank | 13.39 | 21.66 | 9.23 | 3.32 | 104 | 82.97 | 28.71 |
| Net working capital | 178 | 129 | 105 | 82.03 | 250 | 183 | 139 |
| Cash flow | |||||||
| Cash from operations | 91.19 | 149 | 140 | 165 | 101 | 77.24 | 57.09 |
| Cash from investing | (109) | (101) | (206) | (172) | (40.32) | (51.83) | (32.28) |
| Cash from financing | 9.16 | (35.80) | 72.14 | (38.21) | (17.25) | (27.82) | (21.50) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 254 | 225 | 214 | 224 | 237 | 207 | 221 | 212 |
| Revenue growth (YoY) | +7.2% | +8.6% | -3.2% | +5.5% | +1.7% | - | - | - |
| Other income | 5.28 | 5.59 | 7.51 | 5.81 | 5.52 | 7.19 | 6.28 | 5.32 |
| Total expenses | 211 | 194 | 186 | 185 | 190 | 176 | 178 | 177 |
| EBITDA | 42.49 | 30.76 | 27.91 | 38.97 | 46.84 | 30.77 | 42.53 | 35.43 |
| EBITDA margin | +16.7% | +13.7% | +13.1% | +17.4% | +19.8% | +14.9% | +19.3% | +16.7% |
| Depreciation | 10.80 | 10.53 | 10.00 | 9.94 | 9.68 | 9.63 | 9.94 | 9.78 |
| Interest | 3.08 | 2.36 | 3.55 | 4.28 | 2.58 | 2.66 | 3.09 | 2.70 |
| Profit before tax | 33.89 | 23.46 | 21.87 | 30.56 | 40.10 | 25.67 | 35.78 | 28.27 |
| Tax | 8.82 | (30.21) | 8.09 | 10.81 | 14.41 | 10.72 | 14.91 | 10.95 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 331 | 287 | 272 | 285 | 296 | 265 | 276 | 268 |
| Revenue growth (YoY) | +11.7% | +8.5% | -1.3% | +6.7% | +6.3% | - | - | - |
| Other income | 7.41 | 8.08 | 7.23 | 4.48 | 7.01 | 5.32 | 5.42 | 7.16 |
| EBITDA | 41.59 | 29.35 | 30.26 | 41.61 | 41.54 | 20.84 | 33.90 | 32.65 |
| EBITDA margin | +12.6% | +10.2% | +11.1% | +14.6% | +14.0% | +7.9% | +12.3% | +12.2% |
| Depreciation | 18.74 | 18.49 | 17.61 | 17.37 | 16.52 | 16.23 | 16.32 | 16.84 |
| Interest | 10.57 | 9.34 | 10.64 | 9.65 | 9.37 | 10.67 | 10.66 | 9.26 |
| Profit before tax | 19.69 | 9.60 | 9.24 | 19.07 | 22.66 | (0.74) | 12.34 | 13.71 |
| Tax | 9.20 | (8.85) | 7.95 | 11.80 | 14.97 | 11.45 | 15.34 | 11.34 |
| Net profit | 10.49 | 18.45 | 1.29 | 7.27 | 7.69 | (12.19) | (3.00) | 2.37 |
| EPS (₹) | 0.98 | 1.72 | 0.12 | 0.68 | 0.71 | (1.13) | (0.28) | 0.22 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,141 | 1,087 | 934 | 805 | 699 | 431 | 487 |
| Revenue growth | +5.0% | +16.4% | +16.0% | +15.2% | +62.2% | -11.5% | - |
| Other income | 26.79 | 27.60 | 19.43 | 22.52 | 12.42 | 9.06 | 17.37 |
| Total expenses | 996 | 952 | 755 | 667 | 582 | 344 | 404 |
| Employee cost | 188 | 185 | 155 | 144 | 118 | 56.96 | 65.50 |
| EBITDA | 145 | 135 | 179 | 138 | 117 | 87.33 | 82.77 |
| EBITDA margin | +12.7% | +12.4% | +19.1% | +17.2% | +16.8% | +20.3% | +17.0% |
| Depreciation | 69.99 | 65.76 | 52.24 | 48.09 | 42.87 | 36.80 | 36.02 |
| Interest | 41.33 | 40.84 | 17.62 | 10.56 | 7.53 | 4.54 | 7.41 |
| Profit before tax | 60.54 | 55.73 | 128 | 102 | 79.16 | 55.05 | 56.71 |
| Tax | 25.87 | 53.81 | 44.70 | 34.37 | 25.17 | 12.69 | 29.14 |
| Net profit | 24.48 | (11.89) | 79.26 | 66.52 | 56.03 | 43.19 | 27.15 |
| Net profit margin | +2.1% | -1.1% | +8.5% | +8.3% | +8.0% | +10.0% | +5.6% |
| EPS (₹) | 3.48 | 0.58 | 7.83 | 6.31 | 5.01 | 3.93 | 2.55 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 108 | 107 | 107 | 107 | 108 | 108 | 108 |
| Reserves & surplus | 898 | 885 | 893 | 820 | 768 | 727 | 691 |
| Shareholders' funds (net worth) | 1,005 | 992 | 1,000 | 928 | 876 | 835 | 799 |
| Minority interest | 0.46 | 3.14 | 7.41 | (0.07) | (0.14) | 0.02 | 0.05 |
| Secured loans | 540 | 427 | 313 | 142 | 155 | 44.03 | 48.67 |
| Unsecured loans | 54.97 | 49.21 | 64.72 | 38.83 | 0.00 | 0.00 | 13.54 |
| Total debt | 595 | 476 | 378 | 180 | 155 | 44.03 | 62.21 |
| Total liabilities | 1,615 | 1,486 | 1,400 | 1,122 | 1,058 | 901 | 879 |
| Assets | |||||||
| Gross block | 1,482 | 1,329 | 1,285 | 910 | 860 | 804 | 782 |
| Net block | 1,046 | 955 | 966 | 685 | 675 | 660 | 672 |
| Capital work in progress | 18.81 | 21.97 | 15.39 | 10.55 | 5.77 | 7.52 | 6.39 |
| Investments | 62.26 | 94.63 | 80.64 | 146 | 24.70 | 15.63 | 27.99 |
| Inventories | 385 | 324 | 237 | 185 | 121 | 23.05 | 15.22 |
| Sundry debtors | 228 | 175 | 145 | 106 | 101 | 94.69 | 94.86 |
| Cash & bank balances | 21.94 | 34.86 | 27.23 | 12.29 | 111 | 83.57 | 28.73 |
| Loans & advances | 30.33 | 34.05 | 64.56 | 67.47 | 93.60 | 54.35 | 67.04 |
| Total current assets | 666 | 569 | 473 | 372 | 426 | 256 | 206 |
| Total current liabilities | 184 | 160 | 174 | 115 | 105 | 73.21 | 69.72 |
| Net working capital | 482 | 409 | 299 | 256 | 321 | 182 | 136 |
| Total assets | 1,615 | 1,486 | 1,400 | 1,122 | 1,058 | 901 | 879 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 34.79 | 27.18 | 12.24 | 55.55 | 6.48 | 8.46 | 5.26 |
| Net cash from operating activities | (0.01) | (4.34) | 19.60 | 67.78 | 18.92 | 79.15 | 55.37 |
| Net cash from investing activities | (97.28) | (35.64) | 146 | (61.08) | (60.28) | (51.27) | (30.67) |
| Net cash from financing activities | 84.41 | 47.58 | (151) | (50.00) | 90.46 | (29.86) | (21.50) |
| Net change in cash | (12.88) | 7.61 | 14.94 | (43.31) | 49.10 | (1.98) | 3.21 |
| Closing cash | 21.94 | 34.86 | 27.23 | 12.29 | 111 | 83.57 | 28.73 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +5.0% | +16.4% | +16.0% | +15.2% | +62.2% | -11.5% | - |
| EBITDA growth | +7.7% | -24.6% | +29.3% | +18.0% | +34.1% | +5.5% | - |
| PBT growth | +8.6% | -56.5% | +25.6% | +28.9% | +43.8% | -2.9% | +12.5% |
| Net income growth | +305.9% | -115.0% | +19.2% | +18.7% | +29.7% | +59.1% | - |
| Revenue CAGR (3Y) | +12.4% | +15.9% | +29.4% | +18.3% | +14.8% | +4.5% | +14.6% |
| EBITDA CAGR (3Y) | +1.6% | +4.8% | +26.9% | +18.6% | +12.0% | +3.4% | +5.0% |
| Profitability & leverage | |||||||
| Net income margin | +3.0% | +0.2% | +8.9% | +8.4% | +7.7% | +9.8% | +5.7% |
| Return on capital employed | +6.1% | +6.1% | +11.6% | +10.3% | +8.9% | +6.7% | +7.4% |
| Return on net worth | +2.2% | -1.6% | +8.7% | +7.5% | +6.3% | +5.2% | +3.5% |
| Debt / equity | 0.54 | 0.43 | 0.29 | 0.19 | 0.12 | 0.07 | 0.08 |
| Long-term debt / equity | 0.19 | 0.20 | 0.17 | 0.10 | 0.07 | 0.05 | 0.07 |
| Interest cover | 55.05 | 59.21 | 13.94 | 11.72 | 10.14 | 8.98 | 15.85 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.81 | 0.83 | 0.85 | 0.91 | 0.84 | 0.54 | 0.63 |
| Inventory turnover | 3.22 | 3.87 | 4.42 | 5.25 | 9.69 | 22.52 | 34.74 |
| Debtors turnover | 5.66 | 6.80 | 7.44 | 7.76 | 7.14 | 4.55 | 5.53 |
| EPS (₹) | 3.48 | 0.58 | 7.83 | 6.31 | 5.01 | 3.93 | 2.55 |
| Dividend per share (₹) | 0.00 | 0.00 | 1.20 | 1.20 | 1.00 | 1.00 | 0.50 |
| Book value per share (₹) | 93.49 | 92.31 | 93.13 | 86.45 | 81.13 | 77.28 | 74.00 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 254 | 225 | 214 | 224 | 237 | 207 | 221 | 212 |
| Revenue growth (YoY) | +7.2% | +8.6% | -3.2% | +5.5% | +1.7% | - | - | - |
| Other income | 5.28 | 5.59 | 7.51 | 5.81 | 5.52 | 7.19 | 6.28 | 5.32 |
| Total expenses | 211 | 194 | 186 | 185 | 190 | 176 | 178 | 177 |
| EBITDA | 42.49 | 30.76 | 27.91 | 38.97 | 46.84 | 30.77 | 42.53 | 35.43 |
| EBITDA margin | +16.7% | +13.7% | +13.1% | +17.4% | +19.8% | +14.9% | +19.3% | +16.7% |
| Depreciation | 10.80 | 10.53 | 10.00 | 9.94 | 9.68 | 9.63 | 9.94 | 9.78 |
| Interest | 3.08 | 2.36 | 3.55 | 4.28 | 2.58 | 2.66 | 3.09 | 2.70 |
| Profit before tax | 33.89 | 23.46 | 21.87 | 30.56 | 40.10 | 25.67 | 35.78 | 28.27 |
| Tax | 8.82 | (30.21) | 8.09 | 10.81 | 14.41 | 10.72 | 14.91 | 10.95 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 899 | 869 | 830 | 708 | 647 | 419 | 484 |
| Revenue growth | +3.4% | +4.7% | +17.2% | +9.5% | +54.5% | -13.5% | - |
| Other income | 24.86 | 30.27 | 20.70 | 19.57 | 13.00 | 9.62 | 17.74 |
| Total expenses | 753 | 712 | 651 | 565 | 520 | 332 | 401 |
| Employee cost | 112 | 109 | 98.05 | 86.76 | 78.32 | 55.74 | 65.25 |
| EBITDA | 146 | 157 | 179 | 143 | 127 | 87.03 | 82.54 |
| EBITDA margin | +16.2% | +18.1% | +21.6% | +20.2% | +19.6% | +20.8% | +17.1% |
| Depreciation | 40.15 | 38.89 | 37.08 | 37.06 | 35.50 | 36.67 | 35.86 |
| Interest | 14.48 | 12.66 | 4.32 | 4.44 | 4.40 | 4.50 | 7.41 |
| Profit before tax | 116 | 136 | 158 | 121 | 99.92 | 55.48 | 57.01 |
| Tax | 3.09 | 51.95 | 54.47 | 40.55 | 30.11 | 12.61 | 29.06 |
| Net profit | 108 | 72.56 | 98.77 | 79.61 | 71.95 | 43.34 | 27.53 |
| Net profit margin | +12.0% | +8.4% | +11.9% | +11.2% | +11.1% | +10.4% | +5.7% |
| EPS (₹) | 10.50 | 7.80 | 9.67 | 7.53 | 6.46 | 3.97 | 2.59 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 108 | 107 | 107 | 107 | 108 | 108 | 108 |
| Reserves & surplus | 1,139 | 1,027 | 955 | 863 | 799 | 742 | 706 |
| Shareholders' funds (net worth) | 1,247 | 1,134 | 1,062 | 970 | 907 | 850 | 814 |
| Secured loans | 120 | 103 | 114 | 25.50 | 41.31 | 44.03 | 48.67 |
| Unsecured loans | 11.72 | 6.67 | 7.46 | 8.58 | 0.00 | 0.00 | 13.54 |
| Total debt | 131 | 110 | 121 | 34.08 | 41.31 | 44.03 | 62.21 |
| Total liabilities | 1,392 | 1,256 | 1,196 | 1,016 | 970 | 915 | 894 |
| Assets | |||||||
| Gross block | 950 | 868 | 851 | 817 | 806 | 802 | 779 |
| Net block | 621 | 579 | 599 | 603 | 628 | 658 | 670 |
| Capital work in progress | 0.26 | 8.04 | 5.24 | 10.05 | 5.74 | 7.52 | 6.39 |
| Investments | 623 | 599 | 511 | 313 | 62.09 | 32.10 | 42.75 |
| Inventories | 24.66 | 20.25 | 19.20 | 19.62 | 19.83 | 19.94 | 14.76 |
| Sundry debtors | 180 | 132 | 118 | 89.64 | 94.30 | 93.00 | 91.49 |
| Cash & bank balances | 13.39 | 21.66 | 9.23 | 3.32 | 104 | 82.97 | 28.71 |
| Loans & advances | 88.17 | 58.61 | 56.76 | 64.17 | 113 | 60.98 | 73.59 |
| Total current assets | 306 | 232 | 203 | 177 | 332 | 257 | 209 |
| Total current liabilities | 128 | 103 | 97.72 | 94.72 | 81.33 | 73.83 | 69.71 |
| Net working capital | 178 | 129 | 105 | 82.03 | 250 | 183 | 139 |
| Total assets | 1,392 | 1,256 | 1,196 | 1,016 | 970 | 915 | 894 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 21.60 | 9.20 | 3.29 | 49.39 | 6.02 | 8.44 | 5.12 |
| Net cash from operating activities | 91.19 | 149 | 140 | 165 | 101 | 77.24 | 57.09 |
| Net cash from investing activities | (109) | (101) | (206) | (172) | (40.32) | (51.83) | (32.28) |
| Net cash from financing activities | 9.16 | (35.80) | 72.14 | (38.21) | (17.25) | (27.82) | (21.50) |
| Net change in cash | (8.25) | 12.40 | 5.91 | (46.09) | 43.36 | (2.41) | 3.31 |
| Closing cash | 13.39 | 21.66 | 9.23 | 3.32 | 104 | 82.97 | 28.71 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +3.4% | +4.7% | +17.2% | +9.5% | +54.5% | -13.5% | - |
| EBITDA growth | -7.2% | -12.3% | +24.9% | +13.0% | +45.7% | +5.4% | - |
| PBT growth | -14.5% | -14.3% | +30.4% | +21.5% | +80.1% | -2.7% | +12.4% |
| Net income growth | +49.0% | -26.5% | +24.1% | +10.7% | +66.0% | +57.4% | - |
| Revenue CAGR (3Y) | +8.3% | +10.3% | +25.6% | +13.5% | +11.8% | +3.3% | +14.5% |
| EBITDA CAGR (3Y) | +0.6% | +7.4% | +27.2% | +20.2% | +14.9% | +2.9% | +4.4% |
| Profitability & leverage | |||||||
| Net income margin | +12.6% | +9.6% | +12.5% | +11.4% | +10.8% | +10.2% | +5.8% |
| Return on capital employed | +9.9% | +12.1% | +14.7% | +12.7% | +11.1% | +6.6% | +7.3% |
| Return on net worth | +9.5% | +7.6% | +10.2% | +8.6% | +8.0% | +5.2% | +3.5% |
| Debt / equity | 0.10 | 0.11 | 0.08 | 0.04 | 0.05 | 0.06 | 0.08 |
| Long-term debt / equity | 0.08 | 0.09 | 0.06 | 0.03 | 0.03 | 0.05 | 0.07 |
| Interest cover | 13.71 | 10.72 | 3.04 | 4.18 | 4.82 | 8.94 | 15.87 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.99 | 1.01 | 1.00 | 0.87 | 0.80 | 0.53 | 0.63 |
| Inventory turnover | 40.02 | 44.05 | 42.74 | 35.89 | 32.53 | 24.13 | 35.32 |
| Debtors turnover | 5.77 | 6.97 | 8.00 | 7.70 | 6.91 | 4.54 | 5.60 |
| EPS (₹) | 10.50 | 7.80 | 9.67 | 7.53 | 6.46 | 3.97 | 2.59 |
| Dividend per share (₹) | 0.00 | 0.00 | 1.20 | 1.20 | 1.00 | 1.00 | 0.50 |
| Book value per share (₹) | 115.97 | 105.50 | 98.89 | 90.42 | 83.95 | 78.66 | 75.34 |
To see the full year-wise statements and ratios of Shalby Limited, buy the company report.
Board of directors of Shalby Limited
Shalby has 6 current directors and 20 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Vikram Indrajit Shah Also directs: Shalby Medtech Limited, Shalby Advanced Technologies India Private Limited, Uranus Medical Devices Limited and 3 more | Managing Director | 30 Aug 2004 | 22 Years 1 Months | Current |
| Umesh Krishnankutty Menon | Director | 20 Dec 2016 | 9 Years 10 Months | Current |
| Tej Ramjidass Malhotra Also directs: Macro Polymers Pvt Ltd, Meghmani Industries Limited | Director | 23 Feb 2017 | 9 Years 7 Months | Current |
| Ashok Bhatia Also directs: Onnext Advisors LLP, Zim Laboratories Limited. | Director | 23 Oct 2017 | 8 Years 11 Months | Current |
| Sujana Manan Shah Also directs: Shalby Medtech Limited, PK Healthcare Private Limited | Director | 07 May 2018 | 8 Years 5 Months | Current |
| Shyamal Shivkumar Joshi Also directs: Shalby Medtech Limited, GVK Airport Holdings Limited, GVK Airport Developers Limited and 3 more | Director | 30 Sep 2015 | 11 Years 0 Months | Current |
Peer comparison
Shalby Limited is compared with the 9 companies closest to it by revenue in the Healthcare industry (Multi Specialty Hospitals), with the same principal business activity (hospital activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Paras Healthcare Limited | ₹1,314.21 Cr (FY 2025) | 14.0% | Gurugram, Haryana, India | |||
| Jupiter Life Line Hospitals Limited | ₹1,290.22 Cr (FY 2025) | 18.0% | Mumbai, Maharashtra, India | |||
| Kims Health Care Management Limited | ₹1,281.97 Cr (FY 2025) | 15.0% | Thiruvananthapuram, Kerala, India | |||
| Manipal Hospitals (East) India Private Limited | ₹1,143.99 Cr (FY 2025) | 6.0% | Kolkata, West Bengal, India | |||
| Shalby Limitedthis company | ₹1,141.43 Cr (FY 2026) | ₹24.48 Cr | 2.1% | 5.0% | 2,529 | Ahmedabad, Gujarat, India |
| Malabar Institute of Medical Sciences Ltd | ₹1,127.68 Cr (FY 2025) | 11.0% | Kozhikode, Kerala, India | |||
| Sahyadri Hospitals Private Limited | ₹1,046.76 Cr (FY 2025) | 24.0% | Pune, Maharashtra, India | |||
| Crosslay Remedies Limited | ₹1,001.64 Cr (FY 2025) | 21.0% | Gurgaon, Haryana, India | |||
| Artemis Medicare Services Limited | ₹969.9 Cr (FY 2025) | 9.0% | New Delhi, Delhi, India | |||
| Yatharth Hospital & Trauma Care Services Limited | ₹896.66 Cr (FY 2025) | 31.0% | Centre, Delhi, India |
To see the full peer comparison of Shalby Limited, buy the company report.
Auditor
Shalby Limited is audited by T R Chadha & Co LLP for the financial year 2021.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| T R Chadha & Co LLP | FY 2021 | 006711N / N500028 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 74.30%, foreign institutional investors hold 4.50%, domestic institutional investors hold 0.30% and retail and other public shareholders hold 20.90%.
Sep 2026
QUARTER
74.30% Promoters
0.30% DII (Domestic Institutional)
4.50% FII (Foreign Institutional)
20.90% Retail & Others
Promoter holding - history
Now 74.30% · Sep 2026High 74.30% · Dec 2025Low 74.30% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 74.30% | 74.30% | 74.30% | 74.30% |
| Public | 25.70% | 25.70% | 25.70% | 25.70% |
Charges & borrowings
Open charges
₹582.62 Cr
Satisfied charges
₹473.03 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 17 Feb 2026 | 101251177 | Others | ₹199.88 Cr | Open | |
| 29 Mar 2025 | 101076023 | Citi Bank N.A. | ₹111.85 Cr | Open | |
| 06 Aug 2024 | 100962166 | Hdfc Bank Limited | ₹60 Cr | Open | |
| 07 Feb 2023 | 100681086 | Others | ₹170 Cr | Open | |
| 14 Oct 2021 | 100494680 | Hdfc Bank Limited | ₹88.72 Lakh | Open |
To see the full charge records of Shalby Limited, buy the company report.
Total charge records: 46 View all charges
Deals & funding
Shalby Limited has 30 deals on record (13 secondary share transfers, 9 market trades, 7 funding rounds), with disclosed funding of ₹11.22 Cr; the latest was in September 2025.
Total deals
30
Secondary share transfers
13
Market trades
9
Funding rounds
7
IPO
1
Disclosed funding
₹11.22 Cr
Deals on record (5 of 30)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2025 | Market trade | ₹36.09 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Sep 2025 | Market trade | ₹24.97 Cr | Buyer: NK Securities Research Private Limited , Musigma Securities Seller: NK Securities Research Private Limited , Musigma Securities |
| Jul 2021 | Market trade | ₹10.42 Cr | Buyer: Olga Trading Private Limited Seller: Olga Trading Private Limited |
| Aug 2019 | Secondary share transfer | Undisclosed | Buyer: Dynavision Ventures LLP , Others -Shalby Limited Seller: Kotak Funds - India Midcap Fund, IIFL India Growth Fund, Kunvarji Fincorp Private Limited |
| Mar 2017 | Secondary share transfer | Undisclosed | Buyer: 4 individuals Seller: 4 individuals |
To see the full deal history of Shalby Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Shalby Limited has 85 court cases on record: 54 filed by Shalby, 31 filed against it. 16 cases are pending and 69 are disposed.
Total cases
85
Filed by the company
54
Filed against the company
31
Pending
16
Disposed
69
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 47 | 17 | 9 |
| High courts | 34 | 10 | 6 |
| NCLAT | 3 | 3 | 0 |
| Supreme Court | 1 | 1 | 1 |
Cases on record (5 of 85)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Ahmedabad, Gujarat | Criminal complaint | Filed against the company by HDFC Bank Ltd | Pending |
| District court, Ahmedabad, Gujarat | Court case (CMA DC) | Filed against the company by Alankit Healthcare Tpa Limited Through Its Authorized Sudhir Babulal Nawdhar | Disposed |
| High Court, GUJARAT | Arbitration matter | Filed against the company by M/S Yash Technologies Pvt. Ltd. | Disposed |
| High Court of Punjab and Haryana | Arbitration matter | Filed against the company by S.G. Encon Private Limited | Disposed |
| Supreme Court | Court case (Special Leave Petition (Civil)) | Filed against the company by Kamesh Bhargava Hospital and Research Centre Private Limited | Pending |
To see the full case history of Shalby Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Shalby Limited was last rated by Icra on 28 Oct 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 28 Oct 2021 |
To see the full credit ratings and regulatory alerts of Shalby Limited, buy the company report.
MSME payment delays
Shalby Limited has 1 MSME Form 1 return on record for the period ending Mar 2024, listing 13 overdue payments to 4 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (4 of 4)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| JMD Pharma Indore | |||
| an individual supplier |
To see the full MSME payment records of Shalby Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Shalby has 6 subsidiary companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
6
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Mars Medical Devices Limited | U33100GJ2020PLC113358 | |
| Slaney Healthcare Private Limited | U33125GJ2008PTC052648 | |
| Shalby International Limited | U85100GJ2012PLC071824 | |
| Shalby Hospitals Mumbai Private Limited | U85100GJ2020PTC118765 | |
| Vrundavan Shalby Hospitals Limited | U85110GA1995PLC001851 | |
| Yogeshwar Healthcare Limited | U85110GJ1997PLC032486 |
To see the full group structure of Shalby Limited, buy the company report.
Employees & EPFO
Shalby Limited has a workforce of 2,529 employees on its EPFO records as of Apr 07, 2024, across 2 active EPFO establishments.
Employee count
2,529
Active EPFO establishments
2
Employee growth
8.77%
GST
Shalby has 4 GST registrations: 4 active.
Total GSTINs
4
Active
4
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 03AAICS5593B1ZG | Punjab | Active | 01 Jul 2017 |
| 08AAICS5593B1Z6 | Rajasthan | Active | 01 Jul 2017 |
| 23AAICS5593B1ZE | Madhya Pradesh | Active | 01 Jul 2017 |
| 27AAICS5593B1Z6 | Maharashtra | Active | 11 Jan 2018 |
To see the full GST registrations and return filing status of Shalby Limited, buy the company report.
Recent activity
Shalby Limited has 38 board changes on record since 2004: 23 appointments and 15 cessations. The latest: Amit Pathak ceased to be CFO on 24 Oct 2025.
Filing
Shalby Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Charges
A charge with Others of Rs. 199.88 Cr registered on 17 Feb 2026 with Charge ID 101251177 was modified on 06 Mar 2026.
Charges
A charge registered on 17 Dec 2021 via Charge ID 100514139 with Sbicap Trustee Company Limited was fully satisfied on 23 Feb 2026.
Charges
A charge with Others amounted to Rs. 199.88 Cr with Charge ID 101251177 was registered on 17 Feb 2026.
Charges
A charge registered on 05 Jun 2017 via Charge ID 100107113 with Others was fully satisfied on 06 Feb 2026.
Charges
A charge registered on 29 Aug 2024 via Charge ID 100975232 with Others was fully satisfied on 12 Nov 2025.
Charges
A charge with Sbicap Trustee Company Limited of Rs. 168.53 Cr registered on 17 Dec 2021 with Charge ID 100514139 was modified on 28 Oct 2025.
Ceased
Amit Pathak ceased to be CFO.
AGM
Shalby Limited last Annual general meeting of members was held on 29 Sep 2025 as per latest MCA records.
Charges
A charge registered on 18 Jun 2022 via Charge ID 100590732 with Hdfc Bank Limited was fully satisfied on 20 Sep 2025.
Charges
A charge registered on 19 Jan 2016 via Charge ID 10617364 with Sbicap Trustee Company Limited was fully satisfied on 23 Apr 2025.
Charges
A charge with Citi Bank N.A. amounted to Rs. 111.85 Cr with Charge ID 101076023 was registered on 29 Mar 2025.
126 earlier events are in the company report.
News
Frequently asked questions
Shalby is an active public limited company based in Ahmedabad, Gujarat, India. The company works in hospitals, within the healthcare industry. It was incorporated on 30 August 2004 (22+ years old) and is registered under CIN L85110GJ2004PLC044667. Listed on BSE: 540797 and NSE: SHALBY.
Shalby reported revenue of ₹1,141.43 Cr for FY 2025-26 (up 5% YoY) based on consolidated financials.
Shalby has 6 current directors:
- Vikram Indrajit Shah - Managing Director
- Umesh Krishnankutty Menon - Director
- Tej Ramjidass Malhotra - Director
- Ashok Bhatia - Director
- Sujana Manan Shah - Director
- Shyamal Shivkumar Joshi - Director
The latest financial statements of Shalby on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Shalby is 03AAICS5593B1ZG, registered in Punjab. The company has 4 GST registrations in all, of which 4 are active. Other active GSTINs include 08AAICS5593B1Z6 (Rajasthan), 23AAICS5593B1ZE (Madhya Pradesh), 27AAICS5593B1Z6 (Maharashtra).
The CIN (Corporate Identification Number) of Shalby is L85110GJ2004PLC044667. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Shalby is a listed company as per MCA records. Its shares are listed on both BSE (code: 540797) and NSE (symbol: SHALBY).
Shalby has 85 court cases on record: 54 filed by the company and 31 filed against it. 16 are pending. Most are in the district courts.
Shalby was incorporated on 30 August 2004, making it 22+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Shalby has 30 deals on record (13 secondary share transfers, 9 market trades, 7 funding rounds), with disclosed funding of ₹11.22 Cr; the latest was in September 2025.
The peers of Shalby by revenue are Paras Healthcare Limited, Jupiter Life Line Hospitals Limited, Kims Health Care Management Limited, Manipal Hospitals (East) India Private Limited, Malabar Institute of Medical Sciences Ltd and 4 more, all in the Healthcare industry (Multi Specialty Hospitals), with the same principal business activity (hospital activities).
Amit Pathak ceased to be CFO on 24 Oct 2025. Sushobhan Dasgupta ceased to be Director on 31 Jan 2024. Amit Pathak was appointed as CFO on 19 May 2023. Shalby has 38 board changes on record in total.