Shalby Ltd. · NSE:SHALBY
Shalby — Q2 FY2026 Earnings Presentation
50 slides from Shalby's earnings presentation, Nov 13, 2025
Slide 1: Exchange filing cover letter for investor presentation
Shalby/SE/2025‐26/73 November 13, 2025 The Listing Department Corporate Service Department National Stock Exchange of India Ltd BSE Limited Mumbai 400 051. Mumbai 400 001. Scrip Code : SHALBY Scrip Code: 540797 Through : https://neaps.nseindia.com/NEWLISTINGCORP/ Through : http://listing.bseindia.co
Slide 2: Investor Presentation Q2'FY2026
Investor Presentation Q2’FY2026
Slide 3: Disclaimer
DISCLAIMER This presentation and its contents are confidential and are not for release, publication or distribution, in whole or in part, directly or indirectly, in or into or from the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful. This pr
Slide 4: Agenda
AGENDA 01 SHALBY GROUP QUARTERLY AND ANNUAL PERFORMANCE PERFORMANCE 02 HOSPITAL BUSINESS CONSOLIDATED QUARTERLY BUSINESS AND ANNUAL QUARTERLY PERFORMANCE PERFORMANCE 03 STANDALONE BUSINESS QUARTERLY PERFORMANCE 04 IMPLANT BUSINESS QUARTERLY PERFORMANCE 05 SHALBY ACADEMY QUARTERLY PERFORMANCE 3
Slide 5: Financials Snapshot Q2 FY26
Financials Snapshot Q2 FY26 Consolidated Revenue at ₹ 2,899 mn in Q2 FY26 vs ₹ 2,747 mn in Q2 FY25 Consolidated EBITDA at ₹ 461 mn in Q2 FY26 vs ₹ 398 mn in Q2 FY25 Consolidated Consolidated PBT at ₹ 191 mn in Q2 FY26 vs ₹ 137 mn in Q2 FY25 Financial Highlights Consolidated Net debt stood at ₹ 3,622
Slide 6: Consolidated Performance Highlights – Q2 FY26
Consolidated Performance Highlights – Q2 FY26 Revenue (INR MN) EBITDA1 & Margin (INR MN) 3034 485 461 398 2899 2747 14.5% 16.0% 15.9% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Up 5.5% Up 15.8% PBT & Margin (INR Mn) PAT & Margin (INR Mn) 227 77 73 191 137 24 5.0% 7.5% 6.6% 0.9% 2.5% 2.5% Q2 FY2
Slide 7: Consolidated Business Highlights – H1 FY26
Consolidated Business Highlights – H1 FY26 Financial Performance Revenue (INR Mn) EBITDA1 & Margin (INR Mn) 5633 5933 947 946 16.8% 16.0% H1 FY25 H1 FY26 H1 FY25 H1 FY26 Up 5.3% Down 0.1% PBT & Margin (INR Mn) PAT & Margin (INR Mn) 171 441 417 150 7.8% 7.0% 3.0% 2.5% H1 FY25 H1 FY26 H1 FY25 H1 FY26
Slide 8: Consolidated P/L & B/S – Q2 FY26
Consolidated P/L & B/S – Q2 FY26 Profit & Loss (INR Mn) Balance Sheet (INR Mn) Q2 Q1 Q2 Q-o-Q Y-o-Y Gross 4867 Particulars (Rs. Millions) Borrowings FY26 FY26 FY25 Growth Growth Revenue 2899 3034 2747 (4.5%) 5.5% Cash & Cash 1245 Equivalents EBITDA2 461 485 398 (5.1%) 15.8% Net Cash/(Debt) (3622) EB
Slide 9: Consolidated Revenue & EBITDA Breakup – Q2 FY26
Shalby Limited : Consolidated Revenue & EBITDA Breakup – Q2 FY26 Revenue (%) Revenue (in crores) EBITDA (in crores) Shalby Hospitals, 234.5 42.0 80.9% Pharma & Franchise1 Shalby International (PK Healthcare, 6.9% 19.9 (1.2) Delhi-NCR) 2 Shalby MedTech 11.6% 33.7 3.7 (Implant Business) Others 0.6% 1.
Slide 10: Financial Trends – Shalby Limited (Consolidated)
Financial Trends – Shalby Limited (Consolidated) Revenue (In INR Cr) EBITDA (In INR Cr) & Margin (%) 1115 953 196 827 159 160 711 132 504 99 95 440 20% 22% 19% 19% 21% 14% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 ROCE (%) 14% 13% 11% 8% 8% 8% FY20 FY21 FY22 FY23 FY24 FY25
Slide 11: Diversification in Revenue Mix
High Growth Business Verticals Healthcare Conglomerate Multi-Specialty Franchise Implant 11 Hospitals across western, northern 4 Hospital network USA based Knee & Hip and central India Manufacturing facility Synergistic Sustainable Business Model • Headroom to grow further with • An Asset light fran
Slide 12: A Legend and Visionary Doctorpreneur behind Shalby
A Legend and Visionary Doctorpreneur behind Shalby Dr Vikram I. Shah, the Founder of Shalby Ltd, is a world-renowned Joint Replacement Surgeon who innovated “Zero Technique” that revolutionized Joint Replacement Surgery. A visionary entrepreneur, he transformed Shalby from a 6 bedded hospital in 199
Slide 13: Standalone Business Performance
STANDALONE BUSINESS PERFORMANCE 12
Slide 14: Standalone Business Highlights – Q2 FY26
Standalone Business Highlights – Q2 FY26 Financial Performance Revenue (INR Mn) EBITDA1 & Margin (INR Mn) 2422 524 448 2298 408 2176 18.7% 21.6% 19.5% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Up 5.6% Up 9.9% PBT & Margin (INR Mn) PAT & Margin (INR Mn) 401 306 257 283 198 173 13.0% 16.6% 13.3%
Slide 15: Standalone Business Highlights – H1 FY26
Standalone Business Highlights – H1 FY26 Financial Performance Revenue (INR Mn) EBITDA1 & Margin (INR Mn) 4580 4720 990 971 21.6% 20.6% H1 FY25 H1 FY26 H1 FY25 H1 FY26 Up 3.0% Down 1.8% PBT & Margin (INR Mn) PAT & Margin (INR Mn) 743 479 455 707 16.2% 15.0% 10.5% 9.6% H1 FY25 H1 FY26 H1 FY25 H1 FY26
Slide 16: Standalone Business P&L and B/S – Q2 FY26
Standalone Business P&L and B/S – Q2 FY26 Profit & Loss (INR Mn) Total Revenue to EBITDA Q2 Q1 Q2 QoQ YoY Particulars (Rs Mn) FY26 FY26 FY25 Growth Growth Other expenses 7.6% 8.2% 12.0% 13.3% Employee Benefit Total Revenue 2298 2422 2176 (5.1%) 5.6% Expenses 9.3% 9.6% Other Operative 26.9% Expenses
Slide 17: Shalby International Q2'FY26 Highlights
Shalby International Q2’FY26 Highlights IP Count Total 19200+ ARPOB 1130+ Employees Patients Total ₹81,185 Expertise in 290+ Revenue of 65% Liver, Served in revenue Doctors & FY24-25 ₹199.06 Mn. OP Count Kidney, Consultant generated Total Bed in Q2’FY26 ALOS 3.23 3450+ Blood & 50+ from Capacity 130
Slide 18: Shalby International Performance Highlights – Q2 FY26
Shalby International Performance Highlights – Q2 FY26 Revenue (INR MN) EBITDA (INR MN) 257.42 199.06 (19.44) (10.00) Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 PBT (INR MN) PAT (INR MN) (81.38) (87.08) (81.38) (87.08) Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 17
Slide 19: Shalby International Performance Highlights – H1 FY26
Shalby International Performance Highlights – H1 FY26 Revenue (INR MN) EBITDA (INR MN) 495.12 431.56 (51.20) (13.44) H1 FY25 H1 FY26 H1 FY25 H1 FY26 PBT (INR MN) PAT (INR MN) (184.64) (184.64) (153.43) (153.43) H1 FY25 H1 FY26 H1 FY25 H1 FY26 18
Slide 20: Hospital Business Highlights Q2 FY26
Hospital Business Highlights Q2 FY26 Global leader in Joint replacements with more than 1,75,000 surgeries Surgery Count and YoY Growth Operational Performance3 Q2 Q2 YoY Particulars FY26 FY25 Growth Arthroplasty Orthopaedic In-Patient1 (Nos.) 22,735 23,907 (4.9%) 2970+ 5.5% 1215+ 13.7% Out Patient
Slide 21: Hospital Business Highlights – Specialty Revenue Mix
Hospital Business Highlights Specialty Revenue Mix Q2 FY2025 2 Q2 FY2026 2 General Others Others Arthroplasty, Arthroplasty, General Surgery, 6% Surgery, 7% Surgery, 9% 34% 34% Surgery, 7% Nephrology, 6% Nephrology, 5% Neurology, 6% Neurology, 5% Orthopaedic, 9% Critical Care Orthopaedic Critical Ca
Slide 22: Hospital Business Highlights – Payor Mix
Hospital Business Highlights Payor Mix Q2 FY20251 Q2 FY20261 Government, Government, 27% 23% Self Pay, 36% Self Pay, 36% TPA/Insurance, TPA/Insurance, 41% 37% Notes: 21 1. Q2’FY25 & Q2’FY26 numbers includes PK Healthcare performance.
Slide 23: Maturity Wise Hospital Performance – Q2 FY26
Maturity Wise Hospital Performance – Q2 FY261 EBITDA No. of Revenue Operational EBITDA Maturity ARPOB (in INR Crs) Hospitals (in INR Crs) Beds Margin 10+ Years 7 147.2 808 43,497 35.8 24.3% 5-10 3 76.1 427 30,757 13.5 17.7% Years 0-5 3 21.2 180 79,802 (3.1) (14.6%) Years Corporate2,3 - 5.2 - - (3.4)
Slide 24: Clinical Update And Research Across Units during Q2 FY26
Clinical Update And Research Across Units during Q2 FY26 Excellent Clinical outcome in rare and high end surgeries :- ▪ Complex Coronary Intervention in an Octogenarian : An 80-year-old man with diabetes, hypertension, and CKD had chest pain and was diagnosed with heavily calcified double-vessel cor
Slide 25: Financial Trends – Standalone Business
Financial Trends – Standalone Business 1 Revenue (In INR Cr) EBITDA (In INR Cr) & Margin (%) 900 850 198 727 186 660 162 143 501 428 99 96 20% 22% 22% 22% 23% 21% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 PAT (In INR Cr) & Margin (%) ROCE (%) 104 18% 16% 81 84 14% 14% 70 8% 8% 43 2
Slide 26: Operational Trends – Hospital Business
Operational Trends – Hospital Business 1,2 Bed Capacity Operational Beds Occupied Beds 2297 1415 633 659 1390 2267 1260 563 570 1235 1164 1164 448 428 2137 2112 2012 2012 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Total Surgeries Count ARPOB (in INR) AL
Slide 27: Key Focus Areas For Future In Hospital business
Key Focus Areas For Future In Hospital business Global Leader in Joint Replacement with diversification in other specialties • Continue to maintain global leadership in joint replacements • Ongoing diversification with Cardiac Science, Oncology, Neuro-science, Critical Care, General Medicine and Tra
Slide 28: Implant Business
SHALBY Global Technologies Pte. Ltd. 2 SAT ind ovine ives. Put. Ltd
Slide 29: Shalby's Company Structure of Implant Business
Shalby’s Company Structure of Implant Business SHALBY LIMITED INDIA Shalby MedTech Limited (SMTL)* INDIA Shalby Advanced Shalby Global Technologies Technologies Pte Inc.(SAT) Ltd (SGT) USA SINGAPORE Shalby Advanced Technologies (India) Pvt. Ltd. INDIA 28 * Shalby MedTech Limited (SMTL) formerly know
Slide 30: Shalby MedTech Limited (Consolidated) Q2'FY26
Shalby MedTech Limited (Consolidated) Q2’FY26 TOTAL REVENUE (in ₹mn) EBITDA (in ₹mn) 36.62 337.26 308.25 237.4 Q2'FY25 Q1'FY26 Q2'FY26 -2.16 -7.48 Q2'FY25 Q1'FY26 Q2'FY26 Up 1795.4% Up 42.1% Implant Components Sold 14076 10988 9443 Q2'FY25 Q1'FY26 Q2'FY26 Up 16.4% 29
Slide 31: Shalby MedTech Limited (Consolidated) H1'FY26
Shalby MedTech Limited (Consolidated) H1’FY26 TOTAL REVENUE (in ₹mn) EBITDA (in ₹mn) 29.14 645.52 412.05 H1'FY25 H1'FY26 H1'FY25 H1'FY26 -29.29 Up 56.7% Up 199.5% Implant Components Sold 25064 17953 H1'FY25 H1'FY26 Up 39.6% 30
Slide 32: Shalby Advanced Technologies Inc. (Standalone)
Shalby Advanced Technologies Inc. (Standalone) TOTAL REVENUE (in ₹mn) EBITDA (in ₹mn) 302.06 66.3 277.96 275.53 Q2'FY25 Q1'FY26 Q2'FY26 -7.28 -18.12 Q2'FY25 Q1'FY26 Q2'FY26 Down 0.9% Up 1010.7% 31
Slide 33: Shalby MedTech Limited (Standalone)
Shalby MedTech Limited (Standalone) TOTAL REVENUE (in ₹mn) EBITDA (in ₹mn) 182.44 160.21 12.79 0.21 80.81 Q2'FY25 Q1'FY26 Q2'FY26 Q2'FY25 Q1'FY26 Q2'FY26 -35.51 Up 98.3% Implant Components Sold 9317 7774 4494 Q2'FY25 Q1'FY26 Q2'FY26 Up 73.0% 32
Slide 34: Shalby Global Technologies Pte. Ltd. (Standalone)
Shalby Global Technologies Pte. Ltd. (Standalone) TOTAL REVENUE (in ₹mn) EBITDA (in ₹mn) 5.36 29.29 4.74 23.73 3.64 Q2'FY25 Q1'FY26 Q2'FY26 Q2'FY25 Q1'FY26 Q2'FY26 -2.27 Up 23.4% Up 13.1% 33
Slide 35: Vision Mission Key Value Proposition
Vision Restoring Mobility Improving Lives Mission We will exceed the expectations of our customers and employees through successful patient outcomes by providing surgeons with the highest quality products and services Key Value Proposition Reliability Integrity Teamwork • Quick, Nimble and Simple pr
Slide 36: Core Strategic Pillar
Core Strategic Pillar ▪ Recruitment, retention & Portfolio & ▪ Continual training of Innovation training of sales and employees, HCPs and corporate teams Channel Partners ▪ Strong employee ▪ Solid Partner Relationship engagement, involvement and Supply People Customer ▪ Achieve industry-best Chain ❖
Slide 37: Implant Business Roadmap
Implant Business Roadmap Shalby Advanced Technologies plans to become a Global player in a phased manner Existing Phase 1 Phase 2 Phase 3 Market Latin America Middle East Countries East Africa North America • Argentina • UAE • Kenya • Columbia • Saudi Arabia • Ethiopia Japan South-East and North • O
Slide 38: Shalby Academy
Q SHALBY ACADEMY OO SHALBY ACADEMY AUnit of SHALBY LiMMITED) 37
Slide 39: Shalby Academy Q2 FY26 highlights
Shalby Academy Q2 FY26 highlights 1. Over 385 students are registered in Q2’FY26 in various disciplines like Physiotherapy, Nursing, Lab Technician Nutrition Students Enrolled (In Nos) & and dietetics, Clinical, Paramedics, Hospital Management, 2260 AHA workshops and Pharmacy as part of their academ
Slide 40: About Shalby
ABOUT SHALBY 39
Slide 41: Shalby At A Glance
Shalby At A Glance OPD clinics Presence 15 60 23 Orthopedic Implant Hospitals1 Domestic International2 Manufacturing in USA 32 Strength 2,300+ 4,600+ 1,150+ Years of Legacy Bed Capacity Total Employees3 Doctors4 Team Clinical Excellence #1 30+ ~3.4 million+ 175,000+ Global Ranking in Specialties Pat
Slide 42: 32 Years of ELITE Legacy
32 Years of ELITE Legacy Integrity Highest standards of transparency accountability, and corporate governance Learning Team-Work Laser sharp focus on A patient-centric focused upgrading the skills of team with a great blend of our team and building experience, diversity, fresh people capability thin
Slide 43: Our Journey & Expansion Plan
Our Journey & Expansion Plan • Jaipur Shalby, Jaipur (237 beds) • Naroda Shalby, Ahmedabad (267 beds) Vijay Shalby, Ahmedabad • Vapi Shalby, Vapi (146 beds) • • Surat Shalby, Surat (243 beds) • Lucknow SOCE, 40 beds 27 beds • Krishna Shalby, Ahmedabad (220 • Zynova1 Shalby, Mumbai (100 beds) • Gwali
Slide 44: Hospitals Portfolio
Hospitals Portfolio Multispecialty Units (Owned and Operate) SG Shalby Vapi Shalby Indore Shalby Jaipur Shalby Krishna Shalby Mohali Shalby Naroda Shalby Jabalpur Shalby Surat Shalby Shalby International 43
Slide 45: Franchise Hospital Portfolio
Franchise Hospital Portfolio Shalby Orthopedics Centre of Excellence (SOCE) Vijay Shalby Lucknow Shalby Multispecialty Zynova Shalby (Mumbai) (Shalby Operated) (Shalby Operated) Rajkot Shalby Gwalior Shalby (Shalby Managed) (Shalby Operated) (Shalby Managed) 44
Slide 46: Biggest Healthcare Corporate Group in Western and Central India
Biggest Healthcare Corporate Group in Western and Central India Domestic Presence…... PUNJAB ▪ Mohali – 145 beds Uttar Pradesh ▪ Lucknow – 40 beds DELHI ▪ Gurugram – 130 beds RAJASTHAN ▪ Jaipur – 237 beds GUJARAT ▪ Ahmedabad o SG – 201 beds o Krishna – 220 beds o Naroda – 267 beds Gujarat Rajkot – 3
Slide 47: Shalby Limited Shareholding Pattern (as on 30th Sept'25)
Shalby Limited Shareholding Pattern (as on 30th Sept’25) Employee Benefit Trust, 0.66% Public , 20.18% DIIs, 0.19% FIIs, 4.63% Promoters, 74.33% Promoters FIIs DIIs Public Employee Benefit Trust 46
Slide 48: Shalby Awards & Accolades – Q2 FY26
Shalby Awards & Accolades – Q2 FY26 Dr Manoj Sharma, Urologist Surgeon Dr Pardeep Aggarwal, Orthopaedic awarded by Dainik Bhaskar. Surgeon awarded by Dainik Bhaskar. Health Institution of the Year at the ET Awards by times of India for service Dr Arvind Kaul, Cardiologist Surgeon First Accredited Me
Slide 49: Experienced Board Of Directors
Experienced Board Of Directors Dr. Ashok Bhatia Mr. Tej Malhotra Ms. Sujana Shah Independent Independent Independent Director Director Director Mr. Ashok Bhatia is an experienced Pharmaceutical Mr. Malhotra comes with over four decades of Mrs. Sujana Shah, a practicing Chartered Accountant executive
Slide 50: Thank You
Thank You For further information, please contact: Jigar Todi Investors Relation & Corporate Strategist +91 9512049871 ircs3.corp@shalby.org SHALBY LIMITED I Regd Off: Opp. Karnavati Club, S.G. Road, Ahmedabad – 380015, Gujarat, India. Phone: 079 4020 3000 Fax: +91 79 4020 3109 | Website: www.shalby