Shalby Ltd. · NSE:SHALBY
Shalby — Q2 FY2027 Earnings Presentation
45 slides from Shalby's earnings presentation, Nov 3, 2026
Slide 1: Exchange filing cover letter for investor presentation
Shalby/SE/2026-27/69 November 03, 2026 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 & H1 FY2027
Investor Presentation Q2 & H1 FY2027
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 GROUP QUARTERLY SHALBY CONSOLIDATED AND ANNUAL QUARTERLY PERFORMANCE & MID-YEAR PERFORMANCE 02 HOSPITAL SHALBY BUSINESS QUARTERLY STANDALONE QUARTERLYAND ANNUAL PERFORMANCE & MID-YEAR PERFORMANCE 03 SHALBY INTERNATIONAL QUARTERLY & MID-YEAR PERFORMANCE 04 SHALBY MEDTECH QUARTERLY & MID-YEA
Slide 5: Financials Snapshot Q2 FY27
Financials Snapshot Q2 FY27 Consolidated Total Revenue at ₹ 3,182 mn in Q2 FY27 vs ₹ 2,899 mn in Q2 FY26 Consolidated EBITDA at ₹ 464 mn in Q2 FY27 vs ₹ 461 mn in Q2 FY26 Consolidated Consolidated PBT at ₹ 165 mn in Q2 FY27 vs ₹ 191 mn in Q2 FY26 Financial Highlights Consolidated PAT at ₹ 79 mn in Q
Slide 6: Consolidated Performance Highlights – Q2 FY27
Consolidated Performance Highlights – Q2 FY27 Financial Performance (in INR Mn) Total Revenue EBITDA1 & Margin 3386 3182 490 464 461 2899 15.9% 14.5% 14.6% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Up 9.8% Up 0.8% PBT & Margin PAT & Margin 191 197 165 105 73 79 6.6% 5.8% 5.2% 2.5% 3.1% 2.5% Q2
Slide 7: Consolidated Performance Highlights – H1 FY27
Consolidated Performance Highlights – H1 FY27 Financial Performance (in INR Mn) Total Revenue EBITDA1 & Margin 6569 946 954 5933 15.9% 14.5% H1 FY26 H1 FY27 H1 FY26 H1 FY27 Up 10.7% Up 0.9% PBT & Margin PAT & Margin 184 417 150 362 7.0% 5.5% 2.5% 2.8% H1 FY26 H1 FY27 H1 FY26 H1 FY27 Down 13.3% Up 22
Slide 8: Consolidated P/L & B/S – Q2 FY27
Consolidated P/L & B/S – Q2 FY27 Profit & Loss Balance Sheet (INR Mn) Q2 Q1 Q2 Q-o-Q Y-o-Y Gross 5371 Particulars (INR Mn) Borrowings FY27 FY27 FY26 Growth Growth Total Revenue 3182 3386 2899 (6.0%) 9.8% Cash & Cash 789 Equivalents EBITDA2 464 490 461 (5.2%) 0.8% Net Cash/(Debt) (4582) EBITDA Margin
Slide 9: Consolidated Revenue & EBITDA Breakup – Q2 FY27
Shalby Limited : Consolidated Revenue & EBITDA Breakup – Q2 FY27 Revenue (%) Revenue (in INR Mn) EBITDA (in INR Mn) Shalby Hospitals, 80.51% 2561.8 416.9 Pharma & Franchise1 Shalby International (PK Healthcare, 9.32% 37.7 296.7 Delhi-NCR) 2 Shalby MedTech 9.93% 316.0 3.6 (Implant Business) Others 0.
Slide 10: Financial Trends – Shalby Limited (Consolidated)
Financial Trends – Shalby Limited (Consolidated) Total Revenue (In INR Crs) EBITDA (In INR Crs) & Margin (%) 1168 1115 196 953 170 827 159 160 711 132 440 95 22% 19% 19% 21% 14% 15% FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 ROCE (%) 14% 13% 11% 8% 8% 7% FY21 FY22 FY23 FY24 FY25 FY2
Slide 11: Shalby Limited Business Verticals
SHALBY LIMITED BUSINESS VERTICALS www.shalby.org
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 the “Zero Technique” that revolutionized Joint Replacement Surgery. A visionary entrepreneur, he transformed Shalby from a 6-bedded hospital in
Slide 13: Standalone Business Performance
STANDALONE BUSINESS PERFORMANCE 12
Slide 14: Standalone Business Highlights – Q2 FY27
Standalone Business Highlights – Q2 FY27 Financial Performance (in INR Mn) Total Revenue EBITDA1 & Margin 478 457 448 2591 2506 2298 19.5% 18.4% 18.2% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Up 9.1% Up 2.0% PBT & Margin PAT & Margin 339 306 316 251 235 198 13.3% 13.1% 12.6% 8.6% 9.7% 9.4% Q2
Slide 15: Standalone Business Highlights – H1 FY27
Standalone Business Highlights – H1 FY27 Financial Performance (in INR Mn) Total Revenue EBITDA1 & Margin 4720 5097 971 935 20.6% 18.3% H1 FY26 H1 FY27 H1 FY26 H1 FY27 Up 8.0% Down 3.8% PBT & Margin PAT & Margin 486 455 707 654 15.0% 12.8% 9.6% 9.5% H1 FY26 H1 FY27 H1 FY26 H1 FY27 Down 7.4% Up 6.9%
Slide 16: Standalone Business P&L and B/S – Q2 FY27
Standalone Business P&L and B/S – Q2 FY27 Profit & Loss Total Revenue to EBITDA Q2 Q1 Q2 QoQ YoY Particulars (INR Mn) FY27 FY27 FY26 Growth Growth 7.6% 8.4% Other expenses 12.0% 12.2% Total Revenue 2506 2591 2298 (3.3%) 9.1% Employee Benefit 9.3% 8.6% Expenses Other Operative 26.9% 27.2% EBITDA2 457
Slide 17: Shalby International Performance Highlights – Q2 FY27
Shalby International Performance Highlights – Q2 FY27 Revenue (INR MN) EBITDA (INR MN) 296.68 14.80 199.06 (19.44) Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 PBT (INR MN) PAT (INR MN) (43.88) (43.88) (87.08) (87.08) Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 16 1. EBITDA includes other income
Slide 18: Shalby International Performance Highlights – H1 FY27
Shalby International Performance Highlights – H1 FY27 Revenue (INR MN) EBITDA (INR MN) 558.97 32.96 431.56 (51.20) H1 FY26 Revenue H1 FY27 H1 FY26 H1 FY27 PBT (INR MN) PAT (INR MN) (83.65) (83.65) (184.64) (184.64) H1 FY26 H1 FY27 H1 FY26 H1 FY27 17 1. EBITDA includes other income
Slide 19: Hospital Business Highlights Q2 FY27
Hospital Business Highlights Q2 FY27 Surgery Count and YoY Performance Operational Performance2 Q2 Q2 YoY Particulars FY27 FY26 Growth Arthroplasty Orthopaedic In-Patient1 (Nos.) 25,357 22,735 11.5% 3070+ 3.5% 1260+ 3.5% Out Patient (Nos.) 1,37,335 1,27,709 7.5% Surgeries Count 8,618 7,539 14.3% Onc
Slide 20: Hospital Business Highlights – Speciality Revenue Mix
Hospital Business Highlights Speciality Revenue Mix Q2 FY2026 2 Q2 FY2027 2 General Others Arthroplasty, Others Surgery, Surgery, 7% Surgery, 9% 34% General 9% Surgery, 7% Arthroplasty, 30% Nephrology, 5% Nephrology, 6% Neurology, 6% Neurology, 5% Critical Care Orthopaedic & General , 9% Orthopaedic
Slide 21: Hospital Business Highlights – Payor Mix
Hospital Business Highlights Payor Mix Q2 FY20261 Q2 FY20271 Government, Government, 27% Self Pay, 36% Self Pay, 33% 29% TPA/Insurance, TPA/Insurance, 37% 38% Notes: 20 1. Q2’FY26 & Q2’FY27 numbers include PK Healthcare performance.
Slide 22: Maturity Wise Hospital Performance – Q2 FY27
Maturity Wise Hospital Performance – Q2 FY271 EBITDA EBITDA No. of Total Revenue Operational Maturity ARPOB (in INR Mn) Margin Hospitals (in INR Mn) Beds (in%) 10+ Years 7 1570.2 808 44,979 343.5 21.9% 5-10 3 878.9 427 31,578 163.7 18.6% Years 0-5 1 296.7 130 96,388 14.8 5.0% Years Corporate2,3 - 56
Slide 23: Financial Trends – Standalone Business
Financial Trends – Standalone Business 1 Total Revenue (In INR Cr) EBITDA (In INR Cr) & Margin (%) 900 923 850 198 727 186 660 162 170 143 428 96 22% 22% 22% 23% 21% 18% FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 PAT (In INR Cr) & Margin (%) ROCE (%) 18% 16% 113 14% 14% 104 11% 81 8
Slide 24: Operational Trends – Hospital Business
Operational Trends – Hospital Business 1,2 Bed Capacity Operational Beds Occupied Beds 1390 1415 633 659 646 2297 1365 2267 2242 1235 1260 563 570 1164 2137 428 2112 2012 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Total Surgeries Count ARPOB (in INR) AL
Slide 25: 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 26: Implant Business
SF IMPLANT BUSINESS G SHALBY Global Technologies Pte. Ltd. 2 SAT ind ovine ives. Put. Ltd
Slide 27: Shalby’s Company Structure of Implant Business
Shalby’s Company Structure of Implant Business SHALBY LIMITED Shalby MedTech Limited (SMTL)* Shalby Advanced Shalby Global Shalby Advanced Technologies Technologies Pte Technologies Inc.(SAT) Ltd (SGT) (India) Pvt. Ltd. 26 * Shalby MedTech Limited (SMTL) formerly known as Mars Medical Devices Limite
Slide 28: Shalby MedTech Performance Highlights: Q2 FY27
Shalby MedTech Performance Highlights: Q2 FY27 Financial Performance (in INR Mn) Total Revenue Total EBITDA SMTL SAT, SGTPL SMTL SMTL SAT, Inc. SGTPL SMTL Inc. Consol. Consol. Q2 FY26 160.21 275.53 29.29 337.26 Q2 FY26 (35.51) 66.30 5.36 36.62 Q1 FY27 360.96 328.10 9.87 471.67 Q1 FY27 29.41 (6.02) 5
Slide 29: Shalby MedTech Financial Historical Trend
Shalby MedTech Financial Historical Trend Financial Performance (in INR Mn) Total Revenue Total EBITDA SMTL SAT, Inc. SGTPL SMTL Consol. SMTL SAT, Inc. SGTPL SMTL Consol. FY 24 156.74 786.02 14.49 584.41 FY 24 (17.25) 1.18 (8.00) (48.52) FY 25 352.04 1,081.82 63.72 922.86 FY 25 (116.76) (77.92) 9.91
Slide 30: Shalby MedTech Consolidated Inventory
Shalby MedTech Consolidated Inventory SMT Consolidated Inventory (in INR mn) 3,454 3,374 2,914 2,534 2,424 2,106 2,028 1,562 1,315 1,350 1,153 934 923 886 920 950 784 788 584 544 Days of Inventory to Sales Consol. Total Revenue Consol. Total Inventory FG RM+WIP (in Days) H1 FY27 784 788 3,374 2,424
Slide 31: Implant Business Footprint Global
Implant Business Footprint Global Existing Markets • North America • Japan • India • Indonesia Approval Received • Malaysia • Argentina • Nepal Regulatory Approvals Pending • South Korea • Vietnam • Iran • Iraq 30
Slide 32: Implant Business Footprint Across India
Implant Business Footprint Across India Existing Market • Andhra Pradesh • Chhattisgarh • Gujarat • Haryana • Karnataka • Madhya Pradesh • Maharashtra • Punjab • Rajasthan • Tamil Nadu • Telangana Newest Markets • West Bengal • Odisha Upcoming Markets • Assam • Uttar Pradesh • Uttarakhand 31
Slide 33: Operational Excellence and Capacity Enhancement
Shalby MedTech – Key Developments (Q2 FY27) Operational Excellence and Capacity Enhancement • Growth in implant processing volumes through the Clean, Pack & Sterile (CPS) department, supporting higher product availability and contributing to revenue growth through increased operational capacity. • S
Slide 34: Strategic Growth Initiatives
Strategic Growth Initiatives Focused regional coverage combined with surgeon-led education and hospital-level brand visibility. 01 Eastern India expansion 02 Central India reactivation Build stronger commercial reach across West Restore momentum in Nagpur and Central Bengal and Odisha through target
Slide 35: Conference Participations
Conference Participations EV ENT HI GHL I GHTS · JUL Y – S EP T 2 0 2 6 • CCA 2026 31 July-2 Aug • Showcasing our Knee and Hip Portfolio in a forum well New Delhi recognized in the North • TUKSplasty Experience 22 Aug 2026 • Academic engagement focused on TUKSplasty Indore including re-live sessions
Slide 36: Upcoming Marketing Priorities
Upcoming Marketing Priorities A coordinated program spanning clinical education, conferences, digital outreach and sales enablement. 01 Scientific education Surgeon fellowships; Centers of Excellence expansion; HipNexus 360 basic course; Hyderabad all-Uni program. 02 Conference activation WCOI Amrit
Slide 37: About Shalby Limited
ABOUT SHALBY LIMITED -Passion=Compassion-innovation 36
Slide 38: Shalby At A Glance
Shalby At A Glance OPD clinics Presence 13 60 23 Orthopedic Implant Hospitals1 Domestic International2 Manufacturing in USA 32 Strength 2,200+ 4,500+ 1,150+ Years of Legacy Bed Capacity Total Employees3 Doctors4 Team Clinical Excellence #1 30+ ~3.5 million+ 200,000+ Global Ranking in Specialties Pat
Slide 39: 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 40: 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) 27 beds • Asha Parekh • Krishna Shalby, Ahmedabad (220 • Zynova1 Shalby, Mumbai (100 beds) • Gwalior1 SOCE,
Slide 41: Hospitals Portfolio
Hospitals Portfolio Multispecialty Hospital Units SG Shalby Vapi Shalby Indore Shalby Jaipur Shalby Krishna Shalby Mohali Shalby Naroda Shalby Jabalpur Shalby Surat Shalby Shalby International 40
Slide 42: Biggest Healthcare Corporate Group in Western and Central India
BIGGEST HEALTHCARE CORPORATE GROUP IN WESTERN AND CENTRAL INDIA Domestic Presence PUNJAB ▪ Mohali – 145 beds DELHI ▪ Gurugram – 130 beds RAJASTHAN ▪ Jaipur – 237 beds GUJARAT ▪ Ahmedabad o SG – 201 beds o Krishna – 220 beds o Naroda – 267 beds o Vijay – 27 beds ▪ Vapi – 146 beds ▪ Surat – 243 beds M
Slide 43: Shalby Limited Shareholding Pattern (as on 30th Sept’26)
Shalby Limited Shareholding Pattern (as on 30th Sept’26) Employee Benefit Trust, 0.62% Public , 20.09% DIIs, 0.31% FIIs, 4.65% Promoters, 74.33% Promoters FIIs DIIs Public Employee Benefit Trust 42
Slide 44: 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 45: 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