Shalby Ltd. · NSE:SHALBY
Shalby — Q3 FY2026 Earnings Presentation
49 slides from Shalby's earnings presentation, Feb 11, 2026
Slide 1: Exchange submission letter for Investor Presentation
Shalby/SE/2025‐26/93 February 11, 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 Q3'FY2026
Investor Presentation Q3’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 ABOUT SHALBY LIMITED 3
Slide 5: Financials Snapshot Q3 FY26
Financials Snapshot Q3 FY26 Consolidated Revenue at ₹ 2,794 mn in Q3 FY26 vs ₹ 2,811 mn in Q3 FY25 Consolidated EBITDA at ₹ 375 mn in Q3 FY26 vs ₹ 393 mn in Q3 FY25 Consolidated Consolidated PBT at ₹ 92 mn in Q3 FY26 vs ₹ 124 mn in Q3 FY25 Financial Highlights Consolidated Net debt stood at ₹ 4,086
Slide 6: Consolidated Performance Highlights – Q3 FY26
Consolidated Performance Highlights – Q3 FY26 Financial Performance Revenue (INR Mn) EBITDA1 & Margin (INR Mn) 2811 2899 461 2794 393 375 14.0% 15.9% 13.4% Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Down 0.6% Down 4.7% PBT & Margin (INR Mn) PAT & Margin (INR Mn) 191 73 124 92 13 4.4% 6.6% 3.3%
Slide 7: Consolidated P/L & B/S – Q3 FY26
Consolidated P/L & B/S – Q3 FY26 Profit & Loss (INR Mn) Balance Sheet (INR Mn) Q3 Q2 Q3 Q-o-Q Y-o-Y Gross 5022 Particulars (Rs. Millions) Borrowings FY26 FY26 FY25 Growth Growth Revenue 2794 2899 2811 (3.6%) (0.6%) Cash & Cash 937 Equivalents EBITDA2 375 461 393 (18.7%) (4.7%) Net Cash/(Debt) (4086)
Slide 8: Consolidated Revenue & EBITDA Breakup – Q3 FY26
Shalby Limited : Consolidated Revenue & EBITDA Breakup – Q3 FY26 Revenue (%) Revenue (in crores) EBITDA (in crores) Shalby Hospitals, 224.96 32.23 80.52% Pharma & Franchise1 Shalby International (PK Healthcare, 8.55% 23.88 5.25 Delhi-NCR) 2 Shalby MedTech 10.88% 30.38 0.07 (Implant Business) Others
Slide 9: 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 10: Shalby Limited Business Verticals
SHALBY LIMITED BUSINESS VERTICALS www.shalby.org
Slide 11: 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 12: Standalone Business Performance
STANDALONE BUSINESS PERFORMANCE 11
Slide 13: Standalone Business Highlights – Q3 FY26
Standalone Business Highlights – Q3 FY26 Financial Performance Revenue (INR Mn) EBITDA1 & Margin (INR Mn) 2269 2298 2210 488 448 354 21.5% 19.5% 16.0% Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Down 2.6% Down 27.4% PBT & Margin (INR Mn) PAT & Margin (INR Mn) 358 306 209 198 219 138 15.8% 13.3%
Slide 14: Standalone Business P&L and B/S – Q3 FY26
Standalone Business P&L and B/S – Q3 FY26 Profit & Loss (INR Mn) Total Revenue to EBITDA Q3 Q2 Q3 QoQ YoY Particulars (Rs Mn) FY26 FY26 FY25 Growth Growth 8.7% 8.9% Other expenses Total Revenue 2210 2298 2269 (3.8%) (2.6%) 12.4% 13.0% Employee Benefit 8.8% 9.5% Expenses Other Operative EBITDA2 354 4
Slide 15: Shalby International Q3'FY26 Highlights
Shalby International Q3’FY26 Highlights IP Count Total 19200+ ARPOB1 970+ Employees Patients Total ₹1,16,671 Expertise in 240+ Served in Revenue of 51% Liver, Doctors & FY24-25 ₹238.77 Mn. OP Count revenue Kidney, generated Total Bed Consultant in Q3’FY26 ALOS 3.26 3450+ Blood & 45+ from Capacity 13
Slide 16: Shalby International Performance Highlights – Q3 FY26
Shalby International Performance Highlights – Q3 FY26 Revenue (INR MN) EBITDA (INR MN) 28.56 241.28 238.77 (30.14) Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 PBT (INR MN) PAT (INR MN) (38.36) (38.36) (92.44) (92.44) Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 15
Slide 17: Hospital Business Highlights Q3 FY26
Hospital Business Highlights Q3 FY26 Global leader in Joint replacements with more than 1,75,000 surgeries Surgery Count and YoY Performance Operational Performance3 Q3 Q3 YoY Particulars FY26 FY25 Growth Arthroplasty Orthopaedic In-Patient1 (Nos.) 20,811 22,369 (7.0%) 2640+ 15.4% 1155+ 11.1% Out Pa
Slide 18: Hospital Business Highlights: Specialty Revenue Mix
Hospital Business Highlights Specialty Revenue Mix Q3 FY2025 2 Q3 FY2026 2 Others Surgery, Arthroplasty, Others Surgery, General Arthroplasty, General 9% 35% 8% Surgery, 6% 33% Surgery, 7% Nephrology, 5% Neurology, 5% Nephrology, 5% Neurology, 6% Orthopaedic, 9% Orthopaedic, 8% Critical Care & Gener
Slide 19: Hospital Business Highlights: Payor Mix
Hospital Business Highlights Payor Mix Q3 FY20251 Q3 FY20261 Government, Government, Self Pay, 35% Self Pay, 35% 23% 30% TPA/Insurance, 35% TPA/Insurance, 42% Notes: 18 1. Q3’FY25 & Q3’FY26 numbers includes PK Healthcare performance.
Slide 20: Maturity Wise Hospital Performance – Q3 FY26
Maturity Wise Hospital Performance – Q3 FY261 EBITDA No. of Revenue Operational EBITDA Maturity ARPOB (in INR Crs) Hospitals (in INR Crs) Beds Margin 10+ Years 7 142.8 808 45,442 30.5 21.4% 5-10 3 70.0 427 30,379 10.4 14.8% Years 0-5 3 25.0 180 1,09,074 1.6 6.6% Years Corporate2,3 - 7.1 - - (4.2) (5
Slide 21: 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 22: 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 23: Key Updates: Strategic Growth & Clinical Excellence
Key Updates : Strategic Growth & Clinical Excellence 1. Advanced Technology Expansion Robotic surgery systems commissioned at two centers covering Urology, Oncology, Gynecology, and complex abdominal surgeries, strengthening high-margin tertiary care. 2. National Recognition in Critical Care Shalby’
Slide 24: Rare / Complex / Important / Mentionable Clinical Outcome Case
Rare / Complex / Important / Mentionable Clinical Outcome Case A 42-year-old male with super morbid obesity (173 kg, BMI 52) and pre-diabetes underwent successful laparoscopic sleeve gastrectomy with excellent recovery. Post-surgery, his weight-related issues improved, steroid needs reduced, and blo
Slide 25: Rare / Complex / Important / Mentionable Clinical Outcome Case
Rare / Complex / Important / Mentionable Clinical Outcome Case A 22-year-old man had a nail accidentally pierce deep TOTAL KNEE REPLACEMENT DONE WITH TIBIAL into his brain while working, causing a serious head injury. STEM OF SEVER OSTEOPOROTIC BONE Doctors safely removed it, and he recovered comple
Slide 26: Rare / Complex / Important / Mentionable Clinical Outcome Case
Rare / Complex / Important / Mentionable Clinical Outcome Case Successful Ultrasound-Guided Heart Stenting Rare Complex Pelvic Trauma Management A middle-aged man with a heart attack and A patient with a rare and severe polytrauma hip injury blocked heart arteries underwent advanced from a high-spee
Slide 27: Clinical Outcome Case – Indore
Rare / Complex / Important / Mentionable Clinical Outcome Case indore Advanced High-Risk Cardiac Surgical Excellence Multidisciplinary Pediatric Neuro-Oncology Success A 12-year-old child with a life-threatening deep-seated brain tumor and fluid buildup in the brain was treated with emergency surger
Slide 28: 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 29: Implant Business
SF IMPLANT BUSINESS G SHALBY Global Technologies Pte. Ltd. 2 SAT ind ovine ives. Put. Ltd
Slide 30: 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. 29 * Shalby MedTech Limited (SMTL) formerly known as Mars Medical Devices Limite
Slide 31: MedTech Revenue & EBITDA: Q3 FY26 vs Q3 FY25
MedTech Revenue & EBITDA : Q3 FY26 vs Q3 FY25 Revenue & YoY Growth EBITDA & YoY Growth Q3 FY26 vs Q3 FY25 Q3 FY26 vs Q3 FY25 (In ₹ mn) (In ₹ mn) 303.84 15.97 264.60 268.54 7.44 234.89 5.50 1.87 0.74 189.58 (1.37) 107.18 17.23 3.61 (75.22) (69.00) SAT Inc. SMT SGT Consolidated SAT Inc. SMT SGT Consol
Slide 32: MedTech Revenue & EBITDA: Q3 FY26 vs Q2 FY26
MedTech Revenue & EBITDA : Q3 FY26 vs Q2 FY26 Revenue & QoQ Growth EBITDA & QoQ Growth Q3 FY26 vs Q2 FY26 Q3 FY26 vs Q2 FY26 (In ₹ mn) 66.30 (In ₹ mn) 337.26 303.84 36.62 275.53 264.6 15.97 5.36 189.58 160.21 5.50 1.87 0.74 29.29 17.23 (35.51) SAT Inc. SMT SGT Consolidated SAT Inc. SMT SGT Consolida
Slide 33: MedTech Revenue & EBITDA: 9M FY26 vs 9M FY25
MedTech Revenue & EBITDA : 9M FY26 vs 9M FY25 Revenue & 9M Growth EBITDA & 9M Growth 9M FY26 vs 9M FY25 9M FY26 vs 9M FY25 (In ₹ mn) (In ₹ mn) 64.15 949.36 842.19 805.04 29.88 646.93 4.95 5.72 532.23 (6.42) (17.22) 234.61 50.17 37.25 (90.71) (98.30) SAT Inc. SMT SGT Consolidated SAT Inc. SMT SGT Con
Slide 34: Core Strategic Pillars
CORE STRATEGIC PILLARS ▪ Recruitment, retention & Portfolio ▪ Continual training of training of sales and & employees, HCPs and corporate teams. Innovation Channel Partners. ▪ Strong employee ▪ Solid Partner engagement, involvement Relationship. and regular Supply People Customer ❖ Employees communi
Slide 35: Implant Business Roadmap
Implant Business Roadmap Existing Market • North America • Japan • India • Indonesia Approval Received • Malaysia(TUKS) • Argentina Paper Submitted • South Korea • Vietnam • Iran Active Conversation • Ethiopia • Paraguay • Sri Lanka • Russia 34
Slide 36: New Product Launches
New Product Launches Full suite of knee & hip implants and associated instrumentation
Slide 37: CKS TiNbN G21 Cementless Femoral Stem
CKS TiNbN G21 Cementless Femoral Stem Dual Mobility Power tool Cemented Femoral Stem
Slide 38: TUKS Launch with Cuvis in Indonesia
TUKS Launch with Cuvis in Indonesia CKS knee and Cuvis robot demo Bilateral TUKS Robotic Launch at with all potential customers. Tzu Chi & St Carolus Hospital, With IHKS organizing chairman during Jakarta closing ceremony. Grand Launching for CKS/TUKS Robotic cases in Siloam Group of Hospitals, Sura
Slide 39: About Shalby Limited
ABOUT SHALBY LIMITED -Passion=Compassion= Innovation
Slide 40: 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 41: 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 42: 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 43: 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 42
Slide 44: 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) 43
Slide 45: 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 46: Shalby Limited Shareholding Pattern (as on 31st Dec'25)
Shalby Limited Shareholding Pattern (as on 31st Dec’25) Employee Benefit Trust, 0.66% Public , 20.36% DIIs, 0.19% FIIs, 4.47% Promoters, 74.33% Promoters FIIs DIIs Public Employee Benefit Trust 45
Slide 47: Shalby Awards & Accolades – Q3 FY26
Shalby Awards & Accolades – Q3 FY26 Healthcare Transformation & Medical Excellence Award by HURUN Best medical Tourism in Gujarat – Tourism Awards 2025
Slide 48: 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 49: 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