Shalby Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 15 Jul 2026 | Healthcare Services | Market Cap: ₹1.7K Cr

Shalby MedTech expects sustained growth driven by increased implant sales and robotic rental income. Stand-alone EBITDA margin is expected to improve by 200 to 300 basis points from current 19.5%, indicating sustainable margin growth for FY '26 and beyond.

From Shalby Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹153

Market Cap

₹1.7K Cr

P/E Ratio

42.0

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Shalby Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹287 Cr, net profit ₹18 Cr.

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📊 Revenue & Sales Performance

→Shalby MedTech expects sustained growth driven by increased implant sales and robotic rental income.
→Robust domestic volume growth and improved channel partner engagement are key revenue drivers.
→Expansion of product portfolio with surgeon-friendly implants and new product developments by R&D teams in India and the U.S.
→Reduction in COGS by 9% YoY and supply chain and distribution efficiencies aiming for 15-20% cost reduction.
→Capacity improvements expected to be realized by Q3-Q4 FY '26 with existing plant capacity sufficient for next 5 years.
→Growth supported by new technology introduction (robotics in general surgery, oncology, neurosurgery).
→Geographic growth focused on India, U.S., Southeast Asia, and developing markets, not northeastern region currently.
→Hospital occupancy projected to increase by 4-5 percentage points in upcoming quarters, supporting revenue growth.
→Government business expected to stabilize with gradual reduction in some units but increase in others (e.g., Mohali).
→TPA renegotiations nearing completion, expected to positively impact surgical volumes going forward.

📈 Profitability & Margins

→Stand-alone EBITDA margin is expected to improve by 200 to 300 basis points from current 19.5%, indicating sustainable margin growth for FY '26 and beyond.
→Positive impact anticipated from CGHS rate revisions and GST benefits, aiding top-line and margin improvements.
→Robotic surgeries and robotic rentals are projected to bolster EBITDA recovery starting Q4 FY '26.
→Capex of around INR70 crores in H1 FY '26 primarily focused on robotic and oncology machines, fueling future growth.
→New investments in radiotherapy, PET/CT scan machines, and clinical talent additions to drive revenue and margin expansion.
→MedTech business expects continued revenue growth with improving EBITDA trends as capacity challenges are addressed.
→Consolidated PAT showed a 200% YoY growth in the quarter, and management is confident of a positive EBITDA at Shalby International hospital in upcoming quarters.
→Tax rate for FY '26 is estimated at 25%, aiding clearer profit guidance.

🏗️ Capital Expenditure Plans

→Q2 FY '26 capex spend was about INR 70 crores for the first 6 months, largely on robotic and oncology machines (~INR 50 crores).
→Purchased 5 orthopedic robots; planning to acquire robots for general surgery, onco surgery, and neurosurgery (starting with SSI Mantra, then da Vinci).
→Investment made in radiotherapy machines; major orthopedic surgical equipment investments completed.
→Adding 2 new linac bunkers in Surat and Ahmedabad, expected to start contributing revenue from Q4 onwards.
→Installation of an additional PET/CT scan machine at Naroda, Ahmedabad planned in next quarter or fiscal year.
→Focus on capacity improvement, especially in implant manufacturing, to meet demand for next 5 years.
→Set up new R&D offices in India and the U.S. for new product development and innovation.
→Strategic initiatives aim for sustainable growth, operational efficiency, and leadership in orthopedic market through 2025-26.

💰 Fundraising & Capital Structure

The transcript does not explicitly mention any current or future plans for fundraising through debt or equity. Key points related to financial position and investments include: - The company maintains a strong balance sheet with a low gearing ratio of 0.36x and net debt of INR 362.2 crores. - Capital expenditure in Q2 FY '26 was about INR 70 crores, mainly allocated to robotics and oncology equipment. - There are ongoing investments in technology, product development, and capacity expansion. - No direct statements regarding intention to raise new debt or equity in the immediate or near future were made during the call. Therefore, based on the provided transcript, there is no indication of any imminent fundraising through debt or equity.

📋 Order Book & Pipeline

The transcript does not provide specific details or figures regarding the current or expected order book/pending orders for Shalby Limited. However, insights related to growth and business outlook include: - Growth is expected from CGHS rate revisions positively impacting margins and revenues. - Revenue increase of 4% from the Mohali hospital due to CGHS uptake was mentioned. - Expansion plans do not include the northeastern region currently. - TPA renegotiations are nearing closure, expected to support volume recovery. - Focus on increasing top line through new specialties, robotic surgeries, and additional high-margin services. - Improvements in hospital occupancy and new capacity additions are projected to enhance order volume. - Robotic and high-margin product mix aimed to drive better EBITDA, suggestive of an anticipated order growth in coming quarters. No direct or quantified data on order book/pending orders is available in the provided transcript.

Key Metrics

What Shalby's management said in earlier quarters

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Frequently Asked Questions

What were Shalby Ltd Q2 FY26 results?

What is Shalby Ltd share price analysis?

Shalby Ltd currently shows a neutral. The stock trades at a P/E of 42.0 with a market cap of ₹1,652 Cr. Investors should review the full earnings analysis for detailed insights.

Is Shalby Ltd planning capital expenditure?

Q2 FY '26 capex spend was about INR 70 crores for the first 6 months, largely on robotic and oncology machines (~INR 50 crores). - Purchased 5 orthopedic robots; planning to acquire robots for general surgery, onco surgery, and neurosurgery (starting with SSI Mantra, then da Vinci). - Investment made in radiotherapy machines; major orthopedic surgical equipment investments completed. - Adding 2 new linac bunkers in Surat and Ahmedabad, expected to start contributing revenue from Q4 onwards. - Installation of an additional PET/CT scan machine at Naroda, Ahmedabad planned in next quarter or fiscal year. - Focus on capacity improvement, especially in implant manufacturing, to meet demand for next 5 years. - Set up new R&D offices in India and the U.S.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.