Any current/future new fundraising through debt or equity?

The company does not currently plan to raise equity capital for aggressive growth, specifically in Mumbai and Delhi NCR regions, as their standalone cash position is sufficient for expansion. The balance sheet is strong enough to raise additional funds from banks if required for investments beyond Mumbai and Delhi. They are comfortable with a peak debt level internally around a net equity ratio of 1:1 or 3x EBITDA but do not anticipate reaching that level. Minimal debt is expected going forward, with expansion largely funded through internal accruals generating Rs. 200 to Rs. 250 crores of ann

Any current/future capex/capital investment/strategic investment?

Asha Parekh Hospital in Mumbai: Planned CAPEX of around Rs. 250 crores, to be spread over 36 months starting from the lease agreement filing date with the Charity Commissioner. Capex for FOSO franchise model: Rs. 3 to Rs. 5 crore per unit for 25 to 50-60 beds, though this is not mandatory. No major standalone hospital CAPEX expected apart from ongoing expansions; balance sheet and internal accruals expected to cover expansion needs with minimal debt. Implant business: Focus on growing to a $100 million business by FY28-29 with ongoing investments in manufacturing capacity and raw materia

Future growth expectations in earnings/operating earnings/profits/EPS?

Hospital business expects higher double-digit growth in revenue and EBITDA with EBIT margins around 23%-25% for the hospital segment and overall 21%-22% including Sanar (Page 17). Sanar Hospital currently EBITDA neutral, expected to move into single-digit EBITDA positive this year and double-digit profitability next year with occupancy growth (Page 12). Implant business revenue grew 90% YoY; targeted to reach $100 million business by 2028-29 with higher double-digit profitability in coming years (Pages 6, 14). Overall occupancy expected to grow from current ~49% with organic and inorganic bed

ShalbyQ2 FY25Healthcare Services

Shalby Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹128.95P/E: 35.4Market Cap: ₹1.4K CrSector: Healthcare Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

- - Hospital business expects consistent high double-digit growth. - Implant business targeting $100 million revenue by FY28-29 with 90% YoY growth reported recently. - ARPOB (Average Revenue Per Occupied Bed) expected to grow 5-7% quarterly, around 10-12% annually. - Volume growth in hospitals anticipated at 12-15% YoY. - Occupancy levels expected to rise, aiming for a sustainable ~70% level in mature hospitals. - Sanar Hospital is scaling operations, moving from 25% occupancy towards 50% in next 12-18 months. - New geographic expansion planned in Delhi NCR and Mumbai regions. - Implant business sales expanding globally with focus on US, Latin America, Indonesia, Japan, Russia, Iran, and Malaysia. - Continuous addition of beds and clinical talent to drive organic growth. Overall, Shalby is positioned for strong volume, revenue, and profitability growth in both hospital and implant segments.

Margin guidance

Category 3

Hospital business expects higher double-digit growth in revenue and EBITDA with EBIT margins around 23%-25% for the hospital segment and overall 21%-22% including Sanar (Page 17).
Sanar Hospital currently EBITDA neutral, expected to move into single-digit EBITDA positive this year and double-digit profitability next year with occupancy growth (Page 12).
Implant business revenue grew 90% YoY; targeted to reach $100 million business by 2028-29 with higher double-digit profitability in coming years (Pages 6, 14).
Overall occupancy expected to grow from current ~49% with organic and inorganic bed additions aiming for 70%-75% sustainable occupancy in mature hospitals over 4-5 years (Pages 15, 16).
No immediate plans for equity raising; expansion funded via internal accruals and manageable debt (Page 18).
FY25 revenue and EBITDA guidance continues to follow current trend of growth; exact absolute numbers not disclosed (Page 14).

See what Shalby management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company does not currently plan to raise equity capital for aggressive growth, specifically in Mumbai and Delhi NCR regions, as their standalone cash position is sufficient for expansion.
The balance sheet is strong enough to raise additional funds from banks if required for investments beyond Mumbai and Delhi.
They are comfortable with a peak debt level internally around a net equity ratio of 1:1 or 3x EBITDA but do not anticipate reaching that level.
Minimal debt is expected going forward, with expansion largely funded through internal accruals generating Rs. 200 to Rs. 250 crores of annual EBITDA.
The Asha Parekh Hospital CAPEX of ~Rs. 250 crores will be spread over 36 months with impending lease agreement submission; any related debt is expected to be minimal.
No mention of immediate plans for new debt issuance or equity funding in the near term.

Order book

Yes

The transcript does not explicitly mention the current or expected order book or pending orders for Shalby Limited. However, relevant insights related to business growth and order intake include: - Implant business has shown strong growth with 90% YoY revenue increase and a 46% increase in constructs sold in Q2 FY25, indicating expanding demand. - Additional orders received from the Indonesian market, reflecting positive reception of implants. - US business is growing, with five new customers and seven new distributors added in Q2. - Expansion plans in Latin America, Russia, Iran, Malaysia, and Japan to broaden geographic reach. - Shalby Advanced Technology is awaiting US FDA approval for the CKS gold launch expected between December and January. - Continuous focus on strengthening sales and operational efficiency to sustain order inflow and growth. No specific numeric details on order book or pending orders were disclosed.

See what Shalby management said on order book — free account, 30 seconds.

Capex plans

Yes

Asha Parekh Hospital in Mumbai: Planned CAPEX of around Rs. 250 crores, to be spread over 36 months starting from the lease agreement filing date with the Charity Commissioner.
Capex for FOSO franchise model: Rs. 3 to Rs. 5 crore per unit for 25 to 50-60 beds, though this is not mandatory.
No major standalone hospital CAPEX expected apart from ongoing expansions; balance sheet and internal accruals expected to cover expansion needs with minimal debt.
Implant business: Focus on growing to a $100 million business by FY28-29 with ongoing investments in manufacturing capacity and raw material sourcing.
Expansion planned in Delhi NCR and Mumbai regions, with no immediate equity infusion needed as current cash and balance sheet strong enough to fund growth.
Minimal future debt expected; internal accruals to support expansion largely.

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Shalby Q2 FY25 Earnings Call Analysis

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Capex plans

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What Shalby's management said in earlier quarters

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