Shalby Limited — Investor Meet, 04-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Shalby posted Q4 FY25 consolidated revenue of ₹270 Cr, up 8.4% YoY, with annual revenue growth of 16.9% to ₹1,115 Cr, driven by full-year consolidation of Sanar Hospital. EBITDA margin dropped to 9.7% from 17.6% due to higher doctor costs and integration expenses. Stand-alone hospital revenue grew 1.7%, with EBITDA margin at 17.7%, affected by strategic investments. Sanar Hospital is loss-making but volume-growing; international business accounts for 60% of its revenue. Implant business jumped 138% YoY to ₹29 Cr in Q4 but remains EBITDA-negative amid capacity and R&D spend. Management aims to launch two new implant products adding ₹40-50 Cr revenue, expand globally, and improve margins over 12-18 months. Hospital growth expected to return to double digits; home care and franchisee segments are expanding selectively. Focus remains on orthopedic leadership with diversification into fast-growing specialties and transplants, maintaining prudent cash reserves.