True happiness is defined by living a healthy, pain-free life and experiencing a renewed sense of vitality every day. Shalby Hospitals, established in 1994 by Dr. Vikram Shah, a globally acclaimed joint replacement surgeon and innovative healthcare entrepreneur, strives to enable people to live their lives with full vigor, regardless of their age or background. Dr. Shah’s primary mission was to deliver exceptional care and treatment adhering to international standards for his country’s populace.
Initially acclaimed as the premier orthopedic center globally, Shalby Hospitals have expanded extensively across India. From a single facility, Shalby has grown into the largest hospital chain in Western and Central India. Featuring a team of experts across diverse medical specialties—including orthopedics & joint replacement, cardiac care, nephrology, neurology, critical care, gynecology, and dental care—Shalby has become a center of excellence for comprehensive healthcare. The hospital chain went public on the BSE/NSE in December 2017.
Shalby Q4 FY24 Results Highlight: Summary and Key Points
- Revenue:
- Increased by 22.74% year-over-year, reaching a new high.
- Grew by 13.05% quarter-over-quarter.
- Profit:
- Year-over-year profit increased by 19.26%.
- Slight decrease in profit compared to the previous quarter.
- Expenses:
- Selling, general & administrative expenses rose by 5.76% quarter-over-quarter.
- Decreased by 4.19% year-over-year.
- Operating Income:
- Increased by 81.17% year-over-year.
- Decreased by 22.26% quarter-over-quarter.
- Earnings Per Share (EPS):
- Reported EPS of ₹1.49 for Q4.
- Marked a 14.58% increase year-over-year.
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | |
| Promoters + | 74.12% | 74.12% | 74.12% | 74.12% | 74.24% |
| FIIs + | 3.92% | 4.00% | 4.11% | 4.62% | 4.88% |
| DIIs + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public + | 21.09% | 21.00% | 20.90% | 20.42% | 20.13% |
| Others + | 0.87% | 0.87% | 0.87% | 0.83% | 0.76% |
| No. of Shareholders | 52,181 | 52,580 | 50,225 | 49,495 | 49,858 |
The shareholding pattern observed from March 2023 to March 2024 unveils several noteworthy shifts. Notably, the promoters consistently maintained a dominant stake, sustaining control at 74.12% throughout the year, with a marginal uptick to 74.24% by March 2024. Over the same period, Foreign Institutional Investors (FIIs) progressively augmented their holdings, rising from 3.92% in March 2023 to 4.88% in March 2024. Conversely, Domestic Institutional Investors (DIIs) showed no participation. Public shareholding experienced a downward trajectory, declining from 21.09% to 20.13%. Similarly, other categories of shareholders witnessed a decrease from 0.87% to 0.76%. The shareholder base fluctuated, peaking at 52,580 in June 2023, hitting a trough of 49,495 in December 2023, and finally stabilizing at 49,858 by March 2024.
You can buy Shalby Ltd shares from the following trading platforms:
- Zerodha
- Upstox
- Groww
- AngelOne
- ICICIDirect
| When | Maximum Price | Minimum Price |
| June 2024 | 271.30 | 235.92 |
| July 2024 | 268.59 | 233.56 |
| August 2024 | 279.33 | 242.90 |
| September 2024 | 290.51 | 252.62 |
| October 2024 | 284.81 | 247.66 |
| November 2024 | 296.20 | 257.57 |
| December 2024 | 299.17 | 260.14 |
In June 2024, Shalby Ltd’s share prices are anticipated to range between a maximum of 271.30 and a minimum of 235.92. As we progress into July, the maximum and minimum prices are expected to be around 268.59 and 233.56, respectively. Moving into August, the maximum price may rise to 279.33, with the minimum price projected at 242.90. September could witness further increases, with the maximum price reaching 290.51 and the minimum price expected to be 252.62. October’s prices are forecasted to range between 284.81 and 247.66. As we step into November, the maximum price may reach 296.20, while the minimum is expected to be 257.57. Finally, in December 2024, the maximum and minimum prices are predicted to be 299.17 and 260.14, respectively.
| When | Maximum Price | Minimum Price |
| January 2025 | 302.16 | 232.43 |
| February 2025 | 305.21 | 234.78 |
| March 2025 | 311.62 | 239.71 |
| April 2025 | 308.53 | 237.33 |
| May 2025 | 299.55 | 230.42 |
| June 2025 | 313.03 | 240.79 |
| July 2025 | 306.89 | 236.07 |
| August 2025 | 316.38 | 243.37 |
| September 2025 | 320.18 | 246.29 |
| October 2025 | 328.50 | 252.69 |
| November 2025 | 336.71 | 259.01 |
| December 2025 | 351.87 | 270.67 |
As we move into January 2025, Shalby Ltd’s shares are expected to range between a maximum of 302.16 and a minimum of 232.43. In February, the prices may hover around 305.21 to 234.78. March could see further increases to 311.62 and 239.71. April’s forecast is 308.53 to 237.33. May might witness a slight decrease to 299.55 and 230.42. June’s prices could rise to 313.03 and 240.79. July and August may see prices around 306.89 to 316.38 and 236.07 to 243.37, respectively. September’s forecast is 320.18 to 246.29. October might rise to 328.50 and 252.69. November could see further increases to 336.71 and 259.01. Finally, December 2025 is anticipated to see prices around 351.87 and 270.67.
| When | Maximum Price | Minimum Price |
| January 2026 | 362.42 | 278.79 |
| February 2026 | 353.36 | 271.82 |
| March 2026 | 360.43 | 277.25 |
| April 2026 | 367.79 | 282.91 |
| May 2026 | 364.14 | 280.11 |
| June 2026 | 373.25 | 287.11 |
| July 2026 | 365.93 | 281.48 |
| August 2026 | 377.25 | 290.19 |
| September 2026 | 384.79 | 295.99 |
| October 2026 | 394.80 | 303.69 |
| November 2026 | 404.67 | 311.28 |
| December 2026 | 414.78 | 319.06 |
| When | Maximum Price | Minimum Price |
| January 2027 | 418.93 | 322.25 |
| February 2027 | 429.67 | 330.52 |
| March 2027 | 446.43 | 343.41 |
| April 2027 | 437.68 | 336.67 |
| May 2027 | 424.93 | 326.87 |
| June 2027 | 444.05 | 341.58 |
| July 2027 | 435.34 | 334.88 |
| August 2027 | 448.81 | 345.24 |
| September 2027 | 464.52 | 357.32 |
| October 2027 | 476.59 | 366.61 |
| November 2027 | 488.51 | 375.77 |
| December 2027 | 500.72 | 385.17 |
| When | Maximum Price | Minimum Price |
| January 2028 | 510.73 | 392.87 |
| February 2028 | 523.83 | 402.95 |
| March 2028 | 544.26 | 418.66 |
| April 2028 | 533.59 | 410.45 |
| May 2028 | 518.05 | 398.50 |
| June 2028 | 541.36 | 416.43 |
| July 2028 | 530.74 | 408.26 |
| August 2028 | 547.16 | 420.89 |
| September 2028 | 566.31 | 435.62 |
| October 2028 | 581.03 | 446.95 |
| November 2028 | 595.56 | 458.12 |
| December 2028 | 610.45 | 469.58 |
| When | Maximum Price | Minimum Price |
| January 2029 | 622.66 | 478.97 |
| February 2029 | 638.62 | 491.25 |
| March 2029 | 663.53 | 510.41 |
| April 2029 | 650.52 | 500.40 |
| May 2029 | 631.57 | 485.82 |
| June 2029 | 659.99 | 507.69 |
| July 2029 | 647.05 | 497.73 |
| August 2029 | 667.06 | 513.12 |
| September 2029 | 690.41 | 531.08 |
| October 2029 | 708.36 | 544.89 |
| November 2029 | 726.07 | 558.51 |
| December 2029 | 744.22 | 572.48 |
| When | Maximum Price | Minimum Price |
| January 2030 | 759.11 | 583.93 |
| February 2030 | 778.57 | 598.90 |
| March 2030 | 808.93 | 622.26 |
| April 2030 | 793.07 | 610.06 |
| May 2030 | 769.97 | 592.29 |
| June 2030 | 804.62 | 618.94 |
| July 2030 | 788.85 | 606.80 |
| August 2030 | 813.24 | 625.57 |
| September 2030 | 841.71 | 647.47 |
| October 2030 | 863.59 | 664.30 |
| November 2030 | 885.18 | 680.91 |
| December 2030 | 907.31 | 697.93 |
Throughout January 2030, Shalby Ltd’s shares are expected to range between a maximum of 759.11 and a minimum of 583.93. In February, the prices may fluctuate within the range of 778.57 to 598.90. March could see further increases to 808.93 and 622.26. April’s forecast is a range of 793.07 to 610.06. May might witness a slight decrease to 769.97 and 592.29. June’s prices could rise to 804.62 and 618.94. July and August may see prices around 788.85 to 813.24 and 606.80 to 625.57, respectively. September’s forecast is a range of 841.71 to 647.47. October might rise to 863.59 and 664.30. November could see further increases to 885.18 and 680.91. Finally, December 2030 is anticipated to see prices around 907.31 and 697.93.
Financial Condition of Shalby Ltd: Last 5 years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 487 | 431 | 699 | 805 | 934 |
| Expenses + | 404 | 342 | 577 | 667 | 757 |
| Operating Profit | 83 | 89 | 122 | 138 | 177 |
| OPM % | 17% | 21% | 17% | 17% | 19% |
| Other Income + | 17 | 8 | 8 | 22 | 19 |
| Interest | 7 | 5 | 8 | 11 | 16 |
| Depreciation | 36 | 37 | 43 | 48 | 52 |
| Profit before tax | 57 | 55 | 79 | 102 | 128 |
| Tax % | 51% | 23% | 32% | 34% | 35% |
| Net Profit + | 28 | 42 | 54 | 68 | 84 |
| EPS in Rs | 2.55 | 3.93 | 5.01 | 6.27 | 7.78 |
| Dividend Payout % | 20% | 25% | 20% | 19% | 15% |
The financial performance of the company showcases a consistent growth trajectory over the five-year period from March 2020 to March 2024. Sales steadily increased from Rs 487 crore in March 2020 to Rs 934 crore in March 2024, reflecting a cumulative growth of 91.61%. Despite fluctuations in expenses, the operating profit consistently improved, reaching Rs 177 crore in March 2024, indicating effective cost management strategies. The operating profit margin (OPM) remained relatively stable, fluctuating between 17% and 21% throughout the period, with a slight uptick to 19% in March 2024. Other income also contributed positively, showing an upward trend, with a notable increase from Rs 8 crore in March 2021 to Rs 19 crore in March 2024. However, interest expenses and depreciation charges increased over the years, reflecting higher financing and investment activities. Despite a fluctuating tax rate, the company managed to increase its net profit consistently, reaching Rs 84 crore in March 2024. Earnings per share (EPS) also showed significant improvement, rising from Rs 2.55 in March 2020 to Rs 7.78 in March 2024. Additionally, the company maintained a prudent dividend payout policy, gradually decreasing from 20% in March 2020 to 15% in March 2024, ensuring a balance between reinvestment for growth and rewarding shareholders. Overall, the financials reflect a robust performance with steady growth in revenue, profitability, and shareholder value over the years.
FAQS
Yes, our analysis suggests that Shalby Ltd is likely to see continued success and growth in the coming years, making it a potentially attractive investment opportunity for those looking to capitalize on the company’s long-term growth potential.
In 2025, the maximum share price target of Shalby Ltd is projected to reach ₹351.87. This uptrend in the company’s share price is expected to suggest a continued positive outlook for Shalby Ltd.
Can Shalby Ltd reach 6000 INR?
Yes, Shalby Ltd could reach 1000 INR by 2031.
By the end of 2030, the share price of Shalby Ltd is expected to reach around ₹907.31.
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Conclusion
In conclusion, Shalby Ltd’s Q4 FY24 results exemplify the company’s commitment to excellence and its positive trajectory in the healthcare sector. The notable increase in revenue by 22.74% year-over-year and the impressive growth in profit by 19.26% signify Shalby’s ability to capitalize on opportunities and deliver value to its stakeholders. Despite a slight decrease in profit compared to the previous quarter, the company’s focus on operational efficiency is evident through the rise in operating income by 81.17% year-over-year. Moreover, the upward trend in earnings per share (EPS) by 14.58% highlights Shalby’s dedication to enhancing shareholder value. The stability of the operating profit margin (OPM) and prudent dividend payout policy further underscore Shalby’s commitment to sustainable growth and shareholder returns. As Shalby continues to expand its hospital chain and maintain its position as a center of excellence in healthcare, it remains poised for continued success and value creation in the years ahead.
What did we learn?
