Shalby Limited Q2 FY26 Concall Decoded:200% PAT growth, 21% occupancy drama, and a MedTech pivot that finally stopped bleeding cash
1. Opening Hook
Just when everyone thought hospital stocks were supposed to be “defensive,” Shalby decided to test investor blood pressure instead. Q2 delivered a cocktail of rising ARPOB, falling beds, international glamour hospitals running at hostel-level occupancy, and a MedTech arm suddenly discovering EBITDA is not a myth.
Management sounded confident, PowerPoint-friendly, and selectively optimistic. Gurgaon is being rebranded, doctors are being hired like IPL auctions, and robots are entering OT rooms faster than patients are entering wards.
Net-net: numbers look better, optics look messier, and guidance sounds like a promise written in erasable ink. Stick around—because the real story isn’t revenue growth, it’s whether execution finally shows up on time.
2. At a Glance
Revenue up 5.5% – Slow but steady, like a patient on physiotherapy.
EBITDA up 15.8% – Costs finally behaved, miracles were not required.
PAT up 200% – Last year’s base was on life support.
Occupancy at 48% – Half the beds still enjoying unpaid leave.
Shalby International revenue down 23% – International ambition, domestic reality.
3. Management’s Key Commentary
“Consolidated revenue grew 5.5% YoY to INR 289 crore.” (Growth happened, nobody fainted—acceptable by hospital standards.)
“EBITDA margin improved to 15.9%.” (Costs were finally told to sit quietly in a corner 😏)
“PAT grew by nearly 200% year-on-year.” (Low base walked so current PAT could run.)
“Shalby International will turn EBITDA positive next year.” (Trust us, just two more quarters.)
“65% of Shalby International revenue comes from international patients.” (Foreign passports working harder than local pin codes.)
“MedTech revenue grew 42% YoY.” (Implants are selling; spreadsheets are smiling.)
“COGS reduced by 9% YoY in MedTech.” (Finally, someone opened the procurement Excel.)
“Current implant capacity can serve next five years.” (Unless ambition grows faster than factories.)
