Shalby Ltd

Shalby Limited trading window closed from Oct 01, 2026 till the expiry of 48 hours after the declaration of the Unaudited Financial Results for the quarter and half year ended Sept 30, 2026; re-open thereafter

Cessation of Shanay Vikram Shah (AD/WTD)

• Shanay Vikram Shah ceased as Additional Director and Whole-Time Director effective 10 September 2026.
• Reason: AGM voting did not secure majority; remains President of the Company.
• Tenure: Aug 12, 2026 to 10 Sep 2026 as Additional Director/WTD.
• Impact: WTD position vacated; Presidency continues.
• No disclosure of other listed directorships or committee roles.

AGM Details

• AGM held on 10 September 2026 at 4:00 PM via Video Conferencing.
• Remote e-voting before and during AGM; Scrutinizer appointed for process.
• Voting rights reckoned as of cut-off date 3 September 2026.

Key Resolutions

• Resolution 1 (Ordinary): Adoption of audited standalone and consolidated financial statements; passed.
• Resolution 2 (Ordinary): Ratification of remuneration payable to Cost Auditors; passed.
• Resolution 3 (Ordinary): Appointment of Mr. Shanay Shah as Director; not passed.
• Resolution 4 (Ordinary): Appointment of Mr. Shanay Vikram Shah as Whole-Time Director; not passed.

Dividend

• No dividend proposed or declared at the AGM.

Director changes

• Proposal to appoint Mr. Shanay Shah as Director not passed.
• Proposal to appoint Mr. Shanay Vikram Shah as Whole-Time Director not passed.

Auditors

• Ratification of remuneration payable to Cost Auditors for the year approved.

Material Related Party Transactions

• No material related party transactions were approved at the AGM.

AGM Details

• Date/time/mode: Sep 10, 2026, 4:00 PM IST, via Video Conferencing.
• Cut-off for voting rights: Sep 3, 2026; remote e-voting Sep 5–9, 2026.
• No physical attendance; proxies not applicable.

Resolutions Presented

• Item 1: Adoption of Audited Standalone and Consolidated Financial Statements.
• Item 2: Ratification of remuneration to Cost Auditors for FY 2026-27.
• Item 3: Appointment of Shanay Vikram Shah as Director.
• Item 4: Appointment of Shanay Vikram Shah as Whole-Time Director for 5 years.

Voting Status

• Item 1: Results to be declared within 48 hours.
• Item 2: Results to be declared within 48 hours.
• Item 3: Results to be declared within 48 hours.
• Item 4: Results to be declared within 48 hours.

Appointments & Auditors

• Director appointment: Shanay Vikram Shah appointed as Director.
• WTD appointment: Shanay Vikram Shah as Whole-Time Director for 5 years.
• Cost Auditor remuneration: Ratification for FY 2026-27.
• Scrutinizer for e-voting: Chintan Patel appointed.

AGM access and annual report

• AGM scheduled: 10 September 2026 at 4:00 PM IST via VC/OAVM.
• Annual Report FY 2025-26 accessible on the company website with AGM notice.
• Letters with AR link sent to members without registered emails.
• AR also disclosed in newspapers and filed with exchanges.
• AR available on BSE and NSE portals.
• Remote e-voting cut-off date: 3 September 2026.

Remote voting and AGM participation

• Remote e-voting starts 5 September 2026 at 9:00 AM IST.
• Remote e-voting ends 9 September 2026 at 5:00 PM IST.
• Members may vote during VC/OAVM if not previously voting remotely.
• Speaker registrations for AGM open until 3 September 2026.

Financial Performance

• Consolidated PBT ₹ 19.7 crores; margin 5.8%; PAT ₹ 10.5 crores; margin 3.1%.
• Net debt approx ₹ 463 crores; gearing 0.46x.

Hospital Segment Update

• Standalone hospital revenue ₹ 259 crores; YoY growth ~7%.
• Standalone EBITDA ₹ 47.8 crores; EBITDA margin 18.4%.
• Standalone PBT ₹ 34 crores; PBT margin 13.1%.
• Standalone PAT ₹ 25 crores; PAT margin 9.7%.
• Beds occupied 701; occupancy 51% (54% including Shalby International).
• ARPOB 44,711; ALOS 3.69 days.
• Payer mix: 30% self-pay, 38% insurance, 32% government.
• Gurgaon revenue ₹ 26.2 crores; ARPOB ₹ 91,326; ALOS 3.8 days; EBITDA break-even.
• International revenue ₹ 13 crores total; Gurgaon ₹ 2 crores; others ₹ 11 crores.
• Transplants: 47 total (41 kidney, 5 liver, 1 bone marrow).

MedTech & International Update

• MedTech consolidated revenue ₹ 47 crores; YoY +53%; QoQ +17%.
• India MedTech revenue ₹ 36 crores; sequential +29%; YoY +98%.
• US MedTech revenue ₹ 38.8 crores; SGTPL ₹ 9.9 million.
• MedTech consolidated EBITDA ₹ 1.7 million; fourth straight quarter positive.
• SMTL India revenue ₹ 22.9 crores; YoY +130%; sequential +191%.
• US EBITDA marginally negative; SGTPL EBITDA ₹ 5.8 million.
• Inventory holding days expected to improve ~30%.
• Q1 FY27 consolidated revenue ₹ 472 million.

Guidance & Outlook

• EBITDA margin to up to 20% for the full year FY27.
• Inventory optimization and working-capital efficiency to continue; selective investments in products/tech.

Q&A Highlights

• Hospital margins: bunkers deployed; new TPA renewals could lift revenue by 5–7%; Gurgaon EBITDA positive; other units growing ~30% YoY.
• Implants bottom line down due to forex; gross margins expected to improve 100–200 bps per quarter; further improvement anticipated.
• DTA recognition: hospital DTA recognized; US MedTech not yet; will reconsider as profitability improves.
• MedTech margins: FX headwinds; India volumes up; cost-reduction plan saves ₹3 crores per month now and another ₹3 crores by Q4; expect double-digit EBITDA margins.
• Shalby International: occupancy ~30% target by Q3/Q4; PBT positive within 6–9 months; 7% EBITDA achieved.

CEO resignation

• Resignation of Deepak Anand as CEO of Shalby MedTech Limited, effective close of business 4 September 2026.
• Reason: moving abroad for personal reasons.
• No other material reasons stated.

Overview

• Standalone BRSR for FY2025-26; hospital and medical care provider.
• Reporting boundary is standalone; hospital services account for 100% turnover.
• 75 national units and 23 international locations across 10 Indian states and 13 countries.
• Exports contribute about 1.31% of turnover; paid-up capital ₹1,080.1 million.

Key ESG Risks & Opportunities

• Data protection risk; DPDP Act readiness with enterprise-wide privacy framework.
• Cybersecurity risk mitigated via access controls, breach response, and training.
• Energy/waste management opportunities; LED lighting, STP reuse, and potential solar.
• Biomedical waste handling compliance reduces regulatory risk and costs.

Governance & Policy Highlights

• Board oversight via Directors and Senior Management; CSR committee oversees CSR spend.
• Vigil Mechanism and Whistleblower Policy; anti-bribery and human rights policies.
• DPDP readiness with consent management framework and privacy policies.
• Policies approved by the Board; no external assurance obtained for BRSR FY2025-26.
• Policies cover ethics, risk, data privacy, and environment, health and safety.

Social Responsibility & Workforce

• Total employees: 2,838; permanent 2,217; female share ~44.6%; board female representation 14.29%.
• OHS: LTIFR and fatalities zero; NABH accreditation across hospitals.
• Training: ~89.9% employee training coverage; health, safety, and skill development programs.
• Turnover: permanent employees 35.99%; 2023-24 to 2024-25 turnover stable.
• CSR spend ₹32.18 million; CSR turnover ₹8,985.57 million; 100% beneficiaries from vulnerable groups.
• Grievance mechanism in place; 47 employee complaints filed, with minimal unresolved cases.

Environmental Performance

• Electricity from non-renewables: 59.88 TJ; total energy 61.96 TJ; intensity 6.9e-9 TJ/₹.
• Energy intensity improved ~18.4% year over year; LED lighting and HVAC optimisation cited.
• Water withdrawal 342,268 KL; water intensity 3.81e-5 KL/₹; 100% STP water reuse being evaluated.
• Biomedical waste 228.44 tonnes; disposed through authorised CBWTFs.
• GHG emissions: Scope 1 155.57 tCO2e; Scope 2 11,809.99 tCO2e; total 11,965.56 tCO2e.
• NABH accreditation; solar power and rainwater harvesting explored; zero liquid discharge not yet in place.

Stakeholder Engagement & Complaints

• Stakeholders: patients, employees, vendors, regulators, investors; engagement ongoing via multiple channels.
• Patient feedback informs hygiene, infection control, and housekeeping improvements.
• Investor engagement through quarterly presentations and ESG disclosures; policy inputs reviewed by Board.
• Grievance mechanism supports timely resolution; 0-47 employee complaints year, with minimal pending cases.
• Affiliations: 5 industry bodies (ASSOCHAM, CII, FICCI, GCCI, NatHealth).

Other Notable Metrics

• Related party transactions: purchases from RPbs 31.48%; loans/advances to RPbs 68.04%; investments 90.06%.
• Purchases to related parties 31.48%; sales to related parties 0.001% of turnover.
• Data privacy: consent management on website; DPDP-aligned policies; no data breaches in FY2025-26.
• Cybersecurity policies and data privacy frameworks in place; no external assurance obtained.
• Public policy: active engagement with industry associations; no adverse regulatory orders.
• No material product recalls or service disruptions reported.