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Last Updated: April 2, 2026, 3:38 am
Author: Getaka|Social: XLinkedIn

Shalby Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹87.80Overvalued by 37.29%vs CMP ₹140.00

P/E (187.0) × ROE (0.6%) × BV (₹92.80) × DY (2.00%)

₹67.54Overvalued by 51.76%vs CMP ₹140.00
MoS: -107.3% (Negative)Confidence: 56/100 (Moderate)Models: 1 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹60.0530%Over (-57.1%)
Graham NumberEarnings₹39.5722%Over (-71.7%)
Net Asset ValueAssets₹93.1810%Over (-33.4%)
EV/EBITDAEnterprise₹137.0312%Fair (-2.1%)
Earnings YieldEarnings₹7.5010%Over (-94.6%)
ROCE CapitalReturns₹76.3210%Over (-45.5%)
Revenue MultipleRevenue₹100.987%Over (-27.9%)
Consensus (7 models)₹67.54100%Overvalued
Key Drivers: EPS CAGR -31.6% drags value — could be higher if earnings stabilize. | P/E of 187 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -31.6%

*Investments are subject to market risks

Investment Snapshot

45
Shalby Ltd scores 45/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health55/100 · Moderate
ROCE 6.1% WeakROE 0.6% WeakD/E 0.04 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 74.3% Stable
Earnings Quality50/100 · Moderate
OPM stable around 16% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 5% YoY FlatProfit (4Q): -87% YoY Declining
Industry Rank20/100 · Weak
P/E 187.0 vs industry 75.2 Premium to peersROCE 6.1% vs industry 14.7% Below peersROE 0.6% vs industry 13.9% Below peers3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:38 am

Market Cap 1,507 Cr.
Current Price 140
Intrinsic Value₹67.54
High / Low 275/126
Stock P/E187
Book Value 92.8
Dividend Yield0.00 %
ROCE6.12 %
ROE0.62 %
Face Value 10.0
PEG Ratio-5.92

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Shalby Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Shalby Ltd 1,507 Cr. 140 275/126187 92.80.00 %6.12 %0.62 % 10.0
Sakar Healthcare Ltd 1,147 Cr. 516 578/22045.5 1360.00 %8.54 %6.48 % 10.0
Aashka Hospitals Ltd 140 Cr. 60.0 108/59.0123 42.50.00 %4.07 %2.39 % 10.0
Artemis Medicare Services Ltd 3,528 Cr. 223 306/20335.5 56.00.20 %14.9 %12.9 % 1.00
Indraprastha Medical Corporation Ltd 3,664 Cr. 400 641/32220.0 71.81.13 %39.1 %30.0 % 10.0
Industry Average26,819.31 Cr611.5975.1783.710.36%14.71%13.91%9.04

All Competitor Stocks of Shalby Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 202.46198.98235.49237.98216.05244.23278.89267.54275.63264.89296.43285.43272.13
Expenses 168.65173.32192.36185.26173.73205.37233.68234.89241.72244.05254.90243.82241.88
Operating Profit 33.8125.6643.1352.7242.3238.8645.2132.6533.9120.8441.5341.6130.25
OPM % 16.70%12.90%18.32%22.15%19.59%15.91%16.21%12.20%12.30%7.87%14.01%14.58%11.12%
Other Income 4.199.184.535.384.524.999.707.165.425.327.014.487.23
Interest 2.672.842.753.173.636.478.129.2610.6610.679.379.6510.64
Depreciation 11.7912.8111.9412.3012.4015.6016.3716.8416.3216.2316.5217.3717.61
Profit before tax 23.5419.1932.9742.6330.8121.7830.4213.7112.35-0.7422.6519.079.23
Tax % 35.09%27.57%36.85%35.30%38.14%26.35%51.55%82.71%124.21%1,547.30%66.09%61.88%86.13%
Net Profit 15.2813.9020.8227.5719.0616.0414.742.36-2.99-12.197.687.281.28
EPS in Rs 1.421.291.932.551.771.541.450.31-0.17-1.020.830.780.16

Last Updated: March 3, 2026, 2:52 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 6:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2592752903243784624874316998059341,0871,119
Expenses 196207235252299379404342577667755952985
Operating Profit 6368567179838389122138179135134
OPM % 24%25%19%22%21%18%17%21%17%17%19%12%12%
Other Income 2227109178822192824
Interest 25101112975811184140
Depreciation 11211117233336374348526668
Profit before tax 5243365054505755791021285650
Tax % 28%43%-1%43%27%37%51%23%32%34%35%97%
Net Profit 382536293932284254688424
EPS in Rs 11.177.364.303.403.652.932.553.935.016.277.780.580.75
Dividend Payout % 0%0%0%0%0%17%20%25%20%19%15%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-34.21%44.00%-19.44%34.48%-17.95%-12.50%50.00%28.57%25.93%23.53%-97.62%
Change in YoY Net Profit Growth (%)0.00%78.21%-63.44%53.93%-52.43%5.45%62.50%-21.43%-2.65%-2.40%-121.15%

Shalby Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:15%
5 Years:17%
3 Years:16%
TTM:13%
Compounded Profit Growth
10 Years:-13%
5 Years:-26%
3 Years:-52%
TTM:-101%
Stock Price CAGR
10 Years:%
5 Years:19%
3 Years:12%
1 Year:-31%
Return on Equity
10 Years:6%
5 Years:6%
3 Years:5%
Last Year:1%

Last Updated: September 5, 2025, 1:26 pm

Balance Sheet

Last Updated: December 4, 2025, 1:57 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 35358787108108108108108107107107108
Reserves 106133117164643672691727768820893885895
Borrowings 3798224328114716244155180378476535
Other Liabilities 398575999689105118162173231241246
Total Liabilities 2173515046799619399679971,1941,2811,6091,7091,782
Fixed Assets 130175319323650692672660675685966955976
CWIP 5918222147368611152254
Investments 0000011281625146819587
Other Assets 8185102134264233260314488440547637665
Total Assets 2173515046799619399679971,1941,2811,6091,7091,782

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 6014435579196820-4
Cash from Investing Activity + -153-2361-31-51-60-61146-36
Cash from Financing Activity + 96222-51-22-3090-50-15148
Net Cash Flow 30-63-249-43158
Free Cash Flow -98-1241224458-2950-26-74
CFO/OP 99%34%63%91%99%34%70%22%7%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow26.00-30.00-168.00-257.00-35.0012.0021.0045.00-33.00-42.00-199.00-341.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 212940384964718053485759
Inventory Days 771131191052421,1521,3611,017
Days Payable 395462522415606546744377
Cash Conversion Cycle 212940-280-299-339-239-28353654673698
Working Capital Days 35-46-26-64-1857707774754856
ROCE %22%13%12%9%7%7%7%10%10%11%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.12%74.12%74.12%74.12%74.24%74.25%74.25%74.27%74.27%74.27%74.33%74.33%
FIIs 3.92%4.00%4.11%4.62%4.88%5.35%5.37%4.65%4.54%5.21%4.63%4.47%
DIIs 0.00%0.00%0.00%0.00%0.00%0.06%0.09%0.14%0.18%0.19%0.19%0.19%
Public 21.09%21.00%20.90%20.42%20.13%19.65%19.59%20.26%20.33%19.65%20.18%20.36%
Others 0.87%0.87%0.87%0.83%0.76%0.70%0.69%0.69%0.69%0.69%0.66%0.66%
No. of Shareholders 52,18152,58050,22549,49549,85849,31551,47952,32852,89553,43753,78452,495

Shareholding Pattern Chart

No. of Shareholders

Shalby Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal S&P BSE Healthcare ETF 287 0.09 0.012872025-04-22 17:25:210%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 0.187.786.315.003.92
Diluted EPS (Rs.) 0.187.776.275.003.92
Cash EPS (Rs.) 6.3012.6410.798.977.33
Book Value[Excl.RevalReserv]/Share (Rs.) 92.3193.8286.4481.1377.28
Book Value[Incl.RevalReserv]/Share (Rs.) 92.3193.8286.4481.1377.28
Revenue From Operations / Share (Rs.) 101.1286.9375.0164.7239.90
PBDIT / Share (Rs.) 14.9018.2914.8412.268.84
PBIT / Share (Rs.) 8.7913.4310.368.295.43
PBT / Share (Rs.) 5.1811.939.517.335.10
Net Profit / Share (Rs.) 0.177.776.315.003.92
NP After MI And SOA / Share (Rs.) 0.577.836.315.013.92
PBDIT Margin (%) 14.7321.0419.7818.9322.15
PBIT Margin (%) 8.6815.4413.8112.8013.61
PBT Margin (%) 5.1213.7212.6711.3212.77
Net Profit Margin (%) 0.178.948.407.729.83
NP After MI And SOA Margin (%) 0.579.008.417.749.83
Return on Networth / Equity (%) 0.628.407.296.175.07
Return on Capital Employeed (%) 7.5611.2210.228.766.41
Return On Assets (%) 0.365.235.284.534.25
Long Term Debt / Equity (X) 0.130.170.070.090.04
Total Debt / Equity (X) 0.430.310.150.170.04
Asset Turnover Ratio (%) 0.650.640.590.620.42
Current Ratio (X) 1.451.712.662.613.32
Quick Ratio (X) 0.740.981.711.913.04
Inventory Turnover Ratio (X) 3.920.150.000.000.00
Dividend Payout Ratio (NP) (%) 208.3015.4115.9519.9512.73
Dividend Payout Ratio (CP) (%) 18.009.509.3211.136.81
Earning Retention Ratio (%) -108.3084.5984.0580.0587.27
Cash Earning Retention Ratio (%) 82.0090.5090.6888.8793.19
Interest Coverage Ratio (X) 4.1412.2517.4422.4326.38
Interest Coverage Ratio (Post Tax) (X) 1.056.218.4110.9012.71
Enterprise Value (Cr.) 2524.312864.541573.711305.751041.12
EV / Net Operating Revenue (X) 2.323.071.961.872.42
EV / EBITDA (X) 15.7614.589.889.8710.91
MarketCap / Net Operating Revenue (X) 1.962.751.791.802.53
Retention Ratios (%) -108.3084.5884.0480.0487.26
Price / BV (X) 2.152.571.561.441.30
Price / Net Operating Revenue (X) 1.962.751.791.802.53
EarningsYield 0.000.030.040.040.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Shalby Ltd. is a Public Limited Listed company incorporated on 30/08/2004 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L85110GJ2004PLC044667 and registration number is 044667. Currently Company is involved in the business activities of Hospital activities. Company's Total Operating Revenue is Rs. 872.68 Cr. and Equity Capital is Rs. 107.49 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Hospitals & Medical ServicesShalby Multi-Specialty Hospitals, Opp. Karnavati Club, Ahmedabad Gujarat 380015Contact not found
Management
NamePosition Held
Dr. Vikram ShahChairman & Managing Director
Dr. Ashok BhatiaIndependent Director
CA. Shyamal JoshiIndependent Director
Dr. Umesh MenonIndependent Director
Mr. Tej MalhotraIndependent Director
CA. Sujana ShahIndependent Director
Mr. Vijay KediaIndependent Director

FAQ

What is the intrinsic value of Shalby Ltd and is it undervalued?

As of 17 April 2026, Shalby Ltd's intrinsic value is ₹67.54, which is 51.76% lower than the current market price of ₹140.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (0.62 %), book value (₹92.8), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Shalby Ltd?

Shalby Ltd is trading at ₹140.00 as of 17 April 2026, with a FY2026-2027 high of ₹275 and low of ₹126. The stock is currently near its 52-week low. Market cap stands at ₹1,507 Cr..

How does Shalby Ltd's P/E ratio compare to its industry?

Shalby Ltd has a P/E ratio of 187, which is above the industry average of 75.17. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Shalby Ltd financially healthy?

Key indicators for Shalby Ltd: ROCE of 6.12 % is on the lower side compared to the industry average of 14.71%; ROE of 0.62 % is below ideal levels (industry average: 13.91%). Dividend yield is 0.00 %.

Is Shalby Ltd profitable and how is the profit trend?

Shalby Ltd reported a net profit of ₹2 Cr in Mar 2025 on revenue of ₹1,087 Cr. Compared to ₹54 Cr in Mar 2022, the net profit shows a declining trend.

Does Shalby Ltd pay dividends?

Shalby Ltd has a dividend yield of 0.00 % at the current price of ₹140.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Shalby Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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