Buy Shalby; target of Rs 170: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Shalby

Started by renowned orthopaedic surgeon Dr Vikram Shah, Shalby is a multi-specialty hospitals chain with expertise in joint replacement. Therapy-wise breakup Q3FY22: anthroplasty:38%, critical care & general medicine: 11%, orthopaedic: 9%, oncology:10%, cardiac science:10%, neurology 6%, nephrology:3%, others:13% Shalby registered a blended ARPOB of Rs 32,049 and ALOS of 4.02 days (without day care procedures) in Q3FY22 Acquisition of US based Consensus to diversify into related implant business besides supporting arthroplasty and orthopaedic segments

Outlook

Upgrade from HOLD to BUY due to 1) consistency in operational performance from hospitals, 2) visible RoIC improvement by FY24, 3) focus on asset light model via franchisee push, 4) foray into implants likely to provide integration advantage and third party push We value Shalby at Rs 170 based on SOTP valuation

More Info on Trent

At 17:30 Shalby was quoting at Rs 141.65, down Rs 5.00, or 3.41 percent.

It has touched an intraday high of Rs 146.95 and an intraday low of Rs 140.70.

It was trading with volumes of 12,903 shares, compared to its thirty day average of 17,037 shares, a decrease of -24.26 percent.

In the previous trading session, the share closed up 3.46 percent or Rs 4.90 at Rs 146.65.

The share touched its 52-week high Rs 214.00 and 52-week low Rs 96.05 on 10 August, 2021 and 19 March, 2021, respectively.

Currently, it is trading 33.81 percent below its 52-week high and 47.48 percent above its 52-week low.

Market capitalisation stands at Rs 1,529.96 crore.

For all recommendations report, click here

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