Integrated Filing — IndAS



General information about company

Scrip Code 540797
NSE Symbol SHALBY
MSEI Symbol NOTLISTED
ISIN INE597J01018
Name of company SHALBY LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 27-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 11-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 27-05-2026   17:10:00
End date and time of board meeting 27-05-2026   18:09:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 28,744.50 1,14,142.90
Other income 807.90 2,679.10
Total income 29,552.40 1,16,822.00
2 Expenses
(a) Cost of materials consumed 1,494.70 6,479.80
(b) Purchases of stock-in-trade 4,124.80 13,393.70
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (1,271.40) (4,743.50)
(d) Employee benefit expense 4,956.00 18,829.30
(e) Finance costs 933.80 3,899.50
(f) Depreciation, depletion and amortisation expense 1,848.50 6,998.70
(f) Other Expenses
1 Materials and Consumables 3,528.20 15,305.70
2 Fees to Doctors and Consultants 7,002.10 27,596.10
3 Other Operative Expense 2,323.70 9,457.30
4 Other Expenses 3,651.40 13,549.30
Total other expenses 16,505.40 65,908.40
Total expenses 28,591.80 1,10,765.90
3 Total profit before exceptional items and tax 960.60 6,056.10
4 Exceptional items 0.00 0.00
5 Total profit before tax 960.60 6,056.10
6 Tax expense
7 Current tax 422.90 4,402.10
8 Deferred tax (1,307.70) (1,814.70)
9 Total tax expenses (884.80) 2,587.40
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 1,845.40 3,468.70
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 1,845.40 3,468.70
17 Other comprehensive income net of taxes (1,441.50) (2,473.30)
18 Total Comprehensive Income for the period 403.90 995.40
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 1,831.80 3,738.80
Total profit or loss, attributable to non-controlling interests 13.60 (270.20)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 388.10 1,263.40
Total comprehensive income for the period attributable to owners of parent non-controlling interests 15.60 (268.10)
21 Details of equity share capital
Paid-up equity share capital 10,751.90 10,751.90
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve 89,771.50
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.72 3.23
Diluted earnings (loss) per share from continuing operations 1.72 3.23
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.72 3.23
Diluted earnings (loss) per share from continuing and discontinued operations 1.72 3.23
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes to the Audited Consolidated Financial Results for the Quarter and Year ended as at March 31,2026 1) The above Consolidated financial results for the quarter and year ended March 31, 2026 have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the company at their respective meetings held on May 27, 2026. The Statutory Auditors of the company have expressed unmodified opinion on the aforesaid results. 2) These financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under section 133 of Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter. 3) The figures for quarter ended 31st March, 2026 and for corresponding quarter ended 31st March, 2025 are the balancing figures between the audited figures in respect of the full financial year and the reviewed year-to-date figures up to the third quarter of the respective financial year. 4) Shalby Limited Employees Welfare Trust has acquired 7,00,000 Equity Shares of Shalby Limited in June 2022 pursuant to Employee Stock Option Scheme-2021. The company has granted all 7,00,000 Stock Options to eligible employees, out of which total 4,41,765 Stock Options were lapsed, 2,16,235 Options were vested and 2,09,235 Options exercised by eligible employees as on March 31, 2026 In accordance with the resolution passed by the Nomination and Remuneration Committee, the company has granted total 1,20,000 stock options from the pool of 4,41,765 lapsed options. As of March 31, 2026, a total of 1,16,000 stock options remain active. 5) Shalby Medtech Limited (“SMTL”) (Wholly Owned Subsidiary Company of Holding Company), have implemented Employee Stock Option Scheme, namely Shalby Medtech Limited - Employees Stock Options Scheme – 2025, as approved by its shareholders. During quarter ended March 31, 2026, SMTL has granted 10,91,000 Stock Options convertible into equivalent number of equity shares of SMTL upon vesting, pursuant to said ESOP scheme. 6) During the quarter ended March 31, 2026, the Group undertook an internal reorganization of its shareholding structure in respect of Shalby Advanced Technologies India Pvt Ltd, (SAT India) (step-down subsidiary of Shalby Limited) pursuant to which equity shares of the said step-down subsidiary were purchased by Shalby Medtech Limited from Shalby Advanced Technologies, Inc, USA (SAT Inc.). Pursuant to the aforesaid reorganization, Shalby Advanced Technologies India Pvt Ltd continues to remain a step down subsidiary of the Company with no change in the ultimate beneficial ownership and control of the said entity. Accordingly, the aforesaid restructuring has no material impact on the consolidated financial results of the Group. 7) The consolidated financial result includes the results of the Company and 13 Subsidiary companies (Covering 3 stepdown subsidiaies). The company together with its subsidiaries is herein referred to as the Group. 8) The Company is not a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P /2018/144 dated 26th November, 2018. 9) The Holding Company has exercised the option of lower tax regime under Section 115BAA of the Income-tax Act, 1961 during the quarter ended March 31, 2026. Accordingly, the current tax and deferred tax balances have been remeasured/recomputed considering the applicable tax rate prescribed under the said section. The impact arising on account of such remeasurement/re-computation has been recognized in the Statement of Profit and Loss during the current quarter. The one-time tax impact on account of transition to the new tax regime is Rs. 340.16 Million recognized during the quarter ended March 31, 2026. Further, pursuant to the adoption of Section 115BAA, the Holding Company has written off MAT credit entitlement amounting to Rs. 42.36 Million during the quarter ended March 31, 2026. Further, during the quarter ended March 31, 2026, the Group undertook a periodic reassessment of deferred tax assets recognized in certain subsidiary companies amounting to Rs. 210.86 Million. Pursuant to this review and considering updated assumptions relating to future taxable profits, the carrying value of such deferred tax assets has been appropriately aligned in accordance with the Group’s prudent and conservative financial reporting approach. The corresponding accounting impact has been recognized in the Statement of Profit and Loss of the respective subsidiary entities for the quarter ended March 31, 2026. 10) On November 21, 2025, the Government of India notified the four labor codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as “the Labour Codes”). The Ministry of Labour and Employment published draft Central Rules and FAQs to enable the assessment of the financial impact due to changes in regulations. The Group has assessed the impact of changes in regulations and recognised a provision towards past service cost on gratuity and leave encashment payable to employees amounting to Rs. 6.86 Million during the year ended March 31, 2026, which is included under “Employee benefit expense”. The Group will continue to monitor the finalisation of Central/ State Rules and clarifications from the Government on other aspects of the Labour Code and will provide appropriate accounting effect of such events as needed. 11) As per Indian Accounting Standard (Ind AS) 108 - Segment Reporting, segment information has been provided in Consolidated Financial Results. The business segments of the company comprise of Medical and Healthcare Related Services & Manufacturing of Implant. Disclosure for the same is given in the separate note attached herewith in Annexure I. 12) During the quarter ended March 31, 2026, PK Healthcare Pvt Ltd, a subsidiary of the Holding Company, conducted a rights issue of equity shares in the ratio of 1:2 (one new equity share for every two equity shares held), at a par value of Rs.10/- per share. The Company subscribed to the rights issue to the extent of its entitlement. As a result, the Company's shareholding in PK Healthcare Pvt Ltd increased from 87.26% to 91.13%. The aforesaid transaction represents an increase in the Holding Company’s ownership interest in an existing subsidiary without any change in control. Accordingly, there is no material impact on the consolidated financial results of the Group, except for the consequential adjustment to non-controlling interests. 13) During the quarter ended March 31, 2026, Ningen Lifecare Private Limited, a step-down subsidiary of the company, filed an application with Ministry of Corporate Affairs ('MCA') for voluntary strike-off from the records of the Register of Companies in accordance with the applicable provisions of the Companies Act, 2013. MCA has approved the said application and accordingly, the said entity ceased to be a step-down subsidiary of the company with effect from 12th May, 2026, being the date of strike-off. The aforesaid strike-off does not have any material impact on the consolidated financial results / financial position of the Company 14) Previous period figures have been re-grouped, re-cast and re-arranged wherever considered necessary to make it comparable.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 92,229.70
Capital work-in-progress 39.30
Investment property
Goodwill 5,685.90
Other intangible assets 6,674.10
Intangible assets under development 1,841.50
Biological assets other than bearer plants
Investments accounted for using equity method
Non-current financial assets
Non-current investments 0.00
Trade receivables, non-current
Loans, non-current 0.00
Other non-current financial assets
1 Other Financial Assets 1,238.80
Total of other non-current financial assets 1,238.80
Total non-current financial assets 1,238.80
Deferred tax assets (net) 0.00
Other non-current assets
1 Income Tax Assets (Net) 619.60
2 Other non current assets 3,651.20
Total of other non-current assets 4,270.80
Total non-current assets 1,11,980.10
2 Current assets
Inventories 37,637.90
Current financial asset
Current investments 6,226.00
Trade receivables, current 22,842.40
Cash and cash equivalents 2,190.20
Bank balance other than cash and cash equivalents 3.50
Loans, current 0.00
Other current financial assets
Total of other current financial assets 961.40
Total current financial assets 32,223.50
Current tax assets (net)
Other current assets
1 Other Current Assets 2,071.30
Total of other current assets 2,071.30
Total current assets 71,932.70
3 Non-current assets classified as held for sale
4 Regulatory deferral account debit balances and related deferred tax Assets
Total assets 1,83,912.80
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 10,751.90
Other equity 89,771.50
Total equity attributable to owners of parent 1,00,523.40
Non controlling interest 45.90
Total equity 1,00,569.30
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 15,288.20
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
Total Trade payable
Other non-current financial liabilities
1 Lease Liability 4,145.80
2 Other Financial Liabilities 39.20
Total of other non-current financial liabilities 4,185.00
Total non-current financial liabilities 19,473.20
Provisions, non-current 764.00
Deferred tax liabilities (net) 4,855.30
Deferred government grants, Non-current
Other non-current liabilities
1 Other Non-current Liabilities 682.00
Total of other non-current liabilities 682.00
Total non-current liabilities 25,774.50
Current liabilities
Current financial liabilities
Borrowings, current 38,673.60
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 516.60
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 12,332.00
Total Trade payable 12,848.60
Other current financial liabilities
1 Lease Liability 1,350.90
2 Other Financial Liabilities 2,754.60
Total of other current financial liabilities 4,105.50
Total current financial liabilities 55,627.70
Other current liabilities 1,499.50
1 Other Current liabilities 1,499.50
Total of other current liabilities 1,499.50
Provisions, current 441.80
Current tax liabilities (Net)
Deferred government grants, Current
Total current liabilities 57,569.00
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 83,343.50
Total equity and liabilites 1,83,912.80
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Healthcare Services 24,723.20 1,01,013.70
2 Manufacturing of Implants 4,021.30 13,129.20
Total Segment Revenue 28,744.50 1,14,142.90
Less: Inter segment revenue
Revenue from operations 28,744.50 1,14,142.90
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Healthcare Services 1,707.70 9,528.20
2 Manufacturing of Implants (747.10) (3,472.10)
Total Profit before tax 960.60 6,056.10
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax 960.60 6,056.10
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Healthcare Services 1,26,496.60 1,26,496.60
2 Manufacturing of Implants (41,279.40) (41,279.40)
Total Segment Asset 85,217.20 85,217.20
Un-allocable Assets 0.00 0.00
Net Segment Asset 85,217.20 85,217.20
4 Segment Liabilities
Segment Liabilities
1 Healthcare Services 57,416.30 57,416.30
2 Manufacturing of Implants (42,064.20) (42,064.20)
Total Segment Liabilities 15,352.10 15,352.10
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 15,352.10 15,352.10
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to profit or loss 38.90 15.40
Total Amount of items that will not be reclassified to profit and loss 38.90 15.40
2 Income tax relating to items that will not be reclassified to profit or loss 4.90 (3.30)
3 Amount of items that will be reclassified to profit and loss
1 (Gain)/ Loss arising from translating the financial statement of foreign Operation (1,475.50) (2,492.00)
Total Amount of items that will be reclassified to profit and loss (1,475.50) (2,492.00)
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income (1,441.50) (2,473.30)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 6,056.10
Adjustments for reconcile profit (loss)
Adjustments for finance costs 3,899.50
Adjustments for decrease (increase) in inventories (6,063.50)
Adjustments for decrease (increase) in trade receivables, current (5,628.30)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 243.60
Adjustments for decrease (increase) in other non-current assets (35.30)
Adjustments for other financial assets, non-current 63.10
Adjustments for other financial assets, current 217.10
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 873.60
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 105.10
Adjustments for increase (decrease) in other non-current liabilities (142.90)
Adjustments for depreciation and amortisation expense 6,998.70
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 264.10
Adjustments for other financial liabilities, current 246.80
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 218.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (753.20)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (2,139.30)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (2,068.90)
Net cash flows from (used in) operations 3,987.20
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 3,988.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (0.80)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 380.90
Purchase of property, plant and equipment 14,904.50
Proceeds from sales of investment property 51,819.40
Purchase of investment property 48,099.70
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 171.60
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 903.90
Net cash flows from (used in) investing activities (9,728.40)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 3.20
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 15,417.70
Repayments of borrowings 4,127.60
Payments of lease liabilities 2,503.90
Dividends paid 0.00
Interest paid 3,506.60
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 3,158.30
Net cash flows from (used in) financing activities 8,441.10
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (1,288.10)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (1,288.10)
Cash and cash equivalents cash flow statement at beginning of period 3,478.50
Cash and cash equivalents cash flow statement at end of period 2,190.40





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 T R CHADHA & CO LLP Yes 30-09-2028