ICICI Direct has given Buy recommendation for Shalby recommended buy rating on the stock with a target price of Rs 180 in its research rep with a target price of Rs. 180 in its research report issued on Oct 21, 2022

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. Revenue-wise breakup Q2FY23: arthroplasty:39%, critical care & general medicine: 10%, cardiac science: 10%, orthopaedic: 9%, oncology:11%, neurology 5%, nephrology:5%, others:13% • Shalby registered a blended ARPOB of Rs 33439 and ALOS of 3.90 days (without day care procedures) in Q2FY23 • Acquisition of US based Consensus to diversify into related implant business besides supporting arthroplasty and orthopaedic segments.


We maintain BUY due to 1) judicious pan-India push banking on surgical expertise, 2) asset light model via franchisee drive and 3) implants likely to provide integration advantage and third party push in core markets. We value Shalby at Rs 180 based on SOTP valuation.

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