Shalby Limited has informed stock exchanges about the exercise of employee stock options under its Employee Stock Options Scheme 2021. On January 20, 2026, an eligible employee exercised 1,000 stock options, with the Shalby Limited Employee Welfare Trust processing the transfer of equivalent equity shares to the option grantee.

Stock Option Exercise Details

The exercise of options was conducted under the regulatory framework of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The company has provided comprehensive details of the transaction to both NSE and BSE exchanges.

ESOP Scheme Framework

The Employee Stock Options Scheme 2021 operates under the administration of the Nomination and Remuneration Committee. The scheme originally granted 48,000 options on July 12, 2023, to eligible employees, with the exercise price determined by the NRC Committee at ₹10.00 per option.

Financial Impact

The exercise of these stock options will not result in any change to the company's paid-up equity share capital, as the shares are being channelized through the secondary market. The ₹10,000.00 realized from the option exercise will be credited to the Shalby Limited Employees Welfare Trust.

The company reported diluted earnings per share of ₹0.68 based on financials for the quarter ended September 30, 2025. The granted options, once vested, entitle option holders to acquire an equal number of equity shares upon payment of the exercise price and applicable taxes in accordance with the scheme's terms and conditions.

Regulatory Compliance

The ESOP scheme operates in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Under the scheme structure, all vested options must be exercised in a single tranche within one year from the vesting date. The current exercise represents a portion of the 30,000 options that vested on July 12, 2025, leaving eligible employees with remaining time until July 11, 2026, to exercise their vested options.

Shalby Limited , a prominent multi-specialty hospital chain, has announced its financial results for the second quarter of fiscal year 2026, revealing a mixed performance with notable growth in revenue and profit despite facing operational challenges.

Financial Highlights

• Consolidated revenue reached INR 289.00 crores, up 5.5% year-on-year from INR 274.00 crores in Q2 FY25.
• Consolidated Profit After Tax (PAT) surged by 200% to INR 7.30 crores, compared to INR 2.40 crores in the same quarter last year.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) improved to INR 46.10 crores, marking a 15.8% increase from INR 39.80 crores in Q2 FY25.
• EBITDA margin expanded to 15.9% from 14.5% in the corresponding quarter of the previous fiscal year.

Operational Performance

The company reported improvements in key operational metrics:

• Average Revenue Per Occupied Bed (ARPOB) increased by 5.2% to INR 40,794 from INR 38,779 in Q2 FY25.
• Average Length of Stay (ALOS) slightly increased to 3.74 days from 3.60 days in the same period last year.

However, the company faced some challenges:

• Occupancy rate stood at 48%, with the number of occupied beds decreasing by 2.5% to 673 from 690 in Q2 FY25.
• Patient footfall saw a decline due to heavy rainfall and seasonal factors affecting planned surgeries and walk-in patients.

Segment Performance

Shalby's revenue mix for Q2 FY26 showed a diversified portfolio:

The company reported that its orthopedics segment, which historically contributed a significant portion of revenue, now accounts for 34% of the total, down from about 40% in previous quarters.

Challenges and Strategic Initiatives

Shalby International Hospital in Gurgaon faced headwinds, reporting a 22.7% year-on-year revenue decline to INR 20.00 crores and an occupancy rate of 21%. To address these challenges, the management has outlined several strategic initiatives:

1. Rebranding from Shalby Sanar International to Shalby International Hospital.
2. Leadership restructuring to drive performance improvements.
3. Onboarding new clinical talent and renowned doctors.
4. Focusing on both international and domestic patient segments.

The management expects these measures to yield positive results within the next two quarters, with the goal of achieving positive EBITDA for Shalby International Hospital in the next fiscal year.

Future Outlook

Shalby Limited is implementing several growth initiatives:

• Increasing adoption of robotic surgeries in orthopedics across all group entities.
• Adding two more linear accelerator (LINAC) bunkers in Surat and Ahmedabad for cancer treatment.
• Planning to install a PET/CT scan machine at the Naroda facility in Ahmedabad.
• Expanding the company's robotic surgery capabilities, with plans to add robots for general surgery, oncology surgery, and neurosurgery.

The company's management expressed confidence that these strategic investments, combined with the addition of new doctors and specialties, will fuel growth beyond the anticipated improvements in occupancy rates.

As Shalby Limited navigates through its operational challenges and implements its growth strategies, investors and industry observers will be keenly watching the company's performance in the coming quarters to assess the effectiveness of these initiatives in driving sustainable growth and profitability.