Earnings Call Transcript - conference call held on 04-Nov-2026

Shalby/SE/2026‐27/75 November 7, 2026 The Listing Department Corporate Service Department National Stock Exchange of India Ltd BSE Limited Mumbai 400 051. Mumbai 400 001. Scrip Code : SHALBY Scrip Code: 540797 Through : https://neaps.nseindia.com/NEWLISTINGCORP/ Through : http://listing.bseindia.com Sub.: Transcript of Earnings Conference Call for Q2 FY2027 Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith transcript of Earnings Conference Call held on November 4, 2026, wherein Unaudited Financial Results for Q2 FY 2026‐27 were discussed. The said transcript is also available in the Investors Section of our website. We request to take the same on your records. Thanking You, Yours faithfully, For Shalby Limited Tushar Shah Executive Director and Company Secretary DIN: 06739455 Mem. No. FCS‐7216 Encl.: Earnings call Transcript “Shalby Limited Q2 FY '27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. SHANAY SHAH – PRESIDENT – SHALBY MEDTECH LIMITED MR. AMIT KUMAR – GROUP CHIEF FINANCIAL OFFICER – SHALBY LIMITED MR. JIGAR TODI – INVESTOR RELATIONS – SHALBY LIMITED MODERATOR: MR. KASHISH THAKUR – ELARA SECURITIES INDIA PRIVATE LIMITED Page 1 of 12 Shalby Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Shalby Limited Q2 FY '27 Earnings Conference Call hosted by Elara Capital. As a reminder, all participants’ lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentations conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kashish Thakur from Elara Capital. Thank you, and over to you, sir. Please proceed. Kashish Thakur: Thank you, Shailendra. Good afternoon, everyone. We welcome all the participants to Shalby Limited Q2 Financial Year '27 Earnings Call hosted by Elara Securities. Today, we have with us senior management representatives from Shalby. We will start with performance highlights from President of Shalby Limited, Mr. Shanay Shah, and Mr. Amit Kumar, Group CFO. After that, we will open the floor for question and answers for all the participants. I will now hand over the call to Mr. Jigar Todi for important disclaimers regarding any forward-looking statements that may be made in today's call. Over to you, Jigar Bhai. Jigar Todi: Thanks, Kashish. Good afternoon, everyone. Our investor presentation is uploaded on the stock exchange website and our company website, shalby.org. We do hope you have already had the opportunity to go through the presentation. Please note that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. Kindly refer to Slide number 2 of the investor presentation for a detailed disclaimer. Now I would like to hand over the call to Mr. Shanay Shah for his opening remarks. Thank you, and over to you. Shanay Shah: Thank you, Jigar. Good afternoon, everyone, and thank you for joining us. I'll take you through the key operational developments for the quarter across our 2 businesses, Shalby Hospitals and Shalby MedTech, before handing over to our CFO. The Hospitals business remains the core of the group, and this quarter's growth was broad-based. Joint replacement continues to grow and remains our flagship speciality. Growth was faster in other specialties, particularly nephrology and urology, oncology, general surgery and critical care. As a result, our speciality mix is becoming more balanced, which is in line with our strategy of building a multispecialty network and reducing dependence on any single speciality. We are continuously adding specialist doctors across the network, and this will be a key driver of future growth in the Hospitals business. Operationally, occupancy improved, average length of stay came down and the share of insured and government scheme patients has gone up. In clinical capability, a few developments this quarter. Orthopedic continues to establish Shalby as a global center of excellence. This quarter, we treated a member of the family of the Kenya's Chief of Defense Forces for a hip Replacement. A former President of Nigeria returned to Shalby for a second knee replacement 2 years after his first one with us. The incumbent Vice President of Nigeria also visited our Ahmedabad hospital to meet him. We performed Gujarat's first telerobotic surgery at our SG Highway Hospital in Ahmedabad with a surgeon operating remotely from Gurugram. Page 2 of 12 Shalby Limited November 04, 2026 We continue to expand robotic surgery in oncology and urology. Our transplant program is now active across 5 hospitals: Ahmedabad, Indore, Jaipur, Surat, Delhi NCR. It covers kidney and liver transplants, including swap and blood group incompatible kidney transplants. We also handled several complex referral cases, including international patients in neurosurgery and in ENT. In diagnostics, we added an advanced infection diagnostics system, the first of its kind in Gujarat, along with liquid-based cytology for cervical cancer screening and automated testing that has cut several report turnaround times from days to hours. We are standardizing clinical protocols across hospitals, strengthening quality assurance and improving the patient journey from admission through post-discharge care. We are also integrating operations more closely across the network so that practices that work in our better performing hospitals can be replicated elsewhere. We are also driving operational efficiencies across the Hospitals business in the first half of the year. These have already started to show in several areas of outsourced manpower, and we expect this to continue. We have also taken initiatives on materials and consumables, which are a large share of our costs. We expect the benefits to start flowing into the P&L from quarter 3 onwards. Some hospitals are still operating below their potential. Our focus there is on improving the utilization of existing infrastructure and tightening operational discipline rather than adding new capacity. Our Delhi NCR hospital, Shalby International, continued to improve significantly during the quarter. Within the Hospital business, the Shalby Academy has added several new -- several hundred new students and trainees this year across nursing, physiotherapy, allied health and hospital management. It gives us a steady pipeline of trained staff for our hospitals. On the Shalby MedTech front, to begin with the commercial side, we have started targeted surgeon engagement through fellowships, clinical education and product demonstrations along with in-clinic branding. We entered the West Bengal and Odisha market and made our first significant appearance in Eastern India at AOTS in Kolkata. We are reactivating Central India, including Nagpur and Assam, Uttar Pradesh and Uttarakhand next. Internationally, we are present in North America, Japan, Indonesia and have received approvals from Malaysia, Argentina and Nepal and have further approvals in progress. On the manufacturing and quality side, we have increased processing volumes in our Clean, Pack & Sterile operations, which improves product availability. We reinstated the passivation line in-house and recommissioned the secondary clean line to add capacity. We improved inspection processes to reduce turnaround times. Quality control non-conformances came down significantly. First pass acceptance improved and defect and scrap from contract manufacturers reduced. These steps improve yield and reduce rework and they put the business in a better position to handle higher volumes. Alongside this, we are putting in place a new supply chain fo [Showing first 8,000 characters — download PDF for full document]