Shalby consolidated PAT up 8% YoY to ₹7.9 Cr as Medtech losses widen further

Shalby's consolidated revenue came in at ₹313.17 Cr (+9.7% YoY, -5.5% QoQ) and consolidated PAT at ₹7.89 Cr (+8.4% YoY, -24.9% QoQ) for Q2 FY27. No quarter-specific street estimate for Q2 FY27 could be located (trackers show only full-year FY27 consensus — EPS ₹4.20, +30% — with a near-unanimous Buy rating), so vs-street is unknown rather than graded. NPM was essentially flat YoY at 2.52% (vs 2.51%) but down sequentially from 3.10% in Q1 FY27; OPM came in at 13.22%, down from 14.58% a year ago though up from Q1's 12.56%. The Healthcare Services segment, the core of the business, grew PBT 9.8% YoY to ₹28.11 Cr on 12.1% revenue growth to ₹283.21 Cr — consistent with management's push toward the 20% hospital EBITDA margin target it set out for FY27 in the August 2026 concall, though no EBITDA breakout is disclosed to confirm the exact trajectory. Working against this, the Manufacturing & Trading of Implants (Medtech) segment's loss widened 78% YoY to ₹11.64 Cr on an 8.8% revenue decline to ₹29.97 Cr — the opposite of management's guidance that regulatory changes would bring Medtech to double-digit EBITDA margins within 6-9 months. The segment's deterioration coincides with Shalby Medtech CEO Deepak Anand's resignation on August 18, 2026, with no replacement named in this filing. No management press release accompanies this result, so there is no company framing to reconcile against the numbers. Standalone PAT of ₹23.50 Cr (EPS ₹2.19) is well above consolidated PAT of ₹7.89 Cr (EPS ₹0.73); the gap is entirely subsidiary-level losses, chiefly Medtech, consolidating down group profit. Both statements carry no exceptional items this quarter or a year ago, so YoY growth is on a clean base. Separately, the board approved appointing Shanay Vikram Shah and Tushar Shah as Whole-Time/Executive directors, subject to a shareholder postal ballot due December 5, 2026 — a governance move unconnected to this quarter's operating print. The Jabalpur hospital's registration was suspended after a fire on October 14, 2026 and operations fully resumed October 28, 2026 — both dates fall after this September 30 quarter-end, so the roughly two-week disruption sits in Q3 FY27, not this result, and is a watch item for the next print rather than a driver of this one.