Shalby hits 52-week high; diversification, strong outlook for implant business fuels rally

The enthusiasm is reflected in the 30 percent rally in share price of Shalby over the past month. This was on the back of Shalby being is a market leader in arthroplasty procedure, while diversification and strong growth outlook on the implant business has also added legs to the rally.

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Shares of Shalby have gained 7 percent on July 14, hitting 52-week high at Rs 192, with the underlying sentiment continuing to be strong. At 12:32 pm, shares of the company were trading 5.3 percent higher at Rs 188.55 on the BSE.

The enthusiasm is reflected in the stock’s 30 percent rally over the past month. This was on the back of Shalby being a market leader in arthroplasty procedure with around 15 percent market share of all joint replacement surgeries by organised private corporate hospitals. Further, analysts believe diversification and strong growth outlook on the implant business in core-markets has also added legs to the rally.

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ICICI Securities says ‘buy’ shares of the multi-specialty hospitals chain company considering its strong arthroplasty legacy and diversification into other super-specialties, its asset light model through a franchisee drive, and an expansion of implant business into newer geographies besides stronger India and US traction.

The brokerage firm has a target price of Rs 220.

In Q4 of FY23, the company reported a consolidated net sales of Rs 198.98, up 22 percent whereas the net profit rose 36 percent to Rs 13.90 crore in the quarter ended March 2023.

The company has targeted to clock $100 million in implant business in next 5 years (from around $11 million in FY23) with the focus remaining on expansion to 50 franchises in the next few years.

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