Shalby shares rise 4%; company gets 30-year lease to run Asha Parekh Hospital in Mumbai

The order was issued by the Charity Commissioner of Maharashtra.

In November 2023, the company had informed exchanges that it had signed an operation and management agreement with The Santacruz Residents Association and Smt. Bhikhubai Chandulal Jalundwala General Hospital (BCJ) as part of which it would construct a new hospital building, and that the agreement was pending approval with the Charity Commissioner.

This approval of the agreement by the Charity Commissioner “will enable the company to expand its horizon in Santacruz, Mumbai by constructing new healthcare facility,” the company said in an exchange filing.

“The facility, comprising of 175+ beds, shall be equipped with state‐of‐the‐art equipment and technology, thereby leveraging our quality multi‐specialty services to citizens of Mumbai, rest of Maharashtra, rest of India and global medical tourists,” Shalby added.

Established by Dr Vikram Shah in 1994, Shalby is a chain of 12 multispeciality hospitals across six states having 2000 beds.

In fiscal year 2024, the company clocked a profit of ₹83 crore on revenue of ₹933 crore. The firm listed its shares in December 2017 but have shown muted performance, having listed at ₹237. Its shares were today trading at ₹297.

Over the past three years, however, the company has grown its revenue and profit by an annualised 29.4% and 25.6%, respectively.

India’s listed universe and the private equity space has seen a fair bit of action over the past few years. While bigger chains such as Apollo, Max, Fortis and Global are all listed, smaller hospital chains such as Shalby, Dr Agarwal’s Eye Hospital, KMC Speciality and Aashka Hospital, too, have made the journey to the bourses.