India, Aug. 22 -- Three decades of building a hospital chain around joint replacement surgery have created a stable, well-known core business. But the latest quarterly numbers point to something else developing alongside it: a medical device manufacturer and an international hospital arm, both still small but growing faster than the parent business.

Shares of Shalby Limited were trading around Rs152, giving the company a market capitalization of roughly Rs1,668 crore. The stock's 52-week range is Rs126-Rs275, and it trades at a P/E of 42x.

Three Businesses, One Balance Sheet Shalby's consolidated revenue in Q1 FY27 stood at Rs338.6 crore, up 11.6% year-on-year, with EBITDA of Rs49 crore, up 0.9%, and net profit of Rs10.5 crore, up 36.7...