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STALLION - Stallion India

📊 NSE: STALLION 🏢 Chemicals 📅 Last Updated: 12/14/2025 13:41

📢 Recent Corporate Announcements

Stallion India Seeks Shareholder Approval to Vary Utilization of IPO Proceeds

🔵 WATCH ⭐ 7/10

REGULATORY 📅 30 Apr 2026, 10:42 PM

Stallion India Fluorochemicals has issued a postal ballot notice to seek shareholder approval for a variation in the objects of its IPO proceeds. The company originally outlined specific uses for the funds in its January 2025 prospectus but now intends to reallocate these funds. The voting period for this special resolution runs from May 1 to May 30, 2026. This move requires a special resolution, indicating a significant shift in the company's capital allocation strategy.

Special Resolution proposed to vary terms of objects of the IPO issue (Prospectus dated Jan 21, 2025)
Remote e-voting period scheduled from May 1, 2026, to May 30, 2026
Cut-off date for shareholder eligibility is April 24, 2026
Final results of the postal ballot to be announced on or before June 6, 2026

💡 Investors should review the detailed explanatory statement to understand the rationale for reallocating IPO funds. Monitor the new utilization plan to ensure it aligns with the company's growth strategy.

Stallion India Clarifies Price Movement; Cites 10,000 MT R-32 Plant and Strategic Partnerships

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 23 Apr 2026, 07:39 PM

Stallion India Fluorochemicals Limited has responded to a clarification request from NSE and BSE regarding recent significant movements in its share price. The company stated that all material information has been disclosed in a timely manner, including the receipt of Environmental Clearance for a 10,000 MT R-32 manufacturing plant in Rajasthan. Other key disclosures include an industrial plot allotment by RIICO and a strategic partnership with Sharjah Oxygen Company for sourcing Liquid Helium. Management maintains that the price movement is purely market-driven and no unpublished price-sensitive information remains pending.

Received Environmental Clearance (EC) for a new 10,000 MT R-32 manufacturing plant at Bhilwara, Rajasthan
Allotment of Industrial Plot No. SP3-10 by RIICO in Ukhaliya, Bhilwara for expansion
Execution of a Memorandum of Understanding (MoU) with the Government of Rajasthan for the R-32 facility
Strategic partnership with Sharjah Oxygen Company, Dubai, for sourcing Liquid Helium from Qatar
Company confirms no undisclosed price-sensitive information (UPSI) is currently pending

💡 Investors should ignore short-term price volatility and focus on the fundamental progress of the 10,000 MT R-32 plant and the Sharjah Oxygen partnership. The clarification confirms that recent gains are likely based on previously disclosed expansion news rather than new hidden developments.

Stallion India Fluorochemicals Reports Resignation of Independent Director Gautam Lath

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 21 Apr 2026, 06:09 PM

Shri Gautam Lath has resigned from his position as a Non-Executive Independent Director of Stallion India Fluorochemicals Limited, effective April 20, 2026. The resignation is attributed to his increasing professional commitments, and the director has confirmed there are no other material reasons for his departure. Consequently, he has also stepped down from all Board Committees where he served as a Chairman or Member. The company will need to ensure continued compliance with SEBI board composition requirements following this exit.

Shri Gautam Lath resigned as Independent Director effective April 20, 2026.
Reason for resignation cited as increasing professional commitments.
Director confirmed no other material reasons for stepping down.
Immediate cessation of membership and chairmanship in all board committees.
The resigning director holds no other directorships in listed entities.

💡 No immediate action is required as this is a routine board change. Investors should monitor the company's upcoming appointments to ensure the board remains compliant with SEBI governance standards.

Stallion India Fluorochemicals Appoints Himani R. Patel & Associates as Internal Auditor for FY27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Apr 2026, 12:29 PM

Stallion India Fluorochemicals Limited has announced the appointment of M/s. Himani R. Patel & Associates as the company's Internal Auditor for the Financial Year 2026-27. The appointment was approved during the Board Meeting held on April 20, 2026, following recommendations from the Audit Committee. The firm (FRN: 145894W) is a Chartered Accountancy firm specializing in tax, audit, and accounting services. This move is a standard regulatory compliance measure under SEBI LODR Regulations to ensure robust internal controls.

Appointment of M/s. Himani R. Patel & Associates as Internal Auditor for the Financial Year 2026-27.
Board approval was finalized on April 20, 2026, based on the Audit Committee's recommendation.
The appointed firm (FRN: 145894W) provides direct tax, indirect tax, audit, and accounting services.
The company confirmed there is no relationship between the appointed firm and the Directors of the Company.

💡 This is a routine administrative and compliance-related update. Investors do not need to take any specific action as it does not impact the company's fundamentals.

Stallion India to Reallocate IPO Proceeds and Announces Board Resignation

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 20 Apr 2026, 12:56 PM

Stallion India Fluorochemicals Limited has proposed a variation in the utilization of its IPO proceeds, originally outlined in its January 21, 2025, prospectus. The Board has approved the reallocation of unutilized funds, which now requires shareholder approval via a postal ballot. The cut-off date for determining eligible voters for this process is April 24, 2026. Additionally, the company announced the resignation of Independent Director Mr. Gautam Lath.

Proposed variation and reallocation of unutilized IPO proceeds from the January 21, 2025, Prospectus.
Shareholder approval via postal ballot is required for the change in fund utilization terms.
April 24, 2026, established as the cut-off date for the postal ballot and remote e-voting.
Resignation of Mr. Gautam Lath from the post of Independent Director was formally noted.

💡 Investors should carefully review the upcoming postal ballot notice to understand the specific reasons for diverting IPO funds and how the new allocation will impact future growth.

Stallion India Grants 15.86 Lakh ESOPs at Exercise Price of Rs 10

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Apr 2026, 08:49 PM

Stallion India Fluorochemicals Limited has approved the grant of 15,86,505 Employee Stock Options (ESOPs) under its 2025 plan. Each option is convertible into one equity share at an exercise price of Rs 10, which matches the face value of the shares. The options will vest 100% after a period of one year from the grant date. This move is intended to incentivize employees and align their interests with long-term shareholder value.

Grant of 15,86,505 Employee Stock Options to eligible employees.
Exercise price fixed at Rs 10 per option, equal to the face value.
100% vesting schedule after a minimum period of 1 year from the grant date.
Vested options can be exercised within a maximum period of 4 years from the date of vesting.

💡 Investors should monitor the eventual equity dilution of approximately 1.58 million shares upon exercise. While ESOPs are standard for talent retention, they may marginally impact future Earnings Per Share (EPS).

Stallion India Fluorochemicals Files Quarterly SEBI Compliance Certificate for March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Apr 2026, 11:42 AM

Stallion India Fluorochemicals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, covers the quarter ended March 31, 2026. It confirms that no requests for rematerialization of shares were processed during this period. This is a standard procedural filing required by all listed companies in India to ensure transparency in shareholding records.

Submission of Regulation 74(5) certificate for the quarter ended March 31, 2026
Confirmation from Registrar Bigshare Services that rematerialization was not applicable for the period
The filing ensures compliance with SEBI (Depositories and Participants) Regulations, 2018
Document dated April 11, 2026, submitted to both NSE and BSE

💡 This is a routine administrative disclosure with no impact on company fundamentals; no immediate action is necessary for investors.

Stallion India Allots 3.67 Cr Equity Shares via Rights Issue at Rs 99 Per Share

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 02 Mar 2026, 08:08 PM

Stallion India Fluorochemicals has successfully completed the allotment of 3,67,60,483 equity shares through a Rights Issue. The shares were issued at a price of Rs 99 per share (including premium) in a ratio of 19:41 to eligible shareholders. This allotment increases the company's total paid-up equity capital to Rs 116.09 crore, comprising 11,60,85,737 shares. The company also issued a correction to clarify that the face value of the shares is Rs 10, not Re 1 as previously stated.

Allotment of 3,67,60,483 fully paid-up equity shares at an issue price of Rs 99 per share
Rights issue ratio maintained at 19 shares for every 41 shares held as of February 11, 2026
Post-allotment paid-up capital increased to 11,60,85,737 equity shares
Total value of the paid-up equity capital now stands at Rs 1,16,08,57,370
Clerical error corrected to confirm the face value of equity shares as Rs 10.00 each

💡 Investors should note the expansion in the equity base and monitor the company's deployment of the raised funds for growth. The successful completion of the rights issue at Rs 99 suggests reasonable market appetite for the company's equity.

Stallion India Allots 3.67 Crore Equity Shares via Rights Issue at Rs 99 Per Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 02 Mar 2026, 07:06 PM

Stallion India Fluorochemicals has successfully completed the allotment of 3,67,60,483 equity shares following its Rights Issue. The shares were issued at a price of Rs 99 per share (including premium) in a ratio of 19:41 to eligible shareholders. This allotment has significantly expanded the company's paid-up equity capital to 11,60,85,737 shares. The completion of this exercise marks a major capital infusion for the company's balance sheet.

Allotment of 3,67,60,483 fully paid-up equity shares with a face value of Rs 10 each
Issue price set at Rs 99 per equity share, including the share premium
Rights entitlement ratio maintained at 19 shares for every 41 shares held as of the record date
Total paid-up equity share capital increased to Rs 116.09 crore post-allotment
Lapsed rights entitlements have been extinguished and the specific ISIN deactivated

💡 Investors should note the equity dilution resulting from the increased share base and monitor the company's upcoming quarterly results for the impact on Earnings Per Share (EPS). The successful fundraising provides capital for growth but requires efficient deployment to maintain return on equity.

Stallion India Fluorochemicals to Raise ₹363.93 Cr via Rights Issue at ₹99 per Share

🟡 NEUTRAL ⭐ 8/10

FUNDRAISE 📅 12 Feb 2026, 02:39 PM

Stallion India Fluorochemicals has finalized the Letter of Offer for a Rights Issue worth approximately ₹363.93 crores. The company plans to issue up to 3.67 crore equity shares at a price of ₹99 per share, which includes a premium of ₹89. Eligible shareholders as of the record date, February 11, 2026, can participate in a ratio of 19 rights shares for every 41 shares held. The issue is scheduled to open on February 20, 2026, and will close on February 27, 2026.

Total issue size of up to 3,67,60,483 equity shares aggregating to ₹363.93 crores
Issue price fixed at ₹99 per share, which is 9.9 times the face value of ₹10
Rights entitlement ratio set at 19:41 for shareholders as of the February 11, 2026 record date
Issue period runs from February 20 to February 27, 2026, with market renunciation ending February 23
Expected listing date for the new rights equity shares is March 5, 2026

💡 Eligible shareholders should compare the ₹99 issue price with the current market price to determine if exercising rights is beneficial. Those not intending to subscribe should sell their rights entitlements (REs) by February 23 to avoid total value loss from dilution.

Stallion India Fluorochemicals Announces Rights Issue Schedule; Opens Feb 20, 2026

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 12 Feb 2026, 01:53 PM

Stallion India Fluorochemicals has finalized the timeline for its Rights Issue following a board meeting on February 12, 2026. The issue is scheduled to open for subscription on February 20, 2026, and will close on February 27, 2026. The record date for determining eligible shareholders was February 11, 2026. The company has secured a specific ISIN (INE0RYC20010) for the credit and trading of Rights Entitlements.

Rights Issue opening date set for February 20, 2026, and closing on February 27, 2026
Record date for eligibility was Wednesday, February 11, 2026
Last date for On-Market Renunciation of Rights Entitlements is February 23, 2026
ISIN for Rights Entitlement (RE) is INE0RYC20010
Bigshare Services Private Limited appointed as the Registrar to the Issue

💡 Eligible shareholders should monitor their demat accounts for Rights Entitlements and decide to either subscribe to the issue or sell their entitlements by February 23 to avoid value loss. Non-shareholders can look to purchase REs on the market if they wish to participate in the capital raise.

Stallion India to Benefit from RIPS 2024 Subsidies for Bhilwara R-32 Plant

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 11 Feb 2026, 12:19 PM

Stallion India Fluorochemicals has announced that its upcoming greenfield R-32 manufacturing facility in Bhilwara, Rajasthan, will receive significant fiscal incentives under the Rajasthan Investment Promotion Scheme (RIPS) 2024. The benefits include capital subsidies, 75% SGST exemptions, and 100% electricity duty exemption for seven years, which are expected to significantly enhance project viability and cash flows. Additionally, the company has signed an MOU for a future HFO plant that will also qualify for similar subsidies. Management has reiterated its three-year revenue CAGR guidance of 30-35% based on these expansions.

Eligible for RIPS 2024 incentives including capital subsidies and 75% SGST exemptions for the Bhilwara plant.
100% electricity duty exemption for 7 years and 75% stamp duty exemption/25% reimbursement.
Reimbursement of 50% of employer’s EPF and ESI contributions for 7 years for state-domiciled employees.
Management maintains a confident three-year revenue CAGR guidance of 30-35%.
Future HFO plant under MOU with Rajasthan government will also receive similar fiscal benefits.

💡 Investors should view this as a positive development that will lower the cost of capital and improve the internal rate of return (IRR) for new projects. Monitor the commencement date of the Bhilwara plant as the 10-year incentive period begins from the start of commercial production.

Stallion India Signs ₹200 Cr MoU with Rajasthan Govt for HFO Manufacturing Plant

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 07 Feb 2026, 04:38 PM

Stallion India Fluorochemicals has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to invest approximately ₹200 crore in a new Hydrofluoroolefin (HFO) manufacturing facility in Bhilwara. This expansion is part of a phased growth strategy, following the R32 project which is slated for commissioning by October 2026. The company aims to start work on the HFO plant in 2027, focusing on sustainable, low-global-warming-potential refrigerants. Management has provided a strong growth guidance, targeting a revenue CAGR of 30-35% over the next three years.

Proposed investment of ₹200 crore for a new HFO manufacturing facility in Bhilwara, Rajasthan
Targeting a revenue CAGR of 30-35% over the next three financial years
R32 project on track for commissioning by October 2026, with HFO plant work starting in 2027
Strategic shift towards advanced HFO refrigerants to ensure long-term competitiveness and sustainability
Expansion aligns with India's self-reliance goals in the specialty and fluorochemicals sector

💡 Investors should view this as a significant long-term growth driver that strengthens the company's position in the high-margin sustainable chemicals market. Monitor the successful commissioning of the R32 project in late 2026 as a key milestone before the HFO capex begins.

Stallion India Reports 72.8% PAT Growth in 9M FY26; Reaffirms FY26 Revenue Guidance of INR 430 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:34 PM

Stallion India Fluorochemicals delivered a robust 9M FY26 performance with revenue growing 41.7% YoY to INR 321.18 crore and PAT surging 72.8% to INR 32.9 crore. The management has reaffirmed its full-year FY26 guidance of INR 430 crore revenue and INR 40 crore PAT, targeting a 30-35% CAGR over the next three years. While the Bhilwara R-32 plant is on track for August 2026, the Mambattu and Khalapur facilities have been re-engineered for higher capacity and are expected to start by Q4 FY26. Strategic tie-ups with SYS Advanced (Portugal) and Sharjah Oxygen (Dubai) are set to strengthen the company's position in the high-margin helium and semiconductor gas markets.

9M FY26 PAT surged 72.8% YoY to INR 32.9 crore, while revenue reached INR 321.18 crore.
Management reaffirmed FY26 guidance of INR 430 crore revenue and INR 40 crore PAT with 30-35% CAGR target.
Environmental clearance received for 10,000 MTPA R-32 manufacturing facility at Bhilwara, Rajasthan.
Strategic technology tie-up with SYS Advanced (Portugal) and sourcing partnership with Sharjah Oxygen (Dubai) for helium.
Promoter sold 2% stake to provide interest-free funds for the R-32 plant after a planned preferential issue became unviable.

💡 Investors should focus on the timely commissioning of the Bhilwara R-32 plant in August 2026, which is critical for backward integration and margin expansion. The strong earnings momentum and clear growth guidance make this a positive outlook for long-term holders.

Stallion India Sets Feb 11 as Record Date for 19:41 Rights Issue

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 05 Feb 2026, 06:35 PM

Stallion India Fluorochemicals Limited has officially fixed February 11, 2026, as the record date for its upcoming rights issue. The company will offer 19 new equity shares for every 41 existing shares held by eligible shareholders. This corporate action is intended to raise capital from existing investors to support the company's financial objectives. Shareholders must hold the stock before the record date to be eligible for the rights entitlement.

Record date for the rights issue is fixed as Wednesday, February 11, 2026
Rights entitlement ratio is set at 19 equity shares for every 41 shares held
The issuance is being conducted under Regulation 42 of SEBI LODR Regulations
The move aims to raise equity capital from the existing shareholder base

💡 Investors should evaluate the rights issue price once disclosed against the current market price to decide on subscription. Existing shareholders need to hold the stock by the ex-date to receive rights entitlements.

View All STALLION Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue grew 55.6% YoY in Q2 FY26 to INR 105.75 Cr and 52.8% YoY in H1 FY26 to INR 216.3 Cr. Segment-specific percentage splits are not disclosed, but growth is driven by higher volumes in refrigerants and improved product mix across 15+ industries.

Geographic Revenue Split

The company maintains pan-India coverage with 4 existing facilities and 2 upcoming units. Specific regional percentage splits are not disclosed in the available documents.

Profitability Margins

PAT increased 135% YoY in H1 FY26 to INR 21.78 Cr. FY25 PAT was INR 32.35 Cr, a 109% increase from INR 15.48 Cr in FY24. The company targets a PAT margin of 22% for the upcoming R-32 plant.

EBITDA Margin

EBITDA margin expanded to 14.9% in Q2 FY26, with EBITDA surging nearly seven-fold to INR 15.77 Cr. H1 FY26 EBITDA almost doubled to INR 13.14 Cr.

Capital Expenditure

The promoter infused INR 45.74 Cr of interest-free funds for the R-32 manufacturing project at Bhilwara. The company is also investing in a new facility at Mambattu for HFO blends. Total IPO proceeds aggregated to INR 160.73 Cr.

Credit Rating & Borrowing

The promoter provided INR 45.74 Cr as interest-free funds to avoid debt-related delays. Specific credit ratings and interest rates for external bank borrowings are not disclosed.

⚙️ Operational Drivers

Raw Materials

Refrigerant gases (including R-32), HFO blends, and specialty industrial gases. Specific percentage of total cost for each is not disclosed.

Import Sources

Global sources via import quotas. Specific countries are not listed, but the company emphasizes its 35-year global reach and understanding of international supply chains.

Key Suppliers

Not disclosed in available documents, though the company mentions well-established vendor relationships and efficient procurement practices.

Capacity Expansion

Currently operates 4 facilities (~48,000 sq. mt.). Expanding with 2 new facilities (40,000 sq. mt. additional), including the Mambattu facility (operational Jan 2026) and the Bhilwara R-32 plant (operational July 2026).

Raw Material Costs

Not explicitly disclosed as a % of revenue, but the company is pursuing backward integration (R-32 plant) to enhance cost control and margin resilience against price volatility.

Manufacturing Efficiency

Utilizes automated debulking and blending systems and high-precision filling equipment to shorten delivery cycles and ensure product consistency.

Logistics & Distribution

Maintains logistics assets and strategically located facilities to ensure pan-India coverage and quick turnaround times. Specific distribution costs as a % of revenue are not disclosed.

📈 Strategic Growth

Expected Growth Rate

30-35%

Growth Strategy

Growth will be driven by backward integration through the R-32 plant (expected INR 500 Cr annual revenue), entering high-growth verticals like semiconductors, solar cells, and electronics, and expanding the distribution reach for the aftermarket segment.

Products & Services

Refrigerant gases (R-32, 454B), custom gas formulations, specialty gases for semiconductors and solar cells, and cylinder filling services.

Brand Portfolio

Stallion India Fluorochemicals.

New Products/Services

HFO blends (454B) with lower Global Warming Potential (GWP) and high-purity gases for the semiconductor and electronics industries.

Market Expansion

Targeting the semiconductor and renewable energy sectors (solar cells) to benefit from structural demand shifts in green chemistry.

Market Share & Ranking

Commands a 'notable' market share in India’s refrigerant segment. Specific percentage ranking is not disclosed.

Strategic Alliances

The company has received calls from large buyers for working in joint cooperation and advance order bookings, though specific partner names are not disclosed.

🌍 External Factors

Industry Trends

The industry is shifting from high GWP products (R-32 at 650 GWP) to lower GWP products (454B at 300 GWP). Regulatory quotas are being used to force this transition, positioning Stallion's new HFO blends for high demand.

Competitive Landscape

The market is restrictive due to quotas; only 10-20 entities hold such quotas. Key competitors are not named, but the company competes on 'monopoly-like' access to specific gases.

Competitive Moat

The primary moat is the restrictive import quota system which acts as a barrier to entry for new competitors. This is sustained by 35 years of industry experience and the transition to in-house manufacturing.

Macro Economic Sensitivity

Highly sensitive to environmental regulations and the global shift toward green chemistry and energy efficiency.

Consumer Behavior

OEMs (like AC manufacturers) are shifting toward lower GWP refrigerants to meet production quotas and environmental standards.

Geopolitical Risks

Global trends in environmental compliance and international best practices for material handling impact operational standards.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by import/production quotas and GWP (Global Warming Potential) calculations. The company must comply with the Companies Act 2013 and Insider Trading regulations.

Environmental Compliance

Operations are aligned with ISO-certified standards and international best practices for leak prevention and waste management to meet tightening global refrigerant regulations.

Legal Contingencies

The Secretarial Auditor noted observations regarding non-compliance with the Companies Act 2013 and Insider Trading regulations for FY25; the Board is undertaking steps to ensure future compliance. No specific court case values in INR were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Material deviation in IPO proceed utilization (INR 3.99 Cr excess spent on issue expenses, a 25-50% deviation) and potential discrepancies in data submission to monitoring agencies.

Geographic Concentration Risk

The company has a pan-India presence with facilities in multiple locations, reducing regional concentration risk.

Third Party Dependencies

Dependency on the government for maintaining or reducing import quotas, which are the lifeblood of the trading/blending business.

Technology Obsolescence Risk

Risk of products becoming obsolete if they do not meet rapidly tightening GWP standards; mitigated by the move into HFO blends and semiconductor gases.