Stallion India Fluorochemicals Limited (STALLION)
₹183.28 -5.00% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Stallion India's revenue was ₹121 Cr (+10.4% year on year, +10.4% on the previous quarter), and net profit ₹18.6 Cr (+85.7% year on year); the operating margin was 18.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹121 | +10.4% | +10.4% |
| Operating profit | ₹22.0 | +57.4% | +37.7% |
| Net profit | ₹18.6 | +85.7% | +68.8% |
| EPS (₹) | 1.60 | +79.8% | +70.2% |
| Operating margin | 18.1% | — | — |
STALLION exchange data
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It closed at its lower price band (circuit) on 23 Oct, one of 5 band closes in about the last 20 sessions.
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📢 Recent Corporate Announcements
Maharashtra State GST officials conducted an inspection and search proceeding under Section 67 of the MGST Act at Stallion India Fluorochemicals' Mumbai registered office. The inspection took place between October 9, 2026, and October 14, 2026, identifying issues around Input Tax Credit (ITC) regarding OFS expenses, rights issue expenses, cancelled suppliers, and ISD distribution. The company stated that voluntary reversals and payments of tax and interest liability have been completed, with no exact monetary penalty or payment amount disclosed. Management noted that a major part of the adjustments is revenue-neutral and does not anticipate any material operational impact.
- Search and inspection proceedings commenced on October 9, 2026, and concluded on October 14, 2026
- Conducted by the Assistant Commissioner of State Tax, Investigation-C, Mumbai, under Section 67 of the MGST Act
- Identified inadmissible ITC on Offer for Sale (OFS) expenses under Section 17(2) and Rights Issue expenses
- Other violations involved blocked ITC under Section 17(5), cancelled suppliers, and ISD distribution under Section 20
- Company confirmed all compliances were voluntarily completed and tax and interest payments have been done
Stallion India Fluorochemicals Limited disclosed the scrutinizer's report and voting results for its 24th Annual General Meeting held on September 21, 2026. All three resolutions were approved by shareholders with more than 99.9% votes in favor. The approved items included the adoption of FY2026 financial statements, the reappointment of director Mrs. Manisha Shazad Rustomji, and the appointment of Ms. Swati Ghosh as an Independent Director. A total of 71,745,061 votes were polled across 116 members.
- All 3 AGM resolutions approved with requisite majority on September 21, 2026
- Adoption of FY2026 financial statements passed with 99.9986% votes in favor
- Appointment of Ms. Swati Ghosh as Independent Director approved with 99.9879% votes in favor
- Total of 71,745,061 votes polled representing 116 participating members
Stallion India Fluorochemicals has announced the commencement of commercial production at its Semiconductor & Specialty Gas debulking and blending facility in Khalapur, Maharashtra, effective 21st September 2026. The facility adds an aggregate installed capacity of 1,200 MT per annum, handling cryogenic containers and ISO tanks. This commercialization fulfills capex objectives outlined in its January 2026 IPO prospectus. The expansion marks the company's strategic entry into high-purity gases for the semiconductor and electronics industries.
- Installed capacity added of 1,200 MT per annum (aggregate) at Khalapur, Maharashtra
- Commercial operations scheduled to officially start on Monday, 21st September, 2026
- Trial runs and commissioning were completed following machinery installation in August 2026
- Activity covers debulking and blending of specialty and semiconductor gases using cryogenic containers and ISO tanks
Stallion India Fluorochemicals Limited has informed the exchanges regarding a scheduled analyst/investor meeting under Regulation 30 of SEBI Listing Regulations. The management will hold a virtual meeting with Canara HSBC Life Insurance on Tuesday, September 8, 2026. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction.
- Meeting scheduled with institutional investor Canara HSBC Life Insurance
- Date of interaction set for Tuesday, September 8, 2026
- Format of the meeting is virtual from the Registered Office
- Filing confirms that no unpublished price sensitive information (UPSI) will be shared
Stallion India Fluorochemicals Limited has issued the notice for its 24th Annual General Meeting (AGM) scheduled for Monday, September 21, 2026, via video conferencing. The cut-off date for e-voting eligibility is set as September 16, 2026, with the remote e-voting window open from September 17 to September 20, 2026. Key agenda items include the adoption of FY2026 audited financial statements, the reappointment of Executive Director Mrs. Manisha Shazad Rustomji retiring by rotation, and the appointment of Ms. Swati Ghosh as an Independent Director for a 5-year term.
- 24th AGM to be held on September 21, 2026 at 04:00 PM IST through Video Conferencing
- E-voting cut-off date fixed as September 16, 2026; voting open September 17-20, 2026
- Proposed appointment of Ms. Swati Ghosh as Independent Director for a 5-year term from May 13, 2026
- Proposed reappointment of Executive Director Mrs. Manisha Shazad Rustomji (FY26 remuneration: ₹30.00 lakh) retiring by rotation
Stallion India Fluorochemicals reported Q1 FY27 revenue of ₹124.68 Cr (+12.78% YoY), with EBITDA surging 75.85% to ₹25.27 Cr and PAT growing 79.15% to ₹18.57 Cr. Margin expansion was driven ~50% by favourable inventory positioning and better product mix. The 1,200 MTPA Khalapur helium processing plant is set for commercialization in Q2 FY27, while the 10,000 MTPA Bhilwara R-32 manufacturing facility is targeted for completion by December 2026. Management reiterated a 30-35% 3-year revenue CAGR guidance with expected medium-term EBITDA margin improvement of 3-4%.
- Q1 FY27 revenue grew 12.78% YoY to ₹124.68 Cr; PAT surged 79.15% YoY to ₹18.57 Cr
- Khalapur 1,200 MTPA high-purity helium plant to start commercial ops next quarter with an expected ~12% revenue contribution
- Bhilwara 10,000 MT R-32 plant completion targeted for end-December 2026
- Management maintained 3-year revenue CAGR guidance of 30-35% and 3-4% medium-term EBITDA margin expansion
Stallion India Fluorochemicals Limited has released the audio recording of its earnings conference call conducted on August 17, 2026. The call reviewed the company's unaudited financial results for the quarter ended June 30, 2026. The recording is publicly accessible on the company's investor portal pursuant to Regulation 30 of SEBI LODR Regulations. This is a routine post-earnings compliance submission.
- Audio recording made available for earnings call held on Monday, August 17, 2026, at 04:00 PM IST
- Earnings call discussed unaudited financial results for the quarter ended June 30, 2026
- Disclosure submitted pursuant to Regulation 30 of SEBI LODR Regulations on August 18, 2026
Stallion India Fluorochemicals published its strategic roadmap detailing operational progress and future expansions. The company announced that its 1,200 MTPA high-purity helium processing facility at Khalapur is completed and ready for commercial operations, supported by a long-term sourcing tie-up with Sharjah Oxygen Company. Additionally, it signed an MoU with the Government of Rajasthan for a proposed ~₹200 Crore HFO plant at Bhilwara with construction expected by late 2027. Together with the ongoing 10,000 MT R-32 facility and the upcoming Mambattu plant (end-2026), management expects medium-term EBITDA margins to expand by 3–4%.
- Completed Khalapur facility ready to commence commercial operations for high-purity helium with 1,200 MTPA capacity
- Signed MoU with Rajasthan Government for a proposed ~₹200 Crore HFO manufacturing plant on already acquired land
- Advancing 10,000 MT R-32 greenfield manufacturing unit at Bhilwara (Environmental Clearance received)
- Upcoming Mambattu facility scheduled to commence commercial operations by end-2026
- Specialty gas expansions and backward integration projected to improve medium-term EBITDA margins by 3–4%
Stallion India Fluorochemicals reported a 79.15% YoY surge in PAT to ₹18.57 crore for Q1 FY27, driven by strong operational performance and higher-margin product scaling. Total revenue rose 12.78% YoY to ₹124.68 crore, while EBITDA jumped 75.85% YoY to ₹25.27 crore. Operationally, the company completed preparations for its 1,200 MT/annum high-purity helium processing facility at Khalapur, which is set to commence commercial operations in Q2 FY27. Ongoing expansions at Mambattu and the 10,000 MT R-32 plant at Bhilwara remain on track for completion by December 2026.
- Q1 FY27 PAT increased by 79.15% YoY to ₹18.57 crore compared to ₹10.36 crore in Q1 FY26
- EBITDA grew 75.85% YoY to ₹25.27 crore with total revenue rising 12.78% YoY to ₹124.68 crore
- Completed 1,200 MT per annum high-purity helium processing facility at Khalapur; commercial operations starting in Q2 FY27
- Participated in a large ISRO tender for long-term helium recovery and liquefaction solutions
- 10,000 MT per annum R-32 plant in Bhilwara targeted for completion by December 2026
Stallion India Fluorochemicals has scheduled its Q1 FY 2026-27 earnings conference call for August 17, 2026, at 4:00 PM IST. The call will be led by Managing Director & CEO Mr. Shazad Rustomji to discuss financial performance for the quarter ended June 30, 2026. This interaction is particularly significant as it follows the expected July 2026 commissioning of the Bhilwara R-32 plant, which is projected to contribute ₹500 Cr to annual revenue.
- Earnings conference call scheduled for August 17, 2026, at 04:00 PM IST
- Discussion to focus on financial results for the quarter ended June 30, 2026
- Management representation includes MD & CEO Mr. Shazad Rustomji
- Company is targeting a 30-35% growth rate driven by backward integration
- Bhilwara R-32 plant, expected to be operational by July 2026, has a ₹500 Cr annual revenue potential
Stallion India Fluorochemicals reported a strong start to FY27 with net profit rising 79% YoY to ₹18.57 Cr, driven by significant margin expansion. Revenue from operations grew 9.7% YoY to ₹121.45 Cr, while total expenses remained nearly flat at ₹96.66 Cr. The company has successfully utilized ₹26.62 Cr of IPO proceeds for land acquisition at Khalapur for its semiconductor and specialty gas facility. This performance reflects improved operational efficiency and a potential shift toward higher-margin specialty gas segments.
- Net profit surged 79% YoY to ₹18.57 Cr for the quarter ended June 30, 2026, up from ₹10.37 Cr.
- Revenue from operations increased 9.7% YoY to ₹121.45 Cr compared to ₹110.68 Cr in the same period last year.
- Total expenses were contained at ₹96.66 Cr, slightly lower than the ₹96.68 Cr reported in Q1 FY26 despite higher sales.
- Utilized ₹26.62 Cr for land acquisition at Khalapur, Maharashtra, for semiconductor and specialty gas facilities.
- Earnings Per Share (EPS) improved to ₹1.60 from ₹1.15 in the year-ago quarter.
Stallion India Fluorochemicals has scheduled a virtual group meeting with 10 institutional investors and analysts on July 21, 2026. The participant list includes major firms such as ICICI Securities, IIFL Securities, Nuvama Wealth, and Barclays Wealth. This interaction is timely as the company is currently in the window for commissioning its Bhilwara R-32 plant (expected July 2026), which has a projected annual revenue potential of ₹500 Cr. No unpublished price sensitive information (UPSI) is slated for discussion during this session.
- Group meeting scheduled with 10 institutional entities on July 21, 2026
- Participants include high-profile names like Barclays Wealth, ICICI Securities, and IIFL Securities
- Meeting coincides with the expected July 2026 commissioning of the Bhilwara R-32 plant
- Bhilwara plant carries a significant revenue target of ₹500 Cr per annum
- Company maintains a low debt profile of ₹34 Cr against a net worth of ₹681 Cr
Stallion India Fluorochemicals has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Bigshare Services Private Limited, confirms the status of share dematerialization and rematerialization for the quarter ended June 30, 2026. The Registrar and Share Transfer Agent (RTA) noted that the regulation was not applicable to rematerialization requests during this period. This is a standard administrative filing required for all listed entities in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Certificate provided by Registrar and Share Transfer Agent, Bigshare Services Private Limited
- RTA confirmation date of July 8, 2026, and submission to exchanges on July 15, 2026
- Confirmation that rematerialization requests were not applicable for the reporting period
Stallion India Fluorochemicals Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This is a standard regulatory procedure in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are declared. Investors should note that the company reported a revenue of ₹105.56 Cr and a PAT of ₹11.42 Cr in the September 2025 quarter.
- Trading window for designated persons and relatives to close from July 01, 2026.
- Closure is in relation to the Unaudited Financial Results for the quarter ended June 30, 2026.
- Window will reopen 48 hours after the official declaration of the financial results.
- Board meeting date for result approval to be intimated in due course.
Stallion India Fluorochemicals has filed its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. This mandatory filing confirms that the Promoter and Promoter Group, along with Persons Acting in Concert (PAC), have not created any new encumbrances on their shareholding during the year. The disclosure serves as a transparency measure to inform the exchanges and investors about the status of promoter share pledges. The filing was submitted to both the NSE and BSE on April 8, 2026.
- Annual compliance filing under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- Covers the full financial year ending March 31, 2026.
- Confirms no undisclosed encumbrances or pledges were made by the Promoter Group during the period.
- Submitted to National Stock Exchange (NSE) and BSE Limited for public record.
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.
