🔍

STALLION - Stallion India

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

📢 Recent Corporate Announcements

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.

Stallion India to Raise Rs 363.93 Cr via 19:41 Rights Issue at Rs 99 Per Share

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 05 Feb 2026, 06:14 PM

Stallion India Fluorochemicals has approved a Rights Issue to raise approximately Rs 363.93 crores by issuing 3.67 crore equity shares. The issue price is fixed at Rs 99 per share, which includes a premium of Rs 89 over the face value of Rs 10. The company has established a rights entitlement ratio of 19 shares for every 41 shares held as of the record date, February 11, 2026. Upon full subscription, the total outstanding equity base will expand from 7.93 crore to 11.61 crore shares.

Total issue size of Rs 363.93 crores involving 3,67,60,483 equity shares.
Rights entitlement ratio fixed at 19:41 (19 shares for every 41 held).
Issue price set at Rs 99 per share with full payment due on application.
Record date for eligibility is Wednesday, February 11, 2026.
Post-issue equity capital to increase by approximately 46% to 11.61 crore shares.

💡 Investors should compare the current market price with the issue price of Rs 99 to assess the attractiveness of the offer. Existing shareholders must hold the stock by the Feb 11 record date to receive rights entitlements.

Stallion India Updates Earnings Call Recording Link for Q3 & 9M FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 12:15 PM

Stallion India Fluorochemicals has issued a correction regarding the audio recording of its earnings conference call held on February 3, 2026. The call focused on the company's unaudited financial performance for the quarter and nine-month period ending December 31, 2025. Due to an inadvertent error in the previous filing, the company has now provided the correct link for investors to access the management discussion. This is a routine compliance update to ensure transparency and accessibility of investor communications.

Earnings conference call was conducted on February 3, 2026, for Q3 and 9M FY26 results.
Company corrected an inadvertent error where an incorrect audio link was previously uploaded.
The updated recording link provides access to management commentary on financial performance.
Submission made to both NSE and BSE to ensure regulatory compliance and record accuracy.

💡 Investors should use the updated link to listen to the management's commentary on the Q3 FY26 performance. No immediate portfolio action is required based on this administrative correction.

Stallion India Updates Audio Recording Link for Q3 & 9M FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 12:06 PM

Stallion India Fluorochemicals Limited has issued a correction regarding the audio recording of its earnings conference call held on February 3, 2026. The company noted that an incorrect link was previously uploaded due to an inadvertent error. This updated submission provides the correct link for investors to access the discussion regarding the unaudited financial results for the quarter and nine months ended December 31, 2025. This is a standard compliance update to ensure transparency for shareholders.

Corrected audio recording link provided for the Q3 and 9M FY26 earnings call held on Feb 3, 2026
The update addresses an inadvertent error in the previous regulatory filing
The recording covers financial performance for the period ending December 31, 2025
Submission made to both NSE and BSE as per listing regulations

💡 Investors should use the updated link to listen to the management's commentary on Q3 performance if they missed the live call. No immediate portfolio action is required based on this administrative correction.

Stallion India Releases Audio Recording of Q3 & 9M FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 04 Feb 2026, 10:45 AM

Stallion India Fluorochemicals has released the audio recording of its earnings conference call held on February 3, 2026. The call discussed the company's unaudited financial results for the quarter and nine months ended December 31, 2025. This disclosure ensures transparency and complies with SEBI Listing Obligations. Investors can access the recording to hear management's detailed commentary on operational performance and strategic direction.

Earnings call held on February 3, 2026, at 4:00 PM IST.
Covers unaudited financial results for Q3 and 9M ended December 31, 2025.
Recording link provided via Google Drive for investor access.
Submission made in compliance with SEBI (LODR) Regulations, 2015.

💡 Listen to the recording to identify key growth triggers and management's stance on raw material price volatility.

Stallion India to Expand with 10,000 MT R-32 Plant; Targets 3-4% Margin Boost

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 03 Feb 2026, 01:56 PM

Stallion India Fluorochemicals is scaling its operations from 4 to 6 facilities, including a new 10,000 MT R-32 plant in Bhilwara and a 7,200 MTPA facility in Andhra Pradesh. The company is diversifying into specialty semiconductor gases and liquid helium with a 1,200 MTPA capacity investment. These initiatives, including backward integration, are expected to enhance profit margins by 3-4%. The company currently maintains a 10% market share in India and serves over 200 customers across 15 industries.

Received Environmental Clearance for a 10,000 MT R-32 manufacturing facility in Bhilwara, Rajasthan.
Expanding footprint to 6 facilities with a new 7,200 MTPA plant in Andhra Pradesh expected by Q4 FY25-26.
Investing in 1,200 MTPA liquid helium capacity to serve the high-growth semiconductor and electronics industries.
Management projects that strategic backward and forward integration will improve profit margins by 3-4%.
Currently holds approximately 10% market share in India's refrigerant and industrial gas sector with 200+ customers.

💡 Investors should monitor the timely commissioning of the Bhilwara and Mambattu facilities, as these are the primary catalysts for the projected margin expansion and market share growth. The entry into semiconductor gases provides a high-tech growth lever that warrants long-term attention.

Stallion India Clarifies Q3 FY26 Results; 9M PAT Surges 72.8% to ₹32.9 Crore

🔵 WATCH ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 08:41 PM

Stallion India Fluorochemicals issued a clarification and apology regarding inconsistent market communications for its Q3 and 9M FY26 results due to an IR-level lapse. For the nine-month period ending December 2025, the company reported a strong 41.69% revenue growth to ₹321.18 crore and a 72.81% jump in PAT to ₹32.91 crore. While Q3 EBITDA saw a slight dip of 5.21% YoY, the overall 9M performance remains robust with EBITDA growing 48.57%. The management reaffirmed its FY26 guidance of ₹430 crore revenue and ₹40 crore PAT, targeting a 30-35% CAGR over the next three years.

9M FY26 Revenue grew 41.69% YoY to ₹32,118.21 Lakhs, while PAT surged 72.81% to ₹3,290.68 Lakhs.
Q3 FY26 Revenue increased 23.17% YoY to ₹10,487.90 Lakhs, though EBITDA declined 5.21% to ₹1,356.20 Lakhs.
Management maintained FY26 guidance of ₹43,000 Lakhs Revenue and ₹4,000 Lakhs PAT.
The company is expanding into semiconductor gases, liquid helium processing, and R-32 manufacturing.
Clarification was issued to address an 'inadvertent communication lapse' at the Investor Relations level.

💡 Investors should focus on the strong 9M growth trajectory and the management's ambitious 3-year CAGR targets while monitoring for improved internal communication controls. The underlying business performance remains robust despite the reporting inconsistency.

Stallion India Receives In-Principle Approval for Rs 364 Crore Rights Issue

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 31 Jan 2026, 10:28 AM

Stallion India Fluorochemicals Limited has secured in-principle approval from both NSE and BSE for a proposed rights issue. The company intends to raise up to Rs 364 crore through the issuance of equity shares to its existing eligible shareholders. While the specific issue price, rights ratio, and record date are yet to be finalized, this approval is a critical step in the company's capital-raising process. The final terms of the issue will be disclosed at least three working days prior to the record date.

Received in-principle approval from NSE and BSE on January 30, 2026, for the proposed rights issue.
The total fundraise amount is capped at an aggregate of Rs 364 Crores.
The issue involves equity shares with a face value of Rs 10 each, with the premium to be decided later.
The company is required to announce the rights price and ratio at least 3 working days before the record date.
The approval is subject to fulfilling standard SEBI and exchange listing conditions.

💡 Investors should monitor future announcements for the specific rights ratio and issue price to evaluate the potential dilution and the discount offered. Existing shareholders should prepare to decide whether to subscribe to the issue or renounce their rights once the record date is announced.

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.