Stallion India Fluorochemicals Ltd(STALLION)

NSE: STALLIONBSE: 544342

₹ 182.7-4.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,121 crWebsite: www.stallionfluorochemicals.comUpdated: 24 Oct 2026

About

Stallion India Fluorochemicals Ltd is a Mumbai-based trader and manufacturer of refrigerant gases, specialty gases and fluorochemicals, covering HFCs, HFOs, helium, semiconductor gases and hydrocarbons. It reported FY26 revenue of ₹430.68 crore. The company is moving from a trading model to backward-integrated manufacturing. Its plans include a 10,000 MT/year R-32 plant at Bhilwara (Rajasthan), targeted for commissioning by end-December 2026, and a 1,200 MT/year helium processing plant at Khalapur, expected to begin commercial operations in Q2 FY27.^[1]

Business model

The core business is trading refrigerant gases (HFCs and HFOs). In FY26 the company cut R-32 trading volumes from 4,500 MT to 400 - 500 MT because import margins were too thin.^[2]
HFOs sell at $25 - 30/unit against $5 - 7 for HFCs. They are raising the product mix in trading as the Kigali Accord moves the market from HFCs to HFOs (as of Q3 FY26).^[3]
Under the Kigali Accord, 2024 - 26 are the baseline years that set each importer's quota. Stallion's trading volumes in these years fix its quota position, which becomes tradable from 2028 onward.^[4]

Products and gas portfolio

A partnership with Honeywell gives Stallion access to patented HFOs that local Indian manufacturers cannot source while the patents run (as of Q2 FY26).^[4]
In Q1 FY27, HFOs realised ₹3,000 - 4,000/kg. Market prices were ~₹800/kg for R-32 and ~₹4,000/kg for helium.^[5]
The FY25 annual report described an expansion into specialty gases alongside the upcoming capacity in Andhra Pradesh.^[6]

Operations and installed capacity

Khalapur (Maharashtra): a 1,200 MT/annum high-purity helium processing plant serving semiconductors, healthcare, aerospace and defence. Pre-commissioning checks were complete as of Q1 FY27, with commercial operations targeted for Q2 FY27.^[5]
Mambattu (Andhra Pradesh): expanded from 5 tanks to 12, with HFO/HFC blending, helium, semiconductor gas and hydrocarbon handling. Planned capacity is 7,200 MT/annum, with commercial operations targeted by end-2026.^[5]
Bhilwara (Rajasthan): a 10,000 MT/annum R-32 plant. It received Environmental Clearance from SEIAA Rajasthan on 28 December 2025 (Category B1, valid 10 years). Commissioning is targeted for end-December 2026.^[3]
A technology agreement with SYS Advanced (Portugal) covers helium recovery and liquefaction systems for space, defence and semiconductor uses.^[3]

Key operating numbers

The utilisation target for the Khalapur helium plant in FY28 is ~20% of its 1,200 MT installed capacity.^[5]
India's domestic R-32 demand is ~20,000 MT/year, while announced capacity additions are 70,000 - 90,000 MT. Export markets are therefore needed for Bhilwara from commissioning (as of Q1 FY27).^[5]
Management expects helium prices to stay high for 2 - 3 years because of persistent supply shortfalls (as of Q1 FY27).^[5]

Customers and distribution

Stallion is in advanced-stage talks to supply helium to ISRO, with tenders of about 40,000 - 50,000 cubic metres each. Signing has been deferred until Bhilwara is commissioned (as of Q1 FY27).^[5]
Helium is sourced through Sharjah Oxygen (UAE), which buys from RAS Gases & Oilfields, Qatar. Tank-swap arrangements maintain supply during Gulf shipping disruption.^[5]
An expansion of distribution in eastern India is planned, with no timeline given (as of Q1 FY27).^[5]

Expansion and capex

Bhilwara R-32 plant (10,000 MT): capex of ₹364 crore, funded by a ₹364 crore rights issue completed in February 2026 at ₹99/share. Commissioning is targeted for end-December 2026.^[3]
An MoU with the Rajasthan government covers a 10,000 MT HFO plant at Bhilwara, built in two 5,000 MT phases. Capex is guided at ₹350 - 400 crore, with construction to start after R-32 stabilises in 2027.^[5]
The next helium facility is planned at Ghilot (North India), aiming for a 20 - 25% helium market share across the network.^[3]
Management guides FY28 revenue above ₹1,100 crore with all three plants running, and targets ₹3,000 crore revenue and ₹500 crore PAT by FY30 (as of Q1 FY27).^[5]
In FY25, management set out backward integration plans aimed at better cost control.^[6]

Recent developments

Bhilwara commissioning moved from October 2026 to end-December 2026. A preferential issue failed after a share price spike in September 2025, and the rights issue that replaced it paid out only in February 2026.^[5]
The Mambattu project's scope was doubled from 5 to 12 tanks. Together with staff moved to Bhilwara and seasonal flooding, this pushed commercial operations to end-2026.^[5]
In Q1 FY27, management stepped back from its earlier no-dilution commitment and said it is open to issuing equity and/or taking on debt to grow faster.^[5]
Risks named in the FY25 annual report: regulatory pressure on PFAS and HFCs, volatile feedstock prices, geopolitics and competition.^[6]

Market Cap

₹2,121 Cr

High / Low

₹293 / 99

Stock P/E

40.8

Price / Book

3.1

Book Value

₹59

EPS

₹3.8

No. of Shares

11.61 Cr

ROCE

11.8%

ROE

8.9%

OPM

13.8%

Debt / Equity

0.05

Sales

₹431 Cr

Net Profit

₹44 Cr

Promoter holding

47.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials