Transcript of the Investor Conference for the business and financial performance of the Company for the Quarter & Financial Year ended on 31st March, 2026.
STALLION · price
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Stallion India Fluorochemicals reported FY26 revenue of INR 434.12 crore (14.4% YoY growth), EBITDA of INR 61.35 crore (23.34% growth), and PAT of INR 43.84 crore (35.61% growth), surpassing their internal target of INR 430 crore revenue and INR 40 crore PAT. The company received environmental clearance for their 10,000 metric ton R-32 manufacturing facility at Bhilwara, Rajasthan, expected to commence production by October 2026. The Mumbattu facility in Andhra Pradesh (expanded to 12 tanks with HFO blending and helium capabilities) is targeted for August 2026, while the Khalapur helium plant should start next month. Management guided for 30-35% revenue CAGR over the next three years along with 3-4% margin improvement. For FY27, they target INR 100 crore PAT (from INR 275 crore revenue from R-32 at 22% PAT margin). Long-term target is INR 3,000 crore revenue and INR 500 crore PAT by 2030. HFO plant capex is estimated at INR 400 crore total (INR 200 crore plant and machinery). Concerns were raised about Q4 quarter-on-quarter de-growth and rights issue dilution, which management attributed to market conditions requiring issue at INR 99 instead of INR 140.
Strong profitability growth and clear expansion roadmap (R-32 plant by Oct 2026, Mumbattu by Aug 2026) support the 30-35% CAGR target. The R-32 plant at Bhilwara should significantly boost margins due to backward integration (R-32 current price INR 900/kg vs estimated cost INR 500/kg). No further equity dilution expected as current cash reserves and PAT generation should fund future capex.