NSE: STALLION · BSE: 544342
STALLION IND FLUOROCHEM L
Manufactures and trades fluorochemicals, refrigerants, specialty gases (including helium and semiconductor gases), and HFO blends from four operating facilities in India, with two more under construction. The Bhilwara plant in Rajasthan, a 10,000 MT R-32 refrigerant facility, has received environmental clearance and is targeted to start production in October 2026. The Khalapur liquid helium and semiconductor gas plant is in final testing, targeted to start up by June 2026 with 1,200 MT annual capacity, sourcing helium through a partnership with Sharjah Oxygen Company. The Mumbattu facility in Andhra Pradesh is a 12-tank full-service operation for South India, scaled 2.5x beyond the original IPO scope, handling HFO/HFC blending, de-bulking, helium and semiconductor gas; it is targeted for August 2026 commissioning. Distribution runs through a pan-India network serving the refrigerant aftermarket plus electronics, semiconductor, healthcare and solar sectors. FY26 revenue was INR 434.12 crore (+14.4% YoY), with materials accounting for 85.7% of revenue and EBITDA margin at 14.2%. An additional HFO manufacturing plant is planned post mid-2027 with INR 400 crore total capex. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Refrigerants and fluorochemicals, Specialty gases, HFO blending and de-bulking services. Cyclical, asset-heavy fluorochemicals and specialty gases manufacturer
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 377 | 431 |
| EBITDA (ex other income) | 48 | 58 |
| margin % | 12.6 | 13.4 |
| Owners' profit | 32 | 44 |
| EPS, as reported (₹) | 4.98 | 5.34 |
| ROE % · ROCE % | 10.7 · 16.1 | 6.4 · 8.8 |
| Debt / equity (x) | 0.01 | 0.05 |
| Cash from operations | (13) | 39 |
| Capex | (5) | (49) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 85 | 152 | 110 | 106 | 105 | 110 | 121 |
| Profit before tax | 12 | 18 | 14 | 15 | 13 | 17 | 25 |
| Net profit | 10 | 13 | 10 | 11 | 11 | 11 | 19 |
| EPS (₹) | 1.59 | 1.76 | 1.31 | 1.42 | 1.40 | 1.33 | 1.60 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LINDE INDIA LIMITED | 48,100 | 88.0 | 11.27 | 51.8 | 12.9 | 14.8 | — | 29.7 |
| ELLENBARRIE INDUS GASES L | 4,469 | 37.0 | 4.57 | — | 10.7 | 12.2 | — | 55.4 |
| STALLION IND FLUOROCHEM L ◆ | 2,140 | 32.0 | 3.14 | — | 6.4 | 8.7 | — | 20.8 |
| Hilltone Software and Gases Lt | 53 | 79.4 | 2.29 | — | 0.6 | (0.4) | — | (3.5) |
| NATIONAL OXYGEN LTD. | 29 | 15.9 | — | — | (30.1) | 10.1 | — | (18.9) |
| GAGAN GASES LTD. | 9 | 37.0 | 2.72 | — | 4.0 | 4.7 | — | 10.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.0 | 21.2 | 135 of 197 | 32% |
| P/B | 3.1 | 2.1 | 135 of 202 | 33% |
| ROCE | 8.7 | 8.1 | 106 of 220 | 52% |
| ROE | 6.4 | 7.3 | 107 of 202 | 47% |
| Debt / Equity | 0.1 | 0.2 | 68 of 202 | 67% |
| EBITDA margin | 20.8 | 14.0 | 56 of 201 | 73% |
| Revenue growth | 9.9 | 17.2 | 124 of 194 | 36% |
| Profit growth | 79.3 | 41.9 | 75 of 202 | 63% |
| Market cap | 2140 | 384 | 56 of 225 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Stallion India to meet ICICI Securities, Kotak and Nuvama on Oct 21-22 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · GST Search at Registered Office; Company Says No Material Impact | regulatory legal | high | — | — |
| 7 Oct 2026 · Submission of Regulation 74(5) Certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Reg 74(5) RTA Certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Revised schedule for investor meetings on 1 October 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Stallion India Fluorochemicals to hold virtual investor/analyst meet on Oct 1 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · All 3 AGM resolutions passed with over 99.98 percent approval | board shareholder meetings | low | — | — |
| 21 Sept 2026 · 24th AGM proceedings: 3 resolutions tabled for e-voting | board shareholder meetings | medium | — | — |
| 19 Sept 2026 · Starts commercial ops at Semiconductor and Specialty Gas facility in Khalapur | capex operations | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.