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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LINDE INDIA LIMITED | 53,303 | 97.6 | 12.49 | 57.4 | 12.9 | 14.8 | — | 29.7 |
| ELLENBARRIE INDUS GASES L | 5,356 | 44.4 | 5.48 | — | 10.7 | 12.2 | — | 55.4 |
| STALLION IND FLUOROCHEM L ◆ | 2,613 | 39.1 | 3.84 | — | 6.4 | 8.7 | — | 20.8 |
| Hilltone Software and Gases Lt | 51 | 39.2 | 2.20 | — | 0.6 | (0.4) | — | (3.5) |
| NATIONAL OXYGEN LTD. | 28 | 2.3 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · Management to meet Canara HSBC Life Insurance on Sept 8 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper ad published for 24th AGM notice and e-voting information | compliance | minimal | — | — |
| 29 Aug 2026 · Stallion India Fluorochemicals files FY26 annual report; PAT rises 35.6% | results | high | — | — |
| 29 Aug 2026 · Notice of 24th Annual General Meeting on 21 September 2026 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Newspaper publication of 24th AGM notice via video conferencing | compliance | minimal | — | — |
| 20 Aug 2026 · Q1 FY27 earnings call: revenue up 13%, PAT up 79% | investor communications | medium | — | — |
| 18 Aug 2026 · Monitoring Agency Report on Rights Issue Fund Use for Q1FY27 | compliance | low | — | — |
| 18 Aug 2026 · Audio Recording of Q1 FY26 Earnings Call Now Available | investor communications | low | — | — |
| 12 Aug 2026 · Stallion India Fluorochemicals to host Q1 FY27 earnings call on Aug 17 | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Q1FY27 results: Revenue up 16%, PAT jumps 49% YoY; AGM on 21 Sept | results | high | — | — |
| 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 |
| — |
| (30.1) |
| 10.1 |
| — |
| (18.9) |
| GAGAN GASES LTD. | 10 | 36.5 | 2.78 | — | 4.0 | 4.7 | — | 10.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.1 | 20.9 | 161 of 211 | 24% |
| P/B | 3.8 | 2.2 | 147 of 201 | 27% |
| ROCE | 8.7 | 8.2 | 109 of 225 | 52% |
| ROE | 6.4 | 7.2 | 112 of 212 | 47% |
| Debt / Equity | 0.1 | 0.2 | 78 of 212 | 64% |
| 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 | 2613 | 401 | 54 of 222 | 76% |
| 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 |
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.
