STALLION
Stallion India Fluorochemicals share price & financials
- Price
- ₹188.73
- Market cap
- ₹2.7k Cr
- Sector
- Chemicals
- Calls analysed
- 6
Stallion India Fluorochemicals Limited Q1 FY27
What went well
- Revenue of ₹124.68 crores, up 12.78% YoY.
- EBITDA increased by 75.85% YoY to ₹25.27 crores.
- PAT grew by 79.15% YoY to ₹18.57 crores.
What to watch
- R32 plant commissioning delayed from July 2026 to December 2026 due to funding delays.
- Mambattu facility commencement delayed to end of 2026.
What Stallion India Fluorochemicals Limited does
Stallion India Fluorochemicals debulks refrigerant gases from imported ISO tanks into bulk storage, blends them into custom refrigerant and non-refrigerant gas formulations, tests them in-house, and fills cylinders for dispatch to dealers and industrial customers. It earns primarily as a forward-integrated processor/distributor of HFCs, HFC blends, HFOs and hydrocarbons for refrigeration/AC use, plus non-refrigerant specialty gases (blowing agents, fire extinguishants, insulating gases, pharma propellants, aerosols). The company is now moving into backward integration (own R-32 manufacturing) and adjacent high-value gases such as liquid helium and semiconductor/electronics gases.
Segments
- Refrigerants
- Non-refrigerants
- Others (aftermarket)
- Manufacturing/processing facilities
- 4 operational (Khalapur & Panvel, Maharashtra; Ghiloth, Rajasthan; Manesar, Haryana) + 2 upcoming (Mambattu, Andhra Pradesh; new specialty-gas unit at Khalapur)
- Total facility area
- ~48,000 sq. mt. across India, plus a new 40,000 sq. mt. facility under development
- Gases handled (including blends)
- 40+
- Customers served
- 200+
- Industry segments served
- 15+
- Operational track record
- 30+ years in refrigerant/industrial gas debulking, blending and processing
Guidance record · Q1 FY27
what the last two calls moved 29 tracked 0 delivered 5 missed 24 open- FY26 Revenue went quiet said Q2 FY26 Promised: INR 430 crores Q1 FY27: Target for a prior fiscal year, no longer tracked.
- New Facilities Completion (Khalapur/Mambattu) delayed said Q4 FY25 Promised: October 30th, 2025 Q1 FY27: Khalapur commercial operations expected in Q2 FY27. Mambattu facility commencement delayed to end of 2026.
- Revenue CAGR on track said Q4 FY25 Promised: 30-35% over the next three years Q1 FY27: We continue to maintain our guidance of 30-35% revenue CAGR over the next three years.
All 29 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.0%, net profit up 90.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68 | 85 | 152 | 110 | 106 +56% | 105 +24% | 110 −28% | 121 +10% |
| EBITDA | 2 | 14 | 19 | 14 | 16 +700% | 12 −14% | 16 −16% | 22 +57% |
| Net profit | 1 | 10 | 13 | 10 | 11 +1000% | 11 +10% | 11 −15% | 19 +90% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +18.1% 1Y
1Y: ₹190.55 on 10 Sept 2025 → ₹225.09. High ₹414.35 (16 Oct 2025), low ₹101.83 (9 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.8%
- 17 Aug
- Q4 FY26
- −1.2%
- 22 May
- Q3 FY26
- −5.0%
- 6 Feb
- Q2 FY26
- +4.9%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.0% a year over 1 year, FY25 to FY26. Operating margin widened to 13.5%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹378 Cr | ₹431 Cr |
| Operating profit | ₹47 Cr | ₹58 Cr |
| Operating margin | 12.4% | 13.5% |
| Interest | ₹7 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹1 Cr |
| Net profit | ₹32 Cr | ₹43 Cr |
| Net margin | 8.5% | 10.0% |
| Cash from operations | ₹-13 Cr | ₹39 Cr |
| Free cash flow | ₹-18 Cr | ₹-10 Cr |
| ROCE | 20.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr | ₹55 Cr | ₹61 Cr | ₹79 Cr | ₹116 Cr |
| Reserves | ₹28 Cr | ₹49 Cr | ₹16 Cr | ₹64 Cr | ₹239 Cr | ₹565 Cr |
| Borrowings | ₹10 Cr | ₹2 Cr | ₹18 Cr | ₹65 Cr | ₹1 Cr | ₹34 Cr |
| Other liabilities | ₹104 Cr | ₹35 Cr | ₹37 Cr | ₹9 Cr | ₹34 Cr | ₹22 Cr |
| Total liabilities | ₹153 Cr | ₹98 Cr | ₹126 Cr | ₹200 Cr | ₹353 Cr | ₹737 Cr |
| Fixed assets | ₹19 Cr | ₹18 Cr | ₹13 Cr | ₹14 Cr | ₹21 Cr | ₹31 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹35 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹134 Cr | ₹80 Cr | ₹113 Cr | ₹186 Cr | ₹328 Cr | ₹671 Cr |
| Total assets | ₹153 Cr | ₹98 Cr | ₹126 Cr | ₹200 Cr | ₹353 Cr | ₹737 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +22.96 pp while promoters trimmed −20.10 pp. The shareholder count grew 48% to 64,152.
- Promoters
- 47.8%
- FIIs
- 0.8%
- DIIs
- 1.5%
- Public
- 49.8%
Since Jun 2025
- Public +22.96 pp
- Promoters −20.10 pp
- DIIs −3.22 pp
How it drifted, 6 quarters
Over this window the public went from 24.1% to 49.8% — +25.8 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 67.9%, FIIs 3.3%, DIIs 4.7%, Public 24.1%.Jun '25: Promoters 67.9%, FIIs 0.5%, DIIs 4.8%, Public 26.9%.Sep '25: Promoters 67.9%, FIIs 0.8%, DIIs 0.1%, Public 31.2%.Dec '25: Promoters 64.8%, FIIs 0.5%, DIIs 0.7%, Public 34.0%.Mar '26: Promoters 47.8%, FIIs 1.8%, DIIs 4.0%, Public 46.4%.Jun '26: Promoters 47.8%, FIIs 0.8%, DIIs 1.5%, Public 49.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kirtan Maneklal Rupareliya newly disclosed 1.08% held
- Neomile Corporate Advisory Limited +0.19 pp 7.35% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Stallion India Fluorochemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Shazad Sheriar Rustomji | 47.77% | unchanged |
| Neomile Corporate Advisory Limited | 7.35% | +0.19 pp |
| Geetu Yadav | 4.33% | unchanged |
| Savita Jayesh Shah | 1.42% | unchanged |
| Neomile Growth Fund - Series I AIF | 1.22% | −2.54 pp |
| Kirtan Maneklal Rupareliya | 1.08% | newly disclosed |
| Manisha Shazad Rustomji | 0.02% | unchanged |
| Rohan Shazad Rustomji | 0.01% | unchanged |
| Romica Naarng | 0.00% | unchanged |
| Shanoor (Rustomji) Kothari | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹225, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~34%. At that growth it is worth ₹262 — upside of 16%.
- Growth the price implies
- 31.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 34.4% a year
- net profit, FY25–FY26
- The gap
- -0.0 pp
- 16% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Stallion India Fluorochemicals Limited
Guides on how to read this kind of business and the numbers that matter.