Stallion India Fluorochemicals Ltd (STALLION)

Chemicals · Chemicals · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹210.65 ↑ 51.38% (1Y)

🎯 Key Takeaways

Stallion India Fluorochemicals Ltd is in a high-growth phase driven by strategic expansion in specialty fluorochemicals and backward integration. Management is executing a clear 30-35% revenue CAGR target over three years, supported by new facility completions and environmental clearances.
Revenue grew 10.4% QoQ to ₹121 in Q1FY27.
⚠️ 1) Construction delays at the R-32 plant in Rajasthan, now targeting August 2026 completion after a 4-month setback, could impact near-term growth mom

Market Cap

₹2,445

P/E Ratio

36.5

P/B Ratio

8.13

ROE

17.3%

ROCE

23.3%

Debt/Equity

0.01

Promoter

47.8%

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📖 The Story

Stallion India Fluorochemicals Ltd is in a high-growth phase driven by strategic expansion in specialty fluorochemicals and backward integration. Management is executing a clear 30-35% revenue CAGR target over three years, supported by new facility completions and environmental clearances. The company is reinvesting profits to fund capital-intensive projects rather than returning capital via dividends, signaling a focus on scaling market share in high-margin segments like HFO and helium recovery.

📰 What's Happening

In Q1 FY27 (June 2026), PAT surged 79.15% YoY to ₹18.57 crore with EBITDA up 75.85% to ₹25.27 crore, while revenue grew 12.78% to ₹124.68 crore. Management highlighted completion of helium processing prep at Khalapur and progress on new facilities in Andhra Pradesh and Rajasthan. The company secured environmental clearance for its 10,000 MT R-32 plant in Rajasthan, targeting commissioning by August 2026. A rights issue raised ₹363.92 crores in February 2026, with ₹192.91 crore utilized by June 30, 2026, leaving ₹171.02 crore unutilized for future deployment. The 24th AGM is scheduled for 21 September 2026 to reappoint Mrs. Manisha Shazad Rustomji as Director and appoint Ms. Swati Ghosh as Independent Director.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	106	105	110	121
Operating Profit	15	11	16	22
OPM %	14.5%	10.9%	14.3%	17.8%
Net Profit	11	11	11	19
EPS	₹1.44	₹1.40	₹1.33	₹1.60

Quarterly revenue shows consistent growth from ₹105 crore (Dec 2025) to ₹121 crore (June 2026), with operating profit margin expanding from 10.9% to 17.8% and net profit rising from ₹11 crore to ₹19 crore over the same period. This margin improvement aligns with management's stated focus on backward integration and operational efficiency, particularly in helium and HFO segments. The 79% PAT growth in Q1 FY27 reflects both scale benefits and execution of expansion plans, though revenue growth remains moderate at 12.78% YoY, indicating the early stages of scaling.

🔮 Management Outlook & What's Next

Management projects 30-35% revenue CAGR over the next three years and expects EBITDA margins to improve by 3-4% medium term, driven by backward integration and new facility ramp-ups. The company emphasized that the R-32 plant clearance validates its long-term growth strategy and positions it for margin expansion in high-value fluorochemical segments. No specific risks were flagged in recent filings, but management highlighted ongoing investments in HFO and helium recovery technologies as key growth enablers.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2026	Mar 2026
Equity Capital	79	79	116
Reserves	222	239	565
Borrowings	2	1	34
Total Liabilities	334	353	737
Fixed Assets	17	21	31
Investments	0	0	0
Total Assets	334	353	737

The balance sheet shows strong equity growth and minimal debt (D/E of 0.01), with total assets rising from ₹334 lakhs (Mar 2025) to ₹737 lakhs (Mar 2026). The rights issue raised ₹363.92 crores, of which ₹192.91 crore was utilized by June 2026, leaving ₹171.02 crore unutilized for future capital deployment. This conservative leverage profile supports aggressive reinvestment in expansion projects without financial strain, though the unutilized funds suggest pacing of execution against initial timelines.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-13
Investing	-20
Financing	+76
Net Cash Flow	+43

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	67.9%	64.8%	47.8%	47.8%
FII	0.8%	0.5%	1.8%	0.8%
DII	0.1%	0.7%	4.0%	1.5%
Public	24.2%	26.6%	30.0%	33.1%
# Shareholders	43,099	56,976	62,337	64,152

Promoter holding has declined from 67.9% (Q2FY26) to 47.8% (Q1FY27), while FII allocation increased from 0.8% to 0.83% and DII from 0.07% to 1.53% over the same period. The number of public shareholders rose from 43,099 to 64,152, indicating broader retail participation. No pledging or significant dilution was observed, but the promoter stake reduction may reflect capital raising for expansion rather than exits. Institutional interest appears to be growing gradually, though still at low absolute levels.

⚖️ Peer Comparison — Chemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
PIDILITIND	1.67 L Cr	63.2	33.4%	24.7%	0.01
SRF	75,831	35.1	15.6%	15.4%	0.36
LINDEINDIA	54,443	99.7	17.5%	12.8%	0.00
FLUOROCHEM	51,528	84.2	9.6%	7.7%	0.34
NAVINFLUOR	44,502	56.3	22.2%	19.9%	0.31
GODREJIND	38,256	32.5	9.2%	19.8%	4.57
HSCL	33,181	41.2	20.7%	17.1%	0.16
DEEPAKNTR	23,850	30.4	15.3%	13.4%	0.26
AETHER	22,459	95.2	13.8%	10.6%	0.08
AARTIIND	19,021	35.8	9.2%	9.5%	0.68

🔗 Peer Stock Analyses

PIDILITIND SRF LINDEINDIA FLUOROCHEM NAVINFLUOR

⚠️ Risk Factors

1) Construction delays at the R-32 plant in Rajasthan, now targeting August 2026 completion after a 4-month setback, could impact near-term growth momentum. 2) Despite margin expansion targets, quarterly OPM remains volatile (10.9%-17.8%), suggesting execution risks in scaling new facilities. 3) The company's reinvestment strategy carries execution risk if capital deployment fails to deliver anticipated revenue growth or margin improvement within projected timelines.

📋 Recent Filings

🧠 Analyst's Read

Stallion is executing a capital-intensive growth strategy with clear strategic intent, but near-term results depend on timely facility commissioning and sustained margin expansion. Investors should monitor progress toward the August 2026 R-32 plant completion and quarterly margin trends as early indicators of execution capability. The reinvestment of rights issue proceeds into strategic assets aligns with long-term value creation, though near-term volatility is likely.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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