Stallion India Fluorochemicals Limited, incorporated in 2002, is a specialized manufacturer in the fluorochemicals sector. The company focuses on manufacturing refrigerants and other gases by blending two or more gases to create new formulations, emphasizing environmentally sustainable products that serve diverse industrial applications.
With nearly two decades of expertise, Stallion India Fluorochemicals Limited specializes in manufacturing and distributing Hydrofluorocarbons (HFCs) and Hydrofluoroolefins (HFOs). These products find applications across various industries, including semiconductors, automotive, electronics, pharmaceuticals, fire extinguishment systems, and aerosol production.
The company operates four strategically located plants: Khalapur, Raigad (Maharashtra); Ghiloth, Alwar (Rajasthan); Manesar, Gurugram (Haryana); and Panvel, Raigad (Maharashtra). These facilities are positioned to optimize logistical efficiency and streamline production processes.
Stallion India Fluorochemicals' primary business activities include debulking, blending, and processing Refrigerant and Industrial gases, as well as selling pre-filled cans and small cylinders/containers. The company is ISO 9001:2015 certified for its quality management systems, particularly for compliance in the filling and sale of compressed refrigerant gases.
The company's specialty gases primarily fall within the Hydrofluorocarbons (HFC) and Hydrofluoroolefins (HFO) categories. These products have diverse applications across various industries such as air conditioning, fire fighting, semiconductor manufacturing, automobile manufacturing, pharma and medical, glass bottle manufacturing, aerosols, and spray foam.
Stallion India Fluorochemicals Limited sells gases, widely categorized as Fluorochemicals, with a major application in refrigeration. This diverse client base highlights the demand for the company's products across multiple sectors.
The global fluorochemicals and specialty gases market is projected to grow at a CAGR of 9-11%, from $9,700 million in 2024 to $15,000-$16,000 million by 2029. The Indian market for fluorochemicals and specialty gases is expected to grow at an impressive CAGR of 16-18% during 2024-2029, reaching $675-$725 million.
The company benefits from its expertise in fluorochemicals and specialty gases and strong knowledge in the chemical domain. The sector has high entry barriers due to the specialized technology and infrastructure required, limiting new competitors. Stallion India Fluorochemicals is poised for significant growth, targeting a 30-35% increase in revenues driven by strategic expansions and a shift towards high-margin segments, particularly in the semiconductor and specialty gas markets.
Revenue from operations increased from ₹185.88 crore in FY22 to ₹225.50 crore in FY23, and further to ₹233.23 crore in FY24. The company reported Revenue of ₹151.57 Cr and Net Profit of ₹13.27 Cr as of March 2025 (Q4 FY25).
As of July 14, 2025, the market capitalization of Stallion India Fluorochemicals Ltd is ₹750.18 Cr, with a P/E (price-to-earnings) ratio of 23.21. While the company consistently reports profits, it is noted that it does not currently pay out dividends.
The company's Initial Public Offer (IPO) opened on January 16, 2025, and closed on January 20, 2025. The shares were subsequently listed on BSE and NSE on January 23, 2025. The IPO price band was set at ₹90 per share, and the offer was significantly oversubscribed by 188.38 times.
Stallion India Fluorochemicals mobilized nearly ₹60 crore through its anchor book, with six anchor investors participating, including Saint Capital Fund, Ashika Global Securities, Craft Emerging Market Fund, Mint Focussed Growth Fund, Ashika India Select Fund, and Leading Light Fund.
• Q4 FY25 Performance: Revenue of ₹151.57 Cr, Net Profit of ₹13.27 Cr
• FY24 Revenue: ₹233.23 Cr
• FY23 Revenue: ₹225.50 Cr
• Market Capitalization: ₹750.18 Cr (as of 14th July 2025)
• P/E Ratio: 23.21
• Promoter Holding: 67.9%
The company promoters are Shazad Sheriar Rustomji, Manisha Shazad Rustomji, and Rohan Shazad Rustomji. Stallion India Fluorochemicals Limited, also known as Stallion, is a Mumbai-based company founded by Shazad Sheriar Rustomji.
Promoter holding stands at 67.9%. The company has appointed Virender Kumar Mehta as Chief Financial Officer, effective April 8, 2025, indicating a significant leadership change.
Stallion India Fluorochemicals recently settled a $1.25 million dispute with Zhejiang Sanmei, which has improved financial clarity and removed a contingent liability. The company is almost debt-free, further strengthening its financial position.
Strategic initiatives include the establishment of new facilities in Maharashtra and Andhra Pradesh, aimed at bolstering production capacity and aligning with market opportunities and regulatory standards. The company is also focused on expanding its product portfolio, with plans to introduce new products in the refrigerant and gas sectors.
Stallion India Fluorochemicals faces several risk factors and challenges. The company's revenue is heavily concentrated on refrigerant gas sales, and its dependency on limited geographies poses risks to growth and financial stability. Rising raw material costs could negatively impact operational and financial performance, while a significant reliance on Chinese imports exposes the company to foreign exchange rate fluctuations.
Despite these operational challenges, including dependency on imported raw materials and seasonal demand fluctuations, management emphasizes a proactive approach to risk and cash flow management. Strategies such as maintaining high inventory levels and utilizing vendor financing are employed to enhance resilience.
