STALLION Q3 FY26 earnings call.
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Revenue
₹104.87 Cr
verification pending
Revenue YoY
23.2%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Stallion India Fluorochemicals reported Q3 FY26 revenue of 104.87 crore (+23.2% YoY), with 9M revenue at 321.18 crore (+41.7% YoY) reflecting strong execution across refrigerants and specialty gases. PAT surged 72.8% YoY to 32.9 crore for 9M, driven by product mix optimization and operating leverage. Management confirmed FY26 revenue guidance of 430 crore and PAT of 40 crore, with R32 plant at Bilwara (10,000 tonnes capacity) expected to commission by August 2026, contributing 275 crore in first year of operation. Strategic initiatives include helium recovery technology tie-up with Portugal-based CIS Advance and long-term liquid helium sourcing from Sharjah Oxygen, Dubai. The company's 30-35% CAGR target over 3 years rests on backward integration, new product launches (HFOs), and margin expansion from current ~10% PAT to 16-24% range. Key risk: promoter sold 2% stake twice to fund R32 plant after preferential issue became unviable due to market volatility; plant commissioning delays were attributed to re-engineering and scope expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Company reaffirmed full-year revenue guidance of 430 crore based on 9M performance trajectory and expects to exceed projections.
- Profit after tax guidance of 40 crore for FY26, implying significant PAT margin improvement in Q4.
- 10,000 tonne R32 plant at Bilwara expected to contribute 275 crore in first 6 months (Oct-March) and 550 crore annualized from FY27.
- Management targets 30-35% CAGR sustained over next 3 years, supported by backward integration, new products, and regional expansion.
- New products including R32, helium, and HFOs expected to enhance PAT margin from current ~10% to 16-24% range.
Risks flagged
- Promoter sold 2% stake twice to fund R32 plant after preferential issue became unviable due to upward market circuit and volatility. Rights issue being planned to refund interest-free loan.
- Kalapur helium plant delayed due to upgradation from 200 bar to 300 bar system and imported material from US. Mumbai 2 plant re-engineered for doubled capacity and expanded scope (semiconductor, helium, hydrocarbon facilities).
- R32 plant to be commissioned in August 2026 with trial production before commercial launch. Company claims 6-month production target is on track but analyst questioned communication lag on delays.
- Company has technology tie-up with Honeywell for HFO blend but relies on third-party R32 for HFO production. HFO plant plans announced but timeline not specified.
Key quotes
- Technically we have absolutely no issue. Second I'm happy to say that in spite of the volatility in the market the general market conditions coming down etc. the shareholder base has grown from 40 to 50,000 shareholders and we see that as a very strong indicator that there are a lot of people who would be interested.
- All the new products that we are getting into and all the new business that we are getting into all will be having a margin ranging from 16 to 24% PAT. It will enhance our PAT currently that is at 10%.
- What we look forward to is that with this upcoming facility within 6 months this facility is a normal company would take 18 months to set up this facility. So basically what we are doing is it would be establishing a sort of a record for a chemical process plant.
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