Stallion India Fluorochemicals Ltd.- History, Latest Updates, Milestones, Subsidiaries & Share Price
Company Overview
Stallion India Fluorochemicals Limited is a leading producer and distributor of refrigerants and industrial gases in India. Stallion India is headquartered in Mumbai, established in 1992. It is a leader in debulking, blending, and processing Hydrofluorocarbons (HFC) and Hydrofluoroolefins (HFO) at four plants located in Khalapur, Ghiloth, Manesar, and Panvel.
It serves important industries such as air conditioning, refrigeration, fire safety, semiconductors, automobile, pharmaceutical, electronics, and glass manufacturing with customized gas mixtures.
With nearly three decades of experience and foraying into the in-house molecule manufacturing segment, Stallion aims to emerge as a major contender in the dynamically changing fluorochemical industry. ?
For someone who has been following the movement of Stallion India Fluorochemicals Share Price movements, there are strong indications of growth, applications, and projects that could result in appreciations and ratings through Enrich Money.
Recent Developments in 2025 & 2026
Stallion India Fluorochemicals Ltd. registered substantial progress in 2025 and at the start of 2026, owing to their impressive financial performances, new project developments, and focused development in specialty gases. Some of the most prominent events and their impact on the Stallion India Fluorochemicals share price are as follows:
?January 2025
The company issued a pricing of Rs 90 per share during its IPO and was listed with a premium of 33%. The result was an increase in the Stallion India Fluorochemicals share price. Initially in the year, the company was one of the best-performing firms following its established presence in the refrigerant gas industry. Growth opportunities in semiconductors began moving on a positive path.
February-March 2025
Stallion touched an all-time low of approximate Rs 60 in March, but the operational activities continued to perform well with a focus on cost optimization. There were developments on the land allotment process by RIICO in the State of Rajasthan for the R-32 refrigerant manufacturing facility. Initiatives including the Khalapur & Mambattu plants, started gaining pace for a comeback.
?April-May 2025
Results for Q1 FY26 indicated revenue of approximately Rs 105 crores, with EBITDA standing at Rs 14 crores and net profit registering a 22% increase at Rs 10 crores. The company entered into an MoU with the Rajasthan government for the Rs 120 crores R-32 unit, expected to begin production in 2026, which was a cause for cheer. The Stallion India Fluorochemicals share price started moving towards stabilization as information regarding capex was revealed.
June 2025
Audited Q4 and FY25 numbers showed total revenue of 379 crores, which is a substantial jump in the year-over-year comparison, with PAT of 32 crores (adjusted figure is higher excluding provisions). EBITDA expanded to 50 crores, reflecting the economies of scale in the refrigeration gases business. Reports on the semiconductor gas facility in Khalapur propelled the Stallion India Fluorochemicals share price into the 220 levels.
?July – August 2025
Revenue improved to Rs 453 Crore in the trailing twelve months, and the market cap touched Rs 1704 Crore as of August. Ongoing HFO blending at Mambattu underpins the firm's renewed commitment to achieving 30-35% CAGR from FY26 to FY28. Stallion India Fluorochemicals share price went above Rs.300 due to the monitoring agency's positive updates in Q2.
September–October 2025
The company reported a result of Rs 111 crores in Q2, a slight decrease over the previous quarter but with strong margins. Stallion India Fluorochemicals share price climbed to an all-time high of Rs.424 during October, reflecting a remarkable 300% gain over the IPO listing price.
The progress of Bhilwara R-32 plants and revenue of Rs 500 crores were buoying factors.
?November 2025
Minor deviations in IPO costing expenses were confirmed by the monitoring agency; however, FY26 growth is still expected at 30-35%. Commercial projects related to Bhilwara R-32 commencing in July 2026 will add potential Rs 500 crores. Stallion India Fluorochemicals share price gained 15% weekly amid these updates.
December 2025–January 2026
Stallion India Fluorochemicals share price was trading around Rs 233 towards the end of December, a sharp 38% appreciation for the month, peaking at 52-week highs around Rs 300+ in January 2026. This appreciation has been because of high demand in the automotive and pharma segment and capital expenditure. The company is looking to add Rs 1 billion to their topline through the new schemes after commissioning.
Evolution
Stallion India Fluorochemicals Ltd. has seen the transition of Stallion India from being a small trader of refrigerant gases to a strong niche player with its journey punctuated with strategic expansion, technological developments, and a significant initial public offering.
1992–2001
Stallion Enterprises started operations in 1992 as a trading company, emphasizing fluorochemicals, thereby laying the foundation for refrigerant gas marketing, which gained momentum due to increasing industrial demand. By the late 1990s, it set the stage to leverage the worldwide shift away from ozone-depleting substances.
2002–2005
?It was incorporated under the name of Stallion India Fluorochemicals Private Limited on September 5, 2002, with its North Indian Debulling Operations initiated at Manesar-Gurgaon, to make possible just-in-time delivery to NCR customers. The plant at Panvel, close to Mumbai, further accentuated the competency built at HFC Bottling since 1998. This signaled the beginning of Stallion's evolution into manufacturing logistics integration.
2006–2010
An important association with Honeywell in 2006 helped enhance marketing of HFCs, fluorine’s, and specialties in the Indian subcontinent. Support from Stallion helped Indian Navy conversions from CFCs to HCFCs in 2009. Next-generation HMPE ropes were tested in 2010. There was an emphasis on sustainable refrigerants, keeping in mind stated environment regulations.
?2011–2015
The growth further accelerated with a new flammable gas unit at Khalapur, Maharashtra, in 2013, which concentrated on hydrocarbons, HFCs, and HFOs. The company expanded its operations to cater to OEMs in the car and appliances sectors, with a strong focus on safety in handling volatile gases. These years further reinforced the technological superiority in gas mixing and refilling at Stallion.
2016–2019
201 Commercial HFO-1234yf sales started in 2016 for automobile exports, complying with EU F-gas regulations, alongside the procurement of HFC-32 from Daikin Japan, together with isobutane, targeting energy-saving refrigerators. Khalapur expanded its production capacity by 100% in 2018 with the addition of a blending unit. Honeywell's Solstice HFOs was introduced in 2017 by Stallion.
2020–2022
A new facility was set up in Ghlioth, Rajasthan, in 2020, which satisfies the demand for refrigerants, as well as flammables, in the North India market, in addition to the existing facility in Manesar. The company diversified its product business into high-margin HFO products for pharma and electronics. The company protected its supply chain against the pandemic.
?2023–Present
Conversion to Public Limited Company on October 5, 2023, followed by IPO in January 2025. Bought over Stallion Enterprises through Slump Sale in 2023 to ensure business legacy. Post-listing expansion plans include semiconductor gases and R-32 facilities, aiming for a CAGR of 30-35% until FY28.
Company Information
| Company Information | |
| Trade Name | Stallion India Fluorochemicals Ltd. |
| Founded year | 2002 |
| Headquarters | Mumbai, Maharashtra, India |
| Industry | Specialty Chemicals / Refrigerant & Industrial Gases |
| Chairman | Shazad Sheriar Rustomji (Founder & Promoter) |
| Revenue | Rs.379 crore (FY25) |
| NSE code | STALLION |
| BSE code | 544342 |
Milestones
Founding & Early Growth
1992: Stallion Enterprises was founded, subsequently acquired through slump sale in 2023 for the purpose of consolidating core competencies.
?1998: Commissioned the first stand-alone HFC Debubbling & Bottling plant in India at Panvel in the state of Maharashtra, entering the refrigerant business.
?2002: North India facility set up in Manesar-Gurgaon for just-in-time deliveries; Incorporated Stallion India Fluorochemicals Pvt. Ltd.
Strategic Partnerships
2006: Joined Hands with Honeywell to market HFCs, Fluorines, & Refrigerant Specialties in India
?2016: Partnership agreement signed with Daikin Japan to market HFC-32; initiated the supply of HFO 1234yf to automotive original equipment manufacturers .
Facility Expansions
2013: Install flammable gas debulking plant at Khalapur, Maharashtra, for hydrocarbons, HFCs, and HFOs
?2018: Established a new plant and a refrigerant blending facility in Khalapur.
????2020: Established the Ghiloth, Rajasthan plant for refrigerants and flammables to serve the North India market.
?Recent Transformations
2023: Changed to a public limited company. Acquired Stallion Enterprises through a slump sale.
?2025: Effective IPO launching and listing with premium and funding expansion ventures such as Bhilwara R-32 plant
Stallion India Fluorochemicals Latest News, Major Corporate Actions & Announcements in 2025 & 2026
Jan 2025 IPO Launch: Raised Rs.199 crores; listed with 33% premium to drive initial stock surge in funding the expansion of semiconductor gases.
Aug 2025 R-32 MoU: Signed with Rajasthan for Rs.120 crore Bhilwara plant, aiming to produce in 2026 to reduce imports.
?Sep-Oct 2025 Q2 Surge: PAT of Rs.11.4 cr on revenues of Rs.106 cr; shares touch a new high of Rs.424, up 300
?Nov 2025 Guidance: Revenue Growth: reaffirmed 30-35% in FY26; Bhilwara operations to start by July 202
Jan 2026 Clearance: Secured environmental approval for R-32 plant, improving specialty gas chances.
Stallion India Fluor Share Price
| Company Name | Sector | Share Price Link |
| Stallion India Fluorochemicals Ltd. | Industrial Gases & Fuels | Stallion India Fluorochemicals share price |
Conclusion
Stallion India Fluorochemicals Ltd. has emerged from being a refrigerant trading company to being a vibrant force in the specialty gases business, with its impressive initial public offering performance in 2025, strong FY25 sales of Rs 379 crore, and first half of FY26 performance of more than 50% of the target achieved. Its cautious expansion plans, such as Bhilwara R-32 and Khalapur semiconductor gases projects, along with CAGR of 30-35% till FY28, ensure that it scales to great heights.
Investment Verdict
Track Stallion India Fluorochemicals Ltd share price through Enrich Money to spot opportunities of appreciation as capex turns into reality. The company boasts solid fundamentals and a niche to make it attractive to investment portfolios aimed at growth in the fluorochemical industry in India.
Frequently Asked Questions
What is Stallion India Fluorochemicals Ltd.’s primary business?
Stallion India Fluorochemicals Ltd is engaged in the processing & distribution of HFCs & HFOs for refrigeration, automotive, pharma, semiconductor applications through four production plants.
?When did Stallion India Fluorochemicals go public?
The company went public through IPO in January 2025 with a listing price of Rs 90 per share with a 33% premium, resulting in an increased Stallion India Fluorochemicals share price.
??What are the factors influencing the Stallion India share price target?
Expansion plans such as Bhilwara R-32 plant and 30-35% CAGR guidance in FY28 drive short-term Stallion India Fluorochemicals share price.
What is the Stallion India Fluorochemicals share price target 2026?
Experts forecast the Stallion India Fluorochemicals share price in 2026 to be above Rs 500, based on the commissioning of new production facilities and the doubling of revenues. ???
What is Stallion India Fluorochemicals share price target 2030?
The long-term Stallion India Fluorochemicals share price in 2030 will be Rs 1500+, on the assumption that the company will retain leadership in specialty gas.
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