Stallion India Fluorochemicals LimitedChemicalsSTALLION
Q1 FY27 earnings callStallion India Fluorochemicals Limited
Stallion India started FY27 with strong profit growth and is focusing on executing key expansion projects, including its high-purity helium and R32 manufacturing facilities, to drive future growth.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Revenue | 124.68 crores | 12.78% | |
| EBITDA | 25.27 crore | 75.85% | |
| PAT | 18.57 crore | 79.15% |
TL;DR
- Q1 revenue grew 12.78% YoY to Rs 124.68 Cr.
- EBITDA increased 75.85% and PAT grew 79.15% due to better product mix and planning.
- High-purity helium plant at Khalapur is completed; commercial operations expected next quarter.
- R32 manufacturing plant at Bhilwara is targeted for completion by end-December 2026.
- Management maintains revenue CAGR guidance of 30-35% for the next three years.
Said on the call
“For us 2026 is a defining year.”
From the Q&A
| Topic | What management said |
|---|---|
| Profit Margin Sustainability | Management attributed strong Q1 margins to a 50:50 mix of better product mix (more HFOs) and earlier inventory planning benefiting from the Gulf crisis; said such impressive margins are not the 'actual numbers at our current business level' and may not be repeatable. |
| R32 Plant Timeline & Revenue | The 10,000 metric ton R32 plant at Bhilwara is now targeted for December 2026 completion (delayed from earlier plans). Its FY27 revenue contribution will be lower than the earlier Rs 250 Cr target, now expected around Rs 125 Cr in Q4, but the FY28 target of Rs 500-600 Cr remains intact. |
| Future Fundraising | Management is considering raising capital (possibly through dilution) for faster growth and upcoming projects like the HFO plant, as relying solely on internal accruals and debt could slow down the expansion timeline. |
| Helium Plant Ramp-up | The new helium plant has a 1200 MT capacity, but utilization will ramp slowly; management expects only about 20% utilization in the next financial year, not 50%, with revenues building incrementally. |
| Raw Material Sourcing & Competition | Management stated they do not and will not purchase HF (hydrofluoric acid) from a specific competitor and will have multiple domestic and imported sources for AHF, expecting a buyer's market by 2028. |
Guidance
- Maintains revenue CAGR guidance of 30-35% over the next three years.
- Expects EBITDA margins to improve by about 3 to 4% over the medium term as backward integration and specialty gases contribute more.
- Targets exceeding Rs 1100 Cr in revenue with approximately 15% PAT margin once all new plants (helium, R32, Mambattu) are operational.
- Expects R32 plant to contribute approximately Rs 125 Cr revenue in Q4 FY27 and Rs 500-600 Cr annual revenue at utilization in FY28.
Source
Summary written from the transcript filed by Stallion India Fluorochemicals Limited for the call held on 20 Aug 2026; published 20 Aug 2026, 16:44 IST.