Stallion India Fluorochemicals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Stallion India Fluorochemicals Ltd filed with BSE on 22 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Stallion India Fluorochemicals reported FY25-26 revenue of INR 434.12 crore, up 14.4% year-on-year, with EBITDA rising 23.34% to INR 61.35 crore and PAT growing 35.61% to INR 43.84 crore. Management said the company received environmental clearance for its proposed 10,000 metric ton R-32 facility at Bhilwara, expected to commence production by October 2026, and discussed progress on facilities at Mumbattu and Khalapur. Management fielded questions on rights issue dilution, revenue growth targets, capex phasing, PAT margin expectations, and the impact of geopolitical disruptions on raw material and helium sourcing.
Numbers mentioned
Total revenue: INR 434.12 crore (FY25-26)
p. 2
“During FY25-26, the company reported total revenue of INR 434.12 crore reflecting a growth of 14.4% year-on-year.”
Mr. Shazad Rustomji, page 2 of the filed PDF · View the filing
EBITDA: INR 61.35 crore (FY25-26)
p. 2
“EBITDA increased by 23.34% to INR 61.35 crore while PAT grew by 35.61% to INR 43.84 crore, highlighting the resilience of our business model, operational agility and disciplined execution.”
Mr. Shazad Rustomji, page 2 of the filed PDF · View the filing
PAT: INR 43.84 crore (FY25-26)
p. 2
“EBITDA increased by 23.34% to INR 61.35 crore while PAT grew by 35.61% to INR 43.84 crore, highlighting the resilience of our business model, operational agility and disciplined execution.”
Mr. Shazad Rustomji, page 2 of the filed PDF · View the filing
Current shareholding: 47.5%
p. 3
“It's 47.5% or a little more.”
Mr. Shazad Rustomji, page 3 of the filed PDF · View the filing
Quarterly revenue (Q4): INR 110 crores (Q4 FY26)
p. 13
“INR 110 CR, 106 CR, 105 CR and in the last current quarter Q4 INR 110 CR.”
Nilay, page 13 of the filed PDF · View the filing
R-32 domestic sales two years back: exceeded 4500 tons
p. 9
“In two years back, Stallion's own sales in India of R-32 exceeded 4500 tons, which we we brought down to less than 400-500 tons because the margins currently are so low that it'll drag our PAT down, so we let go of that turnover.”
Mr. Shazad Rustomji, page 9 of the filed PDF · View the filing
Available OD/CC facility: 120 crore
p. 7
“We've got 120 crore OD available, we may not utilize that, we try to do without wherever best we can we try to save and move ahead.”
Mr. Shazad Rustomji, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth CAGR — 30 to 35% · next three years
stated firmly by Mr. Shazad Rustomji
p. 3
“we continue to target a revenue growth CAGR of 30 to 35% over the next three years along with margin improvements of 3 to 4%.”
Mr. Shazad Rustomji, page 3 of the filed PDF · View the filing
Bhilwara R-32 plant commissioning — commence production · October 26
stated firmly by Mr. Shazad Rustomji
p. 2
“The project is progressing as planned and is expected to commence production by October 26.”
Mr. Shazad Rustomji, page 2 of the filed PDF · View the filing
Revenue from Bhilwara plant this year — INR 250 crores incoming · FY27
stated conditionally by Mr. Shazad Rustomji
p. 4
“if we start up on time and we get the six months production, we are looking at INR 250 crores incoming from there.”
Mr. Shazad Rustomji, page 4 of the filed PDF · View the filing
Khalapur helium plant startup — starting up · next month
stated firmly by Mr. Shazad Rustomji
p. 5
“The helium plant Khalapur plant is almost ready, meaning they are just doing the final testing and now we're looking at starting up by next month.”
Mr. Shazad Rustomji, page 5 of the filed PDF · View the filing
Mumbattu facility operational — operational · August
stated firmly by Mr. Shazad Rustomji
p. 5
“Mumbattu should be operational by August.”
Mr. Shazad Rustomji, page 5 of the filed PDF · View the filing
HFO manufacturing plant capex — INR 400 crore total · post mid '27
stated conditionally by Mr. Shazad Rustomji
p. 6
“that we would only after this plant is fully stabilized, all operations are managed, everything, that means post mid '27 only after that we would start the work on the HFO”
Mr. Shazad Rustomji, page 6 of the filed PDF · View the filing
FY27 PAT — about INR 100 crores · FY27
stated conditionally by Mr. Shazad Rustomji
p. 6
“Based on what we projected that six months revenue if we are able to achieve now suppose INR 275 CR if we have said and 22% PAT. So INR 60 crores from that and the existing 40 so our PAT numbers should be about INR 100 crores.”
Mr. Shazad Rustomji, page 6 of the filed PDF · View the filing
H2 PAT margin increase — 5 to 6% higher · H2 FY27
stated conditionally by Mr. Shazad Rustomji
p. 8
“In the second half it would go up by 6%, 5 to 6% because it averages out.”
Mr. Shazad Rustomji, page 8 of the filed PDF · View the filing
5-year revenue target — INR 3,000 crore revenue and INR 500 crore PAT · by 2030
stated as an aspiration by Mr. Shazad Rustomji
p. 15
“Our target figures are by 2030 we want to have INR 3,000 crore revenue and we want to have a PAT of INR 500 crore.”
Mr. Shazad Rustomji, page 15 of the filed PDF · View the filing
Turnover and PAT post R-32 facility full operation — INR 1100, 1200 crore turnover with about 180 crore PAT
stated conditionally by Mr. Shazad Rustomji
p. 15
“With the R-32 facility being fully operational our turnover should cross INR 1100, 1200 crore with about 180 crore PAT.”
Mr. Shazad Rustomji, page 15 of the filed PDF · View the filing
No further dilution/fundraising — no further dilution
stated conditionally by Mr. Shazad Rustomji
p. 12
“We do not envisage any further dilution onwards because the current revenue that we will generate once we stabilize and the projected PAT I don't think we would require more funding.”
Mr. Shazad Rustomji, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the number of shares sold was bought back, and the dilution was due to pricing conditions at issue rather than a change in commitment.
Answered by Mr. Shazad Rustomji
Asked by SK Nathani: Why did the company sell rights entitlement to a DII instead of fully applying to the rights issue as previously stated, and why did shareholding percentage fall?
p. 3
“The number of shares that I sold, I bought back.”
Mr. Shazad Rustomji, page 3 of the filed PDF · View the filing
Management clarified the 430 crore/40 crore PAT figure was the specific target for this year, and the 30-35% CAGR applies to future years starting from new capacity coming online.
Answered by Mr. Shazad Rustomji
Asked by SK Nathani: Why is FY26 revenue growth only 14% versus the previously stated 35% CAGR target, and why is there a quarter-on-quarter de-growth?
p. 4
“The target for this year which we had expressed one year ago when we had done INR 370 crores turnover the year before, we had given ourselves a target, we had put our target internally at INR 430 crores and INR 40 crore PAT which we have surpassed.”
Mr. Shazad Rustomji, page 4 of the filed PDF · View the filing
Management said the company would do more than the 30% growth benchmark if the October start-up proceeds on time, while noting a conservative approach to numbers.
Answered by Mr. Shazad Rustomji
Asked by Disha: Is the company on track for the INR 675 crore revenue target mentioned previously?
p. 5
“If in October we start off on time and everything goes well, yes, we should have that revenue, which would be much more than 30%.”
Mr. Shazad Rustomji, page 5 of the filed PDF · View the filing
Management explained the Mumbattu facility scope was expanded significantly from the original IPO plan, causing delay, while Khalapur is nearly ready.
Answered by Mr. Shazad Rustomji
Asked by Disha: Are the Mumbattu and Khalapur facilities progressing on schedule for commissioning?
p. 5
“So meaning the delay is on account of that, not on account of the project, it was scaled up two and a half times.”
Mr. Shazad Rustomji, page 5 of the filed PDF · View the filing
Management said the company follows a conservative payment policy of paying only on delivery and commissioning, not in advance, so spending will rise sharply once materials arrive.
Answered by Mr. Shazad Rustomji
Asked by Rohit Bahirwani: Why is capital work in progress for Bhilwara only INR 35 crore against an expected 200 crore capex, and when will spending rise?
p. 7
“In this quarter you'll see the numbers rise up significantly.”
Mr. Shazad Rustomji, page 7 of the filed PDF · View the filing
Management said the current fundraise did not account for working capital, and the company hopes to manage through internal PAT generation and unused OD/CC facilities.
Answered by Mr. Shazad Rustomji
Asked by Rohit Bahirwani: Will working capital needs be met from the large cash balance, with no further capex fundraising planned?
p. 7
“the reason we have not raised working capital is we hope that with the internal PAT generation and also onwards with the way that we normally work, we should be able to manage.”
Mr. Shazad Rustomji, page 7 of the filed PDF · View the filing
Management confirmed H1 margins would track last year's percentages, while H2 margins would rise due to manufacturing contribution.
Answered by Mr. Shazad Rustomji
Asked by Preet Shah: Will H1 PAT margins be lower and H2 margins higher?
p. 8
“The H1 margins would be conversant with the last year's same percentages.”
Mr. Shazad Rustomji, page 8 of the filed PDF · View the filing
Management said the government has not released policy details but the company expects to receive the full 10,000 tons of quota corresponding to its capacity.
Answered by Mr. Shazad Rustomji
Asked by Akanksha: Is there clarity on how much R-32 production quota will be allocated to the company?
p. 9
“We expect to get 10,000 tons of quota.”
Mr. Shazad Rustomji, page 9 of the filed PDF · View the filing
Management said no pre-contracts have been signed as doing so before production readiness would be detrimental to pricing leverage.
Answered by Mr. Shazad Rustomji
Asked by Akanksha: Does the company have any off-takes or contracts already in place for R-32?
p. 9
“No, we have not entered into any pre-contracts or anything because it's detrimental to the company.”
Mr. Shazad Rustomji, page 9 of the filed PDF · View the filing
Management said the Sharjah Oxygen partnership is strategic beyond sourcing, and while Qatar helium production is affected, the company views the situation as an opportunity given rising helium prices.
Answered by Mr. Shazad Rustomji
Asked by Arindam Dutta: Is the tie-up with a Saudi company for helium sourcing affected by the current geopolitical situation?
p. 10
“our entry into the market is completely paved with gold.”
Mr. Shazad Rustomji, page 10 of the filed PDF · View the filing
Management clarified the INR 200 crore MOU figure covers only plant and machinery, with total capex expected around INR 400 crore, and no further dilution is envisaged.
Answered by Mr. Shazad Rustomji
Asked by Samyak Shah: What are the capex numbers for FY27 and FY28 for the HFO plant?
p. 12
“So the total technically that capex should be around INR 400 crore.”
Mr. Shazad Rustomji, page 12 of the filed PDF · View the filing
Management attributed flat-to-lower volumes to supply chain disruptions affecting LPG availability for end-customer industries.
Answered by Mr. Shazad Rustomji
Asked by Nilay: Given rising commodity prices, why hasn't Q4 revenue reflected this, and did volumes decline?
p. 14
“Today most of the most of the production industries are not getting LPG, they don't know what to do.”
Mr. Shazad Rustomji, page 14 of the filed PDF · View the filing
Management confirmed the estimate is based on the lower, conservative price assumption.
Answered by Mr. Shazad Rustomji
Asked by Viraj Sanghvi: Is the FY27 PAT estimate of around 100 crore based on R-32 pricing of 500 or 900 rupees per kg?
p. 14
“We've given our estimate based on 500 or I think 550 rupees a kilo.”
Mr. Shazad Rustomji, page 14 of the filed PDF · View the filing
Risks flagged
Global energy market volatility and geopolitical developments affecting supply chains
p. 2
“We are pleased to report another year of strong operational and financial performance despite increased volatility across global energy markets, supply chains and geopolitical developments.”
Mr. Shazad Rustomji, page 2 of the filed PDF · View the filing
LPG and oil cost disruptions straining margins
p. 7
“With the huge increase and disruptions that are happening with the oil with LPG costs etc., so definitely margins would be highly strained.”
Mr. Shazad Rustomji, page 7 of the filed PDF · View the filing
Financial instability and bank scares creating broader uncertainty
p. 8
“financial instabilities are there, you're hearing of bank scares, you're hearing of 1 million things that can go wrong.”
Mr. Shazad Rustomji, page 8 of the filed PDF · View the filing
Risk of taking on debt burden amid instability if war breaks out
p. 8
“if war breaks out the instability created would be very risky for a small company with a low current revenue growth to take on a debt burden of 300 crores.”
Mr. Shazad Rustomji, page 8 of the filed PDF · View the filing
Middle East crisis disrupting helium supply from Qatar oil fields
p. 10
“There is a definite impact of the sourcing from the Qatar oil fields.”
Mr. Shazad Rustomji, page 10 of the filed PDF · View the filing
Middle East crisis impacting supply chains, shipping, exports and oil/LPG availability broadly
p. 16
“Impact is substantial, we've managed to ride out most of it because we were uh we were better planned, we're better anticipated this.”
Mr. Shazad Rustomji, page 16 of the filed PDF · View the filing
LPG unavailability limiting end-customer industries' production and demand
p. 14
“when LPG is not available and your end-customer industries are not able to come out with full production, who are you going to sell to?”
Mr. Shazad Rustomji, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.