Stallion India Fluorochemicals, a rapidly emerging player in the industrial and specialty gases sector, has reported a stellar performance for the second quarter and first half of FY26. Stallion India Q2 FY26 results are the company’s strongest results since listing. The company’s financials reflect exponential growth across all key metrics — revenue, EBITDA, PAT, and EPS — underscoring its strong operational execution and market expansion momentum.
Stallion India Q2 FY26 Financial Performance: Record Growth
Stallion India Fluorochemicals posted total revenue of INR 105.76 crore in Q2 FY26, a 55.57% year-on-year (YoY) increase from INR 67.98 crore in Q2 FY25. Despite a modest sequential dip compared to Q1 FY26, the company achieved record profitability, with EBITDA surging 568.77% YoY to INR 15.77 crore and PAT soaring 1,224.61% YoY to INR 11.42 crore from INR 85.12 lakhs in the corresponding quarter last year.
Earnings per share (EPS) climbed dramatically to INR 1.42, up 914.29% from INR 0.14 in Q2 FY25 — reflecting the company’s efficient cost management, higher product realizations, and operational leverage.
Stallion India H1 FY26 Performance
For Stallion India H1 FY26, the company’s total revenue stood at INR 216.30 crore, up 52.83% YoY, while EBITDA nearly doubled to INR 30.14 crore and PAT increased 135.03% YoY to INR 21.78 crore. The EPS for the half year rose from INR 1.51 to INR 2.73, representing an 80.79% increase.
This consistent upward trajectory demonstrates the company’s ability to scale profitably even in a volatile macroeconomic environment.
Stock Market Reaction: Hitting the 10% Upper Circuit
Following the announcement of its quarterly results, Stallion India Fluorochemicals’ stock hit the 10% upper circuit on the NSE, rising to INR 336.65 per share, up from INR 306.05. The company’s market capitalization now stands at INR 2,670.48 crore.
Management’s Confident Outlook for FY26
Mr. Shazad Rustomji, Managing Director & CEO, stated: “The company delivered a strong performance during Q2 and H1 FY25-26, marked by significant growth in revenue and profitability. Despite cyclical slowdown, tariff-related headwinds, and global uncertainties, we achieved over 50% of our FY26 revenue guidance of ₹43,000.00 lakhs in the first half — a testament to our resilient business model. With stronger quarters ahead, we remain confident of achieving our full-year guidance.”
The company attributes its growth to higher volumes, an improved product mix, and operational efficiencies across its facilities in Khalapur, Ghiloth, Manesar, and Panvel.
Operational and Strategic Expansion
Stallion India is expanding its specialty and semiconductor gas capabilities at its Khalapur facility, including liquid helium processing capacity of 1,200 MT per year. This move aligns with India’s push for technological self-reliance and is expected to improve profit margins by 3–4%.
With operations spanning over 48,000 square meters, and an additional 40,000 sqm expansion planned, Stallion serves over 200 customers across 15 industries. Its portfolio covers more than 40 specialized gas blends, including Hydrofluorocarbons (HFCs) and Hydrofluoroolefins (HFOs) — key materials for refrigeration, semiconductors, pharmaceuticals, and automotive applications.
Financial Strength and Ratios
- Return on Capital Employed (ROCE): 19.7%
- Return on Equity (ROE): 15.2%
- Earnings per Share (TTM): INR 4.08
- Debt: Approximately INR 1 crore — nearly debt-free
- Revenue CAGR (4 years): 33.69%
- Net Profit CAGR (4 years): 33.75%
Stallion India Post-IPO Performance
Stallion India launched IPO on 23 January 2025, with an issue size of INR 199.45 crore. The IPO received an overwhelming response from investors, achieving an impressive subscription rate of over 188.38 times. Reflecting this enthusiasm, the stock had a stellar debut, listing with a 40% premium over its issue price.
However, following the listing, the stock experienced a downward correction, declining to a low of INR 61 per share and consolidating around that level for nearly five months. After July, the stock began gaining strong upward momentum and has since demonstrated remarkable performance. It is currently trading at its all-time high of INR 345, representing a 465% surge from its lowest point of INR 61.
Future Outlook: Sustained Growth Momentum
Stallion India Fluorochemicals expects to grow at a 30–35% CAGR over the next three years, driven by capacity expansion, specialty gas diversification, and continued demand across technology and industrial sectors.
With robust profitability, a near-debt-free balance sheet, and strategic capital investments, the company is well poised to capitalize on India’s industrial and semiconductor growth wave.
Conclusion
Stallion India H1 FY26 performance underscores its transformation into a high-growth industrial gas powerhouse. The record earnings, rising margins, and unwavering confidence in FY26 revenue guidance highlight the company’s operational excellence and strategic foresight.
As the stock continues to attract investor attention, Stallion India stands out as one of the most compelling chemical sector stories in India’s mid-cap space this earnings season.
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