Stallion India Q4 FY25 results reported a magnificent financial year. The company posted robust financials and underscores its strategic momentum across India’s expanding industrial gases landscape.
With a clear roadmap for growth in high-margin specialty gas segments—particularly semiconductor-grade and environmentally friendly gases—the company is cementing its position as one of India’s most promising mid-cap industrial players.
Stallion India Q4 FY25 Results: Revenue Soars Nearly 80%
For the fourth quarter of FY25, Stallion reported:
- Revenue: INR 153.16 crore, up 79.87% QoQ (Q3 FY25: INR 85.15 crore)
- EBITDA: INR 20.31 crore, up 41.75% QoQ
- PAT: INR 13.27 crore, up 35.56% QoQ
- EPS: INR 1.76 (vs INR 1.59 in Q3)
This marks the company’s strongest quarterly performance yet, supported by optimized supply chain operations, demand from downstream industries, and scale efficiencies from its expanded facility base.
Stallion India FY25 Results: Adjusted PAT Jumps 178%
On an annual basis, Stallion India Fluorochemicals clocked:
- Total Revenue: INR 379.47 crore (up 60.9% YoY)
- EBITDA: INR 49.74 crore (up 85.2% YoY)
- PAT: INR 32.33 crore (vs INR 15.47 crore in FY24)
- Adjusted PAT (excl. ₹10.71 cr provision): INR 43.04 crore
- EBITDA Margin: 13.11% (vs 11.37% in FY24)
- PAT Margin: 8.52% (vs 6.55% in FY24)
- ROCE: 20.89% | ROE: 16.00%
The INR 10.71 crore one-time provision relates to an old settlement with Sanmei, a legacy liability that the management has now cleared, setting a cleaner slate for FY26 onward.
Growth Anchored in Integration and Infrastructure
Stallion’s success is underpinned by its strong forward integration model. With four operating plants (Khalapur, Ghiloth, Manesar, Panvel) and two new facilities underway in Mambattu (Andhra Pradesh) and Khalapur (for semiconductor gases), the company is rapidly expanding its geographical and sectoral footprint.
Key facilities:
- Khalapur (Maharashtra): HFO/HFC blending, now expanding into semiconductor-grade gases and liquid helium.
- Ghiloth (Rajasthan): Serves NCR; advanced debulking and testing labs.
- Manesar (Haryana): NCR supply chain anchor.
- Panvel (Maharashtra): Strategic HFC handling hub.
The upcoming Mambattu plant is slated to house an HFO debulking and blending unit with a 7,200 MT capacity, targeted at environmentally compliant refrigerants.
Strategic Sector Penetration: High-Growth Bets
Stallion operates across 15+ industries and serves over 200 customers, including key sectors like:
- Semiconductors & Electronics
- Pharmaceuticals & Medical Devices
- Automotive
- Fire Safety
- HVAC & Refrigeration
With India’s push under the Make in India initiative and expected USD 300 billion (~INR 25.63 lakh crore) domestic electronics manufacturing target by 2026, Stallion’s pivot to high-purity specialty gases positions it as a critical enabler in future supply chains.
Management Outlook: Targeting 30-35% CAGR
Managing Director Mr. Shazad Sheriar Rustomji emphasized the company’s strategic agility:
“Our record-breaking Q4 underscores the success of our operational scaling and cost optimization. With upcoming capacities in semiconductor gases and next-gen HFOs, we’re poised to tap emerging technology markets. We aim for a CAGR of 30–35% over the next three years, focusing on value-added segments and backward integration.”
Market Position and Financial Strength
- Market Cap: INR 518.39 crore
- Current Share Price: INR 78.4
- 52-Week Range: INR 59.91 – INR 125.99
- Public Shareholding: 32.10%
- Promoter Holding: 67.90%
Despite a recent pullback from its 52-week high, the company’s consistent performance and industry-aligned growth strategy make it a stock to watch in the mid-cap industrial space.
Key Competitive Advantages
- Pan-India distribution network enabling same-day or next-day deliveries
- Blending expertise over raw molecule manufacturing
- Aftermarket focus (80% of revenue) offers higher margins than OEM
- Strategic partnerships with Daikin, Honeywell, and major OEMs
- High operational efficiency and decentralized supply chain management
Conclusion
Stallion India Q4 FY25 has delivered a textbook execution of its integrated business model, leveraging both legacy experience and future-facing strategy. Its unique positioning in the refrigerants and specialty gases market—backed by operational excellence and strong financials—makes it a compelling pick for investors looking to ride India’s manufacturing and technology wave.
With solid earnings momentum, visibility on new high-margin product lines, and a leaner balance sheet post-provision, FY26 may be a pivotal year for Stallion as it ascends into the upper echelons of India’s specialty chemicals and industrial gases market.
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