Any current/future new fundraising through debt or equity?

The company has taken Board approval to raise up to INR 500 crore but does not intend to dilute equity or fully utilize this limit immediately. Current CapEx spends are funded in-house. For future funding, the company is considering multiple options: debt, equity, or amortization advances from customers (OEMs willing to fund and amortize over time). The choice of funding route will depend on what suits best for faster execution and maintaining financial stability. Initially, the first manufacturing plant funding will likely be through equity (post-IPO), while subsequent expansions may consider

Any current/future capex/capital investment/strategic investment?

CapEx of approximately INR 200 crore planned for manufacturing R-32 refrigerant plant. New manufacturing plants planned in a series, with the first plant serving as a learning experience; subsequent plants to be larger in scale. Khalapur and Mambattu facilities expected to be operational by November 2025, contributing incrementally to revenue starting FY26. Rajasthan manufacturing facility expected to start production by mid-2026. Planned capacity expansions to significantly enhance turnover, aiming to add INR 135 crore in the first year and INR 270 crore in the second year from the initial ma

Future growth expectations in sales/revenue/volumes?

Stallion India Fluorochemicals targets a significant growth trajectory aiming to reach INR 2,500 crore in turnover by 2030, implying several times growth from current levels. Growth will be driven by a series of manufacturing plants, starting with a 5,000-ton plant expected to add around INR 135 crore turnover in the first year and INR 270 crore in the next. Expansion plans include additional plants beyond the initial one, each larger and expected to generate higher revenues, contributing to multi-fold growth rather than just 30-35% CAGR. Incremental revenues from the upcoming Mambattu, Khalap

Future growth expectations in earnings/operating earnings/profits/EPS?

Stallion India Fluorochemicals targets a significant growth trajectory with a five-year vision to reach INR 2,500 crore in turnover by 2030. Current PAT margins hover around 9-11%; with manufacturing expansion, PAT is expected to rise to 24%. Specialty gases (helium, semiconductor) business projected to deliver 18-20% PAT margins. Overall blended PAT margin expected around 17-18% as manufacturing scales up. Incremental revenues from new plants (Khalapur, Mambattu, Rajasthan) expected to contribute substantially from FY26 onwards, with full-scale operations starting post-November 2025. Company

Current/ Expected Orderbook/ Pending Orders?

The company currently has an order book, but immediate impact may not be visible in revenues. Real impact from new plants and orders expected from April onwards. HFO business is currently limited in India; demand is mostly from new projects and export-driven growth. Orders for HFO-based transitions (e.g., Reliance's facility) are expected around April. Specialty gases like helium are tender-based; tenders may occur around March, covering quantities for the next 9 months. Order inflows and revenues from these new segments may not be visible immediately in Q1 but expected to reflect over the ann

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Stallion India Fluorochemicals LtdQ2 FY25Chemicals & Petrochemicals

Stallion India Fluorochemicals Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹182P/E: 37.3Market Cap: ₹1.6K CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Stallion India Fluorochemicals targets a significant growth trajectory aiming to reach INR 2,500 crore in turnover by 2030, implying several times growth from current levels.
→Growth will be driven by a series of manufacturing plants, starting with a 5,000-ton plant expected to add around INR 135 crore turnover in the first year and INR 270 crore in the next.
→Expansion plans include additional plants beyond the initial one, each larger and expected to generate higher revenues, contributing to multi-fold growth rather than just 30-35% CAGR.
→Incremental revenues from the upcoming Mambattu, Khalapur, and Rajasthan plants are expected to notably increase from 2026 onwards.
→The company aims to maintain consistent project execution with overlapping project timelines to ensure steady growth.
→The growth strategy is planned explicitly for a 5-year horizon, focusing on tangible milestones by 2029-2030.

Margin guidance

Category 1

→Stallion India Fluorochemicals targets a significant growth trajectory with a five-year vision to reach INR 2,500 crore in turnover by 2030.
→Current PAT margins hover around 9-11%; with manufacturing expansion, PAT is expected to rise to 24%.
→Specialty gases (helium, semiconductor) business projected to deliver 18-20% PAT margins.
→Overall blended PAT margin expected around 17-18% as manufacturing scales up.
→Incremental revenues from new plants (Khalapur, Mambattu, Rajasthan) expected to contribute substantially from FY26 onwards, with full-scale operations starting post-November 2025.
→Company aims for multi-fold growth by FY29, beyond the current 30-35% CAGR guidance.
→Manufacturing expansion supported by phased CapEx and capital market funding, enabling accelerated growth and improved EBITDA margins possibly near 30% at scale.
→Initial quarters post-commissioning may show modest revenue, but significant ramp-up anticipated in subsequent periods.

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Fundraise plans

Yes

→The company has taken Board approval to raise up to INR 500 crore but does not intend to dilute equity or fully utilize this limit immediately.
→Current CapEx spends are funded in-house.
→For future funding, the company is considering multiple options: debt, equity, or amortization advances from customers (OEMs willing to fund and amortize over time).
→The choice of funding route will depend on what suits best for faster execution and maintaining financial stability.
→Initially, the first manufacturing plant funding will likely be through equity (post-IPO), while subsequent expansions may consider debt or equity based on market conditions.
→The company is open to non-traditional funding through customer advances, potentially reducing the need for debt or equity issuance.

Order book

→The company currently has an order book, but immediate impact may not be visible in revenues.
→Real impact from new plants and orders expected from April onwards.
→HFO business is currently limited in India; demand is mostly from new projects and export-driven growth.
→Orders for HFO-based transitions (e.g., Reliance's facility) are expected around April.
→Specialty gases like helium are tender-based; tenders may occur around March, covering quantities for the next 9 months.
→Order inflows and revenues from these new segments may not be visible immediately in Q1 but expected to reflect over the annual cycle.

Capex plans

Yes

→CapEx of approximately INR 200 crore planned for manufacturing R-32 refrigerant plant.
→New manufacturing plants planned in a series, with the first plant serving as a learning experience; subsequent plants to be larger in scale.
→Khalapur and Mambattu facilities expected to be operational by November 2025, contributing incrementally to revenue starting FY26.
→Rajasthan manufacturing facility expected to start production by mid-2026.
→Planned capacity expansions to significantly enhance turnover, aiming to add INR 135 crore in the first year and INR 270 crore in the second year from the initial manufacturing plant.
→Funding will be through a combination of equity, debt, or customer advances with priority on maintaining financial stability.
→Company targeting a turnover of INR 2,500 crore by 2030 through multiple phased expansions.

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