Stallion India Fluorochemicals

What Stallion India Fluorochemicals does

Stallion India Fluorochemicals Limited is an Indian public manufacturer of fluorochemicals, refrigerants, and specialty industrial gases, founded in 1992 and restructured under its current CIN in 2002/2023 via a slump sale acquisition. The company operates HFC debulking and bottling facilities at Panvel (Mumbai, since 1998) and Manesar-Gurgaon (since 2002), and is building manufacturing capacity for R-32 (10,000 MTPA, Bhilwara, Rajasthan, target October 2026) and Hydrofluoroolefins (HFO, Rs 200 crore Bhilwara plant, construction from 2027).

The company's product portfolio spans four categories: (1) refrigerants and fluorines — HFCs and next-generation HFOs for AC&R and industrial cooling; (2) semiconductor, electronics, and specialty gases — high-purity gases and liquid helium for semiconductor fabrication and space applications, supported by a planned 1,200 MTPA liquid helium processing capability; (3) equipment and spares for the AC&R industry; and (4) consumer-sized refrigerant cans for retail applications. The technology base combines in-house fluorochemical processing with externally-licensed helium recovery and liquefaction systems from Portugal-based SYS ADVANCE, paired with sourcing partnerships with Sharjah Oxygen Company and Qatar's RAS Gases & Oilfields, and an active collaboration with ISRO on helium recycling for space programmes.

Stallion's business model is B2B industrial: revenue is generated through direct sales to large enterprise customers (semiconductor fabs, chemical and pharmaceutical manufacturers, AC&R OEMs and service operators) and through a distribution channel of over 100 dealers across India for downstream and consumer-channel volume. Distribution is exclusively domestic (India). Revenue is hardware-product sale-based with no disclosed subscription, software, or licensing model. FY26 reported ₹434.12 crores in revenue (+14.40% YoY), ₹61.35 crores EBITDA (+23.34%), and ₹43.84 crores PAT (+35.61%), with management targeting a 30-35% revenue CAGR and ₹2,500 crore by FY30.

Name

Stallion India Fluorochemicals

Legal name

Stallion India Fluorochemicals Ltd

Website

https://stallionfluorochemicals.com

Company type

Public

Founded year

1992

Operating status

Operating

Short description

Stallion India Fluorochemicals is an Indian public manufacturer and distributor of refrigerants, fluorochemicals, and industrial specialty gases, serving semiconductor, chemical, pharmaceutical, and AC&R customers across India via direct sales and over 100 dealers.

Ownership category

akta.pro rank

Product category

Fluorochemicals & Specialty Gases

NAICS

Petrochemical Manufacturing (32511)

SIC

Industrial Organic Chemicals (2860), Chemicals & Allied Products (2800)

akta.pro industry

PRIMARYIMAEADAB

Base Aromatics (BTX: Benzene, Toluene, Xylenes)

Industrials, Manufacturing & Construction/Chemicals & Industrial Materials/Petrochemicals & Derivatives

Keywords

• Fluorochemicals manufacturing
• Refrigerant gas supply
• Semiconductor specialty gases
• HFC and HFO refrigerants
• Industrial helium processing

Headquarters

HQ city

Malad

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Refrigerants & Fluorochemicals: Sale of refrigerants, fluorines, and specialty chemicals for AC&R, chemical processing, and industrial applications
2. Semiconductor Specialty Gases: Supply of high-purity specialty gases and liquid helium for semiconductor manufacturing
3. Consumer Cans: Consumer-sized refrigerant cans for paints and other applications
4. Equipment & Spares: Equipment spares for AC&R industry

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Stallion India Fluorochemicals Limited manufactures and supplies refrigerants (HFC and HFO) and fluorochemicals for the air conditioning and refrigeration industry, semiconductor and electronics specialty gases including liquid helium for fab processes, equipment spares for the AC&R industry, and consumer refrigerant cans for end users. The company is publicly listed on the NSE under the ticker STALLION.

Product overview

Stallion India Fluorochemicals operates as a fluorochemicals and industrial gases company with four distinct product lines: (1) Refrigerants & Fluorines as the core offering serving commercial and industrial cooling needs; (2) Semiconductor, Electronics & Specialty Gases including liquid helium for semiconductor fabs and space programmes; (3) Equipment & Spares supporting the AC&R service market; and (4) Consumer CANS for retail refrigerant applications. The company is expanding into high-GWP HFO refrigerants and liquid helium processing to serve India's growing semiconductor ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Refrigerants & Fluorines Refrigerants and fluorochemical products (HFC, HFO, R-32) supplied to AC&R industry OEMs, contractors, and industrial buyers for use in cooling and refrigeration systems.
• Semiconductor, Electronics & Specialty Gases High-purity specialty gases including liquid helium supplied to semiconductor fabs and electronics manufacturers for use in fabrication, testing, and cryogenic processes.
• Equipment & Spares for AC&R Industry Equipment spares and components supplied to the air conditioning and refrigeration industry to support installation, servicing, and OEM manufacturing.
• Consumer CANS Refrigerants Small-format refrigerant cans sold through dealer and retail channels for individual technicians, small workshops, and consumer-grade AC servicing needs.

Quantifiable outcome

• PAT grew 35.61% YoY to ₹43.84 crore in FY26
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• Sharjah Oxygen CompanycoreStrategic or Co-development Partner · 31 January 2026Long-term strategic partnership for technical collaboration and sourcing of liquid helium for India operations. Liquid helium will be sourced from RAS Gases & Oilfields in Qatar, one of the world's premier helium-producing sites. This partnership supports Stallion's vision to build an integrated industrial gases platform.
• RAS Gases & Oilfields (Qatar)coreTechnology or Integration · 31 January 2026Primary helium source for Stallion's liquid helium processing operations. Located in Qatar, one of the world's premier helium-producing sites.
• SYS ADVANCE (Portugal)coreTechnology or Integration · 29 January 2026Technology tie-up for advanced systems and equipment for helium recovery and liquefaction. Marks Stallion's expansion into high-value industrial gas technologies.
• ISRO (Indian Space Research Organisation)flagshipStrategic or Co-development Partner · 29 January 2026Active collaboration with ISRO to support helium recycling requirements for space programmes. Stallion has participated in ISRO's tender for helium recovery systems.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Arkema SA: French specialty chemicals producer with Forane brand HFC/HFO refrigerants and fluorinated specialty chemicals. Overlaps with Stallion across refrigerant chemistry and industrial fluorine chemistry.
• The Chemours Company: US-listed fluorochemicals spin-off from DuPont producing Opteon brand HFO/HFC refrigerants and fluoroproducts. Major global competitor in the same refrigerant chemistry markets.
• Air Liquide India / Air Liquide SA: Global industrial gas supplier with a strong Indian footprint across helium, specialty gases, and electronic materials for semiconductor customers. Directly competes for the semiconductor fab gas business Stallion is targeting.
• Honeywell International: Global HFO refrigerant leader (Solstice brand) and major industrial gas and specialty chemicals producer. Competes with Stallion in low-GWP refrigerants globally, including in India.
• Linde India / Linde plc: Global industrial gas major with substantial Indian helium, specialty gas, and merchant gas operations. Competes with Stallion's planned liquid helium and semiconductor specialty gas franchise in India.
• Daikin Industries: Global AC&R manufacturer with growing refrigerant production footprint including HFC and HFO products. Competes with Stallion in supplying refrigerants to India's AC&R industry through both captive demand and merchant supply.
• Orbia Advance Corporation (formerly Mexichem): Mexican fluorochemicals and polymer producer (Vestolit, Fluor) supplying HFC refrigerants globally. Comparable to Stallion's refrigerant and fluorochemicals manufacturing business.

Direct peers

• SRF Limited: Indian chemicals conglomerate with a significant fluorochemicals and refrigerants business alongside packaging films and technical textiles. Competes directly with Stallion in HFC refrigerants and is a scale leader in the same Indian market.
• Navin Fluorine International: Leading Indian fluorochemicals manufacturer producing refrigerants, fluoropolymers, and specialty fluorine chemicals. Most directly comparable Indian public peer in HFC/HFO refrigerants and fluorinated intermediates.
• Gujarat Fluorochemicals (GFL): Indian fluorochemicals manufacturer of refrigerants, fluoropolymers, and fluoro-intermediates. Direct competitor across Stallion's core refrigerant and fluorochemicals product lines.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stallion India Fluorochemicals