About Stallion India Fluorochemicals Limited

Stallion India Fluorochemicals Limited was founded in 2002 and has evolved into a leading participant in India’s refrigerant and industrial gases market. The Company draws from over three decades of legacy expertise in processing, debulking, blending, and distribution of gases. Its diversified portfolio of more than 40 gases spans hydrofluorocarbons (HFCs), hydrofluoroolefins (HFOs), hydrocarbons, and other specialty non‑refrigerant gases, serving over 200 customers across 15+ industries including HVAC‑R, automobiles, pharmaceuticals, electronics, fire‑fighting, and semiconductors. The Company operates a decentralised network of facilities strategically located near demand hubs, ensuring near real‑time supply and operational resilience across India.

Manufacturing and distribution are anchored by four operational plants — Khalapur and Panvel (Maharashtra), Manesar (Haryana), and Ghiloth (Rajasthan) — each equipped with dedicated quality laboratories, automated blending and high‑precision filling systems, and safety compliance benchmarked to international standards. Two major expansions are currently in progress: a 7,200 MTPA debulking and blending facility at Mambattu, Andhra Pradesh, and a 1,200 MTPA liquid helium plant at Khalapur designed for high‑purity and semiconductor applications. The Company holds an estimated 10% share of the Indian refrigerant market and emphasises its agile supply chain and strong vendor partnerships as key enablers of growth.

The Company has no subsidiaries; as a result, the requirement to furnish Form AOC‑1 is not applicable.

Key Milestones of Stallion India Fluorochemicals Limited

• Established India’s first standalone HFC debulking and bottling facility at Panvel, near Mumbai (2006).
• Entered a joint marketing and distribution agreement with Honeywell for HFCs, fluorines, and specialty refrigerants (2009).
• Expanded operations with a North India debulking and bottling facility at Manesar, Gurgaon (2010).
• Commissioned a flammable gas debulking and refilling unit at Khalapur, Maharashtra.
• Introduced Solstice next‑generation HFO refrigerants in India under collaboration with Honeywell.
• Commenced commercial HFO‑1234yf supplies to Indian auto OEMs to aid European F‑gas compliance transition.
• Partnered with Daikin Japan and Daikin India as sourcing and logistics partner for HFC‑32.
• Established a new unit at Ghiloth, Rajasthan, augmenting North India production capacity.
• Became a public limited company and listed on NSE and BSE in 2025.

Stallion India Fluorochemicals Limited Business Segment and  Geographic Presence 

Business Segment:

• The aftermarket segment contributes approximately 80% of total revenues, forming a stable, recurring, and high‑margin revenue stream for the business.

Geographical Presence:

• Four operational facilities: Khalapur and Panvel (Maharashtra), Manesar (Haryana), and Ghiloth (Rajasthan).
• Two upcoming expansions: Mambattu (Andhra Pradesh) — 7,200 MTPA refrigerant debulking and blending facility; and Khalapur (Maharashtra) — 1,200 MTPA liquid helium plant for semiconductor and specialty gas production.

The Company’s operations span major Indian industrial regions, structured for proximity to demand centres to ensure logistical efficiency and uninterrupted customer servicing.

Stallion operates in the refrigerant and industrial gas domain offering a diversified product range across HFCs, HFOs, hydrocarbons, and other specialty gases. The aftermarket business, contributing 80% of total revenue, provides a strong recurring base supported by continuous demand across the HVAC‑R, automobile, pharmaceutical, and semiconductor sectors. Expansions at Mambattu and Khalapur aim to strengthen the Company’s footprint in specialty and semiconductor‑grade applications while maintaining leadership in the refrigerant market.

Stallion India Fluorochemicals Limited Key Management

• Shazad Sheriar Rustomji – Chairman & Managing Director
• Virenderkumar Mehta – Chief Financial Officer
• Govind Rao – Company Secretary & Compliance Officer
• Manisha Shazad Rustomji – Executive Director
• Rohan Shazad Rustomji – Executive Director
• Geetu Yadav – Executive Director

Latest Updates on Stallion India Fluorochemicals Limited

• Initial Public Offering: Successfully completed an IPO in January 2025 comprising a fresh issue of 1,78,58,740 equity shares aggregating Rs 16,072.87 Lakh and an offer for sale of 43,02,656 equity shares aggregating Rs 3,872.39 Lakh at an offer price of Rs 90 per share. The issue represented 27.94% of post‑offer equity capital, with shares listed on BSE and NSE thereafter.
• Fund Utilisation: IPO proceeds earmarked for additional working capital and capital expenditure towards specialty gas facilities at Khalapur and refrigerant plants at Mambattu, as detailed in the Annual Report.
• Operational Expansion: The Company reported four active sites and two under construction — Mambattu (7,200 MTPA) and a 1,200 MTPA liquid helium unit at Khalapur — to support semiconductor and solar cell gas growth.
• Legal Settlement: After the reporting period, the Company resolved a dispute with Zhejiang Sanmei Chemical Industry Co. Ltd. through a settlement payment of USD 1,251,290.00.