1. Opening Hook
While analysts were busy worrying about tariffs and China bans, Stallion quietly decided to build India’s own fluorochemical fortress — complete with helium vaults, semiconductor-grade gases, and a monopoly on refrigerant quotas that might one day trade like Bitcoin.
Shazad Rustomji, the CEO, didn’t “guide” the street; he lectured it. From refrigerant chemistry to global helium logistics, he turned an investor call into a masterclass on monopoly economics — with a side of patriotism and thermodynamics. You’ll want to read this one till the end — because the man just explained how to legally mint future quota cash. 😏
2. At a Glance
- Revenue ₹105.75 Cr (↑56% YoY) – Cooling gases are hot again.
- EBITDA ₹15.77 Cr (↑7x YoY) – CFO must’ve finally found the profit valve.
- EBITDA Margin 14.9% – Expanding faster than a helium balloon.
- PAT ₹11.42 Cr (↑>5x YoY) – Margin gases well under control.
- H1 Revenue ₹216.3 Cr (↑53% YoY) – Half-year, half the annual target done.
- Guidance: ₹430 Cr FY26 Revenue, ₹40 Cr PAT – Management loves round numbers and confidence.
- Plants Underway: Bhilwara (R32), Mambattu (HFOs & Helium), Khalapur (Semiconductor Gases).
- Stock reaction: Traders Googled “Kigali Accord” for the first time.
3. Management’s Key Commentary
Shazad Rustomji (CMD): “We’ve achieved over 50% of full-year guidance in H1.”
(Translation: Q3 and Q4 are our IPL seasons.)
On R32 Facility: “10,000 MT plant at Bhilwara will be commissioned by July 2026.”
(Translation: 9-month speedrun, no caffeine break.) ⚙️
On Mambattu (AP): “Project scaled 2.5x after realizing potential.”
(Translation: We saw the TAM and doubled the
