Stallion India Fluorochemicals
MainboardNSE₹199 Cr issue
+33.33%
Listing gain over issue price
Issue size
₹199 Cr
1 lot at cut-off
₹14,850
Lot size
165shares
Open
16 Jan 2025
Close
20 Jan 2025
Allotment
21 Jan 2025
Listing
23 Jan 2025
Listing performance
Issue price
₹90
Listed at
₹120
Listing-day close
₹126
Latest price
₹183.28
Close on 23 Oct 2026
Listing gain
+33.33%
Return since issue
+103.64%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Jan 2025 – 20 Jan 2025
- Listing date
- 23 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹90 per share
- Lot size
- 165 shares
- Listing at
- NSE
- Total issue size
- ₹199 Cr
- Market cap at offer price
- ₹714 Cr
- Promoter holding
- 94.63% → 67.90% pre-issue → post-issue
- ISIN
- INE0RYC01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sarthi Capital Advisors Pvt.Ltd.
- Registered office
- 2, A Wing, Knox Plaza, Off.Link Road, Mindspace, Malad (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 66,48,418 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 165 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 165 | ₹14,850 |
| Retail (max) | 13 | 2,145 | ₹1,93,050 |
| S-HNI (min) | 14 | 2,310 | ₹2,07,900 |
| S-HNI (max) | 67 | 11,055 | ₹9,94,950 |
| B-HNI (min) | 68 | 11,220 | ₹10,09,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
66,48,418
Anchor portion
₹59.84 Cr
at ₹90 per share
Valuation and performance
Valuation at offer price
₹90 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.41 | 4.18 |
| P/E (×) | 37.34 | 21.53 |
| Price to book (×) | 4.69 | — |
| Market cap | — | ₹714 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 12.54%
- ROCE
- 13.96%
- Debt / equity
- 0.55
- PAT margin
- 6.26%
- NAV per share
- ₹19.19
- Price to book
- 4.69
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Stallion India Fluorochemicals
Stallion India Fluorochemicals Limited, incorporated on September 5, 2002, is a refrigerant and industrial gases company operating four facilities in Khalapur (Maharashtra), Ghiloth (Rajasthan), Manesar (Haryana), and Panvel (Maharashtra). The company's primary business consists of debulking, blending, and processing refrigerant and industrial gases, which are sold as pre-filled cans and small cylinders/containers under the Stallion brand. For the period ended September 30, 2024, refrigerant products represented 87.34% of total revenue. The company derives 74.41% of its revenue from Maharashtra and Delhi as of September 30, 2024. Revenue has grown from ₹18,634.07 lakhs in Fiscal 2022 to ₹23,622.63 lakhs in Fiscal 2024, with profit after tax of ₹1,478.33 lakhs in Fiscal 2024. The company generates revenue through the sale of gases and related products (87% as of September 30, 2024) and other products including cylinders, cans, and spare parts (13%).
Company Analysis
from RHPStallion India Fluorochemicals Limited is a Mumbai-based company engaged in debulking, blending, and processing of refrigerant and industrial gases, selling pre-filled cans and cylinders across Indian industries including air conditioning, automotive, pharmaceuticals, electronics, and firefighting sectors.
Stallion India Fluorochemicals Limited, incorporated on September 5, 2002, is a refrigerant and industrial gases company operating four facilities in Khalapur (Maharashtra), Ghiloth (Rajasthan), Manesar (Haryana), and Panvel (Maharashtra). The company's primary business consists of debulking, blending, and processing refrigerant and industrial gases, which are sold as pre-filled cans and small cylinders/containers under the Stallion brand. For the period ended September 30, 2024, refrigerant products represented 87.34% of total revenue. The company derives 74.41% of its revenue from Maharashtra and Delhi as of September 30, 2024. Revenue has grown from ₹18,634.07 lakhs in Fiscal 2022 to ₹23,622.63 lakhs in Fiscal 2024, with profit after tax of ₹1,478.33 lakhs in Fiscal 2024. The company generates revenue through the sale of gases and related products (87% as of September 30, 2024) and other products including cylinders, cans, and spare parts (13%).
Refrigeration and Air ConditioningAutomotive ManufacturingElectronics and Semiconductor ManufacturingFirefightingPharmaceutical and MedicalGlass ManufacturingAerosols and Spray Foam
Objects of the Issue
- Funding incremental working capital requirements of our Company ₹9,500.00 lakhs p.26
- Funding capital expenditure requirements for our Semi-conductor & Specialty Gas debulking & blending facility (Khalapur, Maharashtra) ₹2,915.54 lakhs p.27
- Funding capital expenditure requirements for our Refrigerant debulking & blending facility (Mambattu, Andhra Pradesh) ₹2,117.53 lakhs p.27
- General Corporate Purposes p.27
- Funding incremental working capital requirements of our Company ₹9,500.00 lakhs p.91
- Funding capital expenditure requirements for our Semi-conductor & Specialty Gas debulking & blending facility (Khalapur, Maharashtra) ₹2,915.54 lakhs p.91
- Funding capital expenditure requirements for our Refrigerant debulking & blending facility (Mambattu, Andhra Pradesh) ₹2,117.53 lakhs p.91
- General Corporate Purposes [●] lakhs (not exceeding 25% of Gross Proceeds) p.91
- Funding capex for the HFO debulking and HFO/HFC blending facility proposed at Mambattu p.165
- General corporate purposes
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (Up to 2,21,61,396 equity shares of face value ₹10 each at ₹[●] per share)
- Fresh Issue
- Up to 1,78,58,740 equity shares of face value ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 43,02,656 equity shares of face value ₹10 each aggregating up to ₹[●] lakhs by Shazad Sheriar Rustomji
- Price Band
- Price band of [●] per equity share (not finalized as of DRHP date)
- Lot Size
- [●] equity shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue by debulking, blending, and processing refrigerant and industrial gases sourced from suppliers (primarily from China) and selling them under the Stallion brand as pre-filled cans and small cylinders to customers in various industries. Raw materials represent 87.90% of total revenue as of September 30, 2024. The company does not manufacture gases but sources them from suppliers, with top 10 suppliers accounting for 65.99% of purchases as of September 30, 2024. Top customers represent 77.32% of revenue as of September 30, 2024.
Business Segments
Debulking, blending and processing of refrigerant and industrial gases, including refrigerant products sold as pre-filled cans and small cylinders
Sale of cylinders, paint, washer pumps, refrigerant cans (filled and empty), vacuum pumps, AC cleaners, anti-rust lubricants, wooden pallets, valves, caps, and spare parts
Debulking, blending, and distribution of HFC and HFO refrigerant gases and pre-filled cans
Debulking and distribution of specialty gases including cryogenic handling
Debulking, blending, and distribution of semiconductor-grade gases requiring high purity levels (99.99%)
Supply of refrigerant gases for window air conditioners, split and package air conditioning units
Supply of refrigerant gases for chillers and central air conditioning plants
Supply of SF6 and other electrical insulation gases for circuit breaker and GIS manufacturers
Supply of refrigerant gases for automotive air conditioning systems
Supply of gases for polystyrene and polyurethane foam manufacturing
Supply of refrigerant gases for cold storage, transport refrigeration, and deep freezer applications
Supply of propellants for sprays, spray cans, and pharmaceutical MDI applications
Supply of treatment gases for glass industry
Supply of fire suppression gases for firefighting applications
Manufacture, debulking, bottling and distribution of HFCs (hydrofluorocarbons), HFOs (hydrofluoroolefins), and refrigerants for automotive and refrigeration industries
Manufacture and distribution of isobutane, propane, butane and other hydrocarbon gases for refrigerator OEM's and other industrial applications
Sale of refrigerant gases and related products
Sale of cylinders
Sale of refrigerant cans both filled and empty
Sale of paint, washer pump, vacuum pump, AC cleaner, anti-rust lubricant, wooden pallets, valves, caps, and spare parts
Manufactures and sells specialty refrigerants including HFC Component R-32, HFC Blends (R410a, R32, R407C), and related fluorochemical products
SWOT Analysis
Strengths
- • Established market presence in refrigerant and industrial gases sector with four strategically located facilities(p.24)
- • Long-standing distributor relationship with Honeywell for HFC refrigerant gases and next-generation HFOs(p.45)
- • Growing demand in target market with industry projected CAGR of 16-18%(p.26)
- • Diversified product portfolio beyond refrigerants into cylinders, cans, washer pumps and other specialty products(p.24)
- • Strong established customer relationships with average tenure of 6-7 years for top 5 customers(p.38)
- • Established operational footprint with four processing facilities across India(p.103)
- • Substantial installed capacity expansion planned with new facilities(p.100)
- • Long-term land lease providing operational security(p.54)
- • Strong promoter commitment with significant personal investment(p.83)
- • Diversified product portfolio covering refrigerants and specialty gases(p.55)
- • Strong market recognition and brand in refrigerant gases industry with over two decades of experience(p.162)
- • Experienced promoter and management with deep domain expertise in fluorochemicals and specialty gases(p.164)
- • Diverse customer base across multiple high-growth industries mitigating single-sector dependency(p.162)
- • Consistent financial performance with strong EBITDA margins improving in recent periods(p.163)
- • Strategic multi-location operational footprint with four processing facilities across key regions(p.149)
- • ISO 9001:2015 certification ensuring quality assurance across operations(p.173)
- • Established presence in refrigerant and industrial gases business with four facilities across strategic locations(p.271)
- • Diversified customer base across multiple high-demand industrial segments(p.271)
- • Strong revenue growth trajectory with 21.32% increase in fiscal 2023(p.293)
- • Improved profitability with PAT growing 51.63% year-over-year in fiscal 2024(p.293)
- • Strong liquidity position with cash and equivalents of ₹2,218.54 lakhs as at September 2024(p.256)
Weaknesses
- • Extremely high dependence on refrigerant gases, particularly R-32, which accounted for 13-51% of revenue(p.41)
- • Highly concentrated customer base with top 10 customers representing 77.32% of revenue(p.38)
- • Geographic concentration of revenue with 74.41% coming from Maharashtra and Delhi(p.24)
- • Heavy reliance on imported raw materials from China, representing 92.97-97.24% of imports(p.34)
- • Low capacity utilization rates across facilities, with Ghiloth at 15.30% and Manesar at 17.58%(p.39)
- • Significant litigation involving demand from Zhejiang Sanmei Chemical Industry for USD 12,51,290 with uncertain accounting treatment(p.29)
- • High proportion of cost of raw materials at 87.90% of revenue, with no long-term supply contracts(p.34)
- • History of negative cash flows from operating, investing and financing activities(p.36)
- • Complete dependence on leased premises for operations with short-term lease arrangements(p.54)
- • Registered office and key facilities leased from promoter creating related-party risk(p.54)
- • Trademark dependency on promoter with limited contractual protection(p.56)
- • High promoter leverage with personal guarantees on substantial debt(p.57)
- • Significant indebtedness with restrictive covenants limiting operational flexibility(p.58)
- • High employee attrition rates in non-management workforce(p.58)
- • Contingent liabilities from tax disputes and unacknowledged claims(p.57)
- • High dependence on limited customer base with top 10 customers representing over 72% of revenues(p.171)
- • Significant raw material cost burden representing over 81% of revenue from operations(p.172)
- • Excessive import dependence with 92-97% of raw materials sourced from China(p.172)
- • Relatively small workforce of only 20 permanent employees limiting operational scale(p.171)
- • Increased debt burden with short-term borrowings rising significantly to ₹8,104.75 lakhs(p.115)
- • Seasonal demand fluctuations causing underutilization of production capacity for 8 months annually(p.156)
- • Dependence on leased facilities with promoter(p.173)
- • Multiple plant leases dependent on promoter and external entities(p.173)
- • Trademark ownership with promoter, not the company(p.174)
- • Limited trademark usage agreement term with promoter(p.174)
- • Significant disputed trade payable liability of ₹1,048.44 lakhs from supplier dispute(p.250)
- • High debt-to-equity ratio of 0.60 with increasing borrowings(p.272)
- • Substantial increase in finance costs—298.19% increase from fiscal 2023 to fiscal 2024(p.292)
- • Rising allowances for doubtful debts indicating credit quality deterioration(p.236)
- • Concentration of revenue in two states—Maharashtra and Delhi account for 74.41% of H1 FY2024-25 revenue(p.271)
- • Dependence on single promoter with 94.60% shareholding creating governance concentration risk(p.238)
- • Significant decline in profitability year-over-year(p.295)
- • High operating expense ratio deteriorating margins(p.295)
- • Pricing pressure impacting revenue realization(p.295)
- • Negative operating cash flow(p.295)
- • Significant increase in inventory and receivables straining liquidity(p.295)
- • Rising leverage with substantial borrowings(p.296)
- • Material contingent liability from supplier dispute(p.297)
- • Significant dependence on few customers(p.301)
Opportunities
- • Expanding semiconductor specialty gas market with planned new Khalapur facility for semiconductor applications(p.23)
- • Geographic expansion into southern India through new Mambattu, Andhra Pradesh facility(p.43)
- • Growing demand from multiple end-use industries: pharma, auto, electronics, firefighting, glass manufacturing(p.24)
- • Make in India initiative boosting domestic production with foreign investment in electronics(p.26)
- • Infrastructure projects and technological advancements supporting industry growth(p.26)
- • Geographic expansion into South India market with significant growth potential(p.104)
- • Development of specialty gases business segment(p.55)
- • Semiconductor gases market opportunity with high purity requirements(p.100)
- • Capacity expansion aligned with quota cycle benefits(p.94)
- • Public listing enhancing market position and access to capital(p.91)
- • Transition to environmentally-friendly HFO gases driven by Kigali Amendment phase-down commitments(p.165)
- • Significant Indian market growth projected at 16-18% CAGR from 2024-2029 reaching ₹675-725 USD million(p.138)
- • Geographic expansion strategy targeting new domestic locations to capture emerging demand centers(p.165)
- • Rising demand from high-growth sectors including electronics, healthcare, manufacturing, and automotive industries(p.140)
- • Government support through Make in India and PLI scheme incentivizing domestic manufacturing(p.144)
- • Import substitution opportunity as government promotes domestic production to reduce reliance on imports(p.141)
- • Expansion of specialty gas portfolio and new product development(p.273)
- • Growing demand across semiconductor, pharmaceutical and medical applications(p.271)
- • Geographic expansion beyond current markets where major supply is concentrated in Maharashtra and Delhi(p.271)
- • Integration and synergies from recent acquisition of Stallion Enterprise business(p.259)
Threats
- • Heavy dependence on imports from China (92.97-97.24%), making business vulnerable to import restrictions and trade disputes(p.34)
- • Volatility in foreign exchange rates between Indian Rupee and Chinese Yuan, with import costs at 85% of revenue(p.35)
- • Anti-dumping duty on HFC Component R-32 of USD 1,519.70 per MT imposed from December 2021 for 5 years(p.34)
- • Intense competitive market with larger peers having scale advantage and diversified product portfolios(p.40)
- • Seasonal business concentrated in February-May with significant revenue fluctuations(p.37)
- • Regulatory and environmental risks including potential substitution of refrigerants and stricter environmental standards(p.47)
- • Risk of replacement of R-32 with alternative gases in the near future impacting primary revenue source(p.42)
- • Hazardous nature of blending operations involving flammable materials with potential for workplace accidents(p.47)
- • Regulatory risks from evolving safety, health, and environmental compliance requirements(p.56)
- • Labor unrest and wage pressure from stringent labor laws(p.56)
- • Implementation delays and cost overruns in new facility setup(p.55)
- • Indian economic slowdown impact on domestic demand(p.65)
- • Inflation pressuring cost structure and margins(p.66)
- • Foreign exchange volatility affecting import costs(p.65)
- • Supply chain disruptions from geopolitical risks(p.65)
- • Licensing and quota constraints on HFC imports(p.96)
- • Intense competition from larger players with significantly greater scale and resources(p.173)
- • Volatility in global raw material prices and currency fluctuations impacting profitability(p.170)
- • Supply chain disruption risks due to heavy dependence on Chinese imports(p.146)
- • Regulatory changes and phasing out timelines for HFC gases creating product transition pressures(p.146)
- • Economic uncertainties and demand cyclicality affecting refrigerant gas demand(p.170)
- • Technological obsolescence risk if company fails to adapt to emerging gas technologies and innovations(p.146)
- • Hazardous chemicals regulations and compliance requirements(p.177)
- • Environmental compliance obligations for chemical operations(p.176)
- • Transportation regulations for dangerous goods(p.176)
- • Product liability dispute with supplier(p.212)
- • Foreign exchange exposure with net monetary liabilities of ₹418.53 lakhs in USD as at September 2024(p.255)
- • Significant working capital requirements evidenced by increased inventory holding post-acquisition(p.292)
- • Dependence on timely supply and cost of imported refrigerant gases(p.273)
- • Interest rate risk from Repo Rate + variable interest financing(p.269)
- • Regulatory compliance risks related to gas handling and environmental regulations(p.273)
- • Anti-dumping duties imposed on imported refrigerant components(p.304)
- • Foreign exchange rate exposure risk(p.298)
- • Credit risk concentration in few customers(p.299)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shazad Sheriar Rustomji | Promoter | 94.60% | 67.88% |
| Manisha Shazad Rustomji | Promoter | 0.02% | 0.01% |
| Rohan Shazad Rustomji | Promoter | 0.01% | 0.01% |
| Shazad Sheriar Rustomji | Promoter | 94.60% | 67.88% |
| Manisha Shazad Rustomji | Promoter | 0.02% | 0.01% |
| Rohan Shazad Rustomji | Promoter | 0.01% | 0.01% |
| Shazad Sheriar Rustomji | Promoter/Promoter Group | — | — |
| Shazad Sheriar Rustomji | Promoter | 94.60% | — |
| Manisha Shazad Rustomji | Promoter | 0.02% | — |
| Rohan Shazad Rustomji | Promoter | 0.01% | — |
| Shazad Sheriar Rustomji | Promoter | 99.96% | 94.60% |
| Manisha Shazad Rustomji | Promoter Group | 0.03% | 0.03% |
| Rohan Shazad Rustomji | Promoter Group | 0.01% | 0.01% |
| Shazad Sheriar Rustomji | Promoter Selling Shareholder | — | — |
Leadership
Shazad Sheriar Rustomji · Chairman and Managing Director
Ashish Mehta · Chief Financial Officer
Sarita Khamwani · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Stallion India Fluorochemicals IPO FAQs
What is the lot size of Stallion India Fluorochemicals IPO?
The minimum lot size of Stallion India Fluorochemicals IPO is 165 shares. One lot costs ₹14,850 at the cut-off price.
When does Stallion India Fluorochemicals IPO open and close?
Stallion India Fluorochemicals IPO opened for subscription on 16 Jan 2025 and closed on 20 Jan 2025.
What is the listing date of Stallion India Fluorochemicals IPO?
Stallion India Fluorochemicals IPO listed on 23 Jan 2025.