Stallion India Secures 53,369 Sq. Mtrs Land in Rajasthan for ₹200 Crore HFO Plant, Targets 30–35% Revenue CAGR

Mumbai, February 23, 2026 (Monday) – Stallion India Fluorochemicals Limited (NSE: STALLION | BSE: 544342) has received approval for land allotment for its proposed Hydrofluoroolefin (HFO) manufacturing facility at the RIICO Industrial Area in Ukhalliya, District Bhilwara, Rajasthan.
The allotment strengthens the company’s Rajasthan expansion roadmap and positions it to build an integrated fluorochemicals manufacturing complex.

Land Allotment Details and Expansion Layout​

The company has been allotted Plot No. SP2-9, measuring approximately 53,369 sq. mtrs, adjacent to its existing plots:

• Plot SP3-10: ~40,524 sq. mtrs
• Plot SP3-11: ~28,650 sq. mtrs

This takes the total contiguous landholding in the area to approximately 122,543 sq. mtrs, enabling a unified manufacturing layout.

Land Holding Summary​

Management stated that the contiguous layout will allow shared infrastructure, utilities, administration, security, and common factory management, generating operational synergies and cost efficiencies as production scales up.

₹200 Crore HFO Project; R-32 Commissioning by October 2026​

The company has outlined an investment of approximately ₹200 crore for the proposed HFO manufacturing facility, with commencement of work planned in 2027.
Prior to that, the R-32 project at the Rajasthan site is targeted for commissioning by October 2026, forming part of a calibrated and phased expansion plan.

Project Roadmap​

Hydrofluoroolefins are positioned as next-generation low-global-warming-potential refrigerants, expected to enhance the company’s product portfolio and long-term competitiveness.

Incentive Eligibility and Viability Support​

The Rajasthan project is eligible for benefits under the state’s industrial promotion framework, including capex-linked incentives such as:

• SGST-linked incentives
• Capital and performance-linked support
• Interest subvention
• Employment-linked benefits

Management indicated that these benefits could cumulatively extend up to 100% of the eligible fixed capital investment, subject to approvals and eligibility conditions, thereby strengthening project viability and long-term returns.

Management Commentary​

Shazad Rustomji, Managing Director and CEO, stated that the land allotment marks an important milestone in executing the Rajasthan expansion strategy. He emphasized that the integrated layout will drive operational efficiencies and support cost optimization as the fluorochemicals business scales.
He added that the company remains confident of achieving its targeted 30–35% revenue CAGR over the next three years, supported by strategic investments and capacity expansion aligned with India’s specialty chemicals manufacturing ambitions.

Strategic Positioning in Specialty Gases​

Incorporated in 2002, Stallion India Fluorochemicals Limited operates in the refrigerants and industrial gases segment with a focus on processing, blending, and distribution across industries including:

• Air conditioning and refrigeration
• Fire-fighting systems
• Semiconductor manufacturing
• Pharmaceuticals
• Automotive
• Glass production

The company has forward-integrated manufacturing facilities in Khalapur and Panvel (Maharashtra), Ghiloth (Rajasthan), and Manesar (Haryana), with additional facilities under development at Mambattu near Sricity (Andhra Pradesh) and another unit at Khalapur.
Its portfolio includes Hydrocarbons (HC), Hydrofluorocarbons (HFCs), Hydrofluoroolefins (HFOs), specialty gases, semiconductor gases, and high-purity industrial gases.

Market Snapshot​

As of 09:37:48 IST on February 23, 2026, the company’s equity shares were trading at ₹128.82, down ₹6.77 or 4.99% from the previous close of ₹135.59.

• Day’s Open: ₹128.82
• High: ₹128.82
• Low: ₹128.82
• VWAP: ₹128.82