Stallion India Fluorochemicals is a specialist that sits between the world’s giant gas producers and the air conditioner in your home or the factory making your phone - it imports refrigerant and industrial gases in bulk, precisely blends and purifies them, and then delivers them in ready-to-use cylinders to over 200 customers across more than 15 industries. The business began in 1992 when India’s first standalone HFC debulking and bottling facility was set up at Panvel near Mumbai, and it has spent three decades evolving from a focused distributor into an integrated processor and blender that now handles more than 40 different gases. The recurring approach that explains everything else is a forward-integrated, decentralized network of facilities that cuts out the long-distance transport costs its larger, factory-based competitors must bear - a model built on moving gas in 20,000-litre bulk tanks to multiple blending sites, so it can deliver faster and cheaper than rivals who ship from a single manufacturing location. # Business segments A single engine today - refrigerant and industrial gas processing, blending and distribution - with three expansion bets under construction that will add liquid helium and semiconductor gases, backward integration into manufacturing, and a new South Indian facility, all built on the same decentralized supply-chain logic. ## 1. Refrigerant and industrial gas processing: the aftermarket engine that pays for everything else **The company earns its living by importing bulk refrigerant gases, blending them into custom formulations, and delivering them to the replacement and repair market - a segment that delivers substantially higher margins than selling to equipment manufacturers on fixed annual contracts.** - **Bulk logistics that slash costs** - by moving cargo in 20,000-litre bulk tanks between its own facilities, the company keeps transport, logistics and manpower costs to almost one-third of what backward-integrated rivals spend, and its sites operate below unionized manpower strength while competitors carry 300 to 400 people at a single unionized plant. - **The aftermarket is the profit pool** - roughly 80% of India’s domestic HVAC-R demand comes from replacement, repair and maintenance, and this aftermarket business carries higher margins and greater price mobility than OEM contracts, where prices are fixed annually and cost increases are hard to pass on. For newer products like HFOs, the mix starts at 100% OEM and gradually inverts over 12 years until the aftermarket accounts for 80% of sales. - **Sticky customers, once qualified** - the customer qualification process takes two to three years, and once a customer is onboarded they do not easily switch for a cheaper alternative, which creates a durable revenue base across industries as varied as automobiles, electronics, fire-fighting, pharmaceuticals, semiconductors and defence. - **Sourced from China, blended in India** - the basic raw material is fluorspar, and the biggest global supplier is China, followed by Mexico and Vietnam; the company buys from third-party suppliers at prevailing market prices and generally does not lock into long-term supply arrangements, which gives it flexibility but also exposes it to import price swings. ## 2. Liquid helium and semiconductor gases: the high-purity bet under construction **The company is building a liquid helium and specialty gas capability at its Khalapur facility, targeting demand from semiconductor fabrication, solar cell manufacturing and space applications - with a planned capacity of 1,200 metric tonnes per annum and completion expected by mid-2026.** - **Helium from Qatar, technology from Portugal** - a long-term sourcing partnership with Sharjah Oxygen Company secures liquid helium from RAS Gases and Oilfields in Qatar, one of the world’s key helium supply hubs, while a technology tie-up with Portugal’s SYS ADVANCE brings containerised helium recovery and liquefaction systems qualified by European Space Agencies for space and cryogenic applications. - **ISRO as an anchor customer in the making** - the company is actively working with the Indian Space Research Organisation on long-term helium recovery and liquefaction support for recycling helium used in space programmes, and has already participated in a large tender floated by ISRO. - **Same facility, new capability** - the semiconductor and specialty gas debulking and blending unit is being added at the existing Khalapur site, which already serves as the company’s hub for refrigerant blenders and specialty gases, so the expansion leverages existing infrastructure rather than starting from scratch. ## 3. Backward integration into refrigerant manufacturing: from blender to molecule-maker **A 10,000 metric-tonne-per-annum R-32 manufacturing plant is under construction at Bhilwara, Rajasthan, with commissioning targeted by August 2026, and a follow-on HFO manufacturing plant is planned on adjacent land - marking a shift from pure processing into making the gas itself.** - **R-32 first, HFO next** - the Bhilwara R-32 facility has received environmental clearance valid for ten years and will also produce hydrochloric acid as a by-product and blended refrigerants including R-410A and R-407C with aggregate blending capacity of 7,500 metric tonnes per annum. A second plant for HFOs - next-generation refrigerants with minimal environmental impact - has been agreed with the Rajasthan government, with construction to start in 2027 on land already acquired. - **Promoter-funded, not equity-diluted** - the promoter sold a portion of his shareholding in November 2025 and infused the resulting ₹45.74 crores into the company on an interest-free basis without any equity dilution, specifically to fund the R-32 facility’s development. ## 4. Mambattu facility: the South Indian bridgehead **A new blending and debulking plant at Mambattu, Andhra Pradesh, will replicate the company’s decentralized model in South India, adding 7,200 metric tonnes per annum of HFO and HFC blending capacity alongside helium and semiconductor gas handling.** - **Copying the playbook southwards** - the Mambattu facility will handle refrigerant debulking, blending and storage of HFCs, HFOs and their blends, plus hydrocarbon storage and a helium and semiconductor gases unit similar to the one at Khalapur, all targeted for completion by mid-2026. - **Filling the map** - with Mambattu, the company’s operational footprint will cover roughly 88,000 square metres across India, and it has stated plans to expand further into Eastern India, completing a pan-Indian network that already serves the North, West and South. # Group structure and partners **The company is a standalone entity with no subsidiaries, led by its founder and built on decades-long relationships with global gas majors who use Stallion as their route into the Indian aftermarket.** - The company has no subsidiary or associate companies; Stallion Enterprise, previously owned by the founder Mr. Shazad Sheriar Rustomji, was consolidated into the company through a slump sale in September 2023, creating a single integrated entity. - A 2002 joint marketing and distribution agreement with Honeywell for HFCs and fluorines, a 2013 sourcing and logistics partnership with Daikin Japan for HFC-32, and a 2017 agreement with Honeywell to introduce Solstice HFO refrigerants in India form the backbone of the company’s global supply relationships. - The Rajasthan government, through RIICO, is facilitating land allotment, permissions and clearances for both the R-32 and HFO manufacturing plants under signed MoUs.