Stallion India Fluorochemicals Limited received shareholder approval to vary the terms of objects of the issue regarding IPO proceeds. The special resolution was passed with an overwhelming majority, as detailed in the scrutinizer's report submitted on June 03, 2026. This decision allows the company to modify the utilization of funds raised through its initial public offering.

The postal ballot and e-voting process, managed by the National Securities Depository Limited (NSDL), was conducted under Section 110 of the Companies Act, 2013. Heena Agrawal, a Practicing Company Secretary, served as the scrutinizer for the process. The voting period commenced on May 01, 2026, and concluded on May 30, 2026, with the record date set as April 24, 2026. A total of 66,507 shareholders were registered on the record date.

The resolution regarding the variation in terms of objects of the issue received 73,568,176 votes in favour, representing 99.99% of the total valid votes cast. Only 8,331 votes were cast against the resolution, accounting for 0.01% of the total. There were no invalid votes recorded during the process. The total number of votes cast stood at 73,576,507.

Voting Breakdown

The voting participation varied across different shareholder categories. Promoters and the promoter group cast 55,484,258 votes, all in favour of the resolution. Public institutions cast 2,906,684 votes, while public non-institutions accounted for 15,185,565 votes in favour.

The scrutinizer confirmed that the resolution passed with the requisite majority as per the provisions of the Companies Act, 2013. The results were unblocked on June 02, 2026, in the presence of witnesses not employed by the company.

Stallion India Fluorochemicals Limited's Board of Directors approved the audited financial results for the quarter and financial year ended March 31, 2026. The company, a leading forward-integrated player in refrigeration and industrial gas, operates as a critical link in the industrial gas supply chain, focusing on processing, blending, and distributing specialised gases across multiple sectors. Following the results announcement, the company has made available the audio recording of the earnings conference call held on May 18, 2026.

Q4 FY26 Financial Performance

For the quarter ended March 31, 2026, the company reported a decline in revenue and net profit on a year-on-year basis. Revenue from operations stood at ₹10,999.43 lakhs, compared to ₹15,156.79 lakhs in Q4 FY25. Net profit for the quarter came in at ₹1,093.42 lakhs, down from ₹1,327.15 lakhs in the corresponding period of the previous year. EBITDA for Q4 FY26 stood at ₹1,764.83 lakhs, compared to ₹2,031.26 lakhs in Q4 FY25. The following table presents the key quarterly financial metrics:

FY26 Annual Financial Performance

On a full-year basis, Stallion India Fluorochemicals delivered a strong performance, with total revenue growing 14.40% year-on-year to ₹43,412.30 lakhs in FY26 from ₹37,947.40 lakhs in FY25. EBITDA rose 23.34% to ₹6,134.74 lakhs from ₹4,973.99 lakhs, while net profit (PAT) increased 35.61% to ₹4,384.11 lakhs from ₹3,232.86 lakhs. EPS grew 21.92% to ₹5.34 from ₹4.38. The key annual financial metrics are presented below:

Management Commentary

Mr. Shazad Rustomji, Managing Director & CEO of Stallion India Fluorochemicals Limited, commented on the company's performance: "We are pleased to report a resilient operational and financial performance for FY26 despite increasing volatility across global energy and supply-chain markets. During FY26, the Company reported Total Revenue of ₹434.12 crores, reflecting a YoY growth of 14.40%, while EBITDA increased by 23.34% to ₹61.35 crores and PAT increased by 35.61% to ₹43.84 crores, demonstrating the strength of our operating model and execution capabilities."

Mr. Rustomji noted that recent geopolitical developments have created supply-side pressures, but the company proactively strengthened its sourcing network and inventory planning. The company successfully achieved its targeted topline growth projection of approximately ₹430 crores. A key long-term growth driver is the proposed 10,000 MT R-32 manufacturing facility at Bhilwara, Rajasthan, for which Environmental Clearance has been received. The project is on track for commencement by October 2026.

Growth Outlook

Management anticipates a revenue CAGR of 30–35% over the next 3 years, along with a margin improvement of 3–4%. This guidance reflects confidence in operational capabilities, ongoing capacity expansion, and structural growth opportunities in the refrigerants and industrial gases sector. For FY27, the company targets a PAT of approximately ₹100 crores, driven by the commencement of the Bhilwara facility. The company has also outlined a long-term vision to achieve ₹3,000 crore revenue and ₹500 crore PAT by 2030.