Date: 15th November, 2026

Financial Performance Summary

Q2 FY27 Financial Results (₹ Lakhs):

  • Total Income: ₹13,937.33 (31.79% YoY growth from ₹10,575.75 in Q2 FY26)
  • Operating EBITDA (Before Provision for ESOP): ₹1,583.54 (0.43% YoY growth from ₹1,576.77)
  • Operating PAT (Before Provision for ESOP): ₹1,196.21 (4.78% YoY growth from ₹1,141.67)

H1 FY27 Financial Results (₹ Lakhs):

  • Total Income: ₹26,404.90 (22.07% YoY growth from ₹21,630.31 in H1 FY26)
  • Operating EBITDA (Before Provision for ESOP): ₹4,110.32 (36.39% YoY growth from ₹3,013.71)
  • Operating PAT (Before Provision for ESOP): ₹3,052.78 (40.16% YoY growth from ₹2,178.00)

ESOP Impact:

  • The Company granted 15,86,505 equity-settled stock options to eligible employees under the Stallion Employee Stock Option Plan during H1 FY27
  • This resulted in a non-cash provision for ESOP of ₹950.92 lakh recognized in accordance with Ind AS 102
  • The provision represents a non-cash accounting entry with no corresponding cash outflow and no bearing on the Company's liquidity or operating cash flows
  • The reported financial results remain unchanged and prepared in accordance with Ind AS

Strategic Developments

Khalapur High-Purity Helium Facility:

  • Commenced operations in September 2026
  • Marks expansion beyond traditional refrigerants and industrial gases into semiconductor and high-value specialty gases segment
  • Facility positioned to cater to demand for high-purity helium across multiple industries:
  • Semiconductor and electronics manufacturing
  • Healthcare applications including MRI systems and medical imaging
  • Aerospace and defence
  • Fibre optics and advanced research

Strategic Partnership:

  • Entered into long-term strategic partnership with Sharjah Oxygen Company L.L.C. SP (SOC), Dubai
  • Partnership includes technical collaboration and sourcing of liquid helium from RAS Gases & Oilfields, Qatar
  • Expected to strengthen supply security, sourcing reliability and operational capabilities

Management Commentary

Mr. Shazad Rustomji – Chairman, CEO & Managing Director commented:

"We delivered a steady performance during H1 FY27, supported by our established operations, diversified portfolio, and expanding market presence. Our Khalapur Helium facility marks a key milestone in high-value specialty gases as we advance Mambattu and R-32"

Company Background

  • Incorporated in 1992, specialized leader in refrigerants and industrial gases sector
  • Over three decades of experience in processing, blending, and distributing gases
  • Serves diverse industries including air conditioning, refrigeration, fire-fighting, semiconductor manufacturing, pharmaceuticals, automotive, and glass production
  • Operates five strategic manufacturing facilities: Khalapur, Khalapur Helium Facility, Ghiloth, Manesar, and Panvel
  • Specializes in debulking, blending, and processing of gases including Hydrocarbons (HC), Hydrofluorocarbons (HFCs), and Hydrofluoroolefins (HFOs)
  • Focus on gas blending differentiates from competitors who primarily manufacture base molecules