Stallion India Q1 FY27 Earnings Call — Analysis (NSE: STALLION)
Stallion India reports strong Q1FY27 with PAT surging 79% YoY, guided 30-35% revenue CAGR intact, while revising FY27 R32 contribution down to ~₹125 Cr in Q4 but reaffirming FY28 capacity-led leap to >₹1,100 Cr.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1FY27 Revenue ₹124.68 Cr ( +12.78% YoY ) .
Results
Q1FY27 revenue ₹124.68 Cr (+12.78% YoY); EBITDA ₹25.27 Cr (+75.85% YoY); PAT ₹18.57 Cr (+79.15% YoY); gross and EBITDA margins improved YoY and QoQ aided by product mix and logistic planning; 50% of EBITDA boost attributed to non-recurring inventory gains from crisis preparedness.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹124.68 Cr | +12.78% | yoy · Q1FY27 |
| EBITDA | ₹25.27 Cr | +75.85% | yoy · Q1FY27 |
| PAT | ₹18.57 Cr | +79.15% | yoy · Q1FY27 |
Guidance
Maintained 30-35% revenue CAGR over next three years; EBITDA margins expected to improve 3-4% over medium term; R32 plant commissioning delayed to December 2026, FY27 R32 revenue contribution revised to ~₹125 Cr in Q4; FY28 R32 revenue ₹500-600 Cr stands; peak revenue >₹1,100 Cr in FY28 with ~15% PAT margin.
Key themes
Capacity execution and backward integration ramp-up
Operational commentary
- R32 manufacturing facility at Bhilwara (10,000 MT) now targeted for completion by December 2026, delayed from July 2026 due to funding timeline (rights issue in February); the plant marks Stallion's entry into manufacturing and backward integration, significantly reducing dependence on external sourcing.
- Khalapur high-purity helium processing plant (1,200 MTPA) completed final checks; commercial operations to start in Q2FY27, with FY27 expected revenue contribution of ~12% and ramp-up from 5 containers this year to 24 in three years; supply de-risked via swap agreements with Sharjah Oxygen.
- Mambattu facility in Andhra Pradesh expanded from 5-tank to 12-tank layout with hydrocarbon and semiconductor/helium capabilities; delay to end of FY27 due to redesign and monsoons, but its full impact to be realised alongside R32 plant as captive HFO blending unit consuming 60% of R32 output.
- Post-R32, management plans an HFO manufacturing plant (10,000 T capacity, capex ~₹350-400 Cr) to be announced after R32 commissioning, adding another high-margin vertical; this will be the next major expansion.
- ISRO helium tender in advanced negotiation stage; management is waiting for plant readiness before signing enforceable take-or-pay contracts; typical tenders range 40,000-50,000 cubic metres.
- Captive consumption for R32 is robust: management expects 40-50% of Bhilwara output to be used internally (current imports ~4,000 T), with Mambattu HFO blending alone needing 60% of the plant's capacity, minimising merchant sales risk.
- Helium supply de-risked through multi-source swapping with Sharjah Oxygen and global tank swaps; management has conducted multiple site visits and built strategic sourcing agreements to mitigate Middle East logistics disruptions.
- Management flagged a potential shift from its earlier 'no dilution' stance, indicating that a mix of equity dilution and debt may be considered to maintain a rapid project execution pace over the next three years.
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