STALLION Q4 FY26 Guidance vs Delivery (STALLION Management Mirror)

Financial & Growth Outlook

Management consistently maintained its target for a 30% to 35% revenue CAGR and a 3% to 4% structural margin improvement over the next three years across all quarters, culminating in a newly stated Mar'30 vision of INR 3,000 crore in revenue and INR 500 crore in PAT during the Mar'26 Qtr. For FY27, management expects PAT to exceed INR 100 crore, supported by an estimated INR 250 crore to INR 275 crore in H2 revenue from six months of R-32 production, an expectation strictly maintained since the Dec'25 Qtr. Total FY27 revenue expectations evolved from a potential INR 850 crore in the Sep'25 Qtr down to approximately INR 675 crore in the Dec'25 Qtr due to adjusted project timelines, with the Mar'26 Qtr guiding that margins will remain flat YoY in H1 FY27 before expanding 5% to 6% in H2 FY27 as high-margin manufacturing (22% to 24% PAT margins) commences. [Status: Reaffirmed]