Stallion India Fluorochemicals Ltd has begun construction of a new manufacturing facility in Bhilwara, Rajasthan, at an investment of around Rs 200 crore. 

The plant will produce R-32 refrigerant gas (a lower-global-warming-potential refrigerant), targeting both domestic HVAC markets and export potential.

India’s air-conditioning market is one of the fastest-growing globally, driven by rising incomes, changing climate patterns and colder-season usage in new regions. Localising production of refrigerants such as R-32 supports import substitution and aligns with cooling-sector sustainability goals.

The new facility is expected to generate sizeable revenue (~Rs 500 crore) with PAT margin targets around 22-24%. For Stallion, this represents a move from trading/business services into full-scale manufacturing, which can deliver higher margins and stronger control over raw-material sourcing.

Challenges include ensuring compliance with chemical-manufacturing norms, managing environmental risk (fluorochemicals are sensitive) and securing consistent upstream supply of precursor chemicals. If executed well, the facility could enhance India’s refrigerant-industry ecosystem.