New Delhi, Oct. 22 -- Over the past six months, shares of Stallion India Fluorochemicals, a maker of refrigerants and industrial gases, have soared an astonishing 465%, turning the once-obscure company into one of India's most-watched midcaps. The rally reflects not just investor enthusiasm, but also a deeper shift underway in India's industrial gases and fluorochemicals sector-one that's becoming critical to modern infrastructure, from data centres to electric vehicles.

Much like technology, gases, too, are in the middle of a transformation-from older, high-emission compounds to more sustainable and climate-compliant alternatives. The industry is moving away from chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs), often cal...