Horizon Reclaim (India) Ltd.
HORIZONSME
Ask IPO
Overview
Horizon Reclaim (India) Limited manufactures reclaimed rubber products by processing used tyres, tubes, tread peelings and other rubber scrap into natural reclaim rubber, synthetic reclaim rubber such as EPDM and butyl grades, and crumb rubber. Horizon Reclaim (India) Limited operates an installed capacity of 14,100 MT per annum at its Roorkee facility, serves industrial customers across applications including automotive, footwear, flooring, mats and construction, and also generates revenue from EPR credits as a registered waste tyre recycler under the CPCB framework. The company is expanding through a new Bhagwanpur reclaim rubber unit and a Rajkot pyrolysis oil facility to increase capacity and diversify into waste-to-energy recovery.
Opening Date
Jun 12, 2026
Closing Date
Jun 16, 2026
Listing Date
Jun 19, 2026
IPO Type
SME
IPO Status
Open
Issue Size
54.27 Cr
Fresh Issue
54.27 Cr
Offer for Sale
0 Cr
Price Band
₹98 - ₹103
Lot Size
1200
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
IPO Objective
The main objectives of the issue are to support capacity expansion, strengthen the balance sheet and fund operating growth requirements.
- •
Funding the company’s incremental working capital needs, including higher inventory holding, receivables support, supplier advances and other current asset requirements arising from planned growth and ramp-up of expanded operations in Fiscal 2027.
- •
Prepayment or repayment of all or a portion of certain outstanding borrowings availed from lenders, which is expected to reduce debt servicing costs, improve the debt-equity profile and release internal cash flows for future business expansion.
- •
Funding capital expenditure for installation of additional plant and machinery at Unit III in Bhagwanpur and Unit II in Rajkot, including equipment intended to enhance reclaimed rubber processing and pyrolysis-based manufacturing capacity.
- •
Meeting general corporate purposes, including business development, branding, strategic initiatives, operational contingencies and other approved corporate requirements, subject to applicable regulatory limits.
Key Performance Indicator
P/E Ratio
13.97
EPS
7.37
ROE
53.63%
ROCE
25.45%
RONW
42.29%
Debt to Equity Ratio
—
PAT Margin
21.25%
EBITDA Margin
32.64%
P/B
5.91
SWOT Analysis
Strengths
- •
Integrated reclaimed rubber manufacturing with an operational Roorkee plant and expansion into Bhagwanpur and Rajkot facilities supports scale and product diversification.
- •
Diverse product portfolio across natural reclaim rubber, synthetic reclaim rubber and crumb rubber serves multiple end-use sectors such as automotive, footwear, mats and construction.
- •
Strong promoter-led execution with more than 19 years of industry experience and improving financial performance, including revenue and PAT growth over the last three fiscal years.
- •
Regulatory positioning as a CPCB-registered waste tyre recycler and EPR participant creates an additional income stream through sale of EPR credits and strengthens ESG credentials.
Weaknesses
- •
Business depends heavily on continuous availability and pricing of waste tyre and rubber scrap inputs, including imported raw materials from multiple countries.
- •
Operations remain concentrated around one currently operational manufacturing unit, with new facilities yet to commence commercial production.
- •
Borrowings increased materially in Fiscal 2026, leading to a higher debt burden and greater sensitivity to finance costs and refinancing conditions.
- •
Customer relationships are largely repeat-based but not typically secured through long-term contracts, which may limit revenue visibility.
Opportunities
- •
Commissioning of Bhagwanpur and Rajkot facilities can significantly raise installed capacity and broaden the company’s presence in reclaimed rubber and pyrolysis oil markets.
- •
Growing regulatory focus on recycling, circular economy practices and EPR compliance can expand demand for recycled rubber products and EPR credit monetisation.
- •
Expansion into western and central India offers access to additional tyre, footwear, retreading and automotive component customers.
- •
Increasing replacement of virgin rubber with cost-efficient reclaimed rubber in industrial applications can support long-term volume growth and margin resilience.
Threats
- •
Changes in environmental, import or waste-management regulations could affect raw material sourcing, recycling permissions and plant operations.
- •
Volatility in scrap procurement, freight, customs duties and imported machinery costs may pressure margins and delay project economics.
- •
Execution delays or approval-related setbacks at the Bhagwanpur and Rajkot units could postpone expected revenue and capacity benefits.
- •
Competition from other reclaim rubber manufacturers and substitutes may impact pricing power, customer retention and market share.
Subscription Rate
Frequently Asked Questions about Horizon Reclaim (India) Ltd.
Horizon Reclaim (India) Limited manufactures reclaimed rubber products by processing used tyres, tubes, tread peelings and other rubber scrap into natural reclaim rubber, synthetic reclaim rubber such as EPDM and butyl grades, and crumb rubber. Horizon Reclaim (India) Limited operates an installed capacity of 14,100 MT per annum at its Roorkee facility, serves industrial customers across applications including automotive, footwear, flooring, mats and construction, and also generates revenue from EPR credits as a registered waste tyre recycler under the CPCB framework. The company is expanding through a new Bhagwanpur reclaim rubber unit and a Rajkot pyrolysis oil facility to increase capacity and diversify into waste-to-energy recovery.
The Horizon Reclaim (India) Ltd. IPO is scheduled to open for subscription on Jun 12, 2026 and close on Jun 16, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Horizon Reclaim (India) Ltd. IPO is ₹98 to ₹103. Investors can place bids within this range once the issue opens.
The minimum lot size for the Horizon Reclaim (India) Ltd. IPO is 1200 shares. The minimum investment amount ₹1,23,600.
The total issue size of the Horizon Reclaim (India) Ltd. IPO is approximately ₹54.27. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Horizon Reclaim (India) Ltd. IPO has been subscribed 8.39 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Horizon Reclaim (India) Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of Horizon Reclaim (India) Ltd. are expected to list on stock exchanges on Jun 19, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Horizon Reclaim (India) Ltd. IPO are proposed to be used for The main objectives of the issue are to support capacity expansion, strengthen the balance sheet and fund operating growth requirements., Funding the company’s incremental working capital needs, including higher inventory holding, receivables support, supplier advances and other current asset requirements arising from planned growth and ramp-up of expanded operations in Fiscal 2027., Prepayment or repayment of all or a portion of certain outstanding borrowings availed from lenders, which is expected to reduce debt servicing costs, improve the debt-equity profile and release internal cash flows for future business expansion., Funding capital expenditure for installation of additional plant and machinery at Unit III in Bhagwanpur and Unit II in Rajkot, including equipment intended to enhance reclaimed rubber processing and pyrolysis-based manufacturing capacity., Meeting general corporate purposes, including business development, branding, strategic initiatives, operational contingencies and other approved corporate requirements, subject to applicable regulatory limits.
Before applying for the Horizon Reclaim (India) Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
