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Horizon Reclaim (India) Ltd IPO
Horizon Reclaim (India) Ltd
₹2,35,200 /2400 sharesMinimum investment
IPO details
Minimum investment
₹2,35,200
Price range
₹98 - ₹103
Lot size
1,200
Issue size
54.27 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
12 Jun 2026
IPO open date
16 Jun 2026
IPO close date
17 Jun 2026
Allotment date
17 Jun 2026
Funds unblock or debit
19 Jun 2026
Tentative listing date
About
Founded in
2006
MD/CEO
Mr Mohit Bajaj
Parent organisation
Horizon Reclaim (India) Ltd
Horizon Reclaim (India) Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates a reclaimed rubber manufacturing facility in Haridwar, Uttarakhand, with an installed production capacity of 14,100 metric tonnes per annum as of March 31, 2026. It claims to have a technology-driven manufacturing process and uses equipment such as steam boiler machines that help improve recovery from scrap and reduce fuel consumption.
Horizon Reclaim serves customers across multiple end-use industries, including automotive, footwear, sports surfaces, flooring, mats, and construction. The company also has a geographically diversified customer base across several Indian states, which helps reduce dependence on any single region or industry.
The company has maintained repeat business over the years. Repeat customers accounted for approximately 49.26% of total customers in FY26, 49.56% in FY25, and 55.13% in FY24, indicating continued business relationships with a significant portion of its customer base.
The company claims to have an in-house testing laboratory for inspecting raw materials and finished products. It follows quality control procedures throughout the manufacturing process and conducts batch-wise testing before dispatch to ensure products meet customer specifications.
The company is ISO 9001:2015 certified for Quality Management Systems, ISO 14001:2015 certified for Environmental Management Systems, and ISO 45001:2018 certified for Occupational Health and Safety Management Systems. It also complies with Restriction of Hazardous Substances (RoHS) requirements and is registered with the Central Pollution Control Board (CPCB) as a waste tyre recycler.
The company has reported growth in its financial performance over the last three financial years. Revenue from operations increased from Rs 20.33 crore in FY24 to Rs 36.22 crore in FY25 and Rs 49.42 crore in FY26, while profit after tax increased from Rs 0.71 crore in FY24 to Rs 7.07 crore in FY25 and Rs 10.50 crore in FY26.
The company’s business is working capital intensive, with net working capital requirements increasing from Rs 2.72 crore in FY24 to Rs 8.71 crore in FY25 and Rs 10.74 crore in FY26. A significant portion of its funds is tied up in inventories, trade receivables, and advances, while borrowings used to meet working capital requirements stood at Rs 8.71 crore in FY25 and Rs 10.74 crore in FY26. Any inability to generate sufficient cash flows, secure additional funding, or meet working capital requirements could adversely affect the company’s operations and financial condition.
The company currently operates through a single manufacturing facility located in Roorkee, Haridwar, Uttarakhand. Any disruption caused by machinery breakdowns, power outages, fire incidents, industrial accidents, natural calamities, supply chain interruptions, or regulatory actions could adversely affect production and impact the company’s business and financial performance.
The company’s top 10 customers contributed Rs 17.39 crore (35.20%), Rs 15.65 crore (43.21%), and Rs 10.17 crore (50.03%) to revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, generate repeat business, or expand the customer base could adversely affect the company’s revenue, cash flows, and financial performance.
The company’s top 10 suppliers contributed Rs 12.07 crore (42.29%) of its total raw material consumption in FY26, Rs 10.87 crore (52.82%) in FY25, and Rs 8.93 crore (55.67%) in FY24. Any failure of these suppliers to provide raw materials on time, in sufficient quantities, or as per the required quality standards could adversely affect the company’s manufacturing operations and ability to meet customer orders.
The company has reported negative cash flows from investing activities amounting to Rs 34.65 crore in FY26, Rs 11.74 crore in FY25, and Rs 1.72 crore in FY24. In addition, it recorded negative cash flows from financing activities of Rs 0.001 crore in FY24. Sustained negative cash flows from investing and financing activities may increase the company’s dependence on external funding and could impact its liquidity position. Any inability to raise additional funds on favourable terms may adversely affect its capital expenditure plans, expansion initiatives, and overall financial condition.
The reclaimed rubber industry is highly competitive and includes both organised and unorganised domestic and international players. Some competitors may have greater financial resources, stronger customer relationships, broader product portfolios, or more advanced technological capabilities than Horizon Reclaim. Any increase in competition or pricing pressure from existing and new competitors could result in loss of market share, reduced pricing power, and lower profit margins. If the company is unable to compete effectively on product quality, pricing, or delivery capabilities, its business and financial performance could be adversely affected.
The company had contingent liabilities of approximately Rs 0.09 crore as of March 31, 2026, relating to claims not acknowledged as debt, primarily arising from a disputed GST demand. In addition, it had capital commitments of Rs 4.00 crore towards the expansion of manufacturing facilities, installation of plant and machinery, and related projects. If these contingent liabilities materialise or if the company incurs higher-than-expected expenditure towards its committed capital projects, it could adversely affect its cash flows, financial condition, and future profitability.
As of March 31, 2026, the company had outstanding borrowings of Rs 35.76 crore, comprising cash credit facilities, term loans, vehicle loans, demand overdrafts, and unsecured loans from related parties. A significant portion of these borrowings has been availed to meet working capital requirements and fund capital expenditure. Any failure to service or repay these borrowings, comply with financing covenants, or secure refinancing when required could adversely affect the company’s liquidity, financial condition, and future growth plans. Additionally, rising interest costs could put pressure on profitability and cash flows.
Application details
For Horizon Reclaim (India) IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹98 - ₹103 | ₹2 - ₹5 Lakhs | 1200 |
About
Objective of Horizon Reclaim (India) IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding the working capital requirements of the Company |
6.00 |
|
Pre-payment or Repayment of all or a portion of certain outstanding borrowings availed by the Company |
26.70 |
|
Funding Capital Expenditure for the installation of additional Plant & Machinery |
9.43 |
|
General Corporate Purposes |
[.] |
|
Total |
42.13 |
Book Running Lead Managers & Registrar of Horizon Reclaim (India) IPO
|
Book Running Lead Manager |
GYR Capital Advisors Private Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
|
Market Maker |
Giriraj Stock Broking Private Limited |
Key Performance Indicators (KPIs)
|
KPI |
Value (For the Period ended March 31, 2026) |
|
ROE (%) |
53.63 |
|
ROCE (%) |
25.45 |
|
EBITDA Margin (%) |
32.64 |
|
PAT Margin (%) |
21.25 |
|
Debt/Equity ratio |
1.44 |
|
EPS (Post IPO) (₹) |
5.38 |
|
Return on Net Worth (RoNW) (%) |
42.29 |
|
Net Asset Value per Equity Share (₹) |
17.43 |
Horizon Reclaim (India) Ltd Contact Details
|
Company Name |
Horizon Reclaim (India) Limited |
|
Registered Office |
Khasra no. 9, Dehradun Road, Near Nirankari Bhawan, Village - Kumar Hera, Saharanpur, - 247001, Uttar Pradesh |
|
Phone |
+91 8171000900 |
|
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|
|
Website |
Horizon Reclaim (India) IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 67162222 |
|
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Website |