Horizon Reclaim (India) Ltd
Horizon Reclaim (India) Ltd is a BSE SME IPO offering fresh equity shares to raise ₹54.27 crores. The company manufactures reclaimed rubber products including natural rubber reclaim, synthetic rubber reclaim, and crumb rubber from recycled tyre and industrial scrap materials.
Overview
About the Company
Incorporated in 2006 and headquartered in Saharanpur, Uttar Pradesh, Horizon Reclaim (India) Ltd specialises in the production of reclaimed rubber by processing waste rubber materials such as end-of-life tyres, rubber tubes, tread peelings, and industrial scrap. The company's product portfolio spans three categories: Natural Rubber Reclaim (used in footwear soles, floor mats, tyre base layers, and moulded rubber goods), Synthetic Rubber Reclaim including EPDM and Butyl variants (used in automotive seals, hoses, gaskets, and construction profiles), and Crumb Rubber (used in road construction, sports surfaces, and roofing sheets). Products are available in various grades to meet specific customer specifications. The company follows a business-to-business sales model, primarily targeting small and medium enterprises and industrial buyers in north-western India.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Meeting the working capital requirements of the company with an estimated allocation of u20b96.00 crore.
- › Repayment or pre-payment of all or part of existing outstanding borrowings of the company, estimated at u20b926.70 crore.
- › Capital expenditure towards procurement and installation of additional plant and machinery, estimated at u20b99.43 crore.
- › General corporate purposes for the remaining proceeds.
✅ Strengths
- ✓ The company operates an in-house manufacturing facility supported by technology-driven processes, enabling efficient and consistent production of reclaimed rubber.
- ✓ It serves a diversified customer base and has built long-standing relationships with industrial and SME clients over the years.
- ✓ The promoter-directors bring substantial domain expertise and industry knowledge, providing strategic guidance to the business.
- ✓ Stringent quality control measures are in place to ensure that all products meet standardised quality benchmarks across grades.
⚠️ Risks
- ! The company's sales are heavily concentrated in the north-western region of India, making it vulnerable to regional economic or regulatory disruptions.
- ! The business depends on the availability of waste rubber materials as raw inputs; any supply disruption or price increase in scrap rubber could impact margins.
- ! The company carries total borrowings of u20b935.76 crore as of March 31, 2026, with a debt-to-equity ratio of 1.44, indicating moderate leverage risk.
- ! As an SME IPO listing on BSE SME, the company may face lower liquidity and limited analyst coverage compared to mainboard-listed peers.