Horizon Reclaim (India)
Horizon Reclaim (India) Limited incorporated in 2006, is engaged in the manufacturing of reclaimed rubber, recycled rubber derived from used materials such as old tyres, rubber tubes, tread peelings, and industrial scrap, including Ethylene Propylene Diene Monomer (EPDM), a synthetic rubber known for its excellent resistance to heat. Reclaimed rubber provides a cost-effective and environmentally friendly alternative to natural and synthetic rubber, widely applied in the production of various rubber-based products. The Company offers reclaimed rubber in three primary categories: Natural Rubber Reclaim, produced from tyre casings and tubes, commonly used in footwear soles, floor mats, tyre base layers, and moulded rubber products. Synthetic Rubber Reclaim, including EPDM and Butyl Reclaim Rubber, suitable for applications requiring resistance to oil, heat, and weather, such as automotive seals, hoses, gaskets,
High quality fundamentals with reasonable valuation
SME IPOs are higher risk, less liquid and more volatile than mainboard IPOs. Invest only after reading the offer document and understanding the risks.
Plain-English Summary✨
What does the company do?
Horizon Reclaim (India) Limited incorporated in 2006, is engaged in the manufacturing of reclaimed rubber, recycled rubber derived from used materials such as old tyres, rubber tubes, tread peelings, and industrial scrap, including Ethylene Propylene Diene Monomer (EPDM), a synthetic rubber known for its excellent resistance to heat. Reclaimed rubber provides a cost-effective and environmentally friendly alternative to natural and synthetic rubber, widely applied in the production of various rubber-based products. The Company offers reclaimed rubber in three primary categories: Natural Rubber Reclaim, produced from tyre casings and tubes, commonly used in footwear soles, floor mats, tyre base layers, and moulded rubber products. Synthetic Rubber Reclaim, including EPDM and Butyl Reclaim Rubber, suitable for applications requiring resistance to oil, heat, and weather, such as automotive seals, hoses, gaskets,
Why are investors interested?
Strong business model in a growing sector with favorable industry drivers.
What should beginners watch out for?
Evaluate market volatility and competitive risks.
Key IPO Metrics
GMP Today
+72.8%
Total Subscription
Overall demand
Retail Subscription
Retail Queue
QIB Subscription
Institutional Queue
NII (HNI) Subscription
Non-Institutional
Anchor Book
Subscribed
SME Risk Radar
GYR Capital Market Maker
Merchant banker track record is not available.
Post-listing volume can be low. Trading takes place in large retail lots.
Top 5 customers account for more than 40% of revenues.
Scale of operations is relatively small, with minor audit flags.
Business Overview
About the Company
Horizon Reclaim (India) Limited incorporated in 2006, is engaged in the manufacturing of reclaimed rubber, recycled rubber derived from used materials such as old tyres, rubber tubes, tread peelings, and industrial scrap, including Ethylene Propylene Diene Monomer (EPDM), a synthetic rubber known for its excellent resistance to heat. Reclaimed rubber provides a cost-effective and environmentally friendly alternative to natural and synthetic rubber, widely applied in the production of various rubber-based products. The Company offers reclaimed rubber in three primary categories: Natural Rubber Reclaim, produced from tyre casings and tubes, commonly used in footwear soles, floor mats, tyre base layers, and moulded rubber products. Synthetic Rubber Reclaim, including EPDM and Butyl Reclaim Rubber, suitable for applications requiring resistance to oil, heat, and weather, such as automotive seals, hoses, gaskets,
Industry
Rubber
Business Segments
Objects of the Issue
Promoters
Promoters group
Whole-time Directors & Promoter group
Lead Managers
Registrar
TBAIssue & Valuation
Peer Snapshot (FY24)
| Company | P/E (x) | ROE (%) | Revenue CAGR (3Y) | EBITDA Margin (%) | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| Horizon Reclaim (India) (IPO) | 13.98x | 42.29% | 36.5% | 33.0% | -- |
| Ameenji Rubber | 14.04x | -- | -- | -- | ₹141.075 Cr |
| Defrail Technologies | 17.25x | -- | -- | -- | ₹117.24 Cr |
| Dolfin Rubbers | 15x | -- | -- | -- | ₹80.805 Cr |
| Emerald Tyre | 15.12x | -- | -- | -- | ₹287.1 Cr |
| Gayatri Rubbers | 23.62x | -- | -- | -- | ₹33.285 Cr |
| Lead Reclaim | 25.77x | -- | -- | -- | ₹14.76 Cr |
| Pentagon Rubber | 18.76x | -- | -- | -- | ₹59.925 Cr |
| Speb Adhesives | 17.22x | -- | -- | -- | ₹74.22 Cr |
| Viaz Tyres | 24.9x | -- | -- | -- | ₹70.62 Cr |
Financials & Performance(Standalone)
Revenue (₹ Cr)
CAGR 56.0%PAT (₹ Cr)
CAGR 284.6%EBITDA Margin (%)
ImprovingROCE (%)
Healthy TrendROE (%)
ImprovingFinancial Quality
GoodGood / Improving metrics, margins and cash flows with comfortable leverage.
| Financial Year | Revenue (₹ Cr) | EBITDA Margin (%) | PAT (₹ Cr) | ROCE (%) | ROE (%) | Debt / Equity (x) |
|---|---|---|---|---|---|---|
| FY24 | ₹20.32 Cr | 5.71% | ₹0.71 Cr | 13.11% | 9.79% | 0.00x |
| FY25 | ₹36.21 Cr | 28.89% | ₹7.06 Cr | 40.70% | 49.30% | 0.70x |
| FY26 | ₹49.42 Cr | 33.02% | ₹10.50 Cr | 25.45% | 42.29% | 1.44x |
Why this IPO looks good
- Strong sector headwinds and rising demand
- Consistent historical financials and profit margins
- Experienced promoter group and management team
Key risks to know
- Working capital requirements are high
- Raw material cost volatility could impact margins
- Intense competition from unorganized players
Demand & Momentum
Subscription Trend (Times)
GMP Trend
GMP Trend (₹)
Documents
AI Research Q&A
Who is this IPO suitable for?
Ideal for investors who:
- Believe in India's regional industrial manufacturing expansion
- Have a medium to long-term investment horizon
- Are comfortable with moderate to high risk appetite