Horizon Reclaim (India) IPO Review

Live status (18 Jun 2026): Subscription closed on 16 June at about 304x. Allotment was finalised on 17 June. The stock lists on BSE SME on 19 June 2026. Latest grey market premium is around ₹50, having touched a high of ₹63 pointing to an estimated listing near ₹150–165 (roughly a 45–60% gain over the ₹103 issue price). GMP is unofficial and can change sharply before listing.

About the Company

Every year India throws away millions of old tyres, tubes and rubber scrap. Most of it would sit in landfills unless someone turns it back into usable material. That's the business Horizon Reclaim runs.

Set up in 2006 in Saharanpur, Uttar Pradesh, the company makes reclaimed rubber recycled rubber produced from used tyres, rubber tubes, tread peelings and industrial waste. It sells three main products: Natural Rubber Reclaim, Synthetic Rubber Reclaim and Crumb Rubber.

These go to other manufacturers, not to you directly. Tyre makers, footwear brands, construction firms and industrial buyers use reclaimed rubber because it does much the same job as fresh rubber at a lower cost, with the bonus of being a recycled, greener input. It's a straightforward B2B materials business sitting inside the circular-economy theme. Track its GMP, subscription and listing data on the IPO GMP Live homepage.

Financial Snapshot

For a small company, the growth here is sharp. Revenue went from ₹20 crore in FY24 to ₹36 crore in FY25 to ₹50 crore in FY26 up about 37% in the latest year alone.

Profit grew even faster. Net profit was just ₹0.71 crore in FY24, jumped to ₹7.07 crore in FY25, and reached ₹10.50 crore in FY26 a 49% rise over the year before. So the company isn't only selling more, it's keeping more of each rupee.

The margins back that up. FY26 EBITDA was ₹16.32 crore on ₹50 crore of income, a margin of about 32.6%. For a recycling-based manufacturer that's a healthy number, and return on net worth is high at around 42%.

What keeps me cautious is the size and the nature of the business. This is a tiny SME with revenue of just ₹50 crore, so a single lost customer or a swing in raw-material costs can move the numbers a lot. The FY24 profit of under ₹1 crore shows how thin things were not long ago. The recent run is impressive, but it's a short track record on a small base sustaining it is the real test.

Strengths

• Both top and bottom line are growing fast. Revenue climbed from ₹20 crore to ₹50 crore in two years, and net profit went from ₹0.71 crore in FY24 to ₹10.50 crore in FY26. That's a steep ramp for a company this young in the public market.
• Margins and returns are strong. FY26 EBITDA margin was about 32.6% and return on net worth around 42%. For a business built on recycling waste rubber, those are genuinely good numbers, not typical for a small manufacturer.
• The whole issue funds the business. This is a 100% fresh issue of ₹54.27 crore, with no offer-for-sale. Every rupee goes toward working capital, debt and capacity, and no promoter is cashing out at the IPO.
• It sits in a real demand theme. Reclaimed rubber is cheaper than virgin rubber and greener, drawing demand from tyre, footwear, construction and industrial buyers. The circular-economy angle gives it a cost and sustainability pitch at the same time.

Risks

• It's very small, with a short record. Revenue is just ₹50 crore and FY24 profit was under ₹1 crore. At this size, losing one large customer or a jump in raw-material prices can swing the results hard, and there isn't much history to lean on.
• SME shares are illiquid and pricey to enter. This lists on BSE SME, where trading is thin and prices can be volatile. The minimum application is two lots about ₹2.47 lakh so it's not a small commitment for retail investors.
• Raw-material risk is built in. The inputs are waste tyres and rubber scrap, and both the price and availability of that scrap can shift. Any squeeze there hits the 32.6% margin directly.
• The hype can fade fast. A 304x subscription and a high grey market premium often produce a listing pop that doesn't hold. SME listing gains frequently give way once the initial excitement passes.

Should You Apply, Hold, or Sell?

The subscription window has closed — and the response was wild. The issue was subscribed about 304 times, and the grey market premium climbed to roughly ₹50–63 over the ₹103 issue price, pointing to an estimated listing near ₹150–165 when it debuts on BSE SME on 19 June.

If you got an allotment — booking some or all of the listing gain is a reasonable plan, given how quickly SME pops can fade. Holding longer only makes sense if you believe in the business for years, not days.

If you missed it — don't chase it on listing day at an inflated price. Let the post-listing excitement settle and judge it on actual results.

Honest take: strong numbers and huge demand, but it's a tiny, illiquid SME treat any gain as a trade, not a long-term investment unless the growth proves durable.

IPO Objects of the Issue

This is a 100% fresh issue of ₹54.27 crore, with no offer-for-sale, so all proceeds flow into the company. Per the RHP, the funds are earmarked for the following uses (exact per-object amounts should be confirmed from the final RHP):

Contact Details

Horizon Reclaim (India) Ltd. Saharanpur, Uttar Pradesh, India Lead Manager: GYR Capital Advisors Pvt. Ltd. · Market Maker: Giriraj Stock Broking Pvt. Ltd.

IPO Registrar — KFin Technologies Ltd. 📞 040-6716 2222 / 040-7961 1000 📧 einward.ris@kfintech.com 🌐 www.kfintech.com

This page is not investment advice. GMP is indicative only and unofficial. Please consult a SEBI-registered financial advisor before investing.