Horizon Reclaim (India)Share price, financial results, shareholding and management
- Market cap
- ₹232 cr
- Stock P/E
- 23.2peers 24.3
- Book value
- ₹12.8
- Price to book
- 9.28
- EV / operating profit
- -
- Market cap to sales
- 4.73
- ROCE · FY26
- 35.3%
- ROE · FY26
- 51.3%
- ROE, 3-year average
- 43.2%
- Operating margin · FY26
- 32.0%peers 13.6%
- Sales growth, 3 years
- 34.8%
- Profit growth, 3 years
- 115.4%
- Debt to equity
- 1.44peers 0.57
- Borrowings
- ₹36 cr
- Interest cover
- 15.0×
- Cash from business / op. profit
- 63%
- Debtor days
- 25
- Pledged
- 0.00%
- Promoter holding
- 69.97%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 762
- 52-week high / low
- ₹165 / ₹103
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Horizon Reclaim (India) share price chart
Close on 6 Nov 2026 · +3.44% on the day · Vol 46,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -17.8%
- 3 months
- -14.1%
- Traded a day, 20 days
- ₹0.46 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +36% | +43% |
| 3 years, a year | +35% | +115% |
About Horizon Reclaim (India): business, products and customers
Horizon Reclaim turns old tyres and tubes into reclaimed rubber that other factories mix into footwear, mats, belts and retreaded tyres, and has started making fuel oil from scrap tyres. Its shares trade on BSE SME.
Horizon Reclaim makes natural reclaim rubber from whole tyres and tubes, synthetic reclaim from EPDM and butyl scrap, and crumb rubber, at its plant near Roorkee in Haridwar district, Uttarakhand. It buys scrap from tyre dismantlers, waste collectors and scrap dealers across India and has begun importing some, and supplies mainly small and medium rubber goods makers in north India, with orders usually dispatched within three to five days. In FY26 whole tyre reclaim was 35.43% of revenue, the 202 grade 19.78% and EPDM reclaim 11.11%.
Two things shape its reported numbers. As a registered waste tyre recycler it earns Extended Producer Responsibility credits that it supplies to tyre makers and importers; these carry little cost, so they lift margins, and the offer document says the FY25 jump in revenue came mainly from credits that had built up over earlier periods and were sold that year. Its raw material is bought at market prices, and in FY26 it built inventory to 51 days of holding through bulk imports of scrap, so working capital rises with volume.
Read more about the business
Its one operating plant ran at 90% of capacity in FY26, so growth now rests on two new units: a pyrolysis plant at Rajkot that turns scrap tyres into fuel oil, carbon char and steel scrap, commissioned in July 2026, and a second reclaim plant at Bhagwanpur, Haridwar, built but not yet running in August 2026. The company says the new plants and machinery will lift capacity to 86,800 tonnes from 14,100 tonnes; they were funded largely with ICICI Bank loans, and the June 2026 IPO at ₹103 a share raised ₹54.3 cr, with up to ₹26.7 cr set aside to repay borrowings.
The offer document names Tinna Rubber and Infrastructure, GRP Limited and Lead Reclaim and Rubber Products as listed companies with a comparable business; GRP is also cited there as a reclaim rubber maker whose exports grew in FY25, and Lead Reclaim is closest in size, with total income of about ₹40 cr in FY26 against Horizon's ₹50 cr. The company says it competes with organised and unorganised domestic players as well as international manufacturers and traders.
From the red herring prospectus (June 2026) and the August 2026 investor presentation. The FY26 annual report file holds only the covering letter to BSE.
Read the deeper study ↓In its favour
- Sales have grown fast: 35% a year over three years.
- It earns a high return on the money it uses: ROCE 35% in FY26.
- It brings in more cash than it shows as profit: ₹10 cr against ₹10 cr in FY26.
- The promoters own a large part of the company: 69.97%.
To watch
- Start of commercial operations at the Bhagwanpur plant, which the company plans for FY27 and which had yet to begin in August 2026 (Red herring prospectus, p.89; Investor presentation, August 2026, p.13).
- Sales and margins from the Rajkot pyrolysis plant after its first sale on 20 July 2026 (Investor presentation, August 2026, p.12).
- Use of IPO money: up to ₹26.7 cr to repay ICICI Bank loans and ₹9.4 cr for machinery that had not been ordered at the prospectus date (Red herring prospectus, p.42 and p.85).
- Governance items in the prospectus: a GST order under section 74 for 2017 to 2018 of ₹8.5 lakh under appeal, past share allotments for cash without bank records, and listed lapses in Companies Act filings (Red herring prospectus, p.28 to p.30, p.37 and p.38).
- Its borrowings rose a lot last year: ₹36 cr, from ₹10 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Horizon Reclaim (India) revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Horizon Reclaim (India) profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 20 | 20 | 36 | 49 |
| Expenses | 19 | 19 | 26 | 34 |
| Operating profit | 1 | 1 | 10 | 16 |
| OPM | 5.0% | 5.0% | 28.0% | 32.0% |
| Other income | 0 | 0 | 0 | 1 |
| Interest | 0 | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 1 | 1 |
| Exceptional and other items | · | · | 1 | -1 |
| Profit before tax | 1 | 1 | 10 | 14 |
| Tax rate | 0.0% | 0.0% | 30.0% | 28.6% |
| Net profit | 1 | 1 | 7 | 10 |
| EPS ₹ | 4.79 | 5.07 | 4.96 | 7.37 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Horizon Reclaim (India) profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 5.0% | 5.0% | 28.0% | 32.0% |
| Tax rate | 0.0% | 0.0% | 30.0% | 28.6% |
| ROCE | · | 13.8% | 63.0% | 35.3% |
| ROE | · | 13.8% | 64.4% | 51.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Horizon Reclaim (India) debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Horizon Reclaim (India) balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.75 | 0.75 | 14 | 14 |
| Reserves | 6 | 7 | 0 | 11 |
| Net worth | 6.75 | 7.75 | 14 | 25 |
| Borrowings | 0 | 0 | 10 | 36 |
| Other liabilities | 1.25 | 0.25 | 2 | 4 |
| Total liabilities | 8 | 8 | 26 | 65 |
| Fixed assets | 2 | 2 | 4 | 6 |
| Capital work in progress | 0 | 2 | 4 | 36 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 6 | 4 | 18 | 23 |
Horizon Reclaim (India) cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 1 | 1 | 2 | 10 |
| Cash from investing | 0 | -2 | -12 | -35 |
| Cash from financing | 0 | 0 | 10 | 25 |
| Net cash flow | 1 | -1 | 0 | 0 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 57 | 43 | 54 | 25 |
| Inventory days | 31 | 29 | 68 | 157 |
| Days payable | 5 | 11 | 3 | 20 |
| Cash conversion cycle | 83 | 61 | 119 | 162 |
| Working capital days | 62 | 49 | -8 | -52 |
Horizon Reclaim (India) peers and competitors
Listed SME companies in the same industryBy sales, Horizon Reclaim (India) is number 128 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Rappid Valves (India) | 171 | 26.4 | 53.2 | 6.5 | 19.4% | 0.35 |
| Manas Polymers and Energies | 55 | 6.4 | 53 | 8.5 | 24.1% | 0.54 |
| Kalana Ispat | 26 | 26.6 | 51.8 | 1 | 2.2% | 0.05 |
| KVS Castings | 134 | 19.0 | 51.4 | 7.1 | 21.6% | 0.38 |
| Diksha Polymers | 97 | 23.6 | 51.3 | 4.1 | 14.6% | 1.77 |
| Pentagon Rubber | 66 | 35.9 | 50.9 | 1.8 | 9.5% | 0.92 |
| Advance Technoforge | 50 | 12.3 | 50 | 4.1 | 15.5% | 1.26 |
| Horizon Reclaim (India) | 232 | 23.2 | 49 | 10 | 32.0% | 1.44 |
| Solve Plastic Products | 8 | 18.1 | 45.6 | 0.4 | 4.5% | 1.09 |
| Polysil Irrigation Systems | 138 | 49.3 | 45.6 | 2.8 | 10.9% | 0.61 |
| Alphalogic Industries | 134 | 24.9 | 45.1 | 5.4 | 12.7% | 0.04 |
| Median of the 10 others | 82 | 24.3 | 51.1 | 4.1 | 13.6% | 0.57 |
Horizon Reclaim (India) shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Horizon Reclaim (India) shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | Sep 26 | |
|---|---|---|
| Promoters | 69.97% | 69.97% |
| Foreign investors (FIIs) | 3.63% | - |
| Indian institutions (DIIs) | 6.75% | - |
| Number of shareholders | 1,041 | 762 |
Horizon Reclaim (India) study: the business from its own documents
Read from 3 of the company's own documentsHorizon Reclaim (India) key facts from the filings
Each figure with the document it comes from
- Plant use
- 90%
- Share of Unit I's capacity used in FY26, up from 37.93% in FY24, so the existing plant is nearly full.Red herring prospectus, p.136
- Planned capacity
- 86,800 t
- Capacity the company says it will have once the new plants and the IPO-funded machinery are running, against 14,100 t at the operating plant.Red herring prospectus, p.89; Investor presentation, August 2026, p.5
- Rajkot pyrolysis plant
- First sale 20 July 2026
- Commissioned in July 2026 to make pyrolysis oil, carbon char and steel scrap from end of life tyres.Investor presentation, August 2026, p.12 and p.17
- Bhagwanpur plant
- Not yet running
- Unit III has its buildings and machinery in place but had not started operations by the August 2026 presentation.Investor presentation, August 2026, p.13; Red herring prospectus, p.124
- Recycling credits
- 6.28%
- Share of FY26 revenue from selling EPR credits (₹3.1 cr), after 9.25% in FY25 when credits built up over earlier periods were sold.Red herring prospectus, p.128 and p.235
Show 5 more facts
- Customers
- 136
- Customers served in FY26, of whom 49.26% had also bought the year before; the ten largest took 35.20% of sales, with no long term contracts.Red herring prospectus, p.129 and p.138
- Borrowings
- ₹35.8 cr
- Long and short term debt at March 2026 against net worth of ₹24.8 cr, taken on mainly to build the new plants.Investor presentation, August 2026, p.28
- IPO money
- ₹54.3 cr
- Raised at ₹103 a share before listing on 19 June 2026; up to ₹26.7 cr to repay loans, ₹9.4 cr for machinery and ₹6.0 cr for working capital.Investor presentation, August 2026, p.9; Red herring prospectus, p.85
- Stock on hand
- 51 days
- Inventory holding in FY26, up from 25 days in FY25, because of bulk imports of scrap tyres.Red herring prospectus, p.88
- Premises from promoter firms
- ₹62.8 lakh rent
- Paid in FY26 to promoter group entities that lease the registered office and part of the Bhagwanpur plant land; a ₹1.96 cr capital asset was also bought from one of them.Red herring prospectus, p.56, p.57 and p.142
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it plans to start operations at its two new plants in FY27, which it expects to raise production capacity substantially, and that the new plants and machinery together take capacity to 86,800 tonnes. The Rajkot plant made its first commercial sale on 20 July 2026; the Bhagwanpur plant had yet to start as of August 2026.
| What management said | When | What happened |
|---|---|---|
| Two new manufacturing plants to start operations in FY27 | Red herring prospectus, June 2026 | Rajkot running from July 2026; Bhagwanpur not yet started by August 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Horizon earns a processing margin turning scrap tyres into reclaimed rubber at one busy plant, topped up by selling recycling credits to tyre makers.
Its weak spots are that growth now depends on two new plants that are only starting up, and that recent margins lean on credit sales.
WatchCan it set its own prices?Not much. Its scrap costs follow the market, and reclaimed rubber sells as a cheaper stand-in for natural and synthetic rubber.
AverageHow strong is it against rivals?Its pollution board registrations and EPR status set it apart from informal recyclers, but many organised and unorganised players offer similar products.
AverageWho are its customers?Many small and medium rubber goods makers, none of them large, but about half each year are new buyers and none are on long term contracts.
WatchDoes it need a lot of money?Yes. Building two new plants pushed borrowings above its net worth before the IPO, and stock levels have risen.
StrongCan it keep finding new work?So far, yes. The plant filled from under half to nearly full in two years as the customer count grew, and it is entering west and central India.
WatchDo good and bad years swing a lot?Margins changed sharply in two years, partly because credit sales began, so a normal year is hard to judge from the record.
Who runs Horizon Reclaim (India)?
Promoters, directors and officers; tap a name for the background
MBMohit BajajPromoter, Managing Director and Chief Financial Officer
Holds a master's degree in administration from the University of Pune and has over 19 years in the rubber industry; with the company since 2006 and Managing Director since 19 November 2025, holding both the managing director and CFO roles. A director of group companies Horizon Recycling and Horizon Infracon. Held 75.30% of the shares before the IPO. Has given personal guarantees and a personal property as security for company loans. Paid ₹32.2 lakh in FY26.
Red herring prospectus, p.156, p.157, p.160 and p.161MBMalika BajajPromoter, Chairman and Whole-time Director
Holds a post graduate diploma in management from Lal Bahadur Shastri Institute of Management, Delhi; with the company since 2006 and oversees manufacturing, finance and the new plants. A partner in Horizon Estates, which leases land to the company. The offer document states that Malika Bajaj is the spouse of Mohit Bajaj. Held 13.50% of the shares before the IPO; paid ₹13.4 lakh in FY26.
Red herring prospectus, p.158, p.160 and p.168APAman PalNon-Executive Director
B.Com from Meerut University; associated with the company since 2007 and on the board from 20 November 2025, advising on business development and sales.
Red herring prospectus, p.158 and p.161HKHarpreet KaurIndependent Director
Over 28 years in finance and financial management and currently CFO of JMD Limited; appointed 18 August 2025 and chairs the audit committee.
Red herring prospectus, p.158 and p.162LKLalit Kumar ParmarIndependent Director
B.Com from the University of Delhi and MBA from Sikkim Manipal University; appointed 18 August 2025 and a director of Kazei Solutions, Stambh Management and Growth and International Meditour.
Red herring prospectus, p.158DTDeeksha ThakralCompany Secretary and Compliance Officer
Associate member of the Institute of Company Secretaries of India with over four years of secretarial work at Eastman Auto & Power; in the role since 18 August 2025, the day promoter group member Neelam Bajaj resigned from the board.
Red herring prospectus, p.161 and p.166Horizon Reclaim (India) latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 Sept 2026: promoters unchanged at 69.97%.
Horizon Reclaim (India) announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdatePursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, please find enclosed herewith the certificate received from Kfin TechnolPDF ↗
- AGM/EGMIt is hereby informed that 20th Annual General Meeting of the Company held on Wednesday, the 30th day of September, 2026 at 04.00 P.M. IST and concluded at 04.2PDF ↗
- Insider Trading / SASTIn terms of the Company''s code of conduct to Regulate, Monitor and Report Trading by designated persons framed pursuant to SEBI (Prohibition of Insider TradingPDF ↗
- Company UpdateIn continuation to our earlier intimation dated September 15, 2026 and pursuant to Regulation 30 read with schedule III of the SEBI (Listing Obligations and DisPDF ↗
Horizon Reclaim (India) annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 Aug 2026 ↗read
Horizon Reclaim (India) share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Horizon Reclaim (India)'s data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 81 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,95,15,400 shares).
- !The FY26 results imply 1,40,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹5.07) and FY25 (₹4.96) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Horizon Reclaim (India)
What does Horizon Reclaim (India) do?
Horizon Reclaim turns old tyres and tubes into reclaimed rubber that other factories mix into footwear, mats, belts and retreaded tyres, and has started making fuel oil from scrap tyres. Its shares trade on BSE SME.
What is the share price of Horizon Reclaim (India)?
₹119 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Horizon Reclaim (India)?
₹232 cr at the close on 6 Nov 2026, on 1,95,15,400 shares.
What is the P/E of Horizon Reclaim (India)?
23.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Horizon Reclaim (India)'s revenue and profit?
Revenue ₹49 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Horizon Reclaim (India)?
Mohit Bajaj, Malika Bajaj; promoters held 69.97% at 30 Sept 2026.
What is Horizon Reclaim (India)'s website?
horizonreclaim.com
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Built from 1 offer document, 1 investor presentation, 1 annual report, 4 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.