Horizon Reclaim India IPO Review: Price Band Rs 98-103, GMP Rs 15, Issue Size Rs 54 Crore — Should You Apply?

The Horizon Reclaim India IPO is set to open on June 12, 2026, giving investors their first chance to subscribe to this Saharanpur-based reclaimed rubber manufacturer. Priced at Rs 98-103 per share, the Horizon Reclaim IPO is a Rs 54.27 crore SME issue on BSE SME with a grey market premium of Rs 15, pointing to a listing price around Rs 118. This Horizon Reclaim IPO review covers the business, financials, valuation, risks, and whether investors should apply.

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About Horizon Reclaim India Limited

Horizon Reclaim India Ltd, incorporated in 2006 and headquartered in Saharanpur, Uttar Pradesh, is one of India’s leading manufacturers of reclaimed rubber. The company processes used tyres, rubber tubes, tread peelings, and industrial rubber scrap to produce natural rubber reclaim, synthetic rubber reclaim, and crumb rubber. These products serve footwear, automotive, construction, moulded rubber goods, and industrial applications. The business is built around the circular economy — converting waste rubber into high-quality reusable materials across multiple industries.

Parameter	Details
IPO Type	SME Book Build Issue
Exchange	BSE SME
Issue Size	Rs 54.27 crore (100% Fresh Issue)
Price Band	Rs 98-103 per share
Face Value	Rs 10 per share
Lot Size	1,200 shares
Retail Min. Investment	Rs 2,47,200 (2,400 shares at Rs 103)
Open Date	June 12, 2026
Close Date	June 16, 2026
Allotment Date	June 17, 2026
Listing Date	June 19, 2026 (BSE SME)
GMP (Jun 9, 2026)	Rs 15 → expected listing Rs 118 (+14.56%)
Registrar	KFin Technologies Ltd.
BRLM	GYR Capital Advisors Pvt. Ltd.
FY25 Revenue	Rs 322.58 crore (+56.2% YoY)
FY25 Net Profit	Rs 28.13 crore (8.97% margin)
9M FY26 Revenue	Rs 236.50 crore
9M FY26 Net Profit	Rs 38.69 crore (16.65% margin)
Average EPS (FY24-25)	Rs 25.00
Average RoNW	23.17%
P/E (9M FY26 annualised)	15.51x
P/E (FY25)	28.44x
Total Borrowings	Rs 242.57 crore (Dec 31, 2025)
Business	Reclaimed rubber manufacturer — natural, synthetic, crumb rubber

Horizon Reclaim IPO Financials: Revenue Growth but Margin Volatility

The Horizon Reclaim IPO financials show strong top-line growth but inconsistency in profitability. Revenue has grown from Rs 184.81 crore (FY23) to Rs 322.58 crore (FY25), a CAGR of approximately 32%. However, the PAT margin dropped sharply from 16.92% in FY24 to just 8.97% in FY25, primarily due to an extraordinary item of Rs 16.97 crore. In the first nine months of FY26 (to December 31, 2025), the company earned a net profit of Rs 38.69 crore on revenue of Rs 236.50 crore, implying a PAT margin of 16.65% and significantly higher annualised profits. This “pre-IPO period” bump in profitability has raised analyst concerns about sustainability of margins going forward.

Valuation and Key Risks

The Horizon Reclaim IPO is priced at a P/E of 15.51 on annualised 9M FY26 earnings, which appears reasonable. However, based on the lower FY25 EPS, the P/E rises to 28.44. The average RoNW of 23.17% over the last two years is healthy. Key concerns are elevated borrowings of Rs 242.57 crore as of December 2025, contingent liabilities noted in the offer documents, and the sustainability of the improved profitability shown in 9M FY26. The P/BV of 2.44 based on NAV of Rs 140.81 is reasonable but the missing post-IPO NAV data in offer documents is a gap investors should note.

Horizon Reclaim IPO GMP and Listing Estimate

The Horizon Reclaim IPO GMP stood at Rs 15 on June 9, 2026, pointing to an estimated listing price of approximately Rs 118 — a gain of 14.56% above the issue price of Rs 103. Grey market premium is an unofficial indicator and can change significantly before listing. The GMP of Rs 15 for this Horizon Reclaim IPO reflects moderate positive sentiment, not exceptional demand.

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Should You Apply for the Horizon Reclaim India IPO?

The Horizon Reclaim India IPO offers a reasonably priced entry into India’s reclaimed rubber recycling sector at a time when circular economy businesses are gaining policy and investor attention. The 9M FY26 profitability improvement is encouraging. However, the elevated borrowings, FY25 margin dip, and questions about earnings sustainability are genuine risks. For investors seeking listing gains based on the Rs 15 GMP signal, the return potential is moderate. Long-term investors should look for FY26 full-year results before making a decision. This is not investment advice. Consult a SEBI-registered financial advisor.

Conclusion

The Horizon Reclaim IPO opens June 12 at Rs 98-103 on BSE SME. GMP of Rs 15 suggests modest listing gains of ~14-15%. The Horizon Reclaim IPO business has strong revenue growth and improving margins in 9M FY26, but elevated borrowings and margin volatility are risk factors. Track subscription, GMP, and allotment on Univest.

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Frequently Asked Questions

What is the Horizon Reclaim India IPO price band?

Ans. The Horizon Reclaim India IPO price band is Rs 98 to Rs 103 per share. The minimum lot size is 1,200 shares. Retail investors must apply for a minimum of 2 lots (2,400 shares), requiring an investment of Rs 2,47,200 at the upper price band of Rs 103.

When does the Horizon Reclaim India IPO open?

Ans. The Horizon Reclaim India IPO opens for subscription on June 12, 2026, and closes on June 16, 2026. Allotment is expected on June 17. Shares will be credited on June 18, with listing on BSE SME on June 19, 2026.

What is the Horizon Reclaim India IPO GMP today?

Ans. The Horizon Reclaim India IPO GMP (grey market premium) is Rs 15 per share as of June 9, 2026. Based on this, the estimated listing price is approximately Rs 118, implying a potential listing gain of 14.56% over the issue price of Rs 103. GMP is unofficial and unregulated by SEBI.

What does Horizon Reclaim India do?

Ans. Horizon Reclaim India Ltd, founded in 2006 and headquartered in Saharanpur, Uttar Pradesh, is a manufacturer of reclaimed rubber. The company processes used tyres, rubber tubes, tread peelings, and industrial rubber scrap into natural rubber reclaim, synthetic rubber reclaim, and crumb rubber. Its products are used in footwear, automotive components, construction materials, moulded rubber goods, and industrial applications.

Should I apply for the Horizon Reclaim India IPO?

Ans. The Horizon Reclaim India IPO shows strong top-line growth (FY25 revenue Rs 322.58 crore, up from Rs 206.45 crore in FY24) and improving margins in 9M FY26 (Rs 38.69 crore PAT on Rs 236.50 crore revenue, 16.65% margin). However, FY25 showed a margin compression (8.97% PAT margin) due to an extraordinary item, and total borrowings of Rs 242.57 crore are elevated. At P/E 15.51 on 9M FY26 earnings, the issue appears fairly priced. The GMP of Rs 15 suggests modest listing gains. This is not investment advice — consult a SEBI-registered financial advisor before applying to the Horizon Reclaim IPO.