Horizon Reclaim (India) IPO

Incorporated in 2006, Horizon Reclaim (India) is engaged in the manufacturing of reclaimed rubber, which is recycled rubber derived from used rubber 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 heat resistance.

Reclaimed rubber has a benefit as a cost-effective and environmentally friendly alternative to natural and synthetic rubber and is widely used in the manufacture of various rubber-based products. It offers reclaimed rubber in three main categories: Natural Rubber Reclaim, produced from rubber tyre casings and tubes commonly used in footwear soles, floor mats, tyre base layers, and moulded rubber products. Synthetic Rubber Reclaim, which includes EPDM and Butyl Reclaim Rubber suitable for applications requiring resistance to oil, heat, and weather, such as automotive seals, hoses, gaskets, and construction profiles and Crumb rubber made from recycled tyres and used in road construction, sport surfaces and construction materials like roofing sheets.

To manufacture reclaimed rubber, the company depends on a steady supply of used rubber materials, which it sources both domestically and through imports. Domestic sourcing is carried out through tyre dismantlers, waste collectors, and scrap dealers across various states in India. Its raw material imports from Kuwait were ~34% and 25% from the UAE in FY26. The principal raw materials include whole tyres (radial and tubeless), scrap tubes, scrap butyl tubes, scrap natural tubes, and other rubber scrap.

Its sales are derived from B2B, targeting small and medium enterprises and industrial customers mainly in the northwestern region of India. Revenue made by reclaim rubber (WTR) in FY26 was around 35%, and reclaim rubber (202 grade) was ~20%. The company generates most of its revenue from domestic markets, with states like Haryana, Maharashtra, West Bengal, Delhi and UP contributing around 67% of total FY26 revenue. The company has one manufacturing facility with a total installed capacity of 14100 MT in FY26, and capacity utilisation was ~90%. It aims at strategic expansion into Pyrolysis Oil and By-Product Recovery, Enhancement of Manufacturing Capacity through the installation of additional machinery.