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,
Moderate fundamentals with elevated risk parameters
SME IPOs are higher risk, less liquid and more volatile than mainboard IPOs. Invest only after reading the offer document and understanding the risks.
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,
Strong business model in a growing sector with favorable industry drivers.
Evaluate market volatility and competitive risks.
+50.5%
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GYR Capital Market Maker
GYR Capital Advisors Private Limited managed 57 IPOs, with 93% listed with gains.
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.
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,
Rubber
Promoters group
Whole-time Directors & Promoter group
| 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 |
Good / 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 |
GYR Capital Advisors Private Limited, based in Ahmedabad is the Lead Manager (BRLM) of Horizon Reclaim IPO. GYR Capital Advisors Private Limited has handled 57 SME IPOs till date of which (93%) of the SME IPOs have been listed with listing gains. Read full review of GYR Capital Advisors Private Limited .
| Name | Offer Price | Listing Price | Listing Gain | CMP | % CMP |
|---|---|---|---|---|---|
| Defrail Technologies IPO | ₹74.00 | ₹95.00 | +28.38% | ₹74.00 | +0.00% |
| Speb Adhesives IPO | ₹56.00 | ₹60.00 | +7.14% | ₹90.00 | +61.00% |
| Ameenji Rubber IPO | ₹100.00 | ₹101.00 | +1.00% | ₹136.00 | +36.00% |
| Emerald Tyre IPO | ₹95.00 | ₹189.50 | +99.47% | ₹79.00 | -17.00% |
| Pentagon Rubber IPO | ₹70.00 | ₹130.00 | +85.71% | ₹55.00 | -21.00% |
| Viaz Tyres IPO | ₹62.00 | ₹68.00 | +9.68% | ₹62.00 | -1.00% |
| Lead Reclaim IPO | ₹25.00 | ₹27.50 | +10.00% | ₹90.00 | +261.00% |
| Gayatri Rubbers IPO | ₹30.00 | ₹35.00 | +16.67% | ₹500.00 | +1567.00% |
| Dolfin Rubbers IPO | ₹26.00 | ₹27.05 | +4.04% | ₹170.00 | +554.00% |
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