Horizon Reclaim (India)IPO Review — Financials, Valuation & Peers
A data-only look at the Horizon Reclaim (India) IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 20.44 | 0.71 | 1.17 | 7.26 | 8.45 | — | — |
| FY 2025 | 36.39 | 7.07 | 10.46 | 14.33 | 26.08 | 10.03 | — |
| FY 2026 | 50.01 | 10.5 | 16.32 | 24.83 | 64.88 | 35.76 | 7.37 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.97x
- P/E (post-issue)
- 19.14x
- RoNW
- 42.29%
- RoE
- 53.63%
- RoCE
- 25.45%
- Debt / Equity
- 1.44
- EPS (pre-issue)
- ₹7.37
- EPS (post-issue)
- ₹5.38
- EBITDA Margin
- 32.64%
- PAT Margin
- 21.25%
- P/BV
- 5.91x
- NAV / share
- ₹17.43
- Market Cap
- ₹201.01 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Horizon Reclaim (India) | 7.37 | 17.43 | — | 42.29% | — |
| Grp Ltd | 6.04 | — | 282.83x | 1.81% | — |
| Lead Reclaim and Rubber Products Limited | 4.73 | 27.96 | 19.04x | 10.27% | 3.33x |
| Tinna Rubber And Infrastructure Ltd | 29.68 | — | 26.5x | 17.59% | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Mohit Bajaj and Malika Bajaj
- Holding (pre-issue)
- 95.84%
Analysis in brief
Anchor book
Before the issue opened to the public, Horizon Reclaim (India) placed shares with 5 anchor investors, who together put in ₹15.45 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to BANDHAN SMALL CAP FUND (₹5.99 crore), VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES (₹4.73 crore) and SHINE STAR BUILD-CAP PVT.LTD. (₹2.73 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 16 Jul 2026, with the remainder locked until 14 Sept 2026.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Horizon Reclaim (India) operates at an EBITDA margin of 32.64% and a net (PAT) margin of 21.25% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 25.45% and a return on equity (RoE) of 53.63%. At the upper band, the post-issue market capitalisation works out to about ₹201.01 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward pre-payment or repayment of all or a portion of certain outstanding borrowings availed by our company (₹26.7 crore), alongside funding capital expenditure for the installation of additional plant & machinery (₹9.43 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Horizon Reclaim (India) reported revenue of ₹50.01 crore and a net profit of ₹10.5 crore. Revenue grew from ₹20.44 crore in FY2024 to ₹50.01 crore in FY2026 (+145.0%). Net worth stood at ₹24.83 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.14× post-issue earnings and 5.91× book value, against a return on net worth of 42.29% and a debt-to-equity ratio of 1.44. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Grp Ltd and Lead Reclaim and Rubber Products Limited, with a median peer P/E of about 26.5×. The issue's own post-issue P/E works out to 19.14×.
Promoters
The promoters of the company are Mohit Bajaj and Malika Bajaj. Promoter holding is 95.84% before the issue.
Frequently asked questions
- What is the reservation split in the Horizon Reclaim (India) IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 29.99% anchor), non-institutional investors 15.01%.
- Who are the promoters of Horizon Reclaim (India) and what is their holding?
- The promoters are Mohit Bajaj and Malika Bajaj. Promoter holding is 95.84% before the issue.
- What is the P/E ratio of the Horizon Reclaim (India) IPO?
- At the upper price band, the Horizon Reclaim (India) IPO is valued at 13.97× pre-issue earnings and 19.14× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Horizon Reclaim (India) IPO?
- The net proceeds go primarily toward pre-payment or repayment of all or a portion of certain outstanding borrowings availed by our company, among 5 disclosed objects.