Horizon Reclaim (India) Ltd reported revenue of ₹2,817.98 crore for the half year ended September 30, 2026, reflecting a 28.24% year-on-year growth.

The company disclosed these figures in a business update filed with the BSE on October 17, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The update highlights operational milestones following the firm's recent listing on the BSE SME platform.

Operational Highlights and Capacity Expansion

The company operates three manufacturing units across Uttarakhand and Gujarat with an installed capacity of 59,700 MTPA. This is set to expand to a planned capacity of 86,800 MTPA. Key operational metrics for the period include:

The Rajkot facility (Unit II), commissioned recently, commenced commercial sales of pyrolysis oil, carbon char, and steel scrap on July 20, 2026. This unit extends the company's circular economy model beyond reclaimed rubber into waste-to-energy products.

Listing and Capital Structure

Horizon Reclaim listed on the BSE SME platform on June 19, 2026, through an IPO of ₹54.27 crore at an issue price of ₹103 per share. The offering was subscribed 304.11 times, and shares listed at ₹151, representing a premium of 46.6% over the issue price. The proceeds from the listing are funding ongoing capacity expansions.

What the Numbers Show

The divergence in capacity utilisation between Unit 1 (95%) and Unit 2 (50%) indicates that while the legacy rubber reclaim operations are running near full capacity, the newly commissioned pyrolysis facility is still ramping up. The 28.24% revenue growth suggests strong demand for existing products, but the lower utilisation of Unit 2 implies that the contribution from pyrolysis products to the current top line may be limited compared to established revenue streams.

Management Commentary

Mohit Bajaj, Managing Director, stated that the company has extended its circular economy model into pyrolysis oil and steel scrap. He noted that the BSE SME listing has strengthened the balance sheet and supports capacity expansion to serve demand in footwear, automotive, and construction sectors.

Horizon Reclaim (India) Limited held its 20th Annual General Meeting on September 30, 2026, marking the company's first such gathering since its recent listing. The virtual meeting was attended by shareholders via video conferencing in compliance with regulatory guidelines.

The Board of Directors recommended the adoption of the audited financial statements for the financial year ended March 31, 2026. The statutory auditors confirmed that these statements present a true and fair view of the company's state of affairs, with no qualifications noted in their report.

Key Resolutions Passed

Shareholders voted on three primary items of business during the proceedings:

1. Adoption of Financial Statements: Approval of the audited accounts for FY26 along with the Board's report.
2. Director Reappointment: Reappointment of Malika Bajaj as a Director liable to retire by rotation. The resolution noted that except for Mohit Bajaj and his relatives, no other directors or key managerial personnel were interested in this matter.
3. Appointment of Secretarial Auditors: Appointment of Astha Birla & Associates as Secretarial Auditors for a five-year term from FY27 to FY31.

Voting Results and Participation

The company disclosed detailed voting results pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. All three ordinary resolutions were passed with 100% votes in favour and zero votes against.

Total outstanding shares stood at 1,95,15,400. Votes were polled from 1,46,21,965 shares, representing 74.93% of outstanding shares. The breakdown of voting participation is as follows:

Only six members participated in the electronic voting during the AGM itself, while one member utilized remote e-voting prior to the meeting. No shareholders attended in person or through proxy; all attendees joined via video conferencing.

Governance and Voting Process

The meeting utilized remote e-voting facilities provided by KFin Technologies Limited, allowing members holding shares as of the cut-off date of September 23, 2026, to cast votes electronically. Additionally, an Instapoll facility was available for attendees who had not previously voted remotely. Astha Birla & Associates served as the scrutinizer to ensure a fair and transparent voting process.

Post-IPO Context

This AGM follows a successful Initial Public Offering (IPO) that saw significant investor interest. The issue was subscribed 304.11 times, reflecting strong confidence from retail, institutional, and international investors in the company's business model and execution capabilities. The company manufactures reclaim/crumb rubber, pyrolysis oil, and recovered carbon black.