Horizon Reclaim has scheduled its 20th Annual General Meeting for September 30, 2026. The meeting will convene via video conferencing or other audio-visual means to transact ordinary and special business.

Meeting Agenda

The company will consider several key resolutions during the session. Key agenda items include:

• Adoption of audited financial statements for the fiscal year ended March 31, 2026.
• Reappointment of Mrs. Malika Bajaj as a director upon retirement by rotation.
• Appointment of M/s Astha Birla & Associates as secretarial auditors for five years.

Director Reappointment

Mrs. Malika Bajaj, Whole-time Director, retires by rotation at this meeting. The Board of Directors recommends her reappointment based on the Nomination and Remuneration Committee's advice.

Mrs. Bajaj holds a Post Graduate Diploma in Management from Lal Bahadur Shastri Institute of Management. She has been associated with the company since its incorporation in August 2006 and was redesignated as Whole-time Director on November 19, 2025. She currently holds 19,22,800 shares in the company and receives an annual remuneration of ₹13.56 lakh. Mr. Mohit Bajaj, her husband and Managing Director, may be deemed interested in the resolution due to potential shareholding interests.

Secretarial Audit Appointment

The meeting seeks approval to appoint M/s Astha Birla & Associates as secretarial auditors. The firm holds Peer Review Certificate No. 5853/2024 and Firm Registration No. S2015UP306200. The appointment covers the period from Financial Year 2026-27 to Financial Year 2030-31. Remuneration will be mutually agreed between the Board and the auditors.

Voting and Logistics

Members can participate through remote e-voting facilitated by KFin Technologies Limited. Physical attendance is not required, and proxy appointment facilities are unavailable for this virtual meeting. The deemed venue is the company's registered office in Saharanpur.

The remote e-voting period commences on September 27, 2026, at 9:00 am and ends on September 29, 2026, at 5:00 pm. The cut-off date for voting eligibility is September 23, 2026. Institutional members are encouraged to attend through authorized representatives.

Horizon Reclaim (India) Limited reported a compound annual growth rate (CAGR) of ~55.90% for its revenue, which rose from ₹20.33 Crore in FY24 to ₹49.42 Crore in FY26. This significant growth trajectory coincides with the company's strategic expansion into the waste-to-energy segment, marked by the commencement of commercial Pyrolysis Oil sales on July 20, 2026, from its newly commissioned Rajkot facility.

The business update was submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Malika Bajaj, Whole-Time Director, signed off on the disclosure. The filing highlights the successful listing on the BSE SME Platform in June 2026 and the subsequent operational readiness of Unit II in Rajkot, which produces Pyrolysis Oil, Carbon Char, and Steel Scrap from end-of-life tyres.

Financial Performance and Market Data

Horizon Reclaim’s financial results demonstrate consistent top-line growth over the last three fiscal years. As of July 31, 2026, the company’s market capitalization stood at ₹280.05 Crore, with a share price of ₹139.40. The stock traded within a 52-week range of ₹131.60 to ₹164.60.

The revenue CAGR of ~55.90% underscores the market’s acceptance of the company’s core reclaimed rubber products and its emerging waste-to-energy offerings. The face value of the shares remains at ₹10.00, with 1,95,15,400 shares outstanding as per the latest data.

Capacity Expansion and Capital Allocation

The installed capacity is set to increase significantly upon the full commissioning of expansion projects. Currently, the company operates with an installed capacity of 14,100 MTPA at Unit I. The Rajkot facility (Unit II) adds 36,000 MTPA dedicated to Pyrolysis Oil, while Unit III in Bhagwanpur contributes 9,600 MTPA. Upon full completion, total installed capacity will rise to 86,800 MTPA.

Capital expenditure has intensified to support this growth. Capital Work in Progress (CWIP) increased from ₹355.59 Lakhs in FY25 to ₹3,619.54 Lakhs in FY26. This investment reflects the development of the Rajkot and Bhagwanpur manufacturing facilities. Additionally, the company has proposed utilizing ₹9.43 Crores from its Initial Public Offering (IPO) proceeds towards investment in plant and machinery.

Product Diversification

The pyrolysis process at the Rajkot unit enables the recovery of multiple valuable resources from waste tyres, supporting the circular economy. The primary output is Pyrolysis Oil, used as an alternative industrial fuel for boilers and kilns. Secondary products include Carbon Char, utilized in rubber products and construction materials as a substitute for fossil-based carbon inputs, and Steel Scrap, which is recycled and supplied to steel manufacturers.

This diversification creates multiple revenue streams and reduces dependency on single-product lines. The company aims to leverage these integrated manufacturing capabilities to expand into international markets, supported by a stronger balance sheet achieved through the repayment of borrowings aggregating to ₹26.70 Crores.

What the Numbers Show

The sharp rise in CWIP from ₹355.59 Lakhs to ₹3,619.54 Lakhs indicates a heavy capital deployment phase, primarily driven by the Rajkot and Bhagwanpur projects. While the first commercial sale occurred in July 2026, post the Q1 reporting period, the operational readiness suggests imminent revenue contribution from the higher-margin Pyrolysis Oil segment. The reduction in borrowings by ₹26.70 Crores prior to or during this period demonstrates improved liquidity management, positioning the company to fund further expansion without excessive debt reliance.