Horizon Reclaim (India) Ltd reported a strong fiscal performance for FY26, with revenue rising to Rs 49.42 crore and PAT touching Rs 10.25 crore. The company is in a massive scaling phase, aiming to boost capacity from 14,100 MTPA to 88,800 MTPA. With the Rajkot unit now live and Haridwar under construction, shareholders should watch the operational efficiency of these new plants against the backdrop of an increased debt-equity ratio.
Horizon Reclaim FY26 Performance Surge
Revenue rose to Rs 49.42 crore from Rs 36.58 crore; Profit after tax reached Rs 10.25 crore.
Reader Takeaway: Strong capacity-driven growth outlook is currently balanced against higher leverage from aggressive capital expenditure programs.
What just happened
Horizon Reclaim (India) Ltd has released its FY26 annual results, highlighting a year of significant operational and financial scaling. The company successfully executed its BSE SME listing, raising Rs 54.27 crore to fund infrastructure growth. Revenue grew by over 35%, driven by the commissioning of the Rajkot pyrolysis oil facility in July 2026.
Why this matters
The company is fundamentally shifting its business model from a single-product operator to a diversified, multi-location player. Management is targeting a total installed capacity of 88,800 MTPA, a substantial increase from the existing 14,100 MTPA. The successful integration of these assets is critical for long-term margin stability.
The backstory
Following its June 2026 listing, Horizon Reclaim has utilized funds for major capital expenditure, totaling Rs 35.16 crore in FY26. These investments are directed at the Rajkot Unit II and the ongoing Haridwar Unit III, which will focus on reclaimed rubber production.
Risks to watch
Investors should note the changing balance sheet health. The debt-equity ratio has climbed to 1.44 from 0.69, reflecting heavy reliance on term loans for expansion. Furthermore, the current ratio has dipped to 0.68, suggesting tight working capital liquidity. A minor tax dispute involving Rs 8.51 lakh is also pending before the GST Forum.
Context metrics
- Revenue from Operations: Rs 49.42 crore (FY26) vs Rs 36.58 crore (FY25)
- EBITDA: Rs 16.39 crore (FY26) vs Rs 10.47 crore (FY25)
- Debt-Equity Ratio: 1.44 (FY26) vs 0.69 (FY25)
What to track next
The upcoming 20th Annual General Meeting on September 30, 2026, will provide further clarity on management's roadmap. Primary focus remains on the operational ramp-up speed of the new units and management's strategy to deleverage the balance sheet in the coming fiscal years.