Horizon Reclaim India Limited submitted a Statement of Deviation or Variation in utilization of proceeds from its Initial Public Offering (IPO) for the half year ended September 30, 2026, as required under SEBI LODR Regulation 32 and ICDR Regulation 262.

The IPO was a fresh issue of equity shares that raised ₹5,427.28 lakh on June 19, 2026. The monitoring agency for the issue is CRISIL Ratings Limited.

The disclosure reports a variation in the allocation/utilization towards Issue Expenses. There was no deviation from the objects of the Issue. The actual Issue Expenses incurred were ₹476.29 lakh, which exceeded the amount stipulated in the Offer Document of ₹434.44 lakh by ₹41.85 lakh. This resulted in a corresponding reduction in the amount allocated towards General Corporate Purposes (GCP) from ₹779.84 lakh to ₹737.99 lakh.

The variation was not pursuant to any change in terms of a contract or objects of the Issue which was approved by shareholders. The company explained that the variation arose solely due to higher actual issue expenses compared to estimates.

The Audit Committee reviewed the utilization of proceeds and the Monitoring Agency Report at their meeting held on November 14, 2026. The Committee noted that there has been no deviation from the objects of the Issue as disclosed in the Offer Document. The Committee confirmed that the variation does not involve any change in the objects of the Issue and the unutilized Issue Proceeds continue to be utilized in accordance with the objects disclosed in the Offer Document.

Based on documentation and records reviewed, the auditors observed no deviation in the utilization of IPO proceeds and confirmed that funds were used in accordance with the objects stated in the offer document.

Detailed Utilization Table

| Item Head | Original Cost (₹ lakhs) | Revised Cost (₹ lakhs) | Comments |

| Working capital requirements | 600.00 | 600.00 | No revision |

| Pre-payment/repayment of borrowings | 2,670.00 | 2,670.00 | No revision |

| Capital expenditure for plant & machinery | 943.00 | 943.00 | No revision |

| General corporate purposes | 779.84 | 737.99 | Reduced due to higher issue expenses |

| Total | 4,992.84 | 4,950.99 | Net reduction of ₹41.85 lakh |

The amount utilized for general corporate purposes does not exceed 15% of the total issue size or ₹10 crore, whichever is lower.