Horizon Industrial Parks IPO

Strengths · 8

• 01It is the largest industrial and logistics infrastructure player in India by total network as per the JLL report, with 45 assets and 58.01 million square feet across 10 cities.
• 02It is backed by the Blackstone Group, which brings capital strength and professional management.
• 03Revenue is growing fast. Total income went from Rs 245.52 crore in FY2024 to Rs 439.35 crore in FY2025 and Rs 767.84 crore in FY2026, a 75% rise in the last year.
• 04EBITDA is strong and rising, from Rs 151.51 crore in FY2024 to Rs 339.12 crore in FY2025 and Rs 607.80 crore in FY2026. The operating business itself is profitable.
• 05The whole issue of Rs 2,600 crore is a fresh issue. No promoter is selling and the full amount comes to the company.
• 06Rs 2,250 crore of the money will repay borrowings of the company and its subsidiaries, which will directly reduce interest cost.
• 07The customer base is wide, with over 100 customers across e-commerce, retail, FMCG, renewable energy, auto ancillary and manufacturing.
• 08Warehousing demand is supported by the growth of e-commerce, quick commerce and factory setups in India.

Risks · 8

• 01The company is making losses. Profit after tax was a loss of Rs 162.21 crore in FY2024, Rs 178.78 crore in FY2025 and Rs 203.65 crore in FY2026. The loss is getting bigger every year.
• 02There is no P/E to compare. EPS is negative, so the issue cannot be judged on earnings. The market capitalisation at the offer price is about Rs 17,297.61 crore.
• 03Debt is very high. Total borrowing was Rs 6,884.34 crore as on 31 March 2026. Even after using Rs 2,250 crore to repay, a large loan will remain on the books.
• 04Retail investors get a small part of this issue. Not less than 75% of the net issue is for QIB and not more than 10% is for retail.
• 05Net worth jumped from Rs 122.00 crore to Rs 4,676.16 crore in one year because of restructuring, so the older year ratios are not comparable with the latest year.
• 06This is a capital heavy business. Land, construction and interest costs are large, and any rise in interest rates directly hits the company.
• 07RoNW was minus 4.23%, so the company is not yet earning a return on shareholder funds.
• 08The promoter is a foreign private equity entity, BREP Asia II EIP Holding (NQ) Pte. Ltd. Its holding falls from 88.74% to 75.40%, and private equity owners normally sell down further over time.

Horizon Industrial Parks Limited was started in 2009 and is backed by the Blackstone Group. As per a JLL report it is the largest industrial and logistics infrastructure developer, owner and operator in India by total network. It owns 45 logistics and industrial assets in 10 major Indian cities, which add up to 58.01 million square feet.

The company builds large modern warehouses and industrial buildings and gives them on long term rent. Its properties are of three types. Fulfillment centres, that is warehouses used by e-commerce, FMCG, retail and logistics companies, made up 15.55 million square feet or 58% of the operational area as on 30 November 2025. Industrial facilities used for manufacturing, EV, renewable energy, electronics and auto units made up 10.36 million square feet or 39%. In-city centres, which are small warehouses near customers for last mile delivery, dark stores, pharma and cloud kitchens, have a pipeline of 6.31 million square feet across 7 cities.

The company also gives turnkey construction, solar power, cold storage, staff accommodation and skill development facilities. As on 30 November 2025 it had served more than 100 customers, including many multinational companies.

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