Horizon Industrial Parks Ltd
Incorporated in 2009, Horizon Industrial Parks, backed by Blackstone Group, is India’s largest industrial and logistics infrastructure developer, owner, and operator by total network.[1]
- Market Cap ₹ 13,377 Cr.
- Current Price ₹ 46.4
- High / Low ₹ 60.2 / 41.4
- Stock P/E
- Book Value ₹ 28.3
- Dividend Yield 0.00 %
- ROCE 3.18 %
- ROE -6.18 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Debtor days have improved from 26.0 to 18.4 days.
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -10.8% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Realty Realty Residential, Commercial Projects
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 151 | 234 | 390 | 691 | |
| Sales growth | +54% | +67% | +77% | |
| 132 | 97 | 100 | 160 | |
| Operating Profit | 19 | 137 | 290 | 531 |
| OPM % | 13% | 59% | 74% | 77% |
| 20 | 16 | 25 | 76 | |
| Interest | 131 | 194 | 353 | 539 |
| Depreciation | 67 | 98 | 143 | 266 |
| Profit before tax | -160 | -139 | -181 | -197 |
| Tax % | -5% | -0% | -1% | 3% |
| -151 | -139 | -179 | -204 | |
| EPS in Rs | -2.70 | -2.53 | -3.11 | -0.81 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 66% |
| TTM: | 77% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -13% |
| TTM: | -18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -11% |
| Last Year: | -6% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 536 | 536 | 536 | 2,450 | 2,883 |
| Reserves | 78 | 136 | 472 | 3,215 | 5,269 |
| 2,335 | 3,294 | 7,017 | 6,904 | 3,548 | |
| 226 | 324 | 1,811 | 927 | 942 | |
| Total Liabilities | 3,174 | 4,290 | 9,835 | 13,495 | 12,642 |
| 2,480 | 3,611 | 8,534 | 9,981 | 10,314 | |
| CWIP | 0 | 0 | 0 | 111 | 250 |
| Investments | 51 | 80 | 131 | 737 | 108 |
| 643 | 599 | 1,170 | 2,666 | 1,970 | |
| Total Assets | 3,174 | 4,290 | 9,835 | 13,495 | 12,642 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 89 | 129 | 235 | 464 | |
| -409 | -791 | -1,583 | -4,740 | |
| 376 | 716 | 1,458 | 4,638 | |
| Net Cash Flow | 56 | 54 | 110 | 362 |
| Free Cash Flow | 94 | 130 | 235 | 472 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 498% | 96% | 80% | 90% |
Ratios
Consolidated / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 20 | 31 | 28 | 18 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 20 | 31 | 28 | 18 |
| Working Capital Days | -321 | -234 | -1,547 | -208 |
| ROCE % | 2% | 3% | 3% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- CEO and IR Director to attend JM Financial and Avendus investor conferences in Mumbai on November 17-18, 2026.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- CARE report for Q2 FY27 shows nil deviation; Rs 2,250 crore repaid, Rs 350 crore unutilized.
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Transcript of Investors / Analysts Earnings Call on the Unaudited Financial Results for Q2 FY27 of Horizon Industrial Parks Limited held on October 29, 2026
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Board approved Q2 FY27 results; IPO completed and 49% JV stake acquired.
- Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 O
Concalls
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Oct 2026Transcript REC
-
Sep 2026Transcript PPT
Business Overview[1]
Horizon Industrial Parks is an industrial and logistics infrastructure developer, owner, and operator focused on Grade A+ fulfilment centres, industrial facilities, and in-city logistics centres.
The company has built a pan-India network
of 45 assets across 10 major industrial and consumption hubs , with a Total Network of 58.58 msf as of May 2026.
The business is essentially a combination
of industrial real estate development and long-term leasing, with the company acquiring land, developing large-scale facilities, leasing to the customers, and actively managing the assets.
Its facilities are located near major consumption and manufacturing clusters, enabling customers to reduce logistics costs and shorten the time required to start operations.[2][3]