Horizon Industrial Parks
Horizon Industrial Parks [HIPL] provide industrial and logistics solutions with a total network of 58.58 million square feet (msf) spread across 45 assets. It offers clients Grade A quality fulfillment centers (warehouses), industrial facilities, and in-city centers across the country?s major industrial and consumption hubs.
HIPL is the only scaled pure-play industrial and logistics platform offering comprehensive solutions to customers, combining real estate, infrastructure and operational services under one roof. Its comprehensive business ecosystem provides a holistic end-to-end solution that enables its customers to operate seamlessly and reduce time-to-market. Its solutions include, among others, built-to-suit facilities, fully fitted plug-and-play facilities, cold storage, energy solutions, on-site staff accommodation, racking and material handling equipment (MHEs) designed to support efficient operations.
The total network of 58.58 million sq ft comprises 51.67 million sq ft of industrial & logistics parks and 17 in-city centres with an area of 6.91 million sq ft spread across seven cities/metropolitan areas. Out of total network of 58.58 million sq ft, the operational networks are 28.55 million sq ft and development network is 30.03 million sq ft. Of the development network of 30.03 million sq ft as of 11 August 2026, near-term deliveries are 7.22 million sq ft, and 22.81 million sq ft is of planned projects expected to be delivered over the next four to five years.
Additionally, it acquired a 49.00% stake in Vision Softech Facilities Private Limited, which has been allotted a 100-acre land parcel in Narsapura, Bangalore, with a potential of 2.55 million sq ft. Including this acquisition, its total network comprises 46 assets totaling 61.13 million sq ft. Significant portion of its assets in the network is acquired from its promoters and other sellers in FYs 2025 and 2026. Prior to FY 2025, its total network comprised only ten assets.
Its assets are geographically well-diversified across India?s top 10 markets, spanning key consumption and industrial hubs of India including Delhi National Capital Region, Mumbai (Maharashtra), Bengaluru (Karnataka), Chennai (Tamil Nadu), Pune (Maharashtra), Hyderabad (Telangana), Ahmedabad (Gujarat) and Nagpur (Maharashtra).
As of May 31, 2026, it had adiversified pool of 118 customers spread across both consumption (ecommerce, q-commerce, third party logistics, FMCG, retail) and manufacturing (auto - ancillary, renewables, packaging and other manufacturing) segments. Moreover about 54.05% of committed operational network was contracted to Fortune 500 companies as of May 31, 2026.
Assets of the company have achieved an aggregate gross leasing of 16.81 msf across sectors in the two months ending May 31, 2026, and FYs 2026, 2025 and 2024, on a proforma basis. Leveraging its asset management expertise, the company has delivered a CAGR of 7.69% growth in gross rental per square foot per month from April 1, 2023, until May 31, 2026.
Promoters of the company are BREP Asia II EIP Holdings (NQ) Pte. Ltd., BEP Asia II Indian Holdings Co VI (NQ) Pte Ltd., and BREP Asia III India Holdings Co III Pte. Ltd. Promoters of the company are a part of the Blackstone Group, that has global expertise in the logistics sector with more than 1.2 billion square feet of logistics holdings around the world as of September 30, 2025, including businesses such as Link Logistics in the US, with 480 msf, Logicor in Europe, with 136 msf and Mileway in Europe, with 149 msf. Its promoters bring more than 20 years of operating experience in India, combining knowledge of investing and operating businesses in the country with global best practices in development and asset management.
The Issue & Object of the offer
The issue comprises only issue of fresh shares of Rs 10 face value aggregating to Rs 2600 crore.
Of the net proceeds from fresh issue, the company intends to use Rs 2250 crore towards re/pre-payment (in full or part) of certain borrowings availed by the company as well as certain of its wholly owned subsidiaries and balance towards general corporate purposes.
The aggregate outstanding borrowings of the company (on a consolidated basis) as on March 31, 2026, stood at Rs 6884.341 crore.
Strengths
Premium-quality offerings strategically located across prime markets, including in-city locations with a fully integrated platform.
Well positioned to benefit from India?s manufacturing, consumption and e-commerce tailwinds.
Strong customer relationship providing its ability to lease and actively manage assets with an ability to provide a comprehensive business ecosystem to its customers, not just real estate solutions.
Proven engineering and technical capabilities enabling execution of complex industrial projects.
Proven track record of active asset management
Operating in an industry that has demonstrated robust expansion recently given continued under penetration of India?s industrial and logistics sector relative to global benchmarks across developed and emerging economies.
Proven expertise in development and acquisitions, backed by a track record of executing joint ventures and maintaining government partnerships
As of May 31, 2026, its operational network of 28.55 msf had a committed occupancy rate of 93.56%.
Weaknesses
Operating in a capital-intensive nature of business, which requires significant capital expenditure to acquire land and develop assets and substantial indebtedness to finance such capital expenditure.The development network of 30.03 million sq ft requires substantial capital outlay.
Of its planned projects, where less than 1.00% of construction has been completed, constituting a significant portion of its development network (75.96% of its development network as of May 31, 2026).
Revenue contribution of largest, Top 3, Top 5 and Top 10 customers was 11.12%, 20.96%, 28.14% and 42.60% in Fiscal 2026.
Four cities/regions contribute significantly higher portion of its revenue in FY26 and FY25 at 79% [NCR 33.58%, Chennai 23.64%, Bengaluru 11.04%, Pune 10.73%] and 79.79% [NCR 34.60%, Chennai 22.66%, Bengaluru 10.19%, Pune 12.34%] in FY25.
Exposed to the risks pertaining to land scarcity and the limited supply of land, increasing competition and applicable regulations, defects in title/development rights which may adversely affect its business.
Promoters, Promoter Group and their affiliates/associates engage in a broad spectrum of activities, including investments in the real estate and logistics industries, and may be involved in ventures as similar as the company.
Estimated contracts remaining to be executed on capital account and not provided for (net of advances) is Rs 1264.049 crore as on Mar 31, 2026.
There have been certain instances of delays in payment of statutory dues by the company and its subsidiaries during Fiscals 2026, 2025 and 2024.
Valuation
Consolidated re-stated revenue for the fiscal ending March 2026 stood higher by 77% to Rs 691.38 crore.With OPM expandingby 260 bps to 76.9%, the growth of OP was 83% to Rs 531.34 crore. The other income was higher by 56% to Rs 76.46 crore and thus the PBIDT was up 79% to Rs 607.80 crore. The interest expense was up 53% to Rs 538.99 crore and thus the PBDT was a profit of Rs 68.81 crore against a loss of Rs 13.78 crore. With depreciation standing higher by 86% to Rs 266.10 crore, the PBT was a loss of Rs 197.29 crore against a loss of Rs 157.07 crore. Finally, net profit after MI was a loss of Rs 197.64 crore against a loss of Rs 166.35 crore.
On expanded equity, the EPS for FY2026 was - Rs 0.7. The P/BV stood at 2.1 times and EV/Sales stood 32.8 times.
Repayment of Rs 2250 crore from net proceeds will bring the borrowings down by about 32.6829%, resulting in lower interest outgo. The EPS forFY26 works out to ? 0.1 if 35.18% of its interest cost is removed, keeping all other items, including tax rate, same.
There are no listed comparable companies in India in terms of its business operations.
| Horizon Industrial Parks : Re-stated Consolidated Financials |
|
|
| |||
|
| 2403 (12) | 2503 (12) | 2603 (12) | |||
| Sales | 228.86 | 390.29 | 691.38 | |||
| OPM (%) | 58.9 | 74.3 | 76.9 | |||
| OP | 134.85 | 290.06 | 531.34 | |||
| Other income | 16.66 | 49.06 | 76.46 | |||
| PBIDT | 151.51 | 339.12 | 607.80 | |||
| Interest | 210.83 | 352.89 | 538.99 | |||
| PBDT | -59.32 | -13.78 | 68.81 | |||
| Depreciation | 98.17 | 143.29 | 266.10 | |||
| PBT | -157.49 | -157.07 | -197.29 | |||
| EO Exp | 0.00 | 23.75 | 0.00 | |||
| PBT after EO | -157.49 | -180.81 | -197.29 | |||
| Tax | -0.13 | -2.03 | 6.36 | |||
| PAT | -157.36 | -178.78 | -203.65 | |||
| Share of Profit from Associates | -4.85 | 0.00 | 0.00 | |||
| Minority Interest | -3.49 | -12.43 | -6.01 | |||
| Net profit after MI | -158.73 | -166.35 | -197.64 | |||
| EPS (Rs)* | -0.6 | -0.5 | -0.7 | |||
| * on post IPO fully dilluted equity (on upper price band) of Rs 2882.86 crore. Face Value: Rs 10 | ||||||
| EPS is calculated after excluding EO and relevant tax | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate database | ||||||
| Horizon Industrial Parks : Issue Highlights |
|
| Fresh Issue (Rs crore) | 2600 |
| Offer for sale (Rs crore) | 0 |
| Price band (Rs.) ** |
|
| Upper | 60 |
| Lower | 57 |
| Post-issue equity (Rs crore) | |
| in Upper price band | 2882.86 |
| in Lower Price Band | 2905.67 |
| Post-issue promoter (including promoter group) stake (%) | 75.40 |
| Minimum Bid (in nos.) | 250 |
| Issue Open Date | 17-08-2026 |
| Issue Close Date | 19-08-2026 |
| Listing | BSE, NSE |
| Rating | 44 /100 |
Powered by Capital Market - Live News