Horizon Industrial Parks LimitedReal EstateHORIZONIND
Q1 FY27 concall · earnings callHorizon Industrial Parks Limited
Horizon reported its strongest quarter with revenue of INR200 crores and EBITDA of INR161 crores following its INR4,250 crores IPO and deleveraging to INR2,500 crores net debt.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹200 Cr | up 23% YoY | |
| EBITDA | ₹161 Cr | up 36% YoY | |
| EBITDA margin | 80% | — | |
| Contracted revenue run rate | nearly ₹970 Cr | — | |
| Net loss | ₹12 Cr | — | |
| Pro forma cash PAT | ₹116 Cr | — |
TL;DR
- Delivered revenue of INR200 crores, up 23% year-on-year, and EBITDA of INR161 crores, up 36% year-on-year, with EBITDA margins expanded to 80%
- Completed INR4,250 crores IPO with proceeds for deleveraging, bringing proforma net debt to INR2,500 crores as of end-June
- Contracted revenue run rate reached nearly INR970 crores; leased 1.9 million square feet and added INR65 crores to contracted revenue
- Reported net loss of INR12 crores due to non-cash depreciation and interest, with pro forma cash PAT at INR116 crores
Said on the call
“Horizon has achieved a remarkable sixfold expansion, growing to 61 million square feet, making us India's largest industrial and logistics real estate platform.”
From the Q&A
| Topic | What management said |
|---|---|
| Growth framework | Management outlined contractual 5% rent escalations with 12% re-leasing spreads in Q1, doubling of large parks from 29.5 million square feet operational base, 6 million square feet in-city at 2.5 to 3 times rentals, and value-added services targeting 5% to 10% of revenues in 4 to 5 years. |
| Contracted revenue conversion | Of the INR967 crores run rate, 26.9 million square feet operational is expected to realise over the next 12 months and 2.4 million square feet of pre-leases to flow over 9 to 12 months after completion and stabilisation. |
| Leverage and capex | Proforma net debt is INR2,500 crores after INR3,900 crores of deleveraging; capex of INR1,500 crores to INR2,000 crores over 3 years to be funded 1/3 internally and 2/3 with debt; debt cost about 8.2% expected to fall 40 basis points to 50 basis point. |
| Expiries and re-leasing | About 1.4 million square feet expires in the next 9 months and 2.2 million square feet next fiscal, together about 13% of the portfolio over the next 21 months; WALL is about 7.1 years; 300,000 square feet re-leased in Q1 at a 12% spread. |
| In-city litigation | Delhi High Court case challenging the tender for 13 in-city warehouses is sub judice; management said it remains confident and is proceeding with the plan including first delivery in Pune in the fourth quarter. |
Guidance
- On track to deliver 6.5 million square feet leasing for FY27
- On track to achieve 6 million square feet completion target for this fiscal to reach nearly 35 million square feet operational area
- First in-city delivery in Pune by the fourth quarter of this fiscal
- Capex of INR1,500 crores to INR2,000 crores over next 3 years to be funded 1/3 internally and 2/3 with incremental debt
- Current debt cost somewhere about 8.2% expected to come down anything between 40 basis points to 50 basis point post deleveraging
- In-city rentals guided at INR70, INR75
Source
Summary written from the transcript filed by Horizon Industrial Parks Limited for the call held on 11 Sept 2026; published 17 Sept 2026, 16:04 IST.
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