Horizon Industrial Parks Q2 FY27 Revenue Up 30%

Q2 FY27 Revenue: INR213 crores, representing 30% year-on-year growth
Q2 FY27 EBITDA: INR173 crores, representing 34% year-on-year growth
EBITDA Margin: 81%
Contracted Revenue Run Rate: Crossed INR1,000 crores
Pro Forma Cash PAT: Approximately INR130 crores for Q1 and INR250 crores for H1 FY27
Reported Earnings: Company reported being "in black" (profitable) on reported basis

Q2 Leasing: 2.5 million square feet across 14 transactions
H1 FY27 Leasing: 4.4 million square feet across 27 transactions
New Customers: 8 new customers onboarded in Q2
Leasing Mix: More than 80% of H1 leasing came from industrial customers
Re-leasing Performance: 1.2 million square feet re-leased at 12% rental spread
Stabilized Portfolio Occupancy: 94%
Annual Leasing Target: 6.5 million square feet for FY27 (30% growth over FY26)
Target Achievement: Two-thirds of annual target achieved in H1

Q2 Development Completions: 1.8 million square feet across 6 buildings
H1 Development Completions: 2.7 million square feet
Annual Development Target: 6 million square feet for FY27
Target Achievement: Nearly 50% of annual development target achieved in H1
Projected Operational Area: Nearly 35 million square feet by end of FY27
In-City Development: First multi-story asset in Pune on track for Q4 FY27 delivery

Net Debt (as of September 2026): INR2,765 crores
Net Debt Reduction: From INR4,967 crores as of June 30, 2026
Refinancing Activity: INR635 crores facility refinanced during quarter, resulting in 71 basis points reduction in borrowing cost
Debt Cost: Approximately 8.2%
IPO Proceeds Utilization: Raised INR2,600 crores in August 2026 and INR1,650 crores in December 2025 to repay INR4,000 crores of debt

Land Bank: 2,300 acres providing foundation for nearly 30 million square feet of future development
Geographic Presence: 9 states, 10 key markets, 46 assets
Customer Base: 130+ customers including Amazon, Colgate, Unilever, H&M, Schneider, SIG, Lumax, Tata, Vestas
Portfolio Mix: 50% from sunrise sectors including data centers, semiconductors, aerospace, defense
Growth Drivers:
Contractual rental escalations of 5%
Mark-to-market opportunities as leases mature
Large format parks development potential
In-city strategy (6 million sq ft over 3-4 years at 2x-3x rental rates)
Value-added services (rooftop solar, work accommodations, hospitality)

CEO Urvish Rambhia highlighted three structural mega trends driving demand:

1. Flight to quality (movement to institutional-grade spaces)

2. Industrialization supported by supply chain diversification and China Plus One strategy

3. Resilient domestic consumption despite geopolitical uncertainties

Leasing Cyclicality: Traditionally weaker Q3 due to festivities, but diversification reducing cyclicality
In-City Rentals: Expected 2x-3x of big format parks (approximately INR60-90 per sq ft)
CWC Litigation: Matter sub judice since January 2026 hearing; development continues as court didn't stop construction
Occupancy Details: 94% stabilized occupancy; approximately 1 million sq ft of "stock in trade" (recent completions not yet leased)
Interest Cost Savings: Significant reduction expected going forward due to deleveraging
Solar Business: 38 MW operational capacity; incremental capex of INR4.25 crores per MW with IRRs north of 20%
GRESB Rating: Awarded five-star green rating with score of 99.2 for under-construction assets

H2 FY27 Priorities: Outperform operational targets and launch first multi-story in-city asset with pre-commitments
Growth Funding: Internal accruals (INR248 crores H1 cash PAT) and incremental debt capacity to fund future growth
Acquisition Plans: Acquisition engine to be kick-started in next quarter or two