Company Overview

Horizon Industrial Parks Limited (formerly Horizon Industrial Parks Private Limited) is a leading industrial and logistics park developer operating 61 M. Sf. across 46 assets with 90% occupancy and 120+ customers including 55% Fortune 500 companies. The company completed its conversion from private to public limited status and filed its Draft Red Herring Prospectus on December 29, 2025, receiving SEBI approval on May 5, 2026 for an INR 26,000 Mn IPO.

Financial Performance FY 2025-26

Consolidated Performance:

  • Revenue from Operations: INR 6,913.81 Mn (77% YoY growth from INR 3,902.86 Mn in FY25)
  • EBITDA: INR 6,078 Mn (79% margin, improved from 77% in FY25)
  • Net Loss: INR (2,036.49) Mn (compared to INR (1,787.81) Mn in FY25)
  • Total Assets: INR 134,951.30 Mn (from INR 98,515.40 Mn)
  • Net External Debt: INR 42,422.24 Mn (reduced from INR 54,803 Mn)

Standalone Performance:

  • Revenue from Operations: INR 1,374.62 Mn
  • Net Profit: INR 657.43 Mn (significant improvement from net loss of INR 91.66 Mn in FY25)
  • Total Comprehensive Income: INR 660.28 Mn
  • Total Assets: INR 83,465.52 Mn
  • Cash/Bank Balances: INR 14,957.21 Mn

Operational Highlights

  • Network Size: 61 M. Sf. across 46 assets (6X growth in 6 years)
  • Operational Area: 28.4 M. Sf. with 90% committed occupancy
  • Geographic Presence: 10 markets including Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, Ahmedabad
  • Development Pipeline: 32.6 M. Sf. (7 M. Sf. near-term deliveries, 25.6 M. Sf. planned projects)
  • Key Metrics: WALE of 6.9 years, rental CAGR of 7.5%, 5.1 M. Sf. gross leasing in FY26
  • Sustainability: 21 MW solar capacity installed, 92% IGBC certification, 5-Star GRESB rating

Corporate Actions and Capital Structure

The company underwent significant capital restructuring during FY26 through multiple mergers, rights issues, and preferential placements:

  • Conversion from private to public limited company completed on July 28, 2025
  • Merger with BRE Asia Urban Holdings Ltd (effective May 5, 2025) - 36,95,29,929 shares issued
  • Merger with BRE Asia III India Holdings Limited (effective July 28, 2025) - 74,68,64,563 shares issued
  • Multiple rights issues and preferential placements totaling 74,73,38,752 shares
  • Conversion of 29,98,00,000 Optionally Convertible Debentures to equity on December 5, 2025

Paid-up Share Capital as of March 31, 2026: INR 24,49,52,64,600 (from INR 5,356.68 Mn in FY25)

AGM Resolutions and Governance

The 17th Annual General Meeting was convened on September 30, 2026 via video conferencing with key resolutions:

1. Adoption of audited standalone and consolidated financial statements for FY 2025-26

2. Re-appointment of Mr. Asheesh Mohta as Director retiring by rotation

3. Ratification of Employee Stock Option Plan 2025 (maximum 3,00,00,000 options)

4. Appointment of M/s. RJSY and Associates as Secretarial Auditors for FY 2026-27 to FY 2030-31

5. Approval for borrowing limits up to INR 10,000 Crore under Section 180(1)(c)

6. Approval for creation of encumbrances/mortgages on assets under Section 180(1)(a)

Business Combinations and Acquisitions

The Group completed numerous business combinations and asset acquisitions during FY26, including:

  • Goodluck Buildtech Private Limited, Jindpur Industrial Park Private Limited, Pluto Valencia Business Parks Private Limited
  • XSIO Logistics Parks Private Limited, Everstrat Zenith Private Limited, Onirique Builders and Developers Private Limited
  • KCP-2 Industrial and Logistics Parks, KCP-3 Industrial and Logistics Parks, Sriperumbudur Industrial and Logistics
  • Multiple other acquisitions expanding the industrial park portfolio across key Indian markets

Financial Position and Risk Management

  • Total consolidated borrowings: INR 68,843.41 Mn
  • Cash and equivalents: INR 26,421.17 Mn
  • Current Ratio: 6.66 (improved from 1.94 in FY25)
  • Debt-Equity Ratio: 0.15 (improved from 0.51 in FY25)
  • Credit Risk: Minimal with cash balances held with highly rated banks
  • Liquidity Risk: Well-structured debt maturities with adequate coverage
  • Interest Rate Risk: Variable-rate exposure of INR 7,578.25 Mn

Compliance and Auditor Qualifications

The financial statements include CARO report qualifications for 47 subsidiary companies, primarily related to:

  • Clause (vii)(b) - Loans granted to parties covered under Section 189
  • Clause (xvii) - Audit committee composition
  • Clause (ix)(d) - Default in repayment of dues to financial institutions

Auditors provided unmodified opinions on the financial statements with no material weaknesses in internal financial controls reported.

Forward Outlook

  • Target delivery of 6 M. Sf. new completions in FY27 across 13 assets
  • 20% of new facilities pre-leased with 100% construction funding in place
  • Expansion of in-city network with 14 additional centers planned
  • Continued focus on sustainability with net-zero targets by 2050
  • Progress toward planned IPO following SEBI approval received in May 2026