Horizon Industrial Parks
Horizon Industrial Parks (HORIZONIND) share price was ₹48.12 at the 28 Oct 2026 close; market capitalisation ₹13,873 Cr; sector Consumer Discretionary. In the Jun 2026 quarter, revenue rose 56.0% year on year to ₹200.6 Cr and net profit was −₹12 Cr, against −₹58 Cr a year earlier (compared with Jun 2025). Promoters held 75.40% of Horizon Industrial Parks in Sep 2026, down 13.34 percentage points from Dec 2025.
Key Fundamentals
SmallcapPrice-based figures as of 29 Oct 2026, 10:46 IST · TTM
Peer Comparison
Consumer Discretionary › Realty › Residential, Commercial Projects
| ₹673.10 | 36.48 | 1,66,613 Cr | 3.65 | 1.19% | 5.77% | 6.35% | 8,504 Cr | 4,567 Cr | |
| ₹1,011.00 | 24.48 | 1,01,033 Cr | 4.42 | 0.42% | 14.64% | 18.07% | 18,603 Cr | 4,129 Cr | |
| ₹1,929.10 | 53.90 | 69,000 Cr | 6.28 | 0.13% | 10.88% | 11.84% | 4,724 Cr | 1,629 Cr | |
| ₹1,404.00 | 53.08 | 60,475 Cr | 3.72 | 0.14% | 7.80% | 12.91% | 13,597 Cr | 1,265 Cr | |
| ₹1,604.50 | 22.17 | 58,340 Cr | 3.06 | 0.25% | 13.99% | 16.74% | 6,501 Cr | 2,632 Cr | |
| ₹1,592.00 | 29.96 | 47,955 Cr | 2.48 | 0.63% | 9.51% | 12.01% | 8,849 Cr | 1,591 Cr | |
| ₹531.25 | 24.94 | 17,333 Cr | 2.54 | 0.36% | 9.63% | 9.89% | 5,805 Cr | 784 Cr | |
| Horizon Industrial Parks (this company) | ₹49.27 | — | 14,204 Cr | 1.72 | 0.00% | -3.48% | 2.65% | 609 Cr | -69 Cr |
| Median 8 companies | ₹1,207.50 | 29.96 | 59,407 Cr | 3.36 | 0.31% | 9.57% | 11.93% | 7,503 Cr | 1,610 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100. How it works →
No Tapetide Score has been computed for this stock yet.
Key Insights
Strengths
1- Debtor days have improved from 26.0 to 18.4 days.
Weaknesses
2- Company has low interest coverage ratio.
- Company has a low return on equity of -10.8% over last 3 years.
Technical Indicators
Oscillators
Neutral
Overall
Bullish
Moving Averages
Bullish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 80% · Jun 2026
AI Analysis — Bull vs Bear
Horizon Industrial Parks Ltd trades at ₹48.12 with a market cap of ₹13,872.53 Cr as of 2026-10-28. The company shows strong TTM sales growth of 77% but remains loss-making with a negative EPS of -₹0.70 and a negative ROE of -3.48%, while carrying a debt-to-equity ratio of 1.22.
- TTM compounded sales growth stands at 77%, indicating rapid top-line expansion and improving revenue scale.
- 3-year compounded sales CAGR of 66% demonstrates that revenue acceleration is not a one-off event but a sustained multi-year trend.
- Debtor days have improved from 26.0 to 18.4 days, reflecting better working capital management and faster receivables collection.
- The stock trades at ₹48.12, which is 20.1% below its 52-week high of ₹60.25, suggesting the recent correction has priced in some of the known negatives.
- Price-to-book ratio of 1.68 is relatively modest for a company delivering 77% TTM sales growth, indicating the market is not assigning aggressive growth multiples.
- The stock is 16.1% above its 52-week low of ₹41.44, showing it has found some support and recovered from its trough.
- ROCE stands at 2.65%, which while low is positive, indicating the company's operations are generating some return on total capital employed despite overall losses.
- EPS TTM is -₹0.70 and PE ratio is not computable (null), meaning the company is loss-making on a trailing twelve-month basis.
- ROE is deeply negative at -3.48% currently, with a 3-year average ROE of -11% and last year's ROE at -6%, signalling persistent destruction of shareholder value.
- Debt-to-equity ratio of 1.22 is elevated, and the company has a low interest coverage ratio, raising concerns about its ability to service debt while still reporting losses.
- TTM compounded profit growth is -18%, meaning despite 77% sales growth, losses are actually widening — pointing to margin compression or rising costs.
- 3-year compounded profit CAGR of -13% confirms that the inability to convert revenue into profit is a structural, multi-year issue rather than a temporary blip.
- Dividend yield is 0%, offering no income return to shareholders while the company continues to report negative earnings.
- The 3-year ROE of -10.8% as flagged in known concerns is significantly worse than the broader market average, making sustained capital allocation to this business questionable on a return basis.
- ROCE at just 2.65% is well below typical cost of debt in India (8-10%), meaning the company is not earning enough on its capital to cover its borrowing costs.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 100% promoter shares pledged Sep 30
BREP entities pledged 100% of promoter holdings (75.4% of total share capital) in Horizon Industrial Parks to secure a $480M term loan facility. Heavy encumbrance raises risk if covenants are breached or debt servicing falters.
- ESOP and borrowing limits approved Sep 30
The 17th AGM on Sep 30, 2026 approved a new ESOP scheme and enhanced borrowing limits, signaling management confidence in growth plans and intent to incentivize talent.
- FY26 financials adopted at AGM Sep 30
Horizon Industrial Parks concluded its 17th AGM on Sep 30, 2026, formally adopting the FY26 annual financials. This is a routine corporate governance milestone.
TL;DR: Horizon Industrial Parks is pursuing growth with newly approved ESOP and higher borrowing limits, but the full pledge of promoter shares (75.4% of capital) against a $480M loan is a significant overhang and covenant risk. No operational red flags surfaced, though the heavy encumbrance warrants close monitoring. Investors should watch for debt-servicing updates and any covenant triggers in the coming quarters.
Quarterly Results
| Particulars | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Sales | 129 | 188 | 201 |
| Expenses | 36 | 44 | 40 |
| Operating Profit | 93 | 144 | 161 |
| OPM % | 72% | 77% | 80% |
| Other Income | 7 | 45 | 40 |
| Interest | 105 | 117 | 131 |
| Depreciation | 52 | 72 | 77 |
| PBT | -58 | 0 | -7 |
| Tax % | 0% | -195% | 68% |
| Net Profit | -58 | 1 | -12 |
| EPS (₹) | -0.62 | 0 | -0.04 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 151 | 234 | 390 | 691 |
| Expenses | 132 | 97 | 100 | 160 |
| Operating Profit | 19 | 137 | 290 | 531 |
| OPM % | 13% | 59% | 74% | 77% |
| Other Income | 20 | 16 | 25 | 76 |
| Interest | 131 | 194 | 353 | 539 |
| Depreciation | 67 | 98 | 143 | 266 |
| PBT | -160 | -139 | -181 | -197 |
| Tax % | -5% | 0% | -1% | 3% |
| Net Profit | -151 | -139 | -179 | -204 |
| EPS (₹) | -2.7 | -2.53 | -3.11 | -0.81 |
| Div. Payout % | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 536 | 536 | 536 | 2,450 |
| Reserves | 78 | 136 | 472 | 3,215 |
| Borrowings | 2,335 | 3,294 | 7,017 | 6,904 |
| Other Liabilities | 226 | 324 | 1,811 | 927 |
| Total Liabilities | 3,174 | 4,290 | 9,835 | 13,495 |
| Fixed Assets | 2,480 | 3,611 | 8,534 | 9,981 |
| CWIP | 0 | 0 | 0 | 111 |
| Investments | 51 | 80 | 131 | 737 |
| Other Assets | 643 | 599 | 1,170 | 2,666 |
| Total Assets | 3,174 | 4,290 | 9,835 | 13,495 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 89 | 129 | 235 | 464 |
| Investing | -409 | -791 | -1,583 | -4,740 |
| Financing | 376 | 716 | 1,458 | 4,638 |
| Net Cash Flow | 56 | 54 | 110 | 362 |
| Free Cash Flow | 94 | 130 | 235 | 472 |
| CFO/OP | 498 | 96 | 80 | 90 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | 20 | 31 | 28 | 18 |
| Cash Conversion Cycle | 20 | 31 | 28 | 18 |
| Working Capital Days | -321 | -234 | -1,547 | -208 |
| ROCE % | — | 2% | 3% | 3% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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48 extracted metrics + investor summaries across FY23–FY27.
Documents
Frequently Asked Questions about Horizon Industrial Parks
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Company Information
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]
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