Horizon Industrial Parks
Horizon Industrial Parks
Consumer DiscretionaryKey Fundamentals
SmallcapTapetide Score
Data-driven rating, 0–100. How it works →
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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoHorizon Industrial Parks Ltd is a micro-cap company with a market cap of ₹15,594 Cr that is currently loss-making with a negative P/E of -78.3 and a negative 3-year average ROE of -10.8%. The company shows strong TTM revenue growth of 77% and improving debtor days (from 26.0 to 18.4), but profitability remains elusive with TTM profit declining 18%.
- TTM revenue growth is robust at 77%, indicating strong top-line momentum and potential demand for the company's offerings.
- 3-year compounded sales CAGR of 66% demonstrates sustained revenue acceleration, not a one-off spike.
- Debtor days improved from 26.0 to 18.4 days, reflecting better working capital management and faster collections.
- Price-to-book ratio of 1.94x is relatively modest, suggesting the stock is not excessively priced relative to its book value for a growth-stage company.
- The company operates in the Consumer Discretionary sector tied to industrial parks, which benefits from India's ongoing manufacturing and warehousing expansion trends.
- With zero dividend yield, the company is retaining all earnings (or capital) for reinvestment, which can support future growth if deployed effectively.
- The company is loss-making with a negative P/E of -78.3, meaning investors are paying a premium for a business that currently generates no profit.
- 3-year average ROE is deeply negative at -10.8%, and last year's ROE was -6%, indicating the company is destroying shareholder value.
- TTM profit growth is negative at -18%, showing losses are widening even as revenues grow sharply — a concerning divergence.
- 3-year compounded profit CAGR is -13%, confirming that unprofitability is a persistent structural issue, not a temporary blip.
- Low interest coverage ratio signals the company may struggle to service its debt obligations from operating earnings.
- Debt-to-equity ratio, ROCE, and EPS data are unavailable or null, limiting transparency and making fundamental analysis difficult.
- No dividend is paid (yield 0%), offering no income cushion for investors during what could be a prolonged period of losses.
- 52-week high and low data are reported as 0, and long-term stock CAGR figures are unavailable, suggesting limited trading history or liquidity concerns typical of micro-cap stocks.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- EBITDA up 36%, margins at 80% Sep 11
EBITDA expanded 36% YoY to ₹1,610 crore in Q1FY27 with margin improvement to 80%, while consolidated revenue grew 23% YoY to ₹2,005.5 crore.
- Post-IPO deleveraging progressing Sep 11
Net debt reduced to ₹24,752 crore (12.5% LTV) following IPO-driven deleveraging, strengthening the balance sheet.
- Leasing and delivery momentum Sep 11
Leased 1.9 msf and delivered 0.9 msf of new developments in Q1FY27, indicating healthy operational traction.
- Q1FY27 investor call hosted Sep 9
Horizon Industrial Parks hosted an investor conference call on September 11, 2026 at 5:00 pm IST to discuss Q1FY27 results and business updates.
- Director reappointed, AGM scheduled Sep 8
Asheesh Mohta was re-appointed as non-executive director and the 17th AGM was scheduled for September 30, 2026 via video conference.
TL;DR: Horizon Industrial Parks delivered a strong Q1FY27 with 23% revenue growth, 36% EBITDA expansion, and an impressive 80% margin. Deleveraging post-IPO is progressing well with LTV at 12.5%, and leasing activity remains healthy at 1.9 msf. No material headwinds are visible in the current news flow. The trend is firmly positive, though sustaining these elevated margins and maintaining leasing momentum will be key to watch in 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 in Rs | -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 in Rs | -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% |
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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