Horizon Industrial Parks Ltd(HORIZONIND)

NSE: HORIZONINDBSE: 544880

₹ 44.95+6.42%refreshed 26 Oct, 03:55 pm ISTMarket cap: ₹ 12,959 crNext results: 29 Oct 2026Website: www.hiparks.comUpdated: 27 Oct 2026

About

Horizon Industrial Parks Ltd develops and leases large-format industrial and warehousing parks as well as in-city logistics assets across India, with a total network of 61 msf and approximately 30 msf operational as of Q1 FY27. The company completed its IPO in August 2026, raising INR4,250 crores of fresh primary capital. Contracted revenue run rate stood at INR967 crores on 29.3 msf of contracted area as of end-June 2026.^[1]

Portfolio scale and occupancy

Total network (gross leasable area) stood at 61 msf in Q1 FY27, with approximately 30 msf operational.^[1]
Stabilised portfolio occupancy was 96% in Q1 FY27.^[1]
Contracted area reached 29.3 msf as of end-June 2026.^[1]
Weighted Average Lease Length (WALL) was 7.1 years in Q1 FY27.^[1]

Platform types

Large-format industrial parks form the core platform; a 25 msf development pipeline remains with land fully paid and financing and approvals materially in place as of Q1 FY27.^[1]
In-city platform spans 17 assets, 7 msf across 7 cities in Q1 FY27; yields 13 - 14% on cost versus 11 - 12% for large-format parks, with rentals 2.5 - 3x big-box levels.^[1]

Key operating metrics

Contracted revenue run rate grew 29% year-on-year to INR967 crores as of end-June 2026.^[1]
In-place base rent plus CAM was INR27.20 per sq ft in Q1 FY27.^[1]
Leased 1.9 msf across 13 transactions in Q1 FY27, adding 9 new customers and INR65 crores to contracted revenue.^[1]
Re-leasing spread was 12% in Q1 FY27 on 0.3 msf of expiries; market rents growing at high-single-digit rates against 5% annual contractual escalations.^[1]
Three-fourths of leasing in Q1 FY27 came from industrial customers.^[1]

Value-added services

Rooftop solar capacity reached 38 MW in Q1 FY27, of which 22 MW was operational and 16 MW under installation.^[1]
Four worker accommodation facilities under construction with approximately 6,000 - 7,000 beds being built as of Q1 FY27.^[1]
Signed a 115-key on-site hotel with Fern by Marriott; a skill centre is operational in NCR as of Q1 FY27.^[1]

Balance sheet and debt

Proforma net debt post-IPO was INR2,500 crores as of end-June 2026, representing 12.5% loan-to-value at IPO valuation.^[1]
Average cost of debt was 8.2% as of Q1 FY27.^[1]

Expansion and capex

FY27 development completion target is approximately 6 msf, which would lift operational area to approximately 35 msf; delivered approximately 1 msf in Q1 FY27.^[1]
First in-city multi-storey asset at Pimpri, Pune (0.3 msf) is on track for delivery in Q4 FY27.^[1]
Capex of INR1,500 - 2,000 crores planned over the next three years, funded approximately one-third internally and two-thirds via incremental debt.^[1]
In-city platform targets delivery of approximately 6 msf over the next three years at approximately 2 msf per year.^[1]

Recent developments

IPO completed in August 2026, raising INR4,250 crores of fresh primary capital; proceeds deployed to reduce net debt to INR2,500 crores proforma.^[1]
FY27 leasing target set at 6.5 msf, representing approximately 30% growth versus FY26.^[1]

Market Cap

₹12,959 Cr

High / Low

₹60 / 42

Promoter holding

75.4%

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