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Horizon Industrial Parks

HORIZONIND NSE
₹44.35 +1.21 (+2.80%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹44.35 −13.81 −23.7% since 24 Aug 2026
Start ₹58.16

Key Fundamentals

Microcap

Price-based figures as of · TTM

ROCE
3.18%
Debt to Equity
1.22
EPS (TTM)
₹0.00
Book Value
₹28.28
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
1.57
ROE
−6.18%
Dividend Yield
0.00%
EBITDA
₹608 Cr
52W High
₹60.25
52W Low
₹41.44
Day Range
₹42.81 – ₹44.90
Volume
29,72,631

Peer Comparison

Consumer Discretionary › Realty › Residential, Commercial Projects

Horizon Industrial Parks peer comparison
DLF
₹720.0039.02₹1,76,861 Cr3.911.13%9.50%6.32%₹6,375 Cr₹4,567 Cr
Lodha Developers
₹1,122.0027.17₹1,09,477 Cr4.510.40%15.50%16.40%₹18,181 Cr₹4,129 Cr
Phoenix Mills
₹2,079.5058.10₹73,757 Cr8.170.12%11.00%12.40%₹4,545 Cr₹1,629 Cr
Prestige Estates Projects
₹1,580.0059.74₹67,457 Cr4.180.13%7.53%10.40%₹13,053 Cr₹1,265 Cr
Oberoi Realty
₹1,710.9023.64₹61,958 Cr3.260.24%14.60%17.30%₹6,214 Cr₹2,632 Cr
Godrej Properties
₹1,739.0032.73₹51,392 Cr2.710.60%8.82%7.63%₹5,203 Cr₹1,591 Cr
Brigade Enterprises
₹541.1025.40₹17,553 Cr2.470.38%10.50%10.50%₹5,532 Cr₹784 Cr
Horizon Industrial Parks (this company)
₹44.35—₹12,552 Cr1.570.00%−6.18%3.18%₹951 Cr−₹68 Cr
Median 8 companies₹1,351.0032.73₹64,707 Cr3.590.31%10.00%10.45%₹5,873 Cr₹1,610 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

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

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish7102
OscillatorsBullish162
Moving AveragesStrong Bearish640

Key readings

RSI (14)
39.77
Neutral
MACD (12,26,9)
−2.02
Bullish
SMA (50)
50.96
Bearish
SMA (200)
—
Neutral

As of

Growth Rate

From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
3Y+66.02%
1Y+77.18%

Net profit

Net profit growth by window
3YLoss widened by ₹53 Cr
1YLoss widened by ₹25 Cr

Operating cash flow

Operating cash flow growth by window
3Y+73.40%
1Y+97.45%

Operating margin· change in pp

Operating margin growth by window
3Y+64.27 pp
1Y+2.49 pp

Trailing twelve months: Results are not reported for each of the last eight quarters, so there is no trailing-twelve-month figure.

Revenue by year

Revenue by year, ₹ crore
Mar 2023₹151 Cr
Mar 2024₹234 Cr
Mar 2025₹390 Cr
Mar 2026₹691 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2023−₹151 Cr
Mar 2024−₹139 Cr
Mar 2025−₹179 Cr
Mar 2026−₹204 Cr

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk high

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.

Bull Case 7
  • 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.
Bear Case 8
  • 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

7d ago

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.

Headwinds 1
  • 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.

Positives 1
  • 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.

Neutral 1
  • 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.

Quarterly Results

₹ Cr
HORIZONIND quarterly results, ₹ crore
Particulars Jun 2025Mar 2026Jun 2026Sep 2026
Sales
129
188
201
215
Expenses
36
44
40
42
Operating Profit
93
144
161
173
OPM %
72%
77%
80%
81%
Other Income
7
45
40
39
Interest
105
117
131
116
Depreciation
52
72
77
85
PBT
−58
0
−7
11
Tax %
0%
−195%
68%
−24%
Net Profit
−58
1
−12
14
EPS (₹)
−0.62
0
−0.04
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HORIZONIND profit and loss, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
HORIZONIND balance sheet, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
HORIZONIND cash flow, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 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

HORIZONIND financial ratios, annual
Particulars Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Horizon Industrial Parks insights

48 extracted metrics across FY23–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 75.40%
  • DIIs 11.62%
  • FIIs 5.28%
  • Others 3.87%
  • Public 3.84%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Horizon Industrial Parks

What does Horizon Industrial Parks Ltd do?
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.
Where is Horizon Industrial Parks Ltd (HORIZONIND) listed?
Horizon Industrial Parks Ltd trades as HORIZONIND on the NSE and under code 544880 on the BSE.
Which sector does Horizon Industrial Parks Ltd belong to?
Horizon Industrial Parks Ltd is classified under the Consumer Discretionary sector, in the Realty industry.
What is the 52-week high and low of Horizon Industrial Parks Ltd?
Over the last 52 weeks Horizon Industrial Parks Ltd has traded between ₹41.44 and ₹60.25 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Horizon Industrial Parks Ltd?
Horizon Industrial Parks Ltd reported a return on equity of -6.18%. Its debt-to-equity ratio is 1.22.

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.

Website hiparks.com
Listed 24 Aug 2026
Face Value ₹10

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