Horizon Industrial Parks Q1 FY27 results: net loss of ₹11.63 crore

How did Horizon Industrial Parks perform in Q1 FY27?

Horizon Industrial Parks reported consolidated revenue of ₹200.55 crore for the quarter ended 30 June 2026. EBITDA was ₹160.96 crore, while the EBITDA margin was 80.3%. The company reported a net loss of ₹11.63 crore, including a loss attributable to owners of ₹10.32 crore, and basic EPS of ₹0.04. No exceptional item was reported.

On the standalone basis, revenue was ₹42.05 crore and profit was ₹63.48 crore. The available filing figures do not provide comparable year-ago or previous-quarter figures for the quarter section, so the reported change against those periods cannot be stated here. The board approved both consolidated and standalone unaudited results, with an unmodified limited-review opinion from the statutory auditors.

The consolidated result included other income of ₹39.99 crore, total expenses of ₹247.44 crore and finance costs of ₹131.32 crore. Profit before tax was a loss of ₹6.91 crore, and tax was ₹4.72 crore. The same-day investor presentation reported revenue of ₹2,005 million, EBITDA of ₹1,610 million and an 80% EBITDA margin.

What else did the company announce?

Horizon Industrial Parks filed the press release and investor presentation for the quarter ended 30 June 2026 on 11 September 2026. The filing said the company had completed its IPO and a primary fund raise of Rs 42,500 million, including Rs 16,500 million of pre-IPO capital, and had completed post-IPO deleveraging. It reported net debt of Rs 25 billion and 12.5% LTV.

The company also filed the board-meeting outcome on 11 September 2026. The board considered and approved the unaudited consolidated and standalone financial results for the quarter ended 30 June 2026, along with the auditors’ limited-review report. The filing stated that the review report carried an unmodified opinion.

The available same-day filings did not report a dividend, a further fund raise beyond the IPO-related primary capital raise, or any board appointment. The earlier board-meeting intimation had stated that an investor and analyst presentation would follow the meeting on 11 September 2026.

What did Horizon Industrial Parks' management say?

Management said the IPO had raised INR4,250 crores of fresh primary capital, which was deployed for deleveraging. On the earnings call, CEO Urvish Rambhia said proforma net debt had fallen to INR2,500 crores as of end-June, equal to 12.5% of enterprise value. He said the company would use the stronger balance sheet and capital-market access to pursue growth opportunities while maintaining financial prudence.

Management said FY27 leasing was targeted at 6.5 million square feet, compared with about 30% growth from the previous fiscal year, and development completions were targeted at 6 million square feet. The company said it had leased 1.9 million square feet across 13 transactions, onboarded nine new customers and added INR65 crores to contracted revenue. The contracted revenue run rate was nearly INR970 crores at the end of June.

Management identified lease expiries and re-leasing as a risk, with 13% of the portfolio, or about 4 million square feet, coming up for expiry over the next 21 months. It also referred to ongoing legal proceedings concerning the tender for 13 in-city warehouses at the Delhi High Court and said the cost of debt remained elevated at 8.2% until a credit-rating upgrade after deleveraging. No analyst questions were included in the supplied earnings-call material.

CEO Urvish Rambhia said: “I would say, Q2, Q3, you start seeing even your P&L also turn black.” He also said the company had achieved “a remarkable sixfold expansion, growing to 61 million square feet, making us India's largest industrial and logistics real estate platform.” Management’s reported figures were used for revenue and EBITDA, while the consolidated figures remained the basis for the quarter results.

How did Horizon Industrial Parks shares react?

Horizon Industrial Parks’ shares were down 0.4% five minutes after the filing, down 0.8% after 15 minutes and down 0.9% after 30 minutes. On the reaction day, the stock closed 3.2% below its previous close of ₹55.79, at a base price of ₹56.10 after the filing. No industry median comparison was available.

By the next day’s close, the stock was down 4.8% from its pre-results close. By the fifth day’s close, it was down 5.4% from the same close. Over the same periods, the Nifty Microcap 250 was down 3.3% on the reaction day, down 3.4% by the next day’s close and down 0.7% by the fifth day’s close. No past results-day reaction figures were available.