Horizon Industrial Parks Q2 FY27 results: net profit ₹13.93 crore

How did Horizon Industrial Parks perform in Q2 FY27?

Horizon Industrial Parks reported consolidated revenue of ₹214.99 crore in Q2 FY27, up 7.2% from ₹200.55 crore in Q1 FY27. EBITDA was ₹173.48 crore, up 7.8%, while the EBITDA margin increased 0.4 percentage points to 80.7%. Total income was ₹252.3 crore, up 4.9% from ₹240.53 crore in the previous quarter.

Net profit was ₹13.93 crore in Q2 FY27, compared with a net loss of ₹11.63 crore in Q1 FY27. Profit attributable to owners was ₹15.34 crore, compared with a net loss of ₹10.32 crore, while basic EPS was ₹0.06 against a loss of ₹0.04. Finance costs fell 12.0% to ₹115.54 crore from ₹131.32 crore, and total expenses declined 2.1% to ₹242.29 crore.

The company also reported standalone revenue of ₹49.69 crore and profit of ₹77.32 crore for the quarter. The provided data does not include a year-ago quarter comparison, so Q2 FY27 revenue, EBITDA, profit and EPS cannot be stated against the September 2025 quarter. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, with an unmodified review opinion.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹12,642.12 crore and total equity was ₹8,344.06 crore. Borrowings were ₹3,531.8 crore, while cash and cash equivalents stood at ₹646.78 crore. Trade receivables were ₹58.12 crore and trade payables were ₹36.83 crore. A previous balance-sheet date was not provided in the available data, so comparisons for these items are not available.

For H1 FY27, operating cash flow was ₹290.81 crore and investing cash flow was ₹810.14 crore. Financing cash flow was a negative ₹1,092.91 crore. A year-earlier cash-flow comparison was not provided. Management said net debt fell to INR2,765 cr from INR4,967 cr in June after the IPO, and CFO Kunal Shah said: “The reduction in leverage has materially strengthened the balance sheet and has already begun to translate in lower finance costs and an improved credit profile.”

What did Horizon Industrial Parks' management say?

CEO Urvish Rambhia said the FY27 leasing target was 6.5 million sq ft and had been maintained, with 4.4 million sq ft leased across 27 transactions in H1, representing about two-thirds of the target. Management also maintained the FY27 development-completion target of 6 million sq ft, of which 2.7 million sq ft was completed in H1, and expects operating area to reach nearly 35 million sq ft by year-end.

Management said the contracted revenue run rate was INR1,004 crore, based on stabilized occupancy and pre-commitments, while stabilized occupancy was 94%. The in-city pipeline is approximately 6 million sq ft over three to four years, with rents expected at approximately 2x-3x large-format park levels. Pune’s first multi-story in-city asset is due in Q4, with the first lease expected in that quarter.

Management identified risks including CWC litigation remaining sub judice, possible Q3 leasing slowdown during Diwali and the mid-December to early-January global shutdown, state-level regulatory and approval constraints on rooftop solar, and geopolitical uncertainty affecting demand. Management said value-added services may contribute 5%-10% of future revenue, acquisitions could add 40-60m sq ft over four to five years, and no firm rooftop-solar rollout timeline was given. No analyst concerns were recorded in the provided data.

How did Horizon Industrial Parks shares react?

The filing appeared after market hours. From the price when the results appeared, the stock fell 5.6% after 5 minutes, 6.1% after 15 minutes and 4.9% after 30 minutes. On the reaction day, it closed 8.3% below the previous close of ₹47.7, at a reaction-day price of ₹46.36.

By the next day’s close, the stock was down 8.8% from the pre-results close. The five-day and one-month moves were not provided. An industry median comparison was also unavailable; the nearest market benchmark, the Nifty Microcap 250, fell 2.5% on the reaction day and 1.1% by the next day’s close.

On the earlier results date of 11 September 2026, the stock had fallen 3.2% on the reaction day. The available reaction history therefore comprises a 3.2% decline on 11 September 2026 and an 8.3% decline after the Q2 FY27 filing.