Horizon Industrial Parks Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Horizon Industrial Parks Ltd filed with BSE on 13 Sept 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Horizon Industrial Parks reported Q1 FY27 revenue of INR200 crores, up 23% year-on-year, with EBITDA of INR161 crores and an 80% EBITDA margin. Management said the company completed its IPO in August, raising INR4,250 crores and using proceeds to reduce net debt to approximately INR2,500 crores. The company reported a net loss of INR12 crores for the quarter, while stating pro forma cash PAT of INR116 crores after adjusting for non-cash depreciation and interest savings from deleveraging.
Numbers mentioned
Revenue: INR200 crores (Q1 FY27)
p. 4
“We delivered revenue of INR200 crores, representing 23% year-on-year growth, EBITDA of INR161 crores while maintaining a very healthy EBITDA margin at 80%.”
Urvish Rambhia, page 4 of the filed PDF · View the filing
EBITDA: INR161 crores (Q1 FY27)
p. 5
“Our EBITDA reached INR161 crores, up 36% year-on-year, and our EBITDA margins expanded to 80%.”
Kunal Shah, page 5 of the filed PDF · View the filing
Net loss: INR12 crores (Q1 FY27)
p. 5
“While we reported a net loss for the quarter of INR12 crores, this continues to be impacted by non-cash depreciation and interest expense.”
Kunal Shah, page 5 of the filed PDF · View the filing
Pro forma cash PAT: INR116 crores (Q1 FY27)
p. 5
“Adjusting for these, our pro forma cash PAT stands at a healthy INR116 crores.”
Kunal Shah, page 5 of the filed PDF · View the filing
Net debt: INR2,500 crores (as of end-June)
p. 3
“The proceeds have been deployed for deleveraging, which brings our net debt down to INR2,500 crores, proforma as of end-June or 12.5% of enterprise value.”
Urvish Rambhia, page 3 of the filed PDF · View the filing
Contracted revenue run rate: nearly INR970 crores (as of end June)
p. 4
“Our contracted revenue run rate today continues to grow strongly and has reached nearly INR970 crores as of end June.”
Urvish Rambhia, page 4 of the filed PDF · View the filing
Leasing volume: 1.9 million square feet across 13 transactions (Q1 FY27)
p. 4
“On the operating side, we leased 1.9 million square feet across 13 transactions.”
Urvish Rambhia, page 4 of the filed PDF · View the filing
New customers added: nine (Q1 FY27)
p. 4
“We onboarded nine new customers and added INR65 crores to our contracted revenue kitty.”
Urvish Rambhia, page 4 of the filed PDF · View the filing
Development delivered: 1 million square feet (Q1 FY27)
p. 5
“This quarter, we delivered 1 million square feet and are on track to achieve our 6 million square feet completion target for this fiscal.”
Urvish Rambhia, page 5 of the filed PDF · View the filing
Portfolio size: 61 million square feet
p. 3
“Horizon has achieved a remarkable sixfold expansion, growing to 61 million square feet, making us India's largest industrial and logistics real estate platform.”
Urvish Rambhia, page 3 of the filed PDF · View the filing
Cost of debt: 8.2% (current)
p. 9
“So, Pritesh, of course, now that we are our current debt cost is somewhere about 8.2%.”
Kunal Shah, page 9 of the filed PDF · View the filing
Re-leasing spread: 12% (Q1 FY27)
p. 6
“So we saw 12% re-leasing spreads in this quarter, and so in the past also we've seen 12% to 15% re-leasing spreads when these leases have come up.”
Urvish Rambhia, page 6 of the filed PDF · View the filing
Base rent plus CAM: INR27.20 per square feet
p. 14
“today we are sitting on an in-place base rent plus CAM of about INR27.20 per square feet.”
Urvish Rambhia, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 leasing target — 6.5 million square feet · FY27
stated firmly by Urvish Rambhia
p. 5
“On the development side, we are on track to deliver 6.5 million square feet leasing for FY27, which will translate nearly to about a 30% growth compared to the last fiscal.”
Urvish Rambhia, page 5 of the filed PDF · View the filing
FY27 development completion — 6 million square feet · FY27
stated firmly by Urvish Rambhia
p. 5
“This quarter, we delivered 1 million square feet and are on track to achieve our 6 million square feet completion target for this fiscal.”
Urvish Rambhia, page 5 of the filed PDF · View the filing
In-city Pune delivery — first delivery in Pune · Q4 FY27
stated firmly by Urvish Rambhia
p. 5
“On the in-city as well, our development is also progressing very, very well, and we are on track to achieve our first delivery in Pune by the fourth quarter of this fiscal.”
Urvish Rambhia, page 5 of the filed PDF · View the filing
Large-format park development capacity — double operational capacities · next 4 to 5 years
stated as an aspiration by Urvish Rambhia
p. 5
“the continued development expansion of our big format parks. This will double our operational capacities over the next 4 to 5 years.”
Urvish Rambhia, page 5 of the filed PDF · View the filing
In-city expansion — 6 million square feet · next 3 years
stated as an aspiration by Urvish Rambhia
p. 5
“the rapid expansion that we are seeing in our in-city strategy. This will deliver 6 million square feet over the next 3 years.”
Urvish Rambhia, page 5 of the filed PDF · View the filing
Value-added services revenue contribution — 5% to 10% of revenues · next 5 years
stated as an aspiration by Urvish Rambhia
p. 6
“This will deliver nearly 5% to 10% of our revenues in the next 5 years.”
Urvish Rambhia, page 6 of the filed PDF · View the filing
Capex — INR1,500 crores to INR2,000 crores · next 3 years
stated firmly by Urvish Rambhia
p. 8
“Our capex requirements over the next 3 years are more or less in the INR1,500 crores to INR2,000 crores zip code, which we look to roughly manage 1/3 internally and 2/3 with incremental debt.”
Urvish Rambhia, page 8 of the filed PDF · View the filing
Cost of debt reduction — 40 to 50 basis points
stated conditionally by Kunal Shah
p. 9
“Post this deleveraging, we expect our credit ratings to significantly improve, and thereby, we expect to bring the cost down anything between 40 basis points to 50 basis point.”
Kunal Shah, page 9 of the filed PDF · View the filing
P&L profitability — P&L turning black · Q2/Q3 FY27
stated firmly by Urvish Rambhia
p. 16
“My guidance would be Q2, Q3, you start seeing even your P&L also turn black.”
Urvish Rambhia, page 16 of the filed PDF · View the filing
In-city rental guidance — INR70, INR75
stated conditionally by Urvish Rambhia
p. 16
“INR70, INR75 is a good guidance today, and we will continue to update the market as we gun ahead with the construction and the leasing of these.”
Urvish Rambhia, page 16 of the filed PDF · View the filing
Incremental yield on capex — 13% to 14%
stated conditionally by Urvish Rambhia
p. 16
“I can give you a guidance that the yield on capex, the incremental capex that we have to spend on these, call it 25-odd million square feet going forward, I think to us, this looks like more in the 13% to 14% zip code as we go ahead.”
Urvish Rambhia, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management outlined a four-engine growth framework combining contractual escalations, large-park development, in-city expansion, and value-added services.
Answered by Urvish Rambhia
Asked by Mohit Agrawal: Is 25-30% revenue growth CAGR a fair conclusion given the land bank and escalations, and what's the sector mix driving volume growth?
p. 6
“So we saw 12% re-leasing spreads in this quarter, and so in the past also we've seen 12% to 15% re-leasing spreads when these leases have come up.”
Urvish Rambhia, page 6 of the filed PDF · View the filing
Management said in-city yields are actually better due to the revenue-share partnership structure with CWC.
Answered by Urvish Rambhia
Asked by Mohit Agrawal: How do in-city economics compare to large-format parks given higher land costs?
p. 7
“even after sharing the revenue share with CWC, we'll be tracking close to 13% to 14% yield on costs on our in-city assets, whereas we've been going on a 11% to 12% yield on cost on our big-format parks”
Urvish Rambhia, page 7 of the filed PDF · View the filing
Management expects internal accruals to fund a third of capex with the rest via incremental debt, and expects a modest reduction in cost of debt.
Answered by Urvish Rambhia
Asked by Pritesh Sheth: How should leverage and capex be viewed going forward, and can cost of debt improve post-listing?
p. 8
“Our capex requirements over the next 3 years are more or less in the INR1,500 crores to INR2,000 crores zip code, which we look to roughly manage 1/3 internally and 2/3 with incremental debt.”
Urvish Rambhia, page 8 of the filed PDF · View the filing
Management said it cannot speak for the shareholder but noted Blackstone retained its full stake through the IPO and has historically held Indian investments for long periods.
Answered by Urvish Rambhia
Asked by Hriday Choksey: What are Blackstone's plans as promoter, and could there be further dilution?
p. 11
“we raised INR4,250 crores of total capital between December and August this year, and Blackstone didn't sell a single share.”
Urvish Rambhia, page 11 of the filed PDF · View the filing
Management reframed the loss as driven by non-cash depreciation and interest, citing a healthier pro forma cash PAT figure.
Answered by Urvish Rambhia
Asked by Naman Bhansali: What drove the FY26 net loss overrun versus forecast, and why will FY27 be better?
p. 13
“For this particular quarter 1 of fiscal '27, our proforma cash PAT is nearly INR116 crores, right?”
Urvish Rambhia, page 13 of the filed PDF · View the filing
Management said the matter is sub judice and declined to comment further, expressing confidence in proceeding with the assets.
Answered by Urvish Rambhia
Asked by Naman Bhansali: What is the status of the Delhi High Court case challenging the tender for the 13 in-city warehouses?
p. 14
“That's sub judice, so I will not be able to comment much more on that. But we remain very confident on our position, and we are spearing ahead with our strategy and plan on those assets.”
Urvish Rambhia, page 14 of the filed PDF · View the filing
Management guided that the P&L should turn positive from the second or third quarter of FY27.
Answered by Urvish Rambhia
Asked by Raunak: When will the company start reporting profit at the P&L level?
p. 17
“you'll start seeing second quarter, third quarter onwards, you'll also start seeing our P&L turn black.”
Urvish Rambhia, page 17 of the filed PDF · View the filing
Risks flagged
Net loss on the P&L continues due to non-cash depreciation and interest expense
p. 5
“While we reported a net loss for the quarter of INR12 crores, this continues to be impacted by non-cash depreciation and interest expense.”
Kunal Shah, page 5 of the filed PDF · View the filing
Increasing institutional capital and competitive intensity entering the sector
p. 13
“today we are seeing some institutional capital do come through, but you could perhaps take even more.”
Urvish Rambhia, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.