| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 228.86 | 390.29 | 691.38 |
| Expenses | 403.01 | 596.41 | 965.14 |
| Other Income | 16.66 | 49.06 | 76.46 |
| Total Revenue | 245.52 | 439.35 | 767.84 |
| Profit Before Tax | -162.34 | -180.81 | -197.29 |
| Net Profit | -162.21 | -178.78 | -203.65 |
Horizon Industrial Parks
Horizon Industrial Parks IPO
₹14,250
0.06 xOver-subscribedBidding Dates 17 Aug, 26 -19 Aug, 26
Min Investment ₹14,250
Lot Size250
Price Range ₹57 – ₹60
Issue Size ₹2,600.00 Cr.
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IPO Subscription Details
Retail Subscription Details
0.14 x
Non-Institutional Buyers (sHNI)
0.02 x
Non-Institutional Buyers (bHNI)
0.01 x
Qualified Institutional Buyers (QIB)
0.05 x
Employees
0.18 x
Total0.06 x
0.06 x IPO Timeline
IPO Offer Start
17 Aug,26
IPO Offer Ends
19 Aug,26
Allotment Finalisation
20 Aug,26
Refund Initiation
21 Aug,26
Listing of Shares
24 Aug,26
IPO Analysis
Strengths
The company is India's largest industrial and logistics infrastructure developer with a Total Network of 58.58 msf spread across 45 assets, offering Grade A+ specifications including 12-meter clear heights and advanced fire protection systems.
The company's business is derivative of India's manufacturing, consumption and e-commerce tailwinds, with manufacturing gross value expected to double to over US$1 trillion by Fiscal 2030.
The company serves over 118 customers with 54.05% of committed Operational Network contracted to Fortune 500 companies, and 40.65% of incremental area contracted since Fiscal 2024 through repeated engagements.
Risks
The company acquired 62% of its network assets (35 out of 45 assets) from promoters and other sellers during Fiscals 2025 and 2026. The Proforma Financial Information is presented for illustrative purposes only and may not accurately reflect the company's actual financial condition or future results of operations.
The company incurred losses of ₹2,036.49 million, ₹1,787.81 million and ₹1,622.10 million on a restated basis in Fiscals 2026, 2025, 2024 respectively. Finance costs represented 77.96%, 90.42% and 92.12% of revenue from operations in the respective periods, primarily due to the capital-intensive nature of the business.
The company's Development Network of 30.03 msf (51.26% of Total Network) includes 75.96% Planned Projects where less than 1% construction is completed. This pipeline is subject to construction delays, cost overruns, regulatory challenges, and financing limitations that could materially impact project delivery and profitability.
Objectives
The company proposes to utilize Net Proceeds for repayment and/or prepayment, in part or full, of certain borrowings availed by the company and certain wholly owned subsidiaries. This will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining favorable debt-equity ratio and enable utilization of funds from internal accruals for further investment in business growth and expansion.
The company proposes to deploy the balance Net Proceeds towards general corporate purposes and business requirements, including strategic initiatives, capital expenditure, funding organic and inorganic growth opportunities, strengthening marketing capabilities, funding working capital requirements, and meeting ongoing general corporate purposes or contingencies.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 4993.18 | 9851.54 | 13495.13 |
| Current Assets | 352.99 | 595.63 | 2601.87 |
| Fixed Assets | 4640.19 | 9253.07 | 10893.26 |
| Total Equity & Liabilities | 4993.18 | 9851.54 | 13495.13 |
| Total Liabilities | 4290.80 | 8672.82 | 7636.39 |
| Current Liabilities | 305.12 | 1817.57 | 607.70 |
| Non Current Liabilities | 3985.68 | 6855.25 | 7028.69 |
| Total Equity | 702.38 | 1178.72 | 5858.74 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 37.11 | 96.70 | 229.38 |
| Investing Activities | -876.42 | -1596.31 | -4872.84 |
| Operating Activities | 119.28 | 235.14 | 464.07 |
| Financing Activities | 794.25 | 1457.86 | 4638.15 |
About Horizon Industrial Parks
The company is India's largest industrial and logistics infrastructure developer, owner and operator in terms of Total Network, offering Grade A quality fulfillment centers, industrial facilities, and in-city centers across major industrial and consumption hubs. The company operates a pan-India network of 45 assets spread across 10 cities, totaling 58.58...more
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Managing DirectorAnshu Prakash
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