Horizon Industrial Parks reported a consolidated revenue of ₹2,005.5 crore for the quarter ended June 30, 2026 (Q1FY27), rising 23% year-on-year. The company’s EBITDA expanded 36% to ₹1,610 crore, with margins improving to 80%. Following its initial public offering, the group completed post-IPO deleveraging, reducing net debt to ₹24,752 crore.

The board approved the unaudited financial results on September 11, 2026. The figures have been reviewed by statutory auditors M S K C & Associates LLP and S G C O & Co. LLP, who issued an unmodified opinion. This is the first quarter the company has reported under Regulation 33 of SEBI Listing Regulations following its IPO.

Financial Performance

Consolidated revenue from operations rose to ₹2,005.5 crore in Q1FY27, up from ₹1,629.4 crore in Q1FY26. While the group recorded a consolidated net loss of ₹116.3 crore against a loss of ₹655.0 crore in the prior year period, operational profitability strengthened significantly. EBITDA grew to ₹1,610 crore from ₹1,188 crore, driven by higher asset utilization and controlled corporate overheads.

On a standalone basis, Horizon Industrial Parks generated operating revenue of ₹420.5 crore, up 34% YoY. The holding company reported a profit before tax of ₹634.8 crore, driven largely by other income which stood at ₹770.9 crore compared to ₹178.9 crore in Q1FY26.

Balance Sheet and Deleveraging

A major milestone during the quarter was the completion of the IPO and subsequent deleveraging. The company raised ₹26,000 crore through the IPO and ₹16,500 crore in pre-IPO funding, totaling ₹42,500 crore in equity raised. This capital infusion allowed the group to reduce net debt from ₹49,700 crore as of June 2026 to a proforma level of ₹24,752 crore. Consequently, the net debt-to-enterprise value ratio fell to 12.5%, based on IPO valuation. Management expects this deleveraging to positively impact credit ratings and reduce interest costs.

Operational Highlights

The company signed leases for 1.9 million square feet (msf) across diverse customers and industry segments, adding nine new customers. Bulk leasing was dominated by industrial customers. Development throughput reached 0.9 msf in the quarter, with four buildings delivered. The group is on track to achieve approximately 6.5 msf in leasing and 6 msf in development throughput for FY27.

Key leasing wins included agreements with Apollo Tyres, Delhivery, Iron Mountain, Recykal, Rane, Piinacle, Bitzer, SSC Sugiura Seisakusho, Veer-O-Metals, and Instec India. The contracted revenue run-rate stands at ₹9,670 crore, backed by 29.3 msf of contracted area including pre-leases.

What the Numbers Show

The divergence between reported net loss and operational cash generation highlights the impact of non-cash depreciation and high leverage. While the consolidated net loss was ₹116.3 crore, the proforma cash profit after adjusting for ₹765.4 crore in book depreciation and potential interest savings of ₹511 crore from debt repayment stood at ₹1,160 crore. This indicates that core operations are generating substantial cash flow, masked on the bottom line by accounting depreciation on newly built assets and residual high finance costs prior to full debt paydown realization.

Horizon Industrial Parks Limited will host an investor conference call on Friday, September 11, 2026, to discuss its first-quarter fiscal year 2027 results and provide business updates. The session is scheduled for 5:00 pm IST.

Horizon Industrial Parks confirmed the event in a filing with the Bombay Stock Exchange and the National Stock Exchange of India Limited on September 9, 2026. The company previously intimated the market about the upcoming board meeting and subsequent investor interaction on September 7, 2026.

Conference Call Details

The management team will address queries from investors and analysts regarding the financial performance for the quarter ended June 30, 2026. Key executives participating in the call include:

• Urvish Rambhia, Whole Time Director and Chief Executive Officer
• Kunal Harun Shah, Chief Financial Officer

Participants can join the conference via dial-in numbers or through a dedicated web link. The company advises investors to connect ten minutes prior to the scheduled start time to ensure seamless access.

For further inquiries, investors may contact Prapti Zaveri from the Investor Relations team at prapti.zaveri@hiparks.com . The discussions during the call are intended for informational purposes only and do not constitute an offer or recommendation to buy or sell securities.