Horizon Industrial Parks is India's largest industrial and logistics park owner-developer, with a ~61 msf network across 46 assets in 10 cities, and Q2 FY27 will be its first full quarter reported after the August 2026 IPO and debt paydown. The print will speak to whether leasing stays on the ~6.5 msf FY27 path and whether the post-IPO finance-cost base delivers the guided 40-50 bps cost-of-debt reduction from 8.2%.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 200.55 Cr |
| Previous quarter PAT | Loss of Rs. 11.63 Cr |
| Previous quarter EBITDA margin | 80% |
| Net debt (latest quarter) | Rs. 2,475.20 Cr (proforma post-IPO paydown) |
| Market cap | Rs. 12,180.26 Cr |
| CMP | Rs. 42.25 |
The board will meet on Thursday, October 29, 2026, to approve the unaudited standalone and consolidated financial results for Q2 and the half-year ended September 30, 2026. No dividend agenda item is mentioned in the board-meeting intimation.
An investor/analyst call is scheduled the same day, October 29, 2026, at 5:00 p.m. IST, with Urvish Rambhia (Whole-time Director & CEO) and Kunal Harun Shah (CFO).
Q2 FY27 is the first quarter that can show the post-IPO finance-cost base after Rs 2,250 Cr of IPO proceeds went to debt repayment in August 2026, making the finance-cost bridge versus Q1's Rs 1,313 Mn the swing line for the reported bottom line. The demand backdrop into the quarter was the strongest of the year: Jul-Sep 2026 warehousing leasing rose 63% YoY to 11.4 msf and out-ran new completions by 1.6 msf (Colliers, Oct 23, 2026), with manufacturing and 3PL contributing 46% and 30% of H1 2026 take-up respectively. Against that tape, the execution checkpoint is volume: Q1 delivered 1.9 msf of leasing against the ~6.5 msf FY27 target, leaving ~4.6 msf for Q2-Q4, plus 4-4.5 msf of incremental leases and 5 msf of building deliveries guided over nine months from Sept 11, 2026. On the financing side, the MPC hiked the repo rate 25 bps to 5.50% on Oct 7, 2026 with a 'calibrated tightening' stance and the 10Y G-Sec rose from 6.48% to 7.37% between Sep 11 and Oct 16, which management's guided 40-50 bps cost-of-debt reduction from 8.2% must contend with, pending a credit-rating action. The promoter-level encumbrance of the entire 75.4% stake for a USD 480 million facility (Sept 28/30, 2026) post-dates the Q1 call entirely and is the new item management must address, alongside the lease-up of 1.6 msf of recent completions excluded from the 96% stabilized-occupancy metric. The call will also be probed on Proforma Cash PAT versus Rs 1,160 Mn in Q1 and the Delhi High Court in-city tender case, which remains sub judice.
Guidance scorecard: FY27 leasing, development and deliveries: Q2 is the first checkpoint on the nine-month commitments made on Sept 11, 2026.
Finance-cost bridge and cost-of-debt guidance: The post-IPO debt paydown makes Q2 the first clean read on the new finance-cost base.
Proforma Cash PAT and reported loss trajectory: Management's preferred profitability gauge versus the reported net loss.
Promoter encumbrance and governance items: The Sept 28/30, 2026 promoter-level facility post-dates the Q1 call entirely.
In-city execution, lease-up and corporate actions: The in-city pillar and recent completions carry the next leg of growth.
Q1 FY27 consolidated revenue was Rs. 200.55 Cr, up 23.08% YoY and 6.59% QoQ, with the consolidated loss narrowing 82.25% YoY to Rs. 11.63 Cr. Corporate EBITDA rose 36% YoY to Rs 1,610 Mn at an 80% margin, and management called it the company's strongest ever quarter.
Management defines Proforma Cash PAT as the reported net loss of Rs (116) Mn plus Rs 765 Mn of non-cash book depreciation and Rs 511 Mn of potential interest savings from the post-IPO debt paydown, giving Rs 1,160 Mn for Q1 FY27. The CFO noted cash depreciation in the business is negligible given the new assets.
Management said it is on track to deliver 6.5 million square feet of leasing for FY27, translating to about 30% growth versus the last fiscal. Q1 delivered 1.9 msf, or 29.23% of the target, leaving 4.6 msf to be signed in Q2-Q4.
On Sept 28, 2026, the parents of the three promoter entities pledged 100% of the promoters' 75.4% holding (2,173,652,856 shares) to secure term loan facilities of up to USD 480 million, with a security cover of 2.47x. There is no direct pledge on the listed company's shares and the company is not party to the security documents.
The contracted revenue run-rate stood at Rs 9,670 Mn (Rs. 967 Cr) on 29.3 msf of contracted area, including 2.4 msf of pre-leases, annualized as of Jun'26. Management expects this to be realized over the next 12 months, supported by 5% compounding contractual escalations.