About the Company: India’s Largest Industrial & Logistics Park Developer
Incorporated in 2009 and backed by the Blackstone Group, Horizon Industrial Parks Limited is India’s largest industrial and logistics infrastructure developer, owner, and operator by total network, according to a JLL report. The company owns a portfolio of 45 logistics and industrial assets across 10 major Indian cities, spanning a total of 58.01 million square feet (msf).
Horizon Industrial Parks develops and leases modern, Grade-A warehouses and customized industrial spaces to major multinational corporations and domestic enterprises across three primary asset types:
- Fulfillment Centers (Warehousing): Serving e-commerce, FMCG, retail, and 3PL logistics companies, comprising 15.55 msf (58%) of operational area.
- Industrial Facilities: Specialized setups for manufacturing, electric vehicles, renewable energy, electronics, and automotive engineering, covering 10.36 msf (39%) of operational space.
- In-City Delivery Hubs: Urban hubs positioned close to consumer clusters for rapid last-mile delivery, dark stores, pharmaceuticals, cloud kitchens, and service centers, featuring a pipeline of 6.31 msf across 7 cities.
The company has served over 100 enterprise clients across diverse high-growth industries. The company’s promoters are BREP Asia II EIP Holding (NQ) Pte. Ltd., Brep ASIA II Indian Holdings Co. VI (NQ) Pte. Ltd., and BREP Asia III India Holdings Co. III Pte. Ltd.
Financial Trends & Performance
Horizon Industrial Parks Ltd.’s total revenue expanded by 75% between the financial years ending March 31, 2026, and March 31, 2025. The restated consolidated financial summary is highlighted below:
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | ₹13,495.13 Cr | ₹9,851.54 Cr | ₹4,993.18 Cr |
| Total Income | ₹767.84 Cr | ₹439.35 Cr | ₹245.52 Cr |
| Profit After Tax (PAT) | ₹-203.65 Cr | ₹-178.78 Cr | ₹-162.21 Cr |
| EBITDA | ₹607.80 Cr | ₹339.12 Cr | ₹151.51 Cr |
| Net Worth | ₹4,676.16 Cr | ₹122.00 Cr | ₹266.95 Cr |
| Reserves and Surplus | ₹3,214.54 Cr | ₹-530.09 Cr | ₹-334.75 Cr |
| Total Borrowings | ₹6,884.34 Cr | ₹7,009.11 Cr | ₹3,688.21 Cr |
All figures in ₹ Crore | Source: Chittorgarh / DRHP (Restated Consolidated)
Key Performance Indicators & Valuation (FY2026)
Competitive Strengths
- Market Leadership: India’s largest industrial & logistics real estate platform backed by global asset manager Blackstone.
- Prime Strategic Network: 58.01 msf footprint across 10 top-tier industrial corridors, including last-mile in-city logistics hubs.
- Strong Operating Profitability: Industry-leading operational efficiency delivering an EBITDA margin of 79.16% in FY26.
- High-Quality Marquee Tenant Base: Long-term institutional leases with multinational corporate leaders across e-commerce, auto, and manufacturing.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Issue |
IPO Structure & Use of Proceeds
The ₹2,600.00 Cr public issue is a 100% Fresh Issue (43,34,09,090 shares) with zero Offer for Sale (OFS). The fresh proceeds are proposed to be utilized as follows:
- Repayment and/or prepayment, in part or full, of certain borrowings availed by the Company and its wholly-owned subsidiaries ₹2,250.00 Cr
- General Corporate Purposes Balance
Bidding opens on August 17, 2026 and closes on August 19, 2026. Minimum retail application lot size is fixed at 250 shares (₹15,000 based on the upper price band).
Horizon Industrial Parks Limited provides institutional-grade exposure to India’s burgeoning industrial warehousing and logistics ecosystem, backed by the Blackstone Group.
While accounting net losses reflect significant asset depreciation and borrowing costs (PAT of ₹-203.65 Cr), operating cash generation remains robust with a 79.16% EBITDA margin. The direct allocation of ₹2,250 Cr from fresh issue proceeds toward debt reduction will substantially lower finance costs, significantly accelerating the company’s trajectory toward bottom-line profitability. Investors seeking long-term exposure to core industrial infrastructure and warehousing tailwinds can evaluate this offering.
