Horizon Industrial Parks EBITDA rises 36% as loss narrows in first post-IPO results
Blackstone-backed Horizon Industrial Parks reported a 36% year-on-year rise in first-quarter EBITDA to INR 1.6 billion, while net loss narrowed sharply. The Mumbai-based warehouse developer raised INR 42.5 billion in total primary equity through its IPO and pre-IPO placement, and reduced pro forma n
Blackstone-backed Horizon Industrial Parks reported a 36 percent year-on-year rise in first-quarter EBITDA to INR 1.6 billion (US$16.7 million) in its first results since listing in India last month, as higher revenue and lower corporate costs trimmed the warehouse developer's loss.
Revenue for the three months to the end of June rose 23 percent to INR 2 billion, while the consolidated net loss narrowed to INR 116 million from INR 655 million a year earlier, the Mumbai-based group said Friday in a release. The EBITDA margin widened to 80 percent from 73 percent as corporate overheads fell to INR 234 million from INR 308 million. Other income rose to INR 400 million from INR 99 million, also helping reduce the net loss.
"Our performance reflects the continued strength of occupier demand across India's industrial and logistics sector," said Horizon CEO Urvish Rambhia.
Horizon raised INR 26 billion through an IPO consisting entirely of new shares, making a muted market debut on 24 August. The stock opened at INR 60.25 on the National Stock Exchange, just 0.4 percent above the INR 60 issue price, and recently traded around INR 55.80.
Together with an INR 16.5 billion pre-IPO placement completed in December 2025, the offering brought total primary equity raised to INR 42.5 billion. Horizon said post-IPO debt reduction was complete, with an investor presentation showing pro forma net debt of INR 24.8 billion, down from INR 49.7 billion at the end of June. The reduced debt represents 12.5 percent of enterprise value at the IPO valuation.
"With just 12.5 percent LTV, Horizon is well positioned to pursue growth opportunities while maintaining financial discipline," Rambhia said. Horizon reported an average borrowing cost of 8.2 percent and said it expected the debt reduction to improve its credit rating and lower interest costs. The developer has secured financing for all projects currently under construction.
During the quarter, Horizon recorded 1.9 million square feet of leasing, including letters of intent, and added nine customers. Industrial occupiers accounted for the bulk of leasing, with Apollo Tyres and auto parts maker Rane among the customers named in the presentation. The developer relet 300,000 square feet at rents 12 percent above previous levels and reported annualised contracted revenue of INR 9.7 billion at the end of June.
