Business
Incorporated in 2009, Horizon Industrial Parks is the country's largest industrial and logistics infrastructure developer, owner and operator by total network, according to Jones Lang LaSalle Property Consultants (India). It also offers turnkey solutions, solar energy solutions, cold storage facilities, and on-site staff accommodation. It owns 45 logistics and industrial assets across 10 major Indian cities, totalling 58.6 million square feet. It offers three core asset categories such as fulfilment centres for warehousing and logistics operations, industrial facilities for manufacturing and industrial occupiers, and in-city centres catering to urban distribution and last-mile logistics needs.
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Financials
profitability is expected to improve after repayment of debt. Finance cost as a percentage of revenue reduced to 78% in FY26 from 92.1% in FY24. Interest outgo relative to EBIT was 89% in FY26 compared with 139% in FY24.
Valuation
The company does not have any direct peers listed in India. Price-to-earnings multiple will not help since the company is yet to record profits. The price-to-sales (P/S) multiple works out to 25. The enterprise value (EV)-to-Ebitda multiple moderated to 38.7 times in FY26 from 137.4 times in FY24 though net debt nearly doubled to ₹6,246.5 crore from ₹3,524.6 crore. The softening in the multiple implies that higher borrowings resulted in incremental operating profit during the period.
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