Horizon Industrial ParksIPO Review — Financials, Valuation & Peers
A data-only look at the Horizon Industrial Parks IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 245.52 | -162.21 | 151.51 | 266.95 | 4,993.18 | 3,688.21 | — |
| FY 2025 | 439.35 | -178.78 | 339.12 | 122 | 9,851.54 | 7,009.11 | — |
| FY 2026 | 767.84 | -203.65 | 607.8 | 4,676.16 | 13,495.13 | 6,884.34 | -0.83 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- -72.29x
- P/E (post-issue)
- -84.51x
- RoNW
- -4.23%
- EPS (pre-issue)
- ₹-0.83
- EPS (post-issue)
- ₹-0.71
- EBITDA Margin
- 79.16%
- P/BV
- 2.15x
- NAV / share
- ₹27.89
- Market Cap
- ₹17,297.61 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>BREP Asia II EIP Holding (NQ) Pte.Ltd., Brep ASIA II Indian Holdings Co.VI (NQ) Pte.Ltd., BREP Asia III India Holdings Co.III Pte.Ltd.</p>
- Holding (pre-issue)
- 88.74%
- Holding (post-issue)
- 75.4%
- Dilution
- 13.34%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Horizon Industrial Parks IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Horizon Industrial Parks IPO drew 54 institutional investors committing a combined ₹1,167.77 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to CARMIGNAC EMERGENTS (₹175.4 crore), SOCIETE GENERALE-ODI (₹109.95 crore) and CARMIGNAC PORTFOLIO (₹106.39 crore). Investor categories represented include Other, Insurance, FII/FPI and Bank. The lock-in on half the anchor shares ends on 19 Sept 2026, with the remainder locked until 18 Nov 2026.
Analyst view tally
For the Horizon Industrial Parks IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Horizon Industrial Parks operates at an EBITDA margin of 79.16%. At the upper band, the post-issue market capitalisation works out to about ₹17,297.61 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment and/or prepayment, in part or full, of certain borrowings availed by the company and certain wholly owned subsidiaries of company, namely bagur logistics park pvt.ltd., embassy industrial park hosur pvt.ltd., farukhnagar logistics parks llp, frk ii industrial park pvt.ltd., goodluck buildtech pvt.ltd., ilv distripark pvt.ltd., ilv distripark (mwc) pvt.ltd., jindpur industrial park pvt.ltd., kalina warehousing pvt.ltd., lakshmi (₹2,250 crore), alongside general corporate purposes.
Financials
In FY2026, Horizon Industrial Parks reported revenue of ₹767.84 crore and a net loss of ₹203.65 crore. Revenue grew from ₹245.52 crore in FY2024 to ₹767.84 crore in FY2026 (+213.0%). Net worth stood at ₹4,676.16 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at -84.51× post-issue earnings and 2.15× book value, against a return on net worth of -4.23%. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>BREP Asia II EIP Holding (NQ) Pte.Ltd., Brep ASIA II Indian Holdings Co.VI (NQ) Pte.Ltd., BREP Asia III India Holdings Co.III Pte.Ltd.</p>. Promoter holding stands at 88.74% before the issue and comes down to 75.4% after listing.
Frequently asked questions
- What is the reservation split in the Horizon Industrial Parks IPO?
- Of the total shares offered, retail investors get 9.98%, QIBs 29.95% (plus 44.91% anchor), non-institutional investors 14.97%.
- Who are the promoters of Horizon Industrial Parks and what is their holding?
- The promoters are <p>BREP Asia II EIP Holding (NQ) Pte.Ltd., Brep ASIA II Indian Holdings Co.VI (NQ) Pte.Ltd., BREP Asia III India Holdings Co.III Pte.Ltd.</p>. Promoter holding is 88.74% before the issue and 75.4% after listing.
- What is the P/E ratio of the Horizon Industrial Parks IPO?
- At the upper price band, the Horizon Industrial Parks IPO is valued at -72.29× pre-issue earnings and -84.51× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Horizon Industrial Parks IPO?
- The net proceeds go primarily toward repayment and/or prepayment, in part or full, of certain borrowings availed by the company and certain wholly owned subsidiaries of company, namely bagur logistics park pvt.ltd., embassy industrial park hosur pvt.ltd., farukhnagar logistics parks llp, frk ii industrial park pvt.ltd., goodluck buildtech pvt.ltd., ilv distripark pvt.ltd., ilv distripark (mwc) pvt.ltd., jindpur industrial park pvt.ltd., kalina warehousing pvt.ltd., lakshmi, among 2 disclosed objects.