Concall transcriptOct 2026
Oct 2026 · Transcript
Source: Bse
Horizon Industrial Parks Limited (HORIZONIND)
Small CapReal Estate stocks · Small cap · NSE
Horizon Industrial Parks Limited owns and develops grade-A industrial, warehousing, and in-city logistics real estate across multiple Indian states, serving top corporate tenants with modern plug-and-play logistics infrastructure.
Data qualityFresh enough for analysisQuote updated 04 Nov, 03:31 pm ISTDetails
Quote04 Nov, 03:31 pm IST
Base fundamentals02 Nov 2026 · screener
Latest result02 Nov, 01:21 am IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 21.3 (n=75)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 -11.1% / mo · MACD + · near 52W low
Stock trend: 41
Sector RS: 64
Sector 3M: -3.7% vs Nifty 500 -4.1%
Real Estate FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HORIZONINDD candles · FIT view-23.7%Latest close ₹44.35 on 2026-11-04
Daily history is available from 2026-08-24; the requested 1Y window is partially covered.
Bar
+2.0%
RSI
40
MACD hist
0.01
52W pos
15%
2026-11-04O ₹43.49H ₹44.90L ₹42.81C ₹44.35Vol 29.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HORIZONINDNifty RealtyNifty 500
- HORIZONIND
- -23.7%
- Nifty 500
- -3.2%
- Nifty Realty
- -5.6%
- Vs Nifty 500
- -20.6 pp
Chart stats
4 Nov 2026- From 52W high
- -26.4%
- 52W range position
- 15%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.68x
- Avg traded value
- ₹19.3 Cr
- 20D price channel
- ₹41.4 - ₹50.9
₹60.3
₹41.4 - ₹60.3
₹2.2
Latest completed session
20-session average
56.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is not scored yet, price trend is neutral, and result consistency is still building.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED17
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +29.5% · PAT NDF YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-2122.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
pending—
Management reliability not computed yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 55/100Rev +30% YoY · margin expansion · +7% QoQ
Filed 29 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹215 Cr | +29.5% | +7.0% |
| EBITDA | ₹173.5 Cr | +33.4% | +7.8% |
| Operating margin | 80.7% | +269 bps | +69 bps |
| PAT | ₹13.9 Cr | NDF | NDF |
| PAT margin | 6.5% | +5226 bps | +1245 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 89.10
- P/B
- 1.29
- EV/EBITDA
- 399.50
- Market Cap
- 12587.00Cr
Profitability
- ROE
- 1.38%
- ROCE
- 2.38%
- ROA
- 0.65%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 4.58%
- EPS 5Y
- —
- Revenue 3Y
- 4.58%
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 0.03×
- Altman Z
- 7.31
- Book Value
- 34.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 20.00 Cr
- EPS TTM
- 0.27
Shareholding
- Promoter Hold
- 75.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 215+7.0% vs prev
Net Profit
₹ CrLatest: 13.9+216.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 40.
- SMA20 falling (~12.5% over last month) — short-term momentum negative.
- RSI(14) at 40 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 26% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
-
RS percentile
Insufficient history
1M return
-9.7%
3M return
-
6M return
-
1Y return
-
RS 1D
-
RS 20D
-
Sector rank
#17
Industry rank
-
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
unavailable
200-DMA
unavailable
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
49 observations
03 Nov 2026Value 77.44-1.65%
RS vs Nifty 50077
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth2/25
Quality0/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
17
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
17/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 1/10 to the score.
- Growth contributes 2/25 to the score.
Main drags
- Fair-value margin of safety is negative at -2122.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
89.1
PB
1.3
EV/EBITDA
399.5
ROE
1.4%
ROCE
2.4%
FCF Yield
—
Debt/Equity
0.0
MoS
-2122.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
17
Previous: 17
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-2122.7%
Previous: -2122.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
05 Nov 2026
v4.3-runtime-valuation
15
15
15
15
15
15
15
15
17
17
17
17
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹14.37
-208.6% MoS
Growth-justified P/E
7.4
Growth-justified Value
₹2
-2122.7% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RUNWALENTR
Micro
Runwal Enterprises Limited
Realty
match 164
47
29.5
29.0%
+67%
FAIR VALUE
PRANAV
Micro
Pranav Constructions Limited
Realty
match 160
70
13.6
33.8%
+66%
UNDERVALUED
ELEVATE
Micro
Elevate Campuses Limited
Realty
match 133
46
127.0
4.1%
+89%
FAIR VALUE
ABREL
Small
Aditya Birla Real Estate Limited
Real Estate
match 97
18
—
-2.6%
-60%
OVERVALUED
MAXESTATES
Small
Max Estates Limited
Real Estate
match 94
13
935.8
-1.3%
-2824%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-11-04T05:10:37.207Z
Management commentary snapshot
Q2 FY27 revenue rose 30% YoY to INR220 crores and EBITDA expanded 34% YoY to INR175 crores, driven by robust leasing momentum and aggressive debt reduction post-IPO.
The investment thesis remains intact as management continues to deliver on robust leasing targets, significant operational growth, and successful deleveraging that has lowered financing costs and improved cash flow visibility.
Growth engines
Contractual Escalations & MTM
POSITIVEExisting portfolio provides visible growth through annual contractual rental escalations of 5% and mark-to-market opportunities as leases mature.
Large Format Parks Pipeline
POSITIVEFully paid land bank provides a foundation for nearly 30 million square feet of future development potential to expand operational footprint.
In-City Logistics Network
POSITIVEIn-city strategy aims to deliver approximately 6 million square feet over 3 to 4 years, targeting rental levels 2x to 3x of big format parks.
Value-Added Services Ecosystem
POSITIVEInitiatives like rooftop solar, work accommodations, and hospitality offerings are projected to contribute 5% to 10% of future revenues.
Capacity and execution
Completed Developments (H1 FY27)
POSITIVEDelivered six new buildings spanning 1.8 million square feet in Q2, taking total H1 completions to 2.7 million square feet.
FY27 Delivery Target
POSITIVEOn track to deliver 6 million square feet this fiscal year, increasing operational area to nearly 35 million square feet.
Pune In-City Asset Launch
POSITIVEOn track for the first delivery of the multi-story in-city asset in Pune by the fourth quarter.
Tailwinds
Structural Demand Shift to Quality
POSITIVEOccupiers are rapidly consolidating from fragmented unorganized facilities into larger, institutional-grade, compliant spaces.
Industrialization & Supply Chain Diversification
POSITIVESupply chain shifts post-COVID and China Plus One strategies are accelerating industrial demand, supported by favorable government policies.
Risk radar
Litigation Risk
CAUTIONOngoing sub judice CWC litigation regarding certain assets, though current court orders allow ongoing construction work.
Festive Season Slowdowns
NEUTRALThird quarter typically experiences temporary slowdowns in closure rates due to festive shutdowns and international holidays.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Year-on-year comparisons are preferred to evaluate structural growth in revenues, EBITDA, portfolio footprint expansion, and leasing volumes without being distorted by seasonal project delivery timing.
Sector KPIs management disclosed
Revenue Growth
POSITIVERevenue grew 30% year-on-year to nearly INR220 crores for Q2 FY27.
EBITDA Margin
POSITIVEEBITDA margins continued to remain strong in excess of 80% (reported at 81% or INR173 crores).
Stabilized Occupancy
POSITIVEOccupancy in the stabilized portfolio remained strong at 94%.
Net Debt
POSITIVENet debt was reduced considerably to INR2,765 crores as of end-September from INR4,967 crores as of June 30, 2026.
Management forward view
Strong Cash Flow Generation
POSITIVEPro forma cash PAT reached INR248 crores for H1 FY27, strengthening internal accruals to fund future growth.
Capital Cost Optimization
POSITIVERefinanced an existing INR635 crores facility resulting in a 71 basis point reduction in borrowing costs, with weighted average debt cost at 8.18%.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Leasing Target Execution | Achieved 4.4 million square feet (68% of the 6.5 million square feet target) in H1 FY27 | Progress toward achieving the full-year 6.5 million square feet leasing target. |
| In-City Pre-Commitments | Advanced leasing discussions ongoing for the Pune multi-story asset ahead of Q4 delivery | Announcement of initial lease signings and realized rental spreads relative to big format parks. |
| Net Debt and Financing Cost | Net debt reduced to INR2,765 crores with weighted average debt cost at 8.18% | Further refinancing of high-cost facilities to lower interest burdens. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
Trust profile pending
Trust asks a simple question: can investors rely on management behaviour and financial delivery? Trust Lite uses promoter alignment, cash conversion, leverage, and result consistency. Full transcript-based claim matching appears after enough documents are ingested.
Continue researching Horizon Industrial Parks Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Change in Management 24 Oct - Mr. Mitesh Garg, EVP-IT, resigned effective 31 October 2026.
Source: Bse
AnnouncementOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Oct - Board to consider Q2 FY27 results on October 29, 2026; investor call scheduled the same day.
Source: Bse
Concall transcript
Earnings-call transcript · Horizon Industrial Parks Limited has informed the Exchange about Transcript
Source: Nse
Concall transcriptSep 2026
Sep 2026 · Earnings-call transcript · Transcript of Investors / Analysts Earnings Call on the Unaudited Financial Results for Q2 FY27 of Horizon Industrial Parks Limited held on October 29, 2026
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Company Ir
Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Oct - Board approved Q2 FY27 results; IPO completed and 49% JV stake acquired.
Source: Bse
Concall transcript
Earnings-call transcript · Horizon Industrial Parks Limited has informed the Exchange about Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual report · Horizon Industrial Parks Limited has informed the Exchange regarding 'Intimation with respect to the communication to the shareholders for weblink of notice of 17th Annual General
Source: Nse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep - Horizon Industrial Parks announced Q1 FY27 results: revenue up 23% to Rs 2,005 million, EBITDA up 36%.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.