Horizon Industrial Parks Q2 FY27 Results: Consolidated Net Profit ₹13.93 Crore on Total Income of ₹252 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated total income rose 43.5% YoY to ₹252.30 crore, with revenue from operations up 29.9% to ₹214.99 crore and other income up 263.4% to ₹37.31 crore. Other income grew faster than revenue from operations and is 14.8% of total income this quarter.

Profit before tax moved from a loss of ₹73.00 crore a year earlier to a profit of ₹11.20 crore, and the tax line moved from a charge of ₹3.05 crore to a credit of ₹2.73 crore. Net profit of ₹13.93 crore gives a net profit margin of 5.52%. The consolidated results include a share of net profit of ₹1.20 crore from the joint venture, Vision Softech Facilities Private Limited, based on unreviewed interim results.

Finance costs fell 22.0% YoY to ₹115.54 crore, equal to 45.8% of total income, while depreciation rose 31.6% to ₹85.25 crore. The statutory auditors did not audit or review the consolidated figures for the year-earlier quarter, according to the filing.

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone total income rose 105.4% YoY to ₹121.71 crore. Other income grew faster than total income, up 134.5% to ₹72.01 crore, while revenue from operations rose 74.0% to ₹49.69 crore.

Standalone net profit was ₹77.32 crore, against ₹1.02 crore a year earlier and ₹63.48 crore in Q1 FY27. That is a rise of 21.8% QoQ, faster than total income's 2.2%. Tax expense is nil in all three quarters shown, so profit before tax and net profit are the same figure.

Finance costs fell to ₹4.18 crore from ₹21.02 crore, or 3.4% of total income, and depreciation rose 44.8% to ₹10.06 crore.

Inference

The filing says the Holding Company completed its IPO of 43,33,76,374 equity shares of face value ₹10, with 43,28,59,874 shares issued at ₹60.00 each and 5,16,500 issued to employees at ₹55.00 each. The shares were listed on NSE and BSE on 24 Aug 2026. Proceeds of ₹2,600 crore were received, and ₹2,250 crore of them has been used for repayment or prepayment of certain borrowings up to 30 Sep 2026.

The investor presentation states net debt of ₹2,765.10 crore, net debt to enterprise value of 15%, and an average cost of debt of 8.2%. Blacklitt's data lists three filings dated 24 Oct 2026 on resignations of a director, key managerial and senior management personnel, and a change in management.

The filing does not say why standalone tax is nil, what drives the rise in standalone other income, or when the unutilised IPO proceeds will be used.

Reference: Original filing (PDF)