Horizon Industrial Parks Ltd

Price story A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). The phase helps read everything below.

Horizon Industrial Parks Ltd's share price was ₹48.1 at the close on 16 October 2026. That is 14.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹48 and ₹58, and today it sits 3% of the way up from that low.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 7 weeks running.

Over the last 1 months the share price moved −17% while the NIFTY 500 moved −5%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 7 October 2026. The chart below shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Valuation P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Horizon Industrial Parks Ltd has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values Horizon Industrial Parks Ltd at 20.1× its FY26 revenue of ₹691 Cr. The P/E comes back here once profit turns positive.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Business trend Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Horizon Industrial Parks Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend.

Why it matters: with too little history, we say so rather than guess a direction.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Revenue Revenue is everything the company billed its customers in the period.

Horizon Industrial Parks Ltd reported ₹201 Cr of revenue in the Jun 26 quarter, +55.8% on the same quarter a year earlier. Over 3 years it has grown 66.0% a year on average. The last full year, FY26, came in at ₹691 Cr.

FY26 revenue was ₹691 Cr, +77.2% on the year before.

Recent pace: the last four quarters grew +55.8% on average, against 66.0% a year over the longer run, so this year is growing slower than its own long-run rate.

Operating margin Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Horizon Industrial Parks Ltd's operating margin was 80.0% in the Jun 26 quarter, 8.0 percentage points higher than the same quarter a year ago. Across 4 years it has been between 13.0% and 77.0%. The latest quarter is above every full year in that period.

Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

Net profit Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

Horizon Industrial Parks Ltd posted a net loss of ₹12.0 Cr in the Jun 26 quarter. The full FY26 year was a loss of ₹204 Cr. That loss is 6.0% of the quarter's revenue.

Cash flow The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Horizon Industrial Parks Ltd's cash-flow history is too short to judge how much of its profit turns into cash. In FY26 it brought in ₹464 Cr of operating cash against ₹−204 Cr of profit. After ₹1,824 Cr of spending on assets, free cash was ₹−1,360 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

What to look at next: the bigger use of cash is spending on new assets, at 16.0× depreciation over three years. The next section checks what that spending is building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Horizon Industrial Parks Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 18 days in FY26, down from 20 days in FY23. It spent ₹8,119 Cr on assets over the last 3 years.

At FY26 sales of ₹691 Cr, each day of that cycle ties up about ₹1.9 Cr, so roughly ₹34.0 Cr is tied up in the business at any time.

Spending on assets: ₹8,119 Cr over the last 3 years, against ₹507 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹111 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Horizon Industrial Parks Ltd earned a ROCE of 3% in FY26. That is up from a low of 2% in FY24. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a −29.5% net margin and 0.05× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a −29.5% net margin × 0.05× asset turnover × 2.38× leverage (assets divided by equity) ≈ −3.5% on equity. The margin does its share; borrowing is a big part of it.

Debt Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Horizon Industrial Parks Ltd had ₹6,904 Cr of borrowings against ₹5,665 Cr of equity in FY26, so its debt is 1.22× its equity. Its operating profit is 1 times its interest bill. Over 3 years borrowings went from ₹2,335 Cr to ₹6,904 Cr. Over the last 3 of those years it spent ₹8,119 Cr on assets.

Part of the spending on assets is being paid for with borrowed money.

Ownership Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

No group of Horizon Industrial Parks Ltd's owners changed its stake by a full percentage point over the last two years. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Balance-sheet safety The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

For Horizon Industrial Parks Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

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