INVESTOR BRIEFING: HORIZON INDUSTRIAL PARKS

Executive Summary Blackstone-backed Horizon Industrial Parks has outlined a robust post-IPO strategy focused on aggressive deleveraging, structural margin expansion, and a doubling of its operational footprint. By retiring a significant portion of its debt, the company expects to substantially boost profitability while capitalizing on strong sector tailwinds in the industrial and logistics infrastructure space. Capital Restructuring & Margin Expansion Horizon successfully raised ₹2,600 crore via its IPO, complementing a ₹1,650 crore pre-IPO primary fundraise. Management confirmed these combined proceeds will be deployed to pay down approximately ₹4,000 crore in debt, effectively reducing the company’s leverage by two-thirds. Given the firm's average borrowing cost of slightly over 8%, this targeted debt reduction will unlock over ₹300 crore in annual interest savings, providing a significant boost to bottom-line profitability and free cash flow generation. Capacity Expansion & Strategic Diversification Currently operating at roughly 30 million square feet, Horizon plans to double its footprint to 60 million square feet over the next 3.5 to 4 years. The company has already secured the requisite land bank to fully support this growth phase. Strategically, Horizon is diversifying its portfolio beyond traditional warehousing by expanding into specialized industrial facilities and in-city logistics centers. Earnings Trajectory Horizon reported a baseline EBITDA of ₹605 crore for FY26 and is currently tracking higher for its March 2027 exit run rate. According to CEO Urvish Rambhia, capitalizing on the expanded operational capacity makes an aspirational forward EBITDA target of ₹1,100 crore a highly achievable trajectory.