Horizon Industrial Parks Q1 FY27: Revenue Rises 23%

Q1 results show stronger operating income

Horizon Industrial Parks Ltd reported higher revenue and operating profit for the quarter ended June 30, 2026, its first quarter of FY27. The company recorded revenue of ₹200.55 crore, compared with ₹162.94 crore in the corresponding quarter a year earlier. This represented year-on-year growth of about 23%, while revenue increased 6.59% from ₹188.15 crore in the March 2026 quarter. Total income, which includes other income, stood at ₹240.53 crore. The company’s operating performance improved, but high interest costs continued to weigh on profitability.

The June-quarter result is significant because it provides the first reported financial update after the company’s fiscal-year reporting cycle change. Horizon Industrial Parks subsequently scheduled a board meeting on October 29, 2026, to consider unaudited financial results for the quarter and half-year ended September 30, 2026. An investor call was also scheduled for 5:00 p.m. IST on the same day. The company’s announcements said the board would consider both standalone and consolidated results.

Revenue increased from both comparison periods

Net sales turnover in Q1 FY27 was ₹200.55 crore, up from ₹188.15 crore in Q4 FY26 and ₹162.94 crore in Q1 FY26. Other income was ₹39.99 crore, lower than ₹44.98 crore in the preceding quarter but above ₹9.89 crore a year earlier. As a result, total income reached ₹240.53 crore, compared with ₹233.12 crore sequentially and ₹172.83 crore a year earlier.

Separately reported company information described consolidated Q1 FY27 revenue as ₹200.55 crore and said revenue had risen 23% year on year. It also noted leasing of 1.9 million square feet and the addition of nine new customers during the quarter. These operating updates provide context for the increase in the company’s reported revenue base.

Operating profit and EBITDA moved higher

Operating profit rose to ₹160.96 crore in Q1 FY27 from ₹144.27 crore in Q4 FY26 and ₹118.77 crore in Q1 FY26. The quarter-on-quarter increase was 11.57%. EBITDA was ₹200.95 crore, versus ₹189.25 crore in the March quarter and ₹128.66 crore a year earlier.

Based on the reported figures, operating profit as a share of revenue was about 80.3% in the June quarter. The company’s quarterly financial summary also showed operating profit margins of 77% in March 2026 and 72% in June 2025. The improvement in the margin measure coincided with the growth in revenue and EBITDA.

Interest expense outweighed operating gains

Depreciation for the June quarter stood at ₹76.54 crore, compared with ₹71.76 crore in the preceding quarter. EBIT increased to ₹124.41 crore from ₹117.49 crore sequentially. However, interest expense rose to ₹131.32 crore, exceeding EBIT and leaving the company with a pre-tax loss.

Profit before tax was a loss of ₹6.91 crore, compared with a profit before tax of ₹0.20 crore in Q4 FY26. In Q1 FY26, profit before tax was a loss of ₹63.75 crore. The figures show that the company’s loss narrowed substantially from the year-earlier quarter, even as it moved from a marginal pre-tax profit to a loss on a sequential basis.

Net loss narrowed from the previous year

Reported profit after tax was a loss of ₹11.63 crore in Q1 FY27. The company had reported a loss of ₹65.50 crore in Q1 FY26 and a profit of ₹0.59 crore in Q4 FY26. Earnings information released after the June-quarter results also described a loss per share of ₹0.04.

The reported consolidated loss after tax was ₹11.63 crore. A separate result update stated that standalone profit after tax was ₹63.48 crore on standalone revenue of ₹42.05 crore, driven by other income. Investors should distinguish between the consolidated and standalone figures because they relate to different reporting bases.

Key quarterly financial figures

Debt remains relevant to earnings quality

The company said net debt declined to ₹2,500 crore after its IPO. It also stated that it completed a ₹2,600 crore IPO and listed on the NSE and BSE on August 24, 2026. While the reported June-quarter operating numbers were stronger, the ₹131.32 crore interest charge remained a key factor in the consolidated loss.

This makes the relationship between operating profit, debt and finance costs important for assessing future quarterly performance. The June-quarter numbers show that EBITDA exceeded interest expense, but depreciation and finance costs together resulted in a pre-tax loss. No forecast on borrowing costs or earnings was provided in the supplied disclosures.

Q2 FY27 board meeting was scheduled for October 29

Horizon Industrial Parks announced on October 21 that its board would meet on October 29, 2026, to consider unaudited results for the July-September quarter and the first half of FY27. The company also planned an investor call after the board meeting. The disclosures did not provide Q2 revenue, profit or margin figures before the meeting.

A subsequent announcement dated October 29 said the board approved Q2 FY27 results and referenced the IPO and listing. However, the supplied information does not include the underlying Q2 financial figures. Therefore, the June-quarter performance remains the latest detailed set of financial data available in this update.

What the June-quarter performance means

The central feature of Q1 FY27 was the gap between improved operations and bottom-line profitability. Revenue rose from both the March 2026 and June 2025 quarters, while operating profit and EBITDA also increased. At the same time, interest expense rose from the preceding quarter and exceeded EBIT, resulting in a consolidated net loss.

For investors, the next disclosed quarterly results are relevant for tracking revenue growth, leasing activity, operating margin and finance costs. The October 29 board meeting and investor call were the confirmed next events in the company’s reporting calendar. Any assessment of Q2 performance should rely on the detailed financial results released by the company.

Conclusion

Horizon Industrial Parks entered FY27 with Q1 revenue of ₹200.55 crore and EBITDA of ₹200.95 crore, supported by higher operating activity. The consolidated loss narrowed sharply from a year earlier but remained affected by interest costs. The company’s next formal update was its October 29, 2026 board consideration of Q2 FY27 and half-year results.