Horizon Industrial Park IPO Review - Well-Informed/Cash Surplus Investors May Park Funds for Long Term

Horizon Industrial Park Ltd. (HIPL) is India’s largest industrial and logistics infrastructure developer, owner and operator in terms of Total Network (in terms of total area of our assets) (Source: JLL Report). It offers its clients Grade A quality fulfillment centers (warehouses), industrial facilities, and in-city centers across the country’s major industrial and consumption hubs. Its comprehensive business ecosystem provides a holistic end-to-end solution that enables its customers to operate seamlessly and reduce time-to-market. Its solutions include, among others, built-to-suit facilities, fully fitted plug-and-play facilities, cold storage, energy solutions, on-site staff accommodation, racking and material handling equipment (“MHEs”), all designed to support efficient operations. As of the date of this Red Herring Prospectus, its pan-India Network consists of 45 assets spread across 10 cities, totaling 58.58 million square feet (“msf”).

HIPL’s network of assets is spread across 10 major industrial and consumption hubs in India, including Delhi National Capital Region (“Delhi-NCR”), Mumbai (Maharashtra), Bangalore (Karnataka), Chennai (Tamil Nadu), Pune (Maharashtra), Hyderabad (Telangana), Ahmedabad (Gujarat) and Nagpur (Maharashtra). It has built this network through strategic acquisitions, greenfield developments that have transformed barren landscapes into thriving commercial hubs and targeted strategic redevelopments.

As of May 31, 2026, the company served a marquee customer base of over 118 customers, across key sectors of the Indian economy, including e-commerce, retail, fast-moving consumer goods (“FMCG”), renewable energy, auto-ancillary and manufacturing. Its scale, technical capabilities, network of strategically located sites and full-service offerings allow it to partner with both multinational corporations (“MNCs”) and domestic companies seeking to establish storage or manufacturing facilities in India. As of May 31, 2026, 54.05% of its committed Operational Network is contracted to Fortune 500 companies, which reflects the confidence that these global companies place in its capabilities and highlights the quality of customer base. Further, 40.65% of its incremental area contracted since Fiscal 2024 was signed through repeated engagements, underscoring customer stickiness and strengthening its customer relationships.

HIPL offers a fully integrated, end-to-end business ecosystem designed to address the comprehensive operational requirements of customers. It believes its business ecosystem facilitates seamless customer operations, fosters stickiness and supports the development of long-term relationships. Beyond retaining existing customers, its business ecosystem serves as a pull factor for potential clients. These offerings contribute directly to HIPL’s revenue streams.

As of the date of this Red Herring Prospectus, its pan-India Network consists of 45 assets spread across 10 cities, totaling 58.58 msf. As of May 31, 2026, its Operational Network spans across 28.55 msf, with a Committed Occupancy rate of 93.56%. The JLL Report forecasts continued acceleration in the market’s growth trajectory, with Grade A stock projected to expand at a 25.3% CAGR from CY2025 to CY2030, potentially reaching 943.6 msf by CY2030 (Source: JLL Report). As of the date of this Red Herring Prospectus, company’s Development Network is well-placed to capture this growth, with 30.03 msf of within-the-fence development, including 7.22 msf of Near Term Deliveries and 22.81 msf of Planned Projects expected to be delivered over the next four to five years. As of May 31, 2026, it had pre-contracted 2.57 msf to its customers across eight locations. 

Over the last three fiscal years, its proforma revenue from operations has grown at a CAGR of 23.56%, and EBITDA margin, on a proforma basis, was 79.07% as of March 31, 2026. This combination is difficult to replicate, given its premium-quality offerings in prime markets, its proven execution capabilities and ability to acquire land at strategic locations and a skilled leadership team with industry experience. As of May 31, 2026, it had 268 employees on its payroll.