Horizon Industrial Parks

Horizon holds a scale advantage with a ~60 million sq ft network, the largest in India, supported by Blackstone's operational expertise, creating a barrier to entry against unlisted and highly leveraged peers.

Management prioritized debt reduction over immediate expansion, adopting a phased strategy: FY27 focuses on balance sheet optimization, while accelerated development is planned for FY28-29 using improved cash flows.

Revenue stability underpinned by long-term leases (5-15 years) with escalation clauses and a diversified tenant base across e-commerce, 3PL, and FMCG sectors.