Blackstone's Horizon Posts Strong Q1 Results After India IPO

Blackstone-backed warehouse developer Horizon Industrial Parks saw its first-quarter EBITDA grow 36 percent year-on-year to INR 1.6 billion ($16.7 million). The Mumbai-based group also narrowed its consolidated net loss to INR 116 million from INR 655 million a year earlier, according to its first financial release since listing last month.

Revenue for the quarter ending in June rose 23 percent to INR 2 billion. The company's EBITDA margin expanded to 80 percent from 73 percent, aided by lower corporate overheads. "Our performance reflects the continued strength of occupier demand across India’s industrial and logistics sector," said Horizon CEO Urvish Rambhia.

Debt Reduction and IPO Proceeds

Horizon raised INR 26 billion through an initial public offering consisting entirely of new shares, making its market debut on 24 August. Combined with a pre-IPO placement of INR 16.5 billion completed in December 2025, total primary equity raised reached INR 42.5 billion.

The company stated its post-IPO debt reduction is now complete. Pro forma net debt stands at INR 24.8 billion, down from INR 49.7 billion at the end of June. This reduced debt represents 12.5 percent of enterprise value at the IPO valuation. "With just 12.5 percent LTV, Horizon is well positioned to pursue growth opportunities while maintaining financial discipline," Rambhia said.

Horizon reported an average borrowing cost of 8.2 percent and expects the debt reduction to improve its credit rating and lower future interest costs. The developer has secured financing for all projects currently under construction.

Portfolio and Development Pipeline

Private equity firm Blackstone began assembling the Horizon portfolio in 2020. The platform was officially launched in January 2022. Horizon's network now spans 61 million square feet across 46 assets in 10 cities, with roughly 30 million square feet operational. The group also holds a land bank of 2,300 acres.

During the quarter, Horizon completed 900,000 square feet across four buildings. The company targets delivering 6 million square feet in the year ending March 2027, up from 5.2 million the previous year. Its leasing aim for the same period is 6.5 million square feet, compared with 5.1 million in fiscal 2026.

Leasing Activity and Market Context

Horizon recorded 1.9 million square feet of leasing, including letters of intent, and added nine customers during the quarter. Industrial occupiers accounted for the bulk of this activity, with named clients including Apollo Tyres and auto parts maker Rane. The developer relet 300,000 square feet at rents 12 percent above previous levels.

Annualised contracted revenue stood at INR 9.7 billion at the end of June, covering 29.3 million square feet of contracted space. This includes 2.4 million square feet of pre-leases.

Broader market research supports the sector's momentum. According to CBRE, engineering and manufacturing companies accounted for 26 percent of India’s industrial and logistics absorption in the first half of 2026. Delhi-NCR, Chennai and Bengaluru together accounted for 60 percent of leasing. Separate Colliers research recorded 22 million square feet of Grade A industrial and warehousing leasing across India’s eight leading cities in the first half, a 12 percent annual increase.