Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹15,000
HNI (Min Lot)
sNII / High Net-Worth Tier
₹210,000
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
44.91%
Market Maker
0%
QIB
29.94%
NII / HNI
14.97%
Retail
9.98%
Institutional Corporate Dossier
Horizon Industrial Parks
COMPANY PROFILE & DNA
Incorporation / Founded
22-09-09
Active Vintage
Corporate Headquarters
Mumbai, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
BREP ASIA II EIP HOLDING (NQ) PTE. LTD., BREP ASIA II INDIAN HOLDING CO VI (NQ) PTE. LTD. AND BREP ASIA III INDIA HOLDING CO III PTE. LTD.
⚙️ Business Overview & Portfolio
Core Offerings
Developing, operating and maintaining industrial and warehousing parks in India
🎯 Target Market & End-Use
Revenue Drivers
Used as fulfillment centers, warehouses, and industrial facilities
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Largest player with premium-quality offerings strategically located across prime markets with a fully integrated platform
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Repayment and/or prepayment, in part or full, of certain borrowings availed by our Company and Identified Subsidiaries
₹2,250.00
Allocation
🎯 Objective 02
General Corporate Purposes
Balance
Allocation
🎯 Objective 03
Not Mentioned
Not Mentioned
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | 691.38 | 390.29 | 228.86 | |
| EBITDA | 341.70 | 172.08 | 48.49 | |
| Profit After Tax (PAT) | 203.65 | 178.78 | 162.21 | |
| Net Worth | 4676.16 | 122.00 | 266.95 | |
| Total Borrowing | 688.43 | 700.91 | 368.82 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
390.29
₹ Cr
YoY Growth
70.54%
3-Year CAGR
Not Mentioned
172.08
₹ Cr
YoY Growth
254.88%
3-Year CAGR
Not Mentioned
178.78
₹ Cr
YoY Growth
10.22%
3-Year CAGR
Not Mentioned
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | -146.54% | -60.76% | Not Mentioned | Negative |
| ROCE (Capital Employed)ROCE | 20.91% | 7.63% | Not Mentioned | Positive |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
1.37
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 5.75 | -0.57 | Medium |
| EPS (₹) | -0.62 | -0.71 | Diluting |
| ROE (%) | -146.54% | -6.57% | Bad |
| ROCE (%) | 20.91% | 5.05% | Bad |
| P/E (Valuation) | -96.75 | -84.94 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY23
FY24
FY25
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 50.38 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Horizon Industrial Parks Limited IPO CANDIDATE | 390.29 | -84.94 (Ask) | 20.91% | -6.57% (Post Issue) | 44.09% |
| Not Applicable | 0 | Not Applicable | Not Applicable | Not Applicable | 0.00% |
| Not Applicable | 0 | Not Applicable | Not Applicable | Not Applicable | 0.00% |
| Not Applicable | 0 | Not Applicable | Not Applicable | Not Applicable | 0.00% |
| Not Applicable | 0 | Not Applicable | Not Applicable | Not Applicable | 0.00% |
| Not Applicable | 0 | Not Applicable | Not Applicable | Not Applicable | 0.00% |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Largest industrial and logistics infrastructure developer in India
- High committed occupancy rate of eighty nine point eighty eight percent
- Portfolio of high-quality premium Grade A warehouses
- Strategic locations across key consumption and industrial hubs
Weaknesses
Internal Operational Constraints
- Consistent net losses over the past three fiscal years
- Highly capital intensive business requiring continuous funding
- High debt burden with finance costs eating up total income
- Negative Return on Net Worth and low asset turnover
Opportunities
External Growth Tailwinds
- Rapid growth in e-commerce and quick commerce in India
- Increasing corporate demand for modern premium warehouse facilities
- Inorganic expansion through strategic land acquisitions
- Rising manufacturing sector activity supported by government policies
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from domestic and international developers
- Fluctuations in interest rates affecting debt financing costs
- Delays in obtaining regulatory and land use approvals
- Macroeconomic slowdown impacting warehouse space lease demand
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
60
Moat score of 8/10 based on a base of 5, adding +1 for high entry barriers in prime in-city land, +1 for clear market leadership as India's largest pure-play developer, +1 for consistent EBITDA margin expansion, and +1 for high B2B client stickiness with 40.65% repeat engagements, offset by -1 for a fragmented broader warehousing industry.
44.91
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-