Horizon Industrial Parks swings to profit as interest costs fall
Revenue rose +7.20% QoQ and operating margin edged up 0.43 percentage points, but other income was 343.84% of pre-tax profit.
Filed 29 Oct 2026, 16:33 IST · after market close · Horizon Industrial Parks Ltd (HORIZONIND)
Key takeaways
- Consolidated net profit turned positive at Rs 13.93 cr in Q2FY27 from a Rs 11.63 cr loss in Q1FY27, helped by lower interest and a tax benefit.
- Revenue grew +7.20% QoQ while expenses rose +4.85%, lifting operating margin by 0.43 percentage points.
- Other income equalled 343.84% of pre-tax profit, making the Rs 13.93 cr net profit heavily dependent on non-operating items.
Price around the results
Profit returns to black on lower interest
Horizon Industrial Parks reported consolidated net profit of Rs 13.93 cr in Q2FY27, versus a Rs 11.63 cr loss in Q1FY27. Interest expense fell -12.02% QoQ to Rs 115.54 cr, partly offsetting an +11.38% increase in depreciation. The -Rs 2.73 cr tax charge also supported reported profit, with the tax rate at -24.38%.
Revenue growth outpaced costs
Revenue increased +7.20% QoQ, while expenses grew +4.85%, so operating profit rose +7.78% and operating margin improved by 0.43 percentage points. The margin reached 80.69%, but the improvement was modest despite the wider spread between revenue and expense growth. Other income of Rs 38.51 cr accounted for 343.84% of pre-tax profit, highlighting the limited quality of reported earnings.
Operating margin remains far above the sector median
Among 107 Consumer Discretionary peers that have reported, Horizon Industrial Parks' 80.69% operating margin was 67.95 percentage points above the sector median of 12.74%. The available quarterly trend shows a sequential margin improvement from 80.26% in Q1FY27, rather than a multi-quarter direction. No year-on-year comparison is available in this quarter's results.
After-close filing leaves market reaction unassessed
The company filed these consolidated results after market close on 29 October 2026. The immediate stock-market response is therefore not assessed in this update.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹215 cr | ₹201 cr | +7.20% |
| Other income | ₹39 cr | ₹40 cr | -3.70% |
| Expenses | ₹42 cr | ₹40 cr | +4.85% |
| Operating profit | ₹173 cr | ₹161 cr | +7.78% |
| Operating margin (%) | 80.69% | 80.26% | — |
| Interest | ₹116 cr | ₹131 cr | -12.02% |
| Depreciation | ₹85 cr | ₹77 cr | +11.38% |
| Profit before tax | ₹11 cr | ₹-7 cr | — |
| Tax | ₹-3 cr | ₹5 cr | — |
| Net profit | ₹14 cr | ₹-12 cr | — |
| EPS (₹) | ₹0.06 | ₹-0.04 | — |
Operating margin of 80.69% compares with a Consumer Discretionary sector median of 12.74% across 107 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 80.69% while expense growth remains below the prior quarter's +7.20% revenue growth.
- Whether interest expense remains below Rs 115.54 cr after falling -12.02% QoQ.
- How much of pre-tax profit is represented by other income, compared with 343.84% this quarter.