Horizon Industrial Parks swings to ₹13.9 Cr consolidated profit in Q2 FY27 as revenue climbs 30% YoY

Horizon Industrial Parks' consolidated results swung to a profit of ₹13.93 Cr for Q2 FY27 (quarter ended September 30, 2026), against a loss of ₹76.05 Cr in the year-ago quarter and a loss of ₹11.63 Cr in Q1 FY27 — the YoY swing is the primary story; QoQ revenue growth was a more modest 7.2%, so this isn't a step-change in run-rate, just a continuation of the cost-side improvement already visible last quarter. Revenue from operations rose 29.9% YoY to ₹214.99 Cr, in line with the company's own disclosed 30% figure. Profit attributable to owners of the parent was ₹15.34 Cr, with non-controlling interests posting a ₹1.40 Cr loss. No consensus estimates could be found for this print — Horizon listed on NSE/BSE only on August 24, 2026 and currently has no visible analyst coverage, so vs-street is unknown. On a standalone basis the company reported PAT of ₹77.32 Cr (EPS ₹0.29), nearly 6x the consolidated figure, but this is a holding-company number dominated by ₹72.01 Cr of other/investment income against just ₹49.69 Cr of operating revenue — it reflects intercompany interest/dividend flows rather than the operating business and should not be read alongside the consolidated turnaround. The turnaround sits on two lines: revenue growth and finance costs. EBITDA (revenue less operating, employee and other expenses) came in at ₹173.5 Cr, up 34% YoY, with margin expanding to 80.7% from 78.4% a year ago and roughly flat sequentially (80.3% in Q1) — this matches the company's own disclosure of ₹1,735 million EBITDA at an 81% margin. Below the operating line, finance costs fell to ₹115.5 Cr from ₹148.1 Cr YoY even as depreciation rose (₹85.2 Cr vs ₹64.8 Cr, reflecting a larger completed asset base) — the finance-cost drop is the direct result of post-IPO deleveraging: of the ₹2,600 Cr raised in the August IPO, ₹2,250 Cr was used to prepay borrowings at wholly-owned subsidiaries, taking net debt to ₹2,765.1 Cr (15% net debt/EV). No exceptional item is separately disclosed in either statement, so the swing to profit is structural rather than one-off; tax for the quarter was a net benefit of ₹2.73 Cr (deferred tax credit) rather than a charge. Against the guidance management laid out on the Q1 FY27 call — 6.5 M sq ft of leasing (30% growth) and 35 M sq ft of operational area for FY27, with debt cost to fall 40-50 bps post-deleveraging — the quarter is running ahead of pace: H1 leasing of 4.4 M sq ft is already 68% of the full-year target, and H1 development completions of 2.7 M sq ft are 45% of the 6 M sq ft FY27 target, consistent with the confident, optimistic tone management struck last quarter. CEO Urvish Rambhia's press-release framing — "record performance in Q2 leasing 2.5 million square feet" and a customer base now at "130 unique customers" — is borne out by the leasing and EBITDA numbers, though his remarks are operational and don't directly address the net-debt or profit swing. Two governance items surfaced this quarter but don't touch the P&L: Deutsche Bank disclosed an encumbrance on promoter shares (September 30), which the promoters clarified was not a direct pledge, and the company's CIN changed to reflect its new listed-entity status following the IPO. Watch items into Q3: whether leasing momentum holds toward the 6.5 M sq ft FY27 target, the net-debt/finance-cost trajectory as the remaining ₹2,765.1 Cr is serviced, and delivery of the first multi-storey in-city asset guided for Q4.