Strong operational momentum masks near-term P&L loss; 4-pronged strategy quantified

Delivered ₹200.5 Cr; YoY growth unverifiable (no prior year)

OPM 80.3% delivered; EBITDA figure unverifiable without full P&L detail

Delivered -₹11.6 Cr; depreciation at ₹75 Cr shields operating profit but creates book loss

Management estimate after add-backs; not a reported number, unverifiable

Forward pipeline, not reported revenue; claims 6.5M sq ft × escalations to derive this

4-pronged growth framework laid out for first time (contractual rent escalations, big park doubling, in-city network, value-add services). Quantified FY27 targets: 6.5M sq ft, 35M sq ft operational.

Debt reduced from ₹3.9B to ₹2.5B using IPO proceeds. Debt cost expected to fall 40-50 bps. Proforma net cash PAT ₹116 Cr vs loss ₹11.6 Cr.

12-15% re-leasing spreads vs 5% contractual escalations. Market rent growth outpacing contractual inflation.

17 in-city assets under development; rentals 2-3x big-format parks. 6M sq ft target over 3 years. New growth engine, not in prior growth model.

4-pronged: (1) 5% annual contractual escalations, (2) large park expansion (double capacity over 4-5 years, 25M sq ft land available), (3) in-city (6M sq ft over 3 years, 2-3x rentals), (4) value-add services (solar, housing, skill centers, 5-10% of revenue in 4-5 years).

Proforma net debt ₹2.5B (~12.5% of EV). Capex ₹1.5B over 3 years. Debt cost 8.2% today; expect 40-50 bps reduction post-leveraging. P&L depreciation ₹75 Cr annually post-new assets; ₹115 Cr proforma cash PAT this quarter.

300k sq ft expired Q1 (re-leased at 12% spread). 1.4M sq ft FY27, 2.2M sq ft FY28. Portfolio churn: 13% comes up over 21 months, tracked closely. Typically 70-75% pre-leased before handover; balance stock-in-trade.

Can't comment; Blackstone will answer. Fund hold <5 years typically, but India market early-stage for them. Raised ₹4.25B with Blackstone, no dilution in IPO.

Published 15% re-leasing spreads (vs 5% escalations). Market ahead of inflation. Institutional capital welcome; still fragmented (Grade A only ~500M sq ft vs Chicago's 1B sq ft). Market will consolidate; Horizon well-positioned.

Loss due to non-cash depreciation (₹75 Cr) and interest (₹3 Cr). Proforma cash PAT ₹116 Cr. P&L will turn black Q2/Q3 onwards. Guidance is Q2/Q3 profit, not all-year.

Value-add driven by industrial customers' requirements. Rooftop solar: 38 MW operational, 17-18 MW ramp-up. Worker housing, hospitality, skill centers. Rentals 15-20% above standard bare-bone warehouses. Will scale to 5-10% of revenues in 4-5 years.

Q2/Q3 onwards. Proforma cash basis: P&L already profitable at ₹116 Cr. On reported basis: depreciation will moderate as asset base stabilizes. Q2/Q3 will show material accruals emerging; interest savings from debt paydown will also help.

Land bank and pre-approvals in place. Contractual revenue run-rate ₹970 Cr as of June. Q1 leasing (1.9M sq ft) on pace.

Adds ~5.5M sq ft from pre-leased assets and in-city development. 2.4M sq ft under construction; stabilization within 9-12 months.

Large-format parks: 80-85% EBITDA margin. In-city rentals (2-3x premium) will enhance blended margin as they scale. Mgmt confident on expansion.

Funded from IPO proceeds and internal cash. Land already owned (2.3k acres). Approvals in place. Execution risk on in-city (13-asset Delhi HC case pending).

Delhi High Court case challenges tender for 13 in-city warehouses. If lost, assets could be de-risked or impaired. First Pune delivery expected 18-24 months; timeline at risk.

₹75 Cr annual depreciation (post-IPO capex) masks ₹116 Cr proforma cash profit. Reported P&L loss ₹11.6 Cr Q1. Management expects turnaround Q2/Q3 (unproven).

₹1.5B capex over 3 years to deliver 6.5M sq ft FY27, 35M sq ft by year-end, and in-city 6M sq ft. Land, approvals in place, but construction cost inflation and labor delays could compress margins.

120+ customers, but portfolio likely dominated by Amazon, Unilever, Schneider, Tata (large multinational MNCs and PLI manufacturers). Loss of top 3-5 customers could impact EBITDA.

Blackstone owns majority stake; fund hold <5 years. Exit could trigger selling pressure and dilute share price. Founder / management incentives post-exit unclear.