Safecure Services Ltd. Share Price

Horizon Industrial Parks

• Horizon Industrial Parks is coming out with a 100% book building; initial public offering (IPO) of 45,62,24,695 shares of face value Rs 10 each in a price band Rs 57 - 60 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on August 17, 2026 and will close on August 19, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 5.70 times of its face value on the lower side and 6.00 times on the higher side.
• Book running lead managers to the issue are JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM.
• Compliance officer for the issue is Shraddha Poddar. 

Profile of the company

Horizon Industrial Parks is India’s largest industrial and logistics infrastructure developer, owner and operator. It offers its clients Grade A quality fulfillment centers (warehouses), industrial facilities, and in-city centers across the country’s major industrial and consumption hubs. Its comprehensive business ecosystem provides a holistic end-to-end solution that enables its customers to operate seamlessly and reduce time-to-market. Its solutions include, among others, built-to-suit facilities, fully fitted plug-and-play facilities, cold storage, energy solutions, on-site staff accommodation, racking and material handling equipment (MHEs), all designed to support efficient operations.

Its network of assets is spread across 10 major industrial and consumption hubs in India, including Delhi National Capital Region (Delhi-NCR), Mumbai (Maharashtra), Bangalore (Karnataka), Chennai (Tamil Nadu), Pune (Maharashtra), Hyderabad (Telangana), Ahmedabad (Gujarat) and Nagpur (Maharashtra). The company has built this network through strategic acquisitions, greenfield developments that have transformed barren landscapes into thriving commercial hubs and targeted strategic redevelopments.

Proceed is being used for: 

• Repayment and/or prepayment, in part or full, of certain borrowings availed by: (a) the Company; and (b) certain wholly owned subsidiaries of the company through investments in such subsidiaries
• General corporate purposes

Industry overview

Indian warehousing and industrial sector is witnessing an evolution from Grade B & C to Grade A spaces as demand is now shifting towards high-quality facilities with better specifications. Grade A warehouses are primarily being developed by institutional investors as well as key regional developers who possess the capital and expertise to implement global standards and premium construction technologies. Institutional investors and developers are now developing integrated industrial and logistics spaces, creating comprehensive supply chain solutions for modern businesses which require flexible storage requirements and operational needs that prioritize optimization and premium specifications. Grade B and C warehouses have been developed through local developers, high-net individuals (HNIs), and regional players who focus on cost effective solutions catering to cost-conscious occupiers requiring less stringent storage conditions. Around 80% of the total warehousing stock in India is concentrated in the top 8 tier 1 cities67 of the country.

India’s warehousing and industrial sector demonstrates robust expansion, with combined Grade A and B stock reaching 531.6 million square feet (msf) as of CY25, having expanded at a 15.6% CAGR between CY20-CY25. It has further grown to 548.9 msf in Q1 CY26. The market trajectory indicates continued acceleration, with projections showing a 18.4% CAGR from CY25 to CY30, potentially crossing 1.2 bn sf by CY30. Driven by the need for high-quality and modern warehousing solutions, companies have brought in the need for best–in–class supply chain solutions in India. With shifting occupier preference for Grade A spaces, the stock of Grade A has increased from 112.5 msf (43.8%) in CY20 to 305.1 msf in CY25, contributing 57.4% of the total stock. It is further expected to increase substantially to 76.2% of total stock by CY30. Grade A stock is projected to expand at a 25.3% CAGR from CY25 to CY30, significantly outpacing Grade B facilities, which are expected to grow at a CAGR of 5.4% during the same period.

Integrated logistics and industrial parks represent a major infrastructure advancement that solves challenges faced in conventional setups. These facilities enhance efficiency, reduce costs, and support sustainable growth by addressing cost-effectiveness, time management, coordination, customization, operational efficiency, sustainability, and scalability. The integrated approach creates a dynamic ecosystem that streamlines tenant operations while enabling service providers to innovate, resulting in a mutually beneficial environment that drives industry progress and meet India’s growing demand for specialized storage and logistics.

Pros and strengths 

Largest player with premium-quality offerings, strategically located across prime markets: The company is the market leader in providing industrial and logistics solutions, with a Total Network of 58.58 msf spread across 45 assets. The company is geographically well-diversified across India’s top 10 markets, spanning key consumption and industrial hubs of India including Delhi National Capital Region (Delhi-NCR), Mumbai (Maharashtra), Bangalore (Karnataka), Chennai (Tamil Nadu), Pune (Maharashtra), Hyderabad (Telangana), Ahmedabad (Gujarat) and Nagpur (Maharashtra). These 10 markets represent around 9% of India’s total population, contributing around 21% of India’s GDP and their average per-capita income is approximately three times higher than the national average. Its pan-India network enables it to offer a multi-location network solution, allowing it to deepen customer relationships and drive repeat business. It has a demonstrated track record of customers choosing to expand with it across multiple locations.

Strong customer relationship: Its customer-centric approach has enabled it to create customer relationships with more than 100 companies. As of May 31, 2026, it has a well-diversified pool of 118 customers spread across both consumption (e-commerce, q-commerce, third-party logistics, FMCG, retail) and manufacturing (auto-ancillary, renewables, packaging and other manufacturing) segments. As of May 31, 2026, 54.05% of committed Operational Network was contracted to Fortune 500 companies, which reflects the confidence that these global companies place in its capabilities and highlights the quality of its customer base. Its teams are mapped with customer teams across key organizational functions, including project design, execution, operations, finance, and business development-to ensure seamless collaboration and faster delivery of solutions. Its strategic presence enables customers to expand relationships across multiple locations. These customer relationships have resulted in a growing share of repeat business, with 40.65% of its incremental area contracted since Fiscal 2024 being signed through repeated engagements.

Proven engineering and technical capabilities enabling execution of complex industrial projects: The company possesses engineering and technical capabilities that enable it to execute complex industrial projects while maintaining cost discipline. Its assets are built to Grade A+ specifications, incorporating advanced design standards such as FM2-compliant flooring, high floor load capacities, wide column spans and modern fire protection systems. These specifications are not only tailored to meet the operational demands of its customers but also improve safety and productivity while reducing long-term maintenance costs. By partnering with the company, customers can reduce their upfront capital expenditure and accelerate their time-to-market. Additionally, they benefit from decoupling their projects from the complexities of land acquisition and building-related approvals, which will enable them to focus on their core operations. It also assists its customers in obtaining the requisite governmental and regulatory approvals.

Proven track record of active asset management: It strives to enhance the operational performance of its assets through targeted asset enhancement initiatives, such as upgradation, rebranding and other measures to optimize the use of available space. Its philosophy is centered on proactive engagement, continuous improvement and tenant centricity. Its active asset management approach has enabled it to reposition assets across locations, resulting in high marginal revenue growth. It upgrades these assets with enhanced infrastructure such as ample parking, EV charging stations, power backup systems, STPs and dedicated facility management offices. It also improves amenities by adding sports arenas, gymnasiums, landscaped open areas and ponds. These enhancements are intended to improve the overall customer experience and contribute to increased revenue potential. 

Risks and concerns

Reliance on top 10 customers for a significant portion of revenue: Its revenues are significantly dependent on its top 10 customers (identified based on their proforma revenue contribution in Fiscal 2026). These customers accounted for 42.60%, 43.12% and 54.04% of its proforma revenue from operations in Fiscals 2026, 2025 and 2024, respectively. It aims to diversify its customer mix in the future; it currently depends on its top 10 customers for a substantial portion of its revenue from operations. There is no assurance that its top 10 customers will continue to lease from its on terms consistent with historical levels, or at all. If any of its top 10 customers were to discontinue or terminate their relationships with it, its business, results of operations, financial condition and prospects could be adversely affected.

Revenue concentration in Delhi-NCR, Chennai, Bangalore and Pune: A significant portion of its revenue is derived from its assets situated in the cities of Delhi-NCR, Chennai, Bangalore and Pune, which collectively contributed 79.00%, 79.79% and 87.67% of its proforma revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Adverse conditions in these cities, including but not limited to natural disasters; labour shortages or strikes; transport or logistics disruptions; and power outages, could materially disrupt its and its customers’ operations, impair its ability to develop, lease, and operate assets. Any adverse developments affecting the locations of its assets in these cities could have an adverse effect on its business, results of operations, financial condition and prospects.

Failure to attract or retain customers could adversely affect business: Its success depends on its ability to attract and retain customers. As of May 31, 2026, it served a customer base of over 118 customers, across key sectors of the Indian economy, including ecommerce, retail, fast-moving consumer goods (FMCG), renewable energy, auto-ancillary and manufacturing. Its success depends on its ability to retain and strengthen its existing customer relationships, at the same time attracting new, high-quality customers with whom it can build lasting relationships and engagements. Further, any adverse developments affecting its customers could impact their ability to make timely payment to it, require them to reduce usage of its services or cause them to default on their contractual obligations, any of which could adversely affect its business, results of operations, financial condition and prospects.

Competition may adversely affect customer acquisition, retention and profitability: The company competes with other owners and operators of logistics, warehousing and industrial facilities (including its customers or potential customers who may choose to utilize their own facilities), some of which operate properties similar to its in similar geographic locations. Competition could make it difficult to gain new customers and expand its business with existing customers, thereby adversely affecting its Operational Network or Committed Occupancy. Its customers or potential customers may choose to develop new facilities, expand their existing facilities or upgrade their equipment. As newer facilities and equipment come onto the market, it may lose existing or potential customers, and it may be pressured to reduce its rent and other fees below what it currently charges to retain customers. If it loses one or more of its existing customers, it cannot assure that it would be able to replace such customers in a timely manner, on equally favourable terms or at all. It may also compete with other logistics facility providers that are able to offer more attractive services or rates. Such competition may affect profitability and growth of its integrated solutions services.

Outlook

Horizon Industrial Parks is principally engaged in the business of developing, operating and maintaining industrial and warehousing parks in India. It offers its clients Grade A quality fulfillment centers (warehouses), industrial facilities, and in-city centers across the country’s major industrial and consumption hubs. Its comprehensive business ecosystem provides a holistic end-to-end solution that enables its customers to operate seamlessly and reduce time-to-market. On the concern side, its Development Network of 30.03 msf (which constituted 51.26% of its Total Network) included 7.22 msf of Near Term Deliveries (24.04% of Development Network) and 22.81 msf of Planned Projects (75.96% of Development Network) as of May 31, 2026, is subject to various risks and uncertainties, including construction delays and increasing construction costs, which could lead to time and cost overruns, and adversely affect its business, financial condition, operations and cash flows.

The issue has been offering 45,62,24,695 shares in a price band of Rs 57-60 per equity share. The aggregate size of the offer is around Rs 2,600.48 crore to Rs 2,737.35 crore based on lower and upper price band respectively. Minimum application is to be made for 250 shares and in multiples thereon, thereafter. On performance front, its total income increased by 74.77% to Rs 7,678.42 million in Fiscal 2026 from Rs 4,393.48 million in Fiscal 2025. Its restated loss for the year increased to Rs 2,036.49 million in Fiscal 2026 from Rs 1,787.81 million in Fiscal 2025.

Meanwhile, it plans to continue expanding its platform through a combination of greenfield developments and brownfield acquisitions. Its land acquisition strategy includes acquiring large contiguous land parcels typically ranging from 50 to 100 acres within 1- 2 hour driving distance from city centers in Tier I locations. It plans to develop integrated industrial and logistics parks featuring both plug-and-play and built-to-suit offerings. It also pursues opportunistic acquisitions in Tier II markets. For in-city centers, it typically targets three-to-six-acres land parcels suited for last-mile warehousing and urban industrial development. It looks to leverage its strategic partnerships with both private partners and government bodies to expand its network.

The Sales for the quarter ended June 2026 of Rs. 39.62 million declined by -76.56% from Rs. 169.01 millions.The Company to register a -70.66%  fall in the net profit for the quarter ended June 2026.The Operating Profit of the company witnessed a decrease to 8.59 millions from 19.04 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	39.62	169.01	-76.56	39.62	169.01	-76.56	745.80	688.54	8.32
Other Income	1.26	1.40	-10.00	1.26	1.40	-10.00	5.37	3.88	38.40
PBIDT	8.59	19.04	-54.88	8.59	19.04	-54.88	71.55	80.73	-11.37
Interest	0.57	0.31	83.87	0.57	0.31	83.87	3.59	1.81	98.34
PBDT	8.02	18.73	-57.18	8.02	18.73	-57.18	67.96	78.92	-13.89
Depreciation	2.95	1.76	67.61	2.95	1.76	67.61	10.29	6.71	53.35
PBT	5.07	16.97	-70.12	5.07	16.97	-70.12	57.67	72.21	-20.14
TAX	1.27	4.02	-68.41	1.27	4.02	-68.41	15.21	18.35	-17.11
Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.72	-0.09	-900.00
PAT	3.80	12.95	-70.66	3.80	12.95	-70.66	42.46	53.86	-21.17
Equity	110.81	110.81	0.00	110.81	110.81	0.00	110.81	110.81	0.00
PBIDTM(%)	21.68	11.27	92.45	21.68	11.27	92.45	9.59	11.72	-18.18

The revenue zoomed 15.71% to Rs. 9.50 millions for the quarter ended June 2026 as compared to Rs. 8.21 millions during the corresponding quarter last year.The Company's Net profit for the June 2026 quarter have declined marginally to Rs. 0.58  millions as against Rs. 0.74 millions reported during the corresponding quarter ended.The company reported a degrowth in operating Profit to 1.01 millions from 1.19 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	9.50	8.21	15.71	9.50	8.21	15.71	35.14	36.45	-3.59
Other Income	0.02	0.00	0.00	0.02	0.00	0.00	0.21	0.54	-61.11
PBIDT	1.01	1.19	-15.13	1.01	1.19	-15.13	3.79	4.28	-11.45
Interest	0.17	0.18	-5.56	0.17	0.18	-5.56	0.67	0.91	-26.37
PBDT	0.84	1.01	-16.83	0.84	1.01	-16.83	3.12	3.37	-7.42
Depreciation	0.05	0.02	150.00	0.05	0.02	150.00	0.16	0.16	0.00
PBT	0.79	0.99	-20.20	0.79	0.99	-20.20	2.96	3.21	-7.79
TAX	0.21	0.25	-16.00	0.21	0.25	-16.00	0.73	0.37	97.30
Deferred Tax	-0.15	0.17	-188.24	-0.15	0.17	-188.24	-0.24	-0.11	118.18
PAT	0.58	0.74	-21.62	0.58	0.74	-21.62	2.23	2.84	-21.48
Equity	51.41	51.41	0.00	51.41	51.41	0.00	51.41	51.41	0.00
PBIDTM(%)	10.63	14.49	-26.65	10.63	14.49	-26.65	10.79	11.74	-8.15

The company witnessed a 18.29% growth in the revenue at Rs. 2637.86 millions for the quarter ended June 2026 as compared to Rs. 2230.04 millions during the year-ago period.The Net Loss for the quarter ended June 2026 is Rs. -67.05 millions as compared to Net Profit of Rs. 126.93 millions of corresponding quarter ended June 2025Operating profit Margin for the quarter ended June 2026 slipped to -59.79% as compared to 175.04% of corresponding quarter ended June 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	2637.86	2230.04	18.29	2637.86	2230.04	18.29	9793.98	8930.03	9.67
Other Income	34.80	11.92	191.95	34.80	11.92	191.95	58.33	28.15	107.21
PBIDT	-59.79	175.04	-134.16	-59.79	175.04	-134.16	622.12	532.15	16.91
Interest	34.05	28.52	19.39	34.05	28.52	19.39	131.31	101.81	28.98
PBDT	-93.84	146.52	-164.05	-93.84	146.52	-164.05	490.81	430.34	14.05
Depreciation	4.73	4.98	-5.02	4.73	4.98	-5.02	21.17	24.37	-13.13
PBT	-98.57	141.54	-169.64	-98.57	141.54	-169.64	469.64	405.97	15.68
TAX	-31.52	14.61	-315.74	-31.52	14.61	-315.74	94.03	98.94	-4.96
Deferred Tax	-31.52	-1.84	1613.04	-31.52	-1.84	1613.04	-5.68	5.67	-200.18
PAT	-67.05	126.93	-152.82	-67.05	126.93	-152.82	375.61	307.03	22.34
Equity	238.13	189.00	25.99	238.13	189.00	25.99	238.13	189.00	25.99
PBIDTM(%)	-2.27	7.85	-128.88	-2.27	7.85	-128.88	6.35	5.96	6.59