There is an intriguing analogy between the gravitational dynamics of the horizons and thermodynamics. In case of general relativity as well as for a wider class of Lanczos-Lovelock theories of gravity, it is possible to interpret the field equations near any spherically symmetric horizon as a thermodynamic identity T d S = d E + P d V. We study this approach further and generalize the results to two more generic cases: stationary axis-symmetric horizons and time dependent evolving horizons within the context of general relativity. In both the cases, the near horizon structure of Einstein equations can be expressed as a thermodynamic identity under the virtual displacement of the horizon. This result demonstrates the fact that the thermodynamic interpretation of gravitational dynamics is not restricted to spherically symmetric or static horizons but is quite generic in nature and indicates a deeper connection between gravity and thermodynamics. © 2007 Elsevier B.V. All rights reserved.