submission of unaudited Financial Result for the quarter and half year ended 30th September 2025.
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Awaiting price reaction for this filing.
Hazoor Multi Projects posted mixed results for Q2 FY26 ended September 30, 2025. Standalone revenue from operations for Q2 was Rs 8,406.64 lakh, down sequentially from Rs 9,916.62 lakh in Q1, but up from Rs 7,648.27 lakh year-on-year. Standalone H1 FY26 revenue rose ~65.6% YoY to Rs 18,322.86 lakh, while H1 standalone PAT jumped to Rs 971.37 lakh from Rs 472.42 lakh (~105% growth). However, consolidated numbers told a weaker story: consolidated Q2 swung to a loss of Rs 993.53 lakh (versus Rs 1,378.90 lakh profit in Q1), and H1 consolidated PAT fell ~81% YoY to Rs 385.37 lakh. Operating cash flow for H1 was negative at Rs (1,474.62) lakh. The board also accepted the resignation of Executive Director Shruti Jigar Shah and reconstituted the Audit, Nomination & Remuneration, Stakeholder Relationship and Executive Committees. Statutory auditor VMRS & Co. issued an unqualified limited review report on both standalone and consolidated results; one new subsidiary (Vyom Hydrocarbon / Quippo Oil and Gas) was excluded from consolidation due to non-availability of financials.
While standalone profit and revenue grew strongly, the sharp consolidated Q2 loss, steep drop in interest coverage (negative on consolidated basis), and persistent negative operating cash flow are red flags that may weigh on the stock. Investors should also note rising consolidated debt-equity ratio (0.43 to 0.79) and the governance churn with an Executive Director resignation.