NSE: HAZOOR · BSE: 532467
HAZOOR MULTI PROJECTS LTD
Operates in residential and commercial real estate projects and holds infrastructure assets, with consolidated FY26 revenue largely generated by subsidiaries rather than the standalone entity, which recorded Rs 40.27 crore in standalone revenue. A key move during FY26 was the acquisition of toll rights worth Rs 3,123.90 crore. Through its subsidiary Square Port Shipyard Private Limited (SPSPL), it also runs a shipyard business; the Board withdrew a binding offer to acquire part of the EPC business of Gammon Engineers and Contractors Private Limited after deeming the target not viable. Materials are not a meaningful input cost at 0% of revenue; depreciation at 29.6% and other operating expenses at 35.8% dominate the cost mix, consistent with an asset-heavy realty and infrastructure model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential and commercial real estate projects, Toll road operations, Shipyard via Square Port Shipyard subsidiary. Asset-heavy realty and infrastructure with a shipyard subsidiary
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 545 | 638 | 580 |
| EBITDA (ex other income) | 84 | 88 | 259 |
| margin % | 15.3 | 13.9 | 44.7 |
| Owners' profit | 0 | 0 | 0 |
| EPS, as reported (₹) | 52.32 | 2.00 | 1.74 |
| ROE % · ROCE % | 27.0 · 23.1 | 8.7 · 11.4 | 6.8 · 10.1 |
| Debt / equity (x) | 0.47 | 0.43 | 0.73 |
| Cash from operations | (123) | (145) | 97 |
| Capex | 0 | (9) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70 | 153 | 165 | 249 | 180 | 102 | 139 | 158 |
| Profit before tax | 13 | 15 | 5 | 23 | 20 | (11) | 6 | 45 |
| Net profit | 9 | 11 | 3 | 17 | 14 | (10) | 6 | 32 |
| EPS (₹) | 5.06 | 5.66 | 0.14 | 0.84 | 0.61 | 0.44 | 0.22 | 1.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,254 | 86.4 | 13.06 | 70.6 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,463 | 215.8 | 54.37 | 143.6 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 995 | — | 26.87 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 947 | 26.4 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 681 | 12.2 | 4.99 | 11.5 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 680 | 32.7 | 4.78 | 26.3 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD ◆ | 426 | 5.7 | 0.68 | 3.2 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 332 | 16.9 | 1.25 | 21.0 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 17.4 | 11 of 61 | 83% |
| P/B | 0.7 | 1.1 | 25 of 70 | 65% |
| ROCE | 5.8 | 1.9 | 23 of 88 | 75% |
| ROE | 6.8 | 1.6 | 18 of 73 | 76% |
| Debt / Equity | 0.7 | 0.3 | 53 of 73 | 28% |
| EBITDA margin | 86.5 | 15.3 | 7 of 59 | 90% |
| Revenue growth | (36.5) | (11.0) | 37 of 64 | 43% |
| Profit growth | 92.9 | (48.8) | 14 of 79 | 83% |
| Market cap | 426 | 30 | 7 of 88 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Revised LOA from NHAI for toll collection in Karnataka, Rs 28.10 cr | business updates | high | — | — |
| 10 Oct 2026 · Hazoor Multi Projects bags two NHAI toll collection orders worth about Rs 77.59 cr | business updates | high | — | — |
| 9 Oct 2026 · New CFO and Company Secretary appointed at Hazoor Multi Projects | compliance | minimal | — | — |
| 9 Oct 2026 · CFO replaced, new Company Secretary appointed at Hazoor Multi Projects | management changes | high | — | — |
| 9 Oct 2026 · CFO resigns, new CFO and Company Secretary appointed | management changes | high | — | — |
| 9 Oct 2026 · Board appoints new CFO and Company Secretary, accepts CFO resignation | management changes | high | — | — |
| 7 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Sep 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · CFO resigns; updated list of Key Managerial Personnel filed with BSE | compliance | minimal | — | — |
| 30 Sept 2026 · CFO Mr. Samir Mahendra Desai resigns from Hazoor Multi Projects | management changes | high | — | — |
| 30 Sept 2026 · Board Re-appointments Approved at AGM | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.