Hazoor Multi Projects Ltd (HAZOOR)
🎯 Key Takeaways
- Hazoor Multi Projects Ltd is undergoing a strategic restructuring following the partial demerger of its subsidiary Square Port Shipyard, which has significantly diluted promoter and institutional ownership. The company's financial performance shows volatility, with recent quarters alternating between strong profitability and losses, indicating operational instability.
- Revenue declined 24.5% QoQ to ₹120 in Q1FY27.
- ⚠️ 1) Overreliance on project-based revenue in infrastructure development exposes the company to execution delays and margin volatility. 2) The sharp dec
- Market Cap
- ₹548
- P/E Ratio
- 17.1
- P/B Ratio
- 0.88
- ROE
- 4.7%
- ROCE
- 8.4%
- Debt/Equity
- 0.73
- Promoter
- 13.7%
📖 The Story
Hazoor Multi Projects Ltd is undergoing a strategic restructuring following the partial demerger of its subsidiary Square Port Shipyard, which has significantly diluted promoter and institutional ownership. The company's financial performance shows volatility, with recent quarters alternating between strong profitability and losses, indicating operational instability. It remains in a transitional phase, focused on refining its portfolio and capital structure amid sector-specific headwinds.
📰 What's Happening
In August 2026, the company approved a preferential allotment of 118,800 shares in its subsidiary Square Port Shipyard to Master Financial Services at a premium of Rs 2,166 per share, reducing its effective stake from 96.33% to 53.76% while retaining control. This move reflects a deliberate capital restructuring aimed at unlocking value in the subsidiary. Prior to this, promoter holding had already been declining gradually, with promoter stake falling from 16.92% in Q3FY26 to 13.7% by Q1FY27, while FII ownership rose from 20.51% to 26.44% over the same period, suggesting growing institutional confidence despite promoter dilution.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 180 | 102 | 139 | 158 | 120 |
| Operating Profit | 25 | -5 | 28 | 46 | 10 |
| OPM % | 13.6% | -5.2% | 20.0% | 28.8% | 8.5% |
| Net Profit | 14 | -10 | 6 | 32 | 1 |
| EPS | ₹0.61 | ₹-0.44 | ₹0.22 | ₹1.32 | ₹0.01 |
The company's financial trajectory is inconsistent, with revenue peaking at ₹180 crore in June 2025 before declining to ₹102 crore in September 2025, followed by a partial recovery to ₹158 crore in March 2026. Operating performance mirrored this volatility, swinging from a loss of ₹10 crore and negative margins in September 2025 to strong profitability in March 2026 with ₹46 crore operating profit and 28.8% margins. Net profit dropped sharply to ₹1 crore in June 2026 from ₹32 crore in March 2026, indicating sensitivity to project execution and timing of revenue recognition.
🔮 Management Outlook & What's Next
Management has not provided forward guidance in the latest filing, but prior commentary suggests a focus on strategic realignment and capital efficiency following the subsidiary restructuring. The demerger and partial stake sale in Square Port Shipyard appear to be part of a broader effort to streamline operations and potentially unlock value, though no explicit revenue or margin targets were disclosed in the latest board meeting summary.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 22 | 20 | 29 | 23 |
| Reserves | 435 | 365 | 595 | 458 |
| Borrowings | 195 | 139 | 455 | 381 |
| Total Liabilities | 1,206 | 879 | 1,687 | 1,306 |
| Fixed Assets | 195 | 121 | 122 | 126 |
| Investments | 13 | 6 | 9 | 9 |
| Total Assets | 1,206 | 879 | 1,687 | 1,306 |
The balance sheet shows a significant increase in total assets from ₹1,206 crore in March 2025 to ₹1,687 crore in March 2026, driven by growth in reserves and borrowings. However, equity remains relatively flat at ₹29 crore in March 2026 from ₹23 crore in March 2026, while borrowings rose to ₹455 crore from ₹381 crore, indicating increased leverage to fund asset expansion. This suggests aggressive reinvestment or project funding, though asset quality and capital efficiency remain concerns given the volatile operating performance.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -145 |
| Investing | -105 |
| Financing | +188 |
| Net Cash Flow | -62 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 15.7% | 16.9% | 14.6% | 13.7% |
| FII | 20.5% | 22.1% | 24.3% | 26.4% |
| DII | 0.0% | 0.0% | 0.1% | 0.0% |
| Public | 37.0% | 35.9% | 36.4% | 34.6% |
| # Shareholders | 30,973 | 30,782 | 30,539 | 29,870 |
Shareholding patterns show a clear shift in investor composition, with promoter stake declining steadily from 16.92% in Q3FY26 to 13.7% in Q1FY27, while FII ownership increased from 20.51% to 26.44% over the same period. DII holdings remain negligible, and public shareholder count has slightly decreased. This suggests growing institutional interest, possibly driven by the subsidiary restructuring and potential for focused management, though promoter reduction may signal reduced control or strategic divestment.
⚖️ Peer Comparison — Infrastructure Developers & Operators
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Overreliance on project-based revenue in infrastructure development exposes the company to execution delays and margin volatility. 2) The sharp decline in ROE to 6.4% and inconsistent profitability raise concerns about capital efficiency. 3) Rising borrowings alongside asset growth without commensurate equity growth increases financial risk. 4) Volatility in subsidiary stake value due to market sentiment and lack of transparent valuation frameworks for private placements.
📋 Recent Filings
- 🟡 voting results2026-09-30Hazoor Multi Projects Limited reported voting results from its 34th Annual General Meeting held on September 28, 2026, where all six proposed resoluti…
- 🟡 Board Meeting2026-09-30Hazoor Multi Projects Limited announced shareholder approval at its 34th AGM on 28 September 2026 for the re-appointment of Ms. Madhuri Purshottam Boh…
- 🔴 Announcement2026-09-30Hazoor Multi Projects Limited announced the resignation of CFO Samir Mahendra Desai effective September 30, 2026, as required under SEBI's LODR Regula…
- 🔴 Announcement2026-09-30Hazoor Multi Projects Limited disclosed updated contact details for its new Key Managerial Personnel following the resignation of its CFO, providing t…
- 🟡 Board Meeting2026-09-28Hazoor Multi Projects held its 34th AGM on September 28, 2026 via video conference, approving financial statements, appointing directors, ratifying au…
- Announcement2026-09-24Hazoor Multi Projects Limited announced that its insider trading window will close on October 1, 2026, following the release of unaudited quarterly re…
- 🔴 Announcement2026-09-18Hazoor Multi Projects Limited announced it received a work order from Emerald Haven Life Spaces 3 Private Limited for RCC core and shell works at the …
- 🔴 Announcement2026-09-08Hazoor Multi Projects Limited announced it received a Letter of Award from NHAI for collecting user fees and maintaining facilities at a Tamil Nadu hi…
- 🟡 Board Meeting2026-09-04Hazoor Multi Projects Ltd announced its 34th Annual General Meeting scheduled for Monday, 28 September 2026 at 01:00 P.M. IST via Video Conferencing. …
- 🔴 annual report2026-09-04
🧠 Analyst's Read
Hazoor Multi Projects is navigating a complex transition marked by structural changes in ownership and project execution risks. While institutional interest is growing, the company's financial performance remains uneven, and its long-term trajectory hinges on the successful management of its subsidiary portfolio and restoration of consistent profitability.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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