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Hazoor Multi Projects Ltd (532467)

📊 BSE: 532467 🏢 Residential, Commercial Projects 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Hazoor Multi's revenue was ₹120 Cr (-33.5% year on year, -24.3% on the previous quarter), and net profit ₹0.3 Cr (-97.9% year on year); the operating margin was 84.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹120	-33.5%	-24.3%
Operating profit	₹101	+288.8%	-20.4%
Net profit	₹0.3	-97.9%	-99.1%
EPS (₹)	0.01	-98.4%	-99.2%
Operating margin	84.5%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Hazoor Multi Projects Secures Rs 28.10 Cr NHAI Toll Collection Contract in Karnataka

🟢 POSITIVE ⭐ 5/10

OTHER 📅 12 Oct 2026, 03:27 PM

Hazoor Multi Projects has received a revised Letter of Award (LOA) dated October 9, 2026, from the National Highways Authority of India (NHAI). The contract is for user fee collection and toilet maintenance at the Gaddurur (Nangli) Fee Plaza on NH-75 in Karnataka. The order is valued at Rs 28.10 crore with an execution tenure of one year. This order represents approximately 5.4% of the company's TTM revenue of Rs 519 crore.

Received Letter of Award dated October 9, 2026, from NHAI
Contract value stands at Rs 28,10,20,800 (Rs 28.10 crore)
Execution timeline is set for a period of one year
Scope covers toll collection and maintenance of adjacent toilet blocks on NH-75 in Karnataka

💡 Track the commencement of toll collection operations and monitor quarterly cash flows to verify operating margin realization from this contract.

Hazoor Multi Projects Wins NHAI Toll Collection Orders Worth ₹77.60 Cr

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Oct 2026, 01:24 PM

Hazoor Multi Projects Limited has secured two Letters of Award from the National Highways Authority of India (NHAI) for user fee collection. The first order covers Kannoli and Harval Fee Plazas on NH-218 in Karnataka, valued at ₹49.49 crore. The second contract covers the Gaddurur (Nangli) Fee Plaza on NH-75 in Karnataka, valued at ₹28.10 crore. Both contracts have an execution tenure of one year, bringing the combined order value to ₹77.60 crore, which constitutes approximately 15% of the company's TTM revenue of ₹519 crore.

Received NHAI user fee collection contract worth ₹49,49,40,000 for Kannoli and Harval Fee Plazas
Received NHAI user fee collection contract worth ₹28,10,20,800 for Gaddurur (Nangli) Fee Plaza
Total combined order inflow from NHAI stands at ₹77.60 crore
Both contracts carry an execution timeline of 1 year

💡 Track the commencement of toll collection operations and monitor whether these short-term collection contracts support operating margins in upcoming quarterly results.

Hazoor Multi Projects Appoints Ajay Jain as CFO and Nikita Rajawat as CS & Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Oct 2026, 05:35 PM

Hazoor Multi Projects Limited announced key management changes following its Board meeting on October 09, 2026. The company accepted the resignation of CFO Samir Mahendra Desai (effective September 30, 2026) and appointed Ajay Jain, a Chartered Accountant with over 28 years of experience, as the new CFO. Additionally, Nikita Singh Rajawat was appointed as the Company Secretary and Compliance Officer effective October 09, 2026. These leadership updates come as the company manages a debt load of ₹305 Cr against an equity base of ₹560 Cr.

Appointment of Ajay Jain as Chief Financial Officer and KMP effective October 09, 2026
Ajay Jain brings over 28 years of experience in corporate finance, treasury, and taxation
Appointment of Nikita Singh Rajawat (ACS: 74608) as Company Secretary & Compliance Officer effective October 09, 2026
Cessation of former CFO Samir Mahendra Desai took effect on September 30, 2026

💡 Track the upcoming Q2 FY27 financial results to observe any improvements in balance sheet management and operational reporting under the new CFO.

Hazoor Multi Projects Appoints Ajay Jain as CFO and Nikita Rajawat as CS & Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Oct 2026, 05:27 PM

Appointment of Ajay Jain as Chief Financial Officer and KMP effective October 09, 2026
Ajay Jain brings over 28 years of experience in corporate finance, treasury, and taxation
Appointment of Nikita Singh Rajawat (ACS: 74608) as Company Secretary & Compliance Officer effective October 09, 2026
Cessation of former CFO Samir Mahendra Desai took effect on September 30, 2026

💡 Track the upcoming Q2 FY27 financial results to observe any improvements in balance sheet management and operational reporting under the new CFO.

Hazoor Multi Projects Appoints Ajay Jain as CFO and Nikita Rajawat as CS & Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Oct 2026, 05:23 PM

Appointment of Ajay Jain as Chief Financial Officer and KMP effective October 09, 2026
Ajay Jain brings over 28 years of experience in corporate finance, treasury, and taxation
Appointment of Nikita Singh Rajawat (ACS: 74608) as Company Secretary & Compliance Officer effective October 09, 2026
Cessation of former CFO Samir Mahendra Desai took effect on September 30, 2026

💡 Track the upcoming Q2 FY27 financial results to observe any improvements in balance sheet management and operational reporting under the new CFO.

Hazoor Multi Projects Updates Authorized KMPs Following CFO Samir Mahendra Desai's Resignation

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 05:35 PM

Hazoor Multi Projects Limited has updated its list of Key Managerial Personnel authorized to determine materiality under Regulation 30(5) of SEBI LODR Regulations following the resignation of Chief Financial Officer Samir Mahendra Desai. The authorized personnel now comprise Managing Director Radheshyam Laxmanrao Mopalwar and Chief Executive Officer Akshay Pawan Kumar Jain. This administrative update comes amidst a period where the company recorded FY26 annual revenue of Rs 579.0 Cr and net profit of Rs 42.0 Cr. The company is yet to name a replacement for the CFO position.

Resignation of Samir Mahendra Desai as Chief Financial Officer
Managing Director Radheshyam Laxmanrao Mopalwar designated as authorized KMP
Chief Executive Officer Akshay Pawan Kumar Jain designated as authorized KMP
Update filed on 30th September, 2026 pursuant to Regulation 30(5) of SEBI LODR Regulations

💡 Track subsequent exchange disclosures regarding the appointment of a new Chief Financial Officer.

Hazoor Multi Projects CFO Samir Mahendra Desai Resigns Effective September 30, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 30 Sep 2026, 05:17 PM

Hazoor Multi Projects Limited has announced the resignation of its Chief Financial Officer (CFO), Mr. Samir Mahendra Desai, effective from the close of business hours on September 30, 2026. The departure is attributed to personal reasons as per the company's filing under Regulation 30. This change in key managerial personnel occurs in a company with Rs 519 Cr in TTM revenue and Rs 305 Cr in outstanding debt, while promoter holding has dropped to 13.7% as of June 2026.

CFO Mr. Samir Mahendra Desai resigned effective September 30, 2026
Reason stated for resignation is personal reasons
Filing submitted under Regulation 30 of SEBI LODR on September 30, 2026

💡 Track the appointment of a new CFO and subsequent financial reporting integrity in upcoming quarterly results.

Hazoor Multi Projects Issues Notice for 34th AGM Scheduled for September 28, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 04:40 PM

Hazoor Multi Projects Limited has issued the notice for its 34th Annual General Meeting (AGM) to be held on September 28, 2026, via video conferencing. In the accompanying Chairman's message for FY25-26, the company reported consolidated total income of ₹595.85 crore and a net profit of ₹42.68 crore (standalone income of ₹425.52 crore and PAT of ₹22.87 crore). Key resolutions include the adoption of FY26 financial statements and director re-appointments, including Executive Director Pawankumar Nathmal Mallawat with remuneration linked to 5% of net profit.

34th AGM scheduled for Monday, September 28, 2026, at 1:00 PM IST via VC/OAVM
Consolidated FY26 total income reported at ₹595.85 crore with net profit of ₹42.68 crore
Standalone FY26 total income stood at ₹425.52 crore with net profit of ₹22.87 crore
Proposed re-appointment of Mr. Pawankumar Nathmal Mallawat as Executive Director for 5 years with remuneration of 5% of net profit p.a.

💡 Track shareholder voting outcomes post-AGM on September 28, 2026, and monitor quarterly execution progress across key infrastructure EPC/HAM projects.

Hazoor Multi Projects Approves 5-Year Re-appointments of Independent and Executive Directors

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 05:29 PM

Hazoor Multi Projects Limited announced that its Board of Directors has approved the re-appointment of two directors for 5-year terms, subject to shareholder approval at the ensuing general meeting. Ms. Madhuri Purshottam Bohra has been re-appointed as an Independent Director for a 5-year term from July 19, 2027, to July 18, 2032. Mr. Pawankumar Nathmal Mallawat has been re-appointed as an Executive Director for a 5-year term from February 10, 2027, to February 09, 2032. These approvals provide long-term leadership continuity across compliance and project finance functions.

Re-appointment of Ms. Madhuri Purshottam Bohra as Independent Director for a 5-year term effective July 19, 2027, to July 18, 2032.
Re-appointment of Mr. Pawankumar Nathmal Mallawat as Executive Director for a 5-year term effective February 10, 2027, to February 09, 2032.
Both re-appointments are subject to shareholder approval at the ensuing general meeting.
Neither director is related to any other director or debarred by SEBI/statutory authorities.

💡 Track the voting results of the ensuing general meeting for shareholder ratification of the board re-appointments.

Hazoor Multi Projects Re-Appoints Two Directors for 5-Year Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 05:25 PM

Hazoor Multi Projects Limited announced that its Board of Directors has approved the re-appointment of two directors, subject to shareholder approval. Ms. Madhuri Purshottam Bohra has been re-appointed as an Independent Director for a 5-year term from July 19, 2027, to July 18, 2032. Additionally, Mr. Pawankumar Nathmal Mallawat was re-appointed as Executive Director for a 5-year term from February 10, 2027, to February 9, 2032. These re-appointments ensure long-term board continuity.

Re-appointment of Ms. Madhuri Purshottam Bohra as Independent Director for 5 years from July 19, 2027, to July 18, 2032
Re-appointment of Mr. Pawankumar Nathmal Mallawat as Executive Director for 5 years from February 10, 2027, to February 9, 2032
Both re-appointments are subject to approval by shareholders at the ensuing general meeting
Board meeting conducted on August 31, 2026, from 04:00 PM to 05:00 PM

💡 Track voting outcomes for the re-appointments at the upcoming general meeting and monitor operational execution in upcoming quarterly results.

Hazoor Multi Projects' stake in subsidiary SPSPL dilutes to 53.76% post ₹25.85 Cr share allotment

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 27 Aug 2026, 05:58 PM

Hazoor Multi Projects Limited (HMPL) announced that its subsidiary, Square Port Shipyard Private Limited (SPSPL), has approved a preferential allotment of 1,18,800 equity shares at an issue price of ₹2,176 per share (face value ₹10 plus ₹2,166 premium). The shares were allotted to Master Financial Services Limited for a total fund infusion of approximately ₹25.85 crore. As a result, HMPL's equity stake in SPSPL has diluted from 96.33% to 53.76%, while SPSPL continues to remain a subsidiary.

SPSPL allotted 1,18,800 equity shares at an issue price of ₹2,176 per share to Master Financial Services Limited
Total capital raised by the subsidiary stands at approximately ₹25.85 crore
Hazoor Multi Projects' equity stake in SPSPL drops from 96.33% to 53.76%
Absolute shareholding of HMPL remains unchanged at 1,44,500 equity shares, retaining majority control

💡 Track the deployment of the ₹25.85 crore capital infusion at the subsidiary level and observe SPSPL's contribution to upcoming consolidated quarterly financials.

Hazoor Multi Projects Wins ₹193.85 Cr NHAI Toll Collection Order in Tamil Nadu

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 26 Aug 2026, 01:05 PM

Hazoor Multi Projects Limited has secured a Letter of Award (LOA) dated August 25, 2026, from the National Highways Authority of India (NHAI). The contract is for the collection of user fees at Paranur Fee Plaza on NH-45 in Tamil Nadu, along with upkeep of adjacent toilet blocks. The total contract value is ₹193.85 crore (₹193,85,14,635) to be executed over a 1-year period. This represents a significant top-line boost compared to its Jun 2026 quarterly revenue of ₹119.66 crore.

Awarded NHAI contract valued at ₹193,85,14,635 (₹193.85 crore)
Contract duration is set for 1 year
Scope includes toll collection at Paranur Fee Plaza (km 52.820, NH-45) in Tamil Nadu and maintenance of toilet blocks
Contract awarded through a domestic competitive bidding process

💡 Track the project commencement date and margin contribution in upcoming quarterly financial results.

Hazoor Multi Projects Wins Rs 28.47 Cr NHAI Toll Collection Contract in Jharkhand

🟢 POSITIVE ⭐ 6/10

OTHER 📅 15 Aug 2026, 12:11 PM

Hazoor Multi Projects Limited has been awarded a Letter of Award (LOA) dated August 14, 2026, by the National Highways Authority of India (NHAI). The contract is valued at Rs 28.47 crore for a tenure of one year. The scope involves user fee collection at the Madangundi Fee Plaza on NH-31 in Jharkhand along with upkeep and maintenance of adjacent toilet blocks. The order provides incremental operating cash flows relative to its latest quarterly revenue of Rs 119.66 crore (Jun 2026).

Awarded LOA by NHAI with a total contract value of Rs 28.47 crore
Contract duration is 1 year for user fee collection at Madangundi Fee Plaza on NH-31
Scope includes upkeep and maintenance of adjacent toilet blocks
Won via competitive bidding through NHAI E-tender

💡 Monitor contract commencement date and margin contribution from toll operations in forthcoming quarterly filings.

Rs 28.47 Cr NHAI Order Win for User Fee Collection in Tamil Nadu

🟢 POSITIVE ⭐ 6/10

OTHER 📅 14 Aug 2026, 01:04 PM

Hazoor Multi Projects Ltd has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for user fee collection at the Thirupapachethi fee plaza in Tamil Nadu. The contract is valued at Rs 28.47 crore, representing approximately 7.06% of the company's TTM revenue of Rs 403 crore. The engagement is for a period of one year and includes the upkeep and maintenance of adjacent toilet blocks. This win adds a short-term service-based revenue stream to the company's portfolio.

Awarded a contract worth Rs 28.47 crore by the National Highways Authority of India (NHAI).
The contract duration is specified as one year for user fee collection.
Project is located at Km 30.188 on the Madurai-Paramakundi-Ramanathpuram section of NH-49.
Order value represents ~7.06% of the company's TTM revenue of Rs 403 crore.
Scope includes maintenance of adjacent toilet blocks and recouping consumable items.

💡 Investors should monitor the company's execution efficiency in this service-oriented contract and watch for the impact on operating margins, which stood at 31.3% TTM. Additionally, observe if the company can secure longer-term infrastructure projects to offset the short-term nature of this contract.

₹0.30 Cr Consolidated PAT in Q1 FY27, down 97.8% YoY; 1.44 Lakh shares forfeited

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 05:41 PM

Hazoor Multi Projects Ltd reported a sharp decline in consolidated financial performance for the quarter ended June 30, 2026. Consolidated net profit plummeted to ₹0.30 Cr from ₹13.79 Cr in the year-ago period, representing a 97.8% drop. Revenue from operations also fell 33.5% YoY to ₹119.66 Cr. A significant surge in depreciation and amortization expenses to ₹90.88 Cr (compared to ₹1.40 Cr YoY) was the primary driver for the bottom-line compression. Additionally, the board approved the forfeiture of 1,44,590 partly paid-up equity shares due to non-payment of call money.

Consolidated Net Profit fell 97.8% YoY to ₹0.30 Cr from ₹13.79 Cr.
Consolidated Revenue from Operations decreased 33.5% YoY to ₹119.66 Cr.
Depreciation and Amortization expenses surged to ₹90.88 Cr from ₹1.40 Cr in the previous year's quarter.
Interest Service Coverage Ratio (ISCR) deteriorated to 1.22 from 4.81 YoY.
Forfeiture of 1,44,590 partly paid-up equity shares (post-split face value of ₹1) approved due to unpaid call money.

💡 Investors should investigate the cause of the massive spike in depreciation (₹90.88 Cr), which wiped out operating margins. Monitor the declining promoter holding trend (currently 13.7%) and the company's ability to service debt given the low ISCR of 1.22.

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