Synopsis:- Reporting a near-doubling of consolidated net profit in Q4 FY26 and a full-year consolidated PAT of Rs. 42.69 crore, Hazoor Multi Projects has revived its NSE Main Board listing proposal stalled for a year by warrant conversion activity while walking away from its binding offer to acquire Gammon Engineers’ EPC business, citing viability concerns.
Shares of a Mumbai-based infrastructure and road construction company came into focus on May 26, 2026, after its board approved audited financial results for the quarter and full year ended March 31, 2026, alongside two significant strategic announcements. This was a meaningful improvement in quarterly profitability even as full-year consolidated revenue declined against the prior year.
With a market capitalisation of Rs. 848.21 crore, the shares of Hazoor Multi Projects Limited were trading at Rs. 29.49 per share, up 10.24 percent from its previous closing price of Rs. 26.75 apiece. It is trading at a P/E of 18.69.
On a consolidated basis, Hazoor Multi Projects reported revenue from operations of Rs. 158.41 crore for Q4 FY26, compared to Rs. 249.47 crore in the year-ago quarter, a sharp year-on-year contraction that partly reflects the lumpy, project-driven nature of infrastructure revenue. Net profit for the quarter came in at Rs. 32.38 crore against Rs. 16.78 crore in Q4 FY25, nearly doubling on a year-on-year basis, which points to a significantly cleaner expense structure in the quarter even on a lower topline.
For the full year FY26, consolidated revenue stood at Rs. 579.58 crore against Rs. 637.68 crore in FY25 a decline of roughly 9 percent while PAT rose to Rs. 42.69 crore from Rs. 39.98 crore. The divergence between a shrinking top line and a rising bottom line suggests that the group managed its cost base better in FY26, or that lower-margin subcontracting volumes dropped out of the mix. Sub-contracting charges, consistently the largest expense head in HMPL’s P&L, fell sharply at both the standalone and consolidated levels, which likely drove the margin expansion.
On a standalone basis, the picture is similar: full-year revenue came in at Rs. 402.71 crore against Rs. 394.76 crore in FY25, a modest 2 percent improvement, while standalone PAT rose to Rs. 22.87 crore from Rs. 14.09 crore a 62 percent jump that reflects both operating leverage and a more favourable tax position.
One number that warrants a closer look is depreciation, which ballooned to Rs. 171.39 crore on a consolidated basis for FY26, compared to Rs. 23.79 crore in FY25. This is almost certainly driven by the amortisation of toll collection rights acquired by subsidiaries, a non-cash charge that depresses reported EBIT without affecting cash generation from operations.
The standalone depreciation figure shows the same pattern, swelling to Rs. 165.80 crore from Rs. 17.64 crore. Investors reading the income statement at face value may misread the underlying economics of the business; the operating cash flow position and the amortisation schedule of those toll rights are the more relevant lens here.
NSE Listing Second Attempt
The board has approved, for the second time, a proposal to list the company’s securities on the NSE Main Board, subject to fulfilment of applicable eligibility criteria and necessary regulatory approvals. The original resolution was passed in May 2025 but could not be executed because ongoing conversions of share warrants into equity kept the capital structure in a state of flux. With those conversions now complete, paid-up share capital stands at Rs. 28.82 crore as of March 31, 2026, up from Rs. 22.30 crore a year prior the company has the capital structure stability needed to proceed with the application.
Gammon EPC Acquisition Withdrawn
The board formally withdrew its binding offer for the EPC business of Gammon Engineers and Contractors Private Limited (GECPL), an offer that had been submitted in August 2025 and communicated to the exchanges across three separate filings that month. The stated reason is that the proposed acquisition and the operations of the target business are no longer considered viable, and the board concluded that withdrawal is in the company’s overall interest. The offer now stands null and void with no residual obligations.
Business Overview
Incorporated in 1992, Hazoor Multi Projects is an infrastructure EPC contractor with its registered office in Nariman Point, Mumbai. The company’s core business is road construction, operating primarily as a sub-contractor on national highway projects awarded by MSRDC and NHAI. Through its subsidiary structure which includes Hazoor Infra Projects Private Limited, Square Port Shipyard Private Limited, and Hazoor New and Renewable Energy Private Limited as wholly owned entities, and Rappture Projects Private Limited as an associate, the group has expanded into toll-based road operations and shipyard assets in recent years.
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