Hazoor Multi Projects Limited (**HMPL**) is a diversified Indian infrastructure and engineering firm currently undergoing a strategic transformation. Historically a specialist in **Real Estate** and **Road Infrastructure**, the company is aggressively pivoting toward an integrated, multi-vertical platform. Through targeted acquisitions and subsidiary expansion, HMPL has entered high-barrier sectors including **Shipbuilding**, **Renewable Energy**, and **Upstream Oil & Gas services**, aiming to balance its project-based EPC revenue with long-cycle, recurring income streams. --- ### **Core Business Verticals & Operational Footprint** HMPL operates through a mix of direct execution and specialized subsidiaries, focusing on large-scale civil engineering and essential infrastructure. #### **1. Infrastructure, EPC & Road Development** The company executes complex civil projects, including **highways, bridges, dams, and roads**, primarily through **Engineering, Procurement, and Construction (EPC)** and **Hybrid Annuity Model (HAM)** frameworks. * **Key Projects:** * **Nagpur-Mumbai Super Communication Expressway (Package-11):** Reached **95%** completion; historically a major revenue driver. * **NH-66 (Arawali to Kante):** Rehabilitation and up-gradation of **39.24 Km**; reached **49%** completion as of late 2024, with **PCoD** achieved in **March 2025**. * **Wakan Pali-Khopoli Road (SH-88):** **100%** completion achieved. * **Versova Link Bridge:** Construction of a bridge near the Versova creek for **Venkatesh Infra**, valued at **Rs. 102.10 Crore**. #### **2. Toll Operations & Facility Management** HMPL has expanded into **user fee collection** and maintenance to generate steady cash flows. * **Active Sites:** Recent contracts include the **Shrishikalan Toll Plaza** and **Hulikunte Fee Plaza (NH-648)**, the latter reaching **57.43%** completion. * **Revenue Impact:** Income from toll operations contributed **Rs. 2,017.99 Lakh** in FY 2024-25, a new revenue stream compared to the previous fiscal year. #### **3. Maritime Infrastructure & Shipbuilding** Operated through its wholly-owned subsidiary, **Square Port Shipyard Private Limited**, located at **Dabhol, Konkan**. * **Capacity:** The facility is operational with **5 vessels** currently under construction. * **International Reach:** Projects include a **Landing Craft** for a **UK-based** shipping company. * **Financial Support:** HMPL provides a **Rs. 45 Crore** term loan guarantee and a **Rs. 5 Crore** cash credit facility for this vertical. #### **4. Energy & Upstream Services** HMPL is positioning itself as a key player in India’s energy transition and security. * **Oil & Gas:** Entry into upstream services via **Quippo Oil and Gas Infrastructure Ltd**. The mandate includes providing **drilling rigs**, **workover services**, and oilfield equipment. A major contract was secured with **Oil India Limited** for drilling rig charter hire valued at **Rs. 280.1 Crore**. * **Renewable Energy:** Through **Hazoor New & Renewable Energy Private Limited**, the company is developing solar, wind, and bioenergy solutions. It recently secured a massive **Rs. 913 Crore** solar EPC contract for a **200 MW** project in **Khavda, Gujarat**. --- ### **Financial Performance & Segment Analysis** HMPL reports under a single operating segment (Infrastructure/Real Estate) as per **Ind AS 108**, though its revenue sources are diversifying. **Standalone Financial Summary:** | Financial Metric | FY 2024-25 (Rs. in Lakh) | FY 2023-24 (Rs. in Lakh) | FY 2022-23 (Rs. in Lakh) | | :--- | :--- | :--- | :--- | | **Total Revenue from Operations** | **39,475.68** | **48,985.04** | **77,580.71** | | **Profit Before Tax (PBT)** | **-** | **7,397.22** | **6,124.12** | | **Profit After Tax (PAT)** | **-** | **5,487.50** | **4,557.97** | * **Consolidated Performance (FY24):** Revenue stood at **Rs. 54,455.64 Lakh** with a PAT of **Rs. 6,376.95 Lakh**. * **Revenue Concentration:** In FY24, **92.63%** of revenue (**Rs. 453.76 Crore**) was derived from a single customer for the Mumbai-Nagpur Expressway. * **Shareholder Returns:** The Board recommended a final dividend of **Rs. 5 per share** for the year ended March 31, 2025. --- ### **Capital Structure & Strategic Financing** To support its transition to an **asset-integrated platform**, HMPL has overhauled its capital structure and borrowing capacity. * **Stock Split:** Executed a **1:10 split** in **November 2024**, reducing the face value from **Rs. 10** to **Re. 1** to enhance liquidity. * **Authorized Capital:** Increased to **Rs. 100.50 Crores**. * **Fund Raising:** * Issued **12.58 Crore** warrants (post-split) at **Rs. 30** each. As of March 2025, **Rs. 175.73 Crores** of the total **Rs. 377.56 Crore** target had been utilized for new projects and working capital. * Allotted **35,00,000** equity shares (pre-split) in early 2024 at **Rs. 178** per share, raising **Rs. 62.30 Crores**. * **Borrowing Power:** Shareholders approved an increase in borrowing limits to **Rs. 5,000 Crores** (up from **Rs. 800 Crores**) to facilitate large-scale acquisitions, such as the proposed takeover of **GECPL** (a Gammon India subsidiary). * **Market Migration:** The company is in the process of migrating its listing from the **BSE** to the **Main Board of the NSE**. --- ### **Subsidiary & Associate Ecosystem** | Entity Name | Relationship | Primary Business Focus | | :--- | :--- | :--- | | **Hazoor Infra Projects Pvt Ltd** | Wholly Owned Subsidiary | **SPV** for NH-66 HAM Project | | **Square Port Shipyard Pvt Ltd** | Wholly Owned Subsidiary | Marine structures, repair, and shipbuilding | | **Hazoor New & Renewable Energy** | Subsidiary | Solar, wind, and smart grid technologies | | **Rappture Projects Pvt Ltd** | Associate (**46.75%**) | Real estate development and infrastructure | | **Hazoor Multi Projects UK Ltd** | Subsidiary | International construction (Inc. April 2025) | --- ### **Risk Profile & Mitigation Framework** HMPL operates in a capital-intensive environment with specific regulatory and execution risks. * **Governance & Compliance:** The company has noted historical lapses in **SEBI (LODR)** regulations, including delays in disclosing board outcomes and monitoring agency reports for preferential issues. It also faced a **nine-month vacancy** in the **CFO** position during FY 2024-25. * **Subsidiary De-consolidation:** In **December 2025**, HMPL lost control of **Vyom Hydrocarbon (VHPL)** and its subsidiary **Quippo Oil and Gas** following a debt-to-equity conversion, noting a lack of access to certain statutory records during the transition. * **Credit & Liquidity:** * **Credit Ratings:** As of July 2024, rated **IVR BBB-/Stable** (Long-term) and **IVR A3** (Short-term). However, the company requested a withdrawal of these ratings in **October 2025** after deciding not to proceed with certain bank facilities. * **Contingent Liabilities:** Significant exposure via corporate guarantees, including **Rs. 278.61 Crore** for Hazoor Infra Projects and **Rs. 75 Crore** for Rappture Projects. * **Market Risks:** Vulnerability to **commodity inflation** (steel, cement), **interest rate hikes** by the RBI, and **climate change** (monsoon disruptions to construction timelines). ### **Future Outlook** HMPL is pivoting toward an **asset-light execution model** while simultaneously building a portfolio of high-value infrastructure assets. By aligning with India’s **Net-Zero 2070** goals through its renewable energy arm and expanding its international footprint via its **UK subsidiary**, the company aims to diversify its geographic and sectoral risk while scaling its technical capacity for complex, large-scale engineering projects.