Hazoor Multi Projects started life in 1992 as a financial-services firm with no physical operations, but in August 2021 a new owner acquired it as a ready listing platform and pivoted it hard into infrastructure. Since then the company has built itself into a multi-vertical contractor and developer, executing road and civil projects for government bodies while using acquisitions to bolt on shipbuilding, renewable energy, real estate and oilfield services - a pattern of buying or building new engines with the cash flows of the one before.
Business segments
Four engines at different stages - a road-construction workhorse that still depends on a single customer, a shipyard just starting to cut steel, a real-estate sidecar, and a renewable-energy shell that exists only on paper - each added through acquisition or incorporation in the last two years.
1. EPC and infrastructure construction: the workhorse that builds roads for the government
Almost all the company’s revenue comes from civil construction, and almost all of that came from one expressway contract - the business is real, but concentrated.
- Roads are the backbone - the company constructs roads, irrigation works, railway projects, dams and bridges, mostly for government bodies and public-sector undertakings, under both EPC (Engineering, Procurement and Construction) and HAM (Hybrid Annuity Mode) contracts.
- One customer dominated the order book - in FY24, 92.63% of total revenue came from a single project: the construction of the Mumbai-Nagpur Expressway (Package-11), a job that was 98% complete by FY23 and continued to generate change-of-scope work orders, including a Rs. 267 crore addition from Gayatri Projects.
- It owns the equipment, not just the contract - the company mobilises its own Hydra cranes, trailers and tools, and key inputs such as ready-mix concrete, reinforcement steel and structural steel are procured directly, giving it control over execution rather than relying entirely on subcontractors.
- Toll collection adds a services layer - beyond construction, HMPL collects user fees at toll plazas and maintains adjacent toilet blocks, winning this work through competitive e-bidding, which provides a small recurring-income stream alongside the lumpy project revenue.
- A failed acquisition shows the ambition - in August 2025 the company bid to acquire part of the EPC business of Gammon Engineers, which would have added railways, metros, ports and power to the portfolio, but it withdrew the offer in May 2026 after concluding the deal was not viable.
2. Shipbuilding and maritime: a newly operational yard with vessels under construction
The company bought a defunct shipyard, revived it, and has already begun cutting steel for a UK customer - it is a start-up, but a tangible one.
- Acquired for a small sum, then activated - HMPL bought Square Port Shipyard in April 2024 for Rs. 3.91 crore, and by March 2025 had operationalised a shipyard at Dabhol in Maharashtra, a site that had been idle since the previous owner went into insolvency in 2017-18.
- Five vessels are already being built - a steel-cutting ceremony for a new Landing Craft for a UK-based shipping company was held on 30 March 2025, and as of that date five vessels were under construction at the yard.
- The mandate covers everything that floats - the subsidiary’s objects allow it to build, repair and break all types of ships, boats, barges, tankers, ferries, tugs, dredgers and floating platforms, from cruise ships to fishing vessels.
3. Real estate development: a sidecar with a leasehold airport property
Real estate has been part of the company since before the 2021 takeover, but today it operates mainly through an associate and a single high-value leasehold.
- An associate does the heavy lifting - HMPL holds a 46.75% stake in Rappture Projects (formerly Karmvir Intelligent Infra), a company engaged in real estate development, building and contracting, which means the real estate exposure sits off the fully consolidated balance sheet.
- A leasehold near the airport is the anchor asset - in April 2023, HMPL entered an agreement to take a leasehold property at International Airport, Vile Parle, Mumbai, in exchange for advances of Rs. 116.52 crore, with the stated aim of expanding its real estate operations.
- The development palette is broad - the company’s objects permit it to acquire land and build everything from multi-storey residential complexes and group housing to shopping malls, multiplexes and townships, though the scale of actual development activity beyond the airport property is not detailed.
- A UK subsidiary adds an international dimension - Hazoor Multi Projects UK Limited was incorporated in April 2025 to construct commercial and domestic buildings, roads and motorways in the United Kingdom, though it is early-stage and has no disclosed projects yet.
4. Renewable energy: a paper subsidiary with a wide-ranging mandate
The company incorporated a green-energy subsidiary in March 2025, but as of the latest filings it has no disclosed projects, assets or contracts - it is a licence to hunt, not yet a business.
- Incorporated to cover every energy source - Hazoor New & Renewable Energy’s objects span solar, wind, bioenergy, geothermal, hydel, nuclear, coal, gas, biomass, tidal and wave energy, as well as smart grids and electricity trading.
- The strategy is partnership-led - the subsidiary was set up to pursue technology transfer, consortium arrangements and joint ventures with multinational companies, and to manufacture and export renewable-energy equipment globally.
- No operational footprint yet - the filings disclose the incorporation and the objects, but contain no mention of any power purchase agreement, installed capacity, land acquisition or equipment order.
Group structure and partners
The company operates through a web of wholly owned subsidiaries and one associate, but the structure has been fluid - a subsidiary gained and lost in the oil-and-gas foray within seven months.
- One associate in real estate - a 46.75% stake in Rappture Projects, acquired in May 2024, gives HMPL a foot in property development without full consolidation.
- The oil-and-gas subsidiary came and went - HMPL acquired a 51% stake in Vyom Hydrocarbon in July 2025, which in turn owned Quippo Oil & Gas Infrastructure and its fleet of 14 drilling rigs, but lost control in February 2026 when Vyom Hydrocarbon issued convertible debentures to a third party that were converted after a default, diluting HMPL below majority.
- Listed on the BSE with near-full dematerialisation - the equity shares trade under scrip code 532467, and 99.90% of them were held in electronic form as of March 2025.