Construction - Real Estate · Founded 1992 · https://www.hazoormultiproject.com · BSE 532467 · NSE HAZ MUL PRO · ISIN INE550F01049
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Business
Hazoor Multi Projects Ltd. (HAZ MUL PRO) is an Indian company operating in the Construction and Real Estate sector. Based on its name and sector classification, the company is primarily involved in executing diverse construction projects and/or developing real estate properties. Its core business model likely involves bidding for and undertaking civil construction contracts (e.g., infrastructure projects like roads, bridges, buildings, water supply systems for government bodies or private clients) and/or developing residential, commercial, or mixed-use real estate projects from land acquisition to sales. The company makes money through revenues generated from successfully completed construction contracts and/or from the sale of developed properties.
Revenue Mix
Without specific financial data, the exact revenue mix is not available. However, given the "Multi Projects" in its name and its sector, the company likely operates across two primary segments or a combination thereof:
Construction/EPC (Engineering, Procurement, Construction): This segment would involve taking on contracts for various civil works.
Real Estate Development: This would involve developing properties for sale or lease.
Specific contribution percentages for these segments are not publicly provided.
Industry
The Indian Construction and Real Estate industry is large, diverse, and highly competitive. It is characterized by cyclicality, sensitivity to economic growth, interest rates, and government policies. The industry includes large national players, regional developers, and numerous smaller contractors. Hazoor Multi Projects Ltd. likely operates as a regional or mid-tier player, competing with a mix of established local entities and project-specific consortia. Its positioning would depend on its geographical focus, project specialization, execution track record, and financial capacity relative to its peers. The industry is capital-intensive and requires strong project management capabilities.
MOAT
For a company of its likely scale (without being a national giant), durable competitive advantages can be challenging to establish. Potential moats, if present, might include:
Local Expertise & Relationships: Deep understanding of local regulations, supply chains, and strong relationships with local authorities or clients in its operating regions.
Execution Track Record: A consistent history of timely and quality project delivery can build reputation and trust, leading to repeat business or preferential bidding.
Cost Efficiency: Effective management of labor, materials, and project overheads can provide a competitive edge in bidding.
Specific Niche: Specialization in a particular type of construction or real estate segment where it has unique capabilities.
However, broad brand recognition, massive economies of scale, or proprietary technology acting as strong moats are generally less common for mid-tier players in this fragmented sector.
Growth Drivers
Key factors that could drive Hazoor Multi Projects Ltd.'s growth over the next 3-5 years include:
Government Infrastructure Push: Continued high spending by the Indian government on infrastructure (roads, railways, urban development, smart cities) creates a robust pipeline of construction projects.
Urbanization & Housing Demand: Rapid urbanization and rising disposable incomes continue to fuel demand for residential and commercial real estate, especially in tier-2 and tier-3 cities.
Affordable Housing Initiatives: Government incentives for affordable housing can boost demand and project opportunities for developers.
Industrial & Logistics Growth: Expansion of manufacturing, e-commerce, and logistics sectors drives demand for industrial parks, warehouses, and related infrastructure.
Company Specific: Securing new, larger projects, successful geographical expansion, diversification into high-growth sub-sectors, and efficient capital allocation.
Risks
Cyclicality & Economic Downturns: The construction and real estate sectors are highly sensitive to economic cycles, interest rate changes, and overall market sentiment.
Regulatory & Environmental Clearances: Delays or changes in regulations (e.g., RERA for real estate, environmental norms, land acquisition laws) can significantly impact project timelines and costs.
Input Cost Volatility: Fluctuations in prices of key construction materials (cement, steel) and labor costs can squeeze profit margins.
Competition: Intense competition from numerous regional and national players can lead to margin pressure and difficulty in securing new projects.
Funding & Liquidity Risks: High debt levels, difficulty in raising capital, or delays in payments from clients can impact project execution and financial health.
Project Execution Risks: Delays, cost overruns, quality issues, or unforeseen challenges during project execution can lead to penalties and reputational damage.
Management & Ownership
In India, companies like Hazoor Multi Projects Ltd. are often promoter-driven, meaning the founding family or individuals hold significant ownership and control. The quality of management is crucial, relying on their experience in the construction and real estate sectors, ability to navigate economic cycles, maintain relationships with stakeholders (government, clients, lenders), and ensure efficient project execution and governance standards. The ownership structure is typically concentrated with the promoter group, with the remaining shares held by the public and potentially institutional investors.
Outlook
Hazoor Multi Projects Ltd. operates in a sector with significant long-term tailwinds driven by India's demographic trends, urbanization, and government focus on infrastructure development. The company has the potential to capitalize on these opportunities, particularly if it maintains a strong execution track record, manages its project pipeline effectively, and has robust financial discipline. However, the outlook is balanced by inherent industry risks such as intense competition, cyclicality, volatile input costs, and regulatory uncertainties. The ability to secure new projects, manage working capital efficiently, and adapt to evolving market demands will be critical for sustained growth and profitability in a challenging yet opportunity-rich environment.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 464 | 70 | 153 | 165 | 249 | 180 | 102 | 139 | 158 | 120 |
| Other Income | 4 | 1 | 1 | 2 | 3 | 0 | 0 | 1 | 10 | 1 |
| Total Income | 468 | 71 | 154 | 166 | 252 | 180 | 102 | 140 | 168 | 121 |
| Total Expenditure | 393 | 55 | 135 | 155 | 205 | 154 | 106 | 110 | 31 | 19 |
| Operating Profit | 75 | 17 | 19 | 12 | 48 | 26 | -4 | 31 | 137 | 102 |
| Interest | 2 | 2 | 2 | 5 | 5 | 5 | 6 | 23 | 11 | 9 |
| Depreciation | 0 | 2 | 2 | 2 | 19 | 1 | 1 | 2 | 81 | 91 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 73 | 13 | 15 | 5 | 23 | 20 | -11 | 6 | 45 | 2 |
| Provision for Tax | 19 | 3 | 4 | 3 | 7 | 6 | -1 | -0 | 13 | 2 |
| Profit After Tax | 54 | 9 | 11 | 3 | 17 | 14 | -10 | 6 | 32 | 1 |
| Adjustments | -0 | -0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 54 | 9 | 11 | 3 | 17 | 14 | -10 | 6 | 32 | 0 |
| Adjusted Earnings Per Share | 2.9 | 0.5 | 0.6 | 0.1 | 0.8 | 0.6 | -0.4 | 0.2 | 1.1 | 0 |
| #(Fig in Cr.) | Aug 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 15 | 0 | 2 | 0 | 0 | 0 | 545 | 638 | 580 | 519 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 6 | 16 | 12 |
| Total Income | 15 | 0 | 2 | 0 | 0 | 0 | 549 | 644 | 596 | 531 |
| Total Expenditure | 13 | 2 | 2 | 0 | 0 | 0 | 461 | 549 | 318 | 266 |
| Operating Profit | 2 | -2 | -0 | 0 | 0 | 0 | 88 | 95 | 278 | 266 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 15 | 47 | 49 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24 | 171 | 175 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | -2 | -0 | -0 | 0 | 0 | 86 | 56 | 60 | 42 |
| Provision for Tax | 0 | 0 | 0 | -0 | -0 | -0 | 22 | 16 | 17 | 14 |
| Profit After Tax | 1 | -2 | -1 | 0 | 0 | 0 | 64 | 40 | 43 | 29 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | -2 | -1 | 0 | 0 | 0 | 64 | 40 | 43 | 28 |
| Adjusted Earnings Per Share | 0.1 | -0.2 | -0 | 0 | 0 | 0 | 3.4 | 1.8 | 1.5 | 0.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | 0% | 0% | 0% |
| Operating Profit CAGR | 193% | 0% | 0% | 0% |
| PAT CAGR | 8% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -56% | 7% | 53% | 61% |
| ROE Average | 8% | 24% | 14% | 8% |
| ROCE Average | 12% | 25% | 15% | 8% |
| #(Fig in Cr.) | Aug 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 21 | 20 | 19 | 19 | 19 | 19 | 237 | 458 | 624 |
| Minority's Interest | 1 | 4 | 4 | 3 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 2 | 3 | 0 | 0 | 99 | 154 | 402 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 47 | 8 | 4 |
| Total Current Liabilities | 4 | 4 | 2 | 0 | 1 | 0 | 274 | 587 | 657 |
| Total Liabilities | 27 | 29 | 28 | 25 | 20 | 19 | 656 | 1206 | 1687 |
| Fixed Assets | 13 | 13 | 13 | 13 | 13 | 13 | 11 | 124 | 126 |
| Other Non-Current Assets | 4 | 13 | 14 | 11 | 6 | 6 | 36 | 18 | 94 |
| Total Current Assets | 9 | 2 | 1 | 1 | 1 | 0 | 608 | 1064 | 1466 |
| Total Assets | 27 | 29 | 28 | 25 | 20 | 19 | 656 | 1206 | 1687 |
| #(Fig in Cr.) | Aug 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 67 | 5 |
| Cash Flow from Operating Activities | -2 | -3 | 1 | 3 | 5 | -0 | -123 | -145 | 97 |
| Cash Flow from Investing Activities | 0 | -0 | -1 | -0 | 0 | 0 | -5 | -105 | -440 |
| Cash Flow from Financing Activities | 1 | 2 | -1 | -2 | -6 | -0 | 171 | 188 | 339 |
| Net Cash Inflow / Outflow | -1 | -0 | -0 | 0 | -1 | -0 | 43 | -62 | -4 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 1 | 0 | 0 | 67 | 5 | 1 |
| # | Aug 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.13 | -0.15 | -0.05 | 0 | 0.01 | 0.01 | 3.41 | 1.79 | 1.48 |
| CEPS(Rs) | 0.15 | -0.15 | -0.03 | 0.02 | 0.02 | 0.01 | 3.42 | 2.86 | 7.43 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0.3 | 0.2 | 0 |
| Book NAV/Share(Rs) | 1.91 | 1.76 | 1.71 | 1.71 | 1.71 | 1.69 | 12.64 | 17.5 | 21.65 |
| Core EBITDA Margin(%) | 9.63 | 0 | -2.39 | 0 | 63.8 | 26.3 | 15.32 | 13.96 | 45.1 |
| EBIT Margin(%) | 10.62 | 0 | -10.33 | 0 | 6.61 | 6.73 | 16.19 | 11.17 | 18.34 |
| Pre Tax Margin(%) | 10.52 | 0 | -10.9 | 0 | 5.01 | 5.93 | 15.77 | 8.84 | 10.27 |
| PAT Margin (%) | 9.97 | 0 | -31.84 | 0 | 20.48 | 59.36 | 11.71 | 6.27 | 7.37 |
| Cash Profit Margin (%) | 10.9 | 0 | -21.88 | 0 | 82 | 78.93 | 11.75 | 10 | 36.94 |
| ROA(%) | 4.79 | -6.1 | -1.96 | 0.06 | 0.26 | 0.59 | 18.9 | 4.3 | 2.95 |
| ROE(%) | 7.22 | -8.42 | -2.87 | 0.08 | 0.3 | 0.61 | 49.91 | 12.75 | 8.42 |
| ROCE(%) | 7.52 | -7.71 | -0.86 | -0.13 | 0.09 | 0.07 | 48.17 | 14.25 | 12.27 |
| Receivable days | 29.91 | 0 | 0 | 0 | 301.41 | 498.9 | 6.65 | 61.24 | 95.19 |
| Inventory Days | 133.62 | 0 | 169.41 | 0 | 0 | 0 | 0 | 11.6 | 6.45 |
| Payable days | 30.09 | 284.21 | 48 | 0 | 0 | 0 | 0 | 2674.61 | 1030.04 |
| PER(x) | 8.15 | 0 | 0 | 179.92 | 19.3 | 29.89 | 8.45 | 23.35 | 15.88 |
| Price/Book(x) | 0.57 | 0.33 | 0.2 | 0.15 | 0.06 | 0.18 | 2.28 | 2.39 | 1.09 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 1.04 | 0.48 | 0 |
| EV/Net Sales(x) | 0.75 | 0 | 3.06 | 0 | 3.32 | 16.92 | 1.06 | 1.76 | 1.85 |
| EV/Core EBITDA(x) | 6.53 | -4.55 | -828.14 | 33.72 | 4.87 | 64.33 | 6.55 | 11.78 | 3.85 |
| Net Sales Growth(%) | 0 | -100 | 0 | -100 | 0 | -31.24 | 0 | 17.1 | -9.11 |
| EBIT Growth(%) | 111.93 | -202.73 | 88.91 | 84.88 | 168.51 | -30.03 | 0 | -19.18 | 49.21 |
| PAT Growth(%) | 111.16 | -215.96 | 67.74 | 102.89 | 260.01 | 99.31 | 0 | -37.31 | 6.78 |
| EPS Growth(%) | 111.25 | -215.95 | 67.74 | 102.89 | 259.84 | 99.56 | 0 | -47.39 | -17.36 |
| Debt/Equity(x) | 0.01 | 0.06 | 0.11 | 0.15 | 0 | 0 | 0.47 | 0.5 | 0.73 |
| Current Ratio(x) | 2.12 | 0.58 | 0.37 | 2.61 | 1 | 1.08 | 2.22 | 1.81 | 2.23 |
| Quick Ratio(x) | 1.82 | 0.23 | 0.33 | 2.37 | 1 | 1.08 | 2.22 | 1.78 | 2.23 |
| Interest Cover(x) | 112.83 | -254.83 | -18.4 | -4.37 | 4.13 | 8.45 | 38.55 | 4.8 | 2.27 |
| Total Debt/Mcap(x) | 0.01 | 0.17 | 0.54 | 0.96 | 0.02 | 0 | 0.2 | 0.21 | 0.67 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 21.08 | 20.94 | 19.82 | 18.98 | 18.05 | 17.59 | 16.92 | 14.59 | 13.7 | 13.7 |
| FII | 19.18 | 19.64 | 19.94 | 19.72 | 21.9 | 23.83 | 22.12 | 24.28 | 26.44 | 26.79 |
| DII | 0 | 0 | 0.92 | 1.26 | 1.2 | 0.83 | 0.8 | 0.77 | 0.63 | 0.63 |
| Public | 59.73 | 59.43 | 59.32 | 60.04 | 58.85 | 57.74 | 60.16 | 60.36 | 59.23 | 58.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.39 | 0.39 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 |
| FII | 0.36 | 0.37 | 3.97 | 4.1 | 4.79 | 5.35 | 5.16 | 6.57 | 7.62 | 7.72 |
| DII | 0 | 0 | 0.18 | 0.26 | 0.26 | 0.19 | 0.19 | 0.21 | 0.18 | 0.18 |
| Public | 1.12 | 1.12 | 11.81 | 12.49 | 12.88 | 12.96 | 14.04 | 16.34 | 17.07 | 16.97 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.87 | 1.89 | 19.92 | 20.8 | 21.88 | 22.44 | 23.33 | 27.06 | 28.81 | 28.81 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -9% | — | — | — |
| Operating Profit CAGR | +193% | — | — | — |
| PAT CAGR | +8% | — | — | — |
| Share Price CAGR | -56% | +7% | +53% | +61% |
| ROE Average | +8% | +24% | +14% | +8% |
| ROCE Average | +12% | +25% | +15% | +8% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 21.08 | 20.94 | 19.82 | 18.98 | 18.05 | 17.59 | 16.92 | 14.59 | 13.7 | 13.7 |
| FII | 19.18 | 19.64 | 19.94 | 19.72 | 21.9 | 23.83 | 22.12 | 24.28 | 26.44 | 26.79 |
| DII | 0 | 0 | 0.92 | 1.26 | 1.2 | 0.83 | 0.8 | 0.77 | 0.63 | 0.63 |
| Public | 59.73 | 59.43 | 59.32 | 60.04 | 58.85 | 57.74 | 60.16 | 60.36 | 59.23 | 58.88 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.39 | 0.39 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 | 3.95 |
| FII | 0.36 | 0.37 | 3.97 | 4.1 | 4.79 | 5.35 | 5.16 | 6.57 | 7.62 | 7.72 |
| DII | 0 | 0 | 0.18 | 0.26 | 0.26 | 0.19 | 0.19 | 0.21 | 0.18 | 0.18 |
| Public | 1.12 | 1.12 | 11.81 | 12.49 | 12.88 | 12.96 | 14.04 | 16.34 | 17.07 | 16.97 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.87 | 1.89 | 19.92 | 20.8 | 21.88 | 22.44 | 23.33 | 27.06 | 28.81 | 28.81 |
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