Hazoor Multi Projects Ltd H1 FY26 Results – Expressway Dreams Meet Financial Speed Breakers (PAT -190% YoY, OPM at -3.86%)

1. At a Glance

If Indian highways could talk, they’d probably whisper “Hazoor” while asking for a payment delay extension. Hazoor Multi Projects Ltd (HMPL), the not-so-humble EPC contractor riding the Samruddhi Mahamarg, reported a half-yearly rollercoaster worthy of a reality show finale. Market cap sits at a respectable ₹870 crore, but the stock — currently chilling at ₹37.1 — has been in reverse gear for the last 12 months, sliding almost 32%.

In the latest Sep 2025 quarter, HMPL’s sales dropped to ₹102 crore (down a brutal 33% QoQ) while PAT nose-dived into negative territory (-₹9.93 crore). From posting an OPM of 14.4% in June 2025, the company screeched to -3.86% this quarter. Ouch.

The company trades at a P/E of 37.2, with ROE at 11.4% and ROCE at 14.1%, which sounds respectable until you remember it’s mainly built on debt of ₹381 crore (Debt/Equity = 0.79). Add in a Dividend Yield of 1.08%—basically pocket change—and you start wondering if those expressways are more scenic than profitable.

Oh, and in the fine print — debtor days jumped from 62 to 111, because apparently collecting money in infrastructure is slower than getting land acquisition clearances.

Welcome to the world of Hazoor, where roads are fast but payments are not.

2. Introduction

Imagine a company that builds expressways faster than your government office processes paperwork—but then waits twice as long to get paid. That’s Hazoor Multi Projects Ltd (HMPL) for you.

Founded in 1992, Hazoor has lived several corporate lives: real estate dreamer, infrastructure builder, and now a seasoned EPC contractor dancing to the tunes of Maharashtra’s and NHAI’s road projects. From the Samruddhi Mahamarg to NH-548A Wakan-Pali-Khopoli, Hazoor’s bitumen fingerprints are spread across Maharashtra’s highways like election posters before a poll.

Yet, the numbers in FY25 tell a grimy roadside dhaba tale — sales growth at -9.3%, profit growth at -72%, and promoter holding at a mere 17.6% (and falling). Even the pros and cons section on Screener seems confused: one side says “good quarter ahead,” while the other whispers “contingent liabilities of ₹366 crore.”

So, is Hazoor paving its way to glory, or just laying asphalt over debt potholes? Let’s hit the gas on the details.

3. Business Model – WTF Do They Even Do?

Hazoor Multi Projects is basically the “hands-on subcontractor” of India’s grand infrastructure orchestra. It doesn’t own toll roads or bridges — it builds them for those who do. Its primary hustle? Engineering, Procurement, and Construction (EPC) — a fancy way of saying, “We’ll build your highway, you pay us (eventually).”

The company thrives (and sometimes barely survives) on contracts from MSRDC and NHAI, executing road and highway projects like the Samruddhi Mahamarg, that 6-lane dream connecting Mumbai to Vidarbha.

Revenue concentration is dangerously high — 93% of FY23 revenue came from the Mumbai–Nagpur Expressway alone. So yes, if Samruddhi sneezes, Hazoor catches a cold.

They’ve recently dabbled in expansion — like acquiring 46.75% in Karmvir Intelligent Infra Pvt Ltd (probably to sound more “intelligent” on the balance sheet) — and submitted a binding offer for Gammon Engineers’ EPC business. The plan? Scale up. The reality? Pray the lenders like the offer.

4. Financials Overview

Let’s pull out the calculator and crunch the Q2 FY26 (Sep 2025) results. The table below compares performance against prior periods:

Commentary:
This table screams “speed breaker” louder than a pothole on the Expressway. Revenue shrunk, margins evaporated, and EPS went negative