1. At a Glance – The Great Indian Infra Jugaad Story
There are companies that build roads… and then there are companies that build stories.
Hazoor Multi Projects Ltd (HMPL) sits somewhere in between — one hand holding an EPC contract, the other hand juggling equity dilution, toll collection rights, hotel projects, shipyards, and God knows what else.
On paper, it looks like a rising infra player riding India’s highway boom. ₹1,012 Cr order book, NHAI projects, Samruddhi Mahamarg exposure — sounds like a perfect “Bharat Infra Growth Story.”
But then… you dig deeper.
Revenue declining for 3 straight years. Profit falling 65%. Debt jumping. Cash flows crying in the corner. Promoter holding sliding like Sensex during a global panic.
And the cherry on top?
Massive investments in unrelated group companies — shipyard, hotel project, infra SPVs — basically a buffet of “let’s try everything and see what works.”
Is this a smart diversification strategy?
Or a classic “bhai sab kuch karenge” business model?
Because one thing is clear —
this isn’t just a road construction company anymore.
This is a full-blown financial circus with cranes, toll booths, and equity dilution trucks running at full speed.
And the real question is:
Are they building highways… or digging financial potholes?
2. Introduction – From Real Estate to Infra to… Everything?
Hazoor Multi Projects started life like many Indian smallcaps — a humble real estate company back in 1992.
Then came the transformation arc.
Post 2021, under new promoters (Mallawat family), the company pivoted aggressively into infrastructure — roads, EPC contracts, HAM projects, toll collection.
Sounds like a solid strategic shift, right?
Yes… until they decided to diversify like a startup founder after watching Shark Tank.
Let’s list what HMPL is doing today:
- Road EPC contracting
- Toll collection (new vertical)
- Hotel + commercial real estate project (Taj-operated!)
- Shipyard revival
- Infra SPVs with corporate guarantees
This is no longer diversification.
This is a Netflix series with too many subplots.
Now, why would a company do this?
Simple — growth ambition.
But here’s the catch:
Growth is good… uncontrolled expansion funded by equity dilution and guarantees? Not so much.
Financials are already showing stress:
- Revenue falling from ₹775 Cr → ₹394 Cr (FY23 to FY25)
- PAT collapsing from ₹54.87 Cr → ₹14.09 Cr
- Margins shrinking
Yet, announcements keep coming — new orders, toll contracts, share allotments, conversions.
It’s like watching someone whose salary is falling… but lifestyle is upgrading.
So the key question becomes:
Is HMPL building future growth… or borrowing future problems?
3. Business Model – WTF Do They Even Do?
Let’s simplify this chaos.
Core Business (Actual Bread & Butter)
- EPC contractor for road projects
- Works as subcontractor for:
- NHAI
- Maharashtra State Road Development Corp
Basically —
They don’t own highways.
They build them for others.
Secondary Business (New Add-ons)
- Toll collection contracts (1-year LOAs)
- Fee plaza operations
This is higher margin but short duration.
The “Side Quests” (Where things get spicy)
From the rating report:
- Shipyard investment (~₹67 Cr)
- Taj hotel + commercial project (~₹150 Cr commitment)
- HAM infra SPV exposure (₹365 Cr guarantee)
This is where
