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  4. /Hazoor Multi Projects Ltd
MomentumDeep Value

Hazoor Multi Projects Ltd: Is It a Deep Value Opportunity?

Weak

As of May 10, 2026, Hazoor Multi Projects Ltd (Infra - Construction & Contracting) has a deep value score of 33/100 (rated Weak).

Hazoor Multi Projects Ltd Key Facts

PE Ratio
28.8x
Market Cap
₹779 Cr
Value Score
33/100
Margin of Safety
-44%
PAT Growth YoY
+138%
Revenue Growth YoY
-16%
OPM
21.1%
PE: Early ExpansionDanger Bubble

What's Happening

⚠️PE rising despite falling earnings — price running ahead of reality
📊Debt increased 95% YoY — leverage rising
👔Promoter stake down 3.4% this quarter
🌐FII stake increased 4.2% this quarter
💰Trading 44% above estimated fair value — significant premium

Earnings Acceleration Triggers

1. Order Book Or Contract Wins
FY26-27HIGH
2. Demerger Spin Off Value Unlock
February 2026MEDIUM
3. Management Or Ownership Change
Q3 FY26LOW

Key Risks

1. Ratings downgrade due to revenue decline and underachievement of projected finan
HIGH
2. Severe deterioration in working capital cycle with debtor days increasing to 117
MEDIUM
3. Contingent liabilities of ₹366 Cr pose a potential financial threat
MEDIUM

Sector-Specific Signals

Order Book₹1,200 Cr
Debtor Days117 daysIncreased from 22 days
Interest Service Coverage Ratio-0.87Turned negative
Debt-to-Equity Ratio0.73Increased from 0.36

Key Numbers

PAT Growth YoY
+138%
Inflection Up
Revenue YoY
-16%
Stable
Operating Margin
21.1%
+1507 bps YoY
PE Ratio
28.8
Current Price
₹29
Dividend Yield
1.39%
3Y PAT CAGR
+80%
Valuation
Significantly Overvalued

Why Are Hazoor Multi Projects Ltd's Earnings Accelerating?

Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026

Order Book Or Contract Wins

Expected: FY26-27HIGH confidence

What: Order Book Value: ₹1,200 Cr

Impact: ₹277.40 Cr new wins in Q3

Demerger Spin Off Value Unlock

Expected: February 2026MEDIUM confidence

What: Subsidiary Profit: ₹17.98 Cr

Impact: 100% ownership maintained

Management Or Ownership Change

Expected: Q3 FY26LOW confidence

What: New Appointments: 3 key roles

What Are the Key Risks for Hazoor Multi Projects Ltd?

Earnings deceleration risks from management commentary

Ratings downgrade due to revenue decline and underachievement of projected finan

HIGH

Trigger: Ratings downgrade due to revenue decline and underachievement of projected financials.

Management view: Proposed withdrawal of corporate guarantee once final COD is achieved.

Monitor: regulatory

Severe deterioration in working capital cycle with debtor days increasing to 117

MEDIUM

Trigger: Severe deterioration in working capital cycle with debtor days increasing to 117 days.

Management view: Working capital funded from receipts against running account bills and back-to-back arrangements.

Monitor: logistics

Contingent liabilities of ₹366 Cr pose a potential financial threat

MEDIUM

Trigger: Contingent liabilities of ₹366 Cr pose a potential financial threat.

Impact: PAT impact: >50% of Net Worth

Management view: Not Given

Monitor: litigation

What Did Hazoor Multi Projects Ltd Report This Quarter?

Headline numbers from the latest earnings call

Revenue

₹139.04 Cr

YoY -15.67%QoQ +36.17%

Consolidated revenue declined due to the cessation of Vyom Hydrocarbon as a subsidiary, while standalone revenue showed growth.

EBITDA

₹30.54 Cr

YoY +163.3%Margin 21.96%

EBITDA margins expanded significantly by 1492 bps YoY despite the revenue drop.

PAT

₹6.46 Cr

YoY +138.09%QoQ +165.06%

The PAT surge was largely driven by a tax credit of ₹34.91 lakhs rather than operational growth.

Other Highlights

• Consolidated debt-to-equity climbed to 0.73 in 9M FY26 from 0.36 YoY.

• Interest Service Coverage Ratio (ISCR) turned negative at -0.87 for Q3 FY26.

• Vyom Hydrocarbon Private Limited ceased to be a subsidiary in December 2025.

What Sector Metrics Matter for Hazoor Multi Projects Ltd?

Sub-sector-specific signals from the latest concall — each with management's stated reason for the change

Order Book

₹1,200 Cr

Why: Supported by recent high-value contract wins from NHAI and Tata Steel.

Debtor Days

117 days

YoY Increased from 22 days

Why: Large increase over FY23-FY25 period indicating working capital stretch.

Interest Service Coverage Ratio

-0.87

YoY Turned negative

Why: Operating earnings were insufficient to cover interest obligations during the quarter.

Debt-to-Equity Ratio

0.73

YoY Increased from 0.36

Why: Increased financial leverage and funding commitments to HAM projects.

Contingent Liabilities

₹366 Cr

Why: Not explained in source

HAM Equity Commitment

₹480.55 Cr

Why: Commitment towards a ₹1,129.81 crore HAM project through subsidiary HIPPL.

What Is Hazoor Multi Projects Ltd's Management Guidance?

Forward-looking targets from management for 1-2 years

Capex Plan

₹480.55 Cr

Revenue Outlook

Revenue visibility supported by recent high-value contract wins.

Capex Plan

₹480.55 Cr

Equity infusion commitment for HAM project through subsidiary HIPPL.

Management Tone: CAUTIOUS

How Fast Is Hazoor Multi Projects Ltd Growing?

Revenue, profit and margin growth rates

MetricYoY3Y CAGRTrend
Revenue-16%+78%Stable
PAT (Net Profit)+138%+80%Inflection Up
OPM21.1%+1507 bpsVolatile

The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.

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Frequently Asked Questions: Hazoor Multi Projects Ltd

Based on publicly available financial data. This is educational research, not investment advice.

What is Hazoor Multi Projects Ltd's deep value score?

Hazoor Multi Projects Ltd has a deep value score of 33/100 (rated Weak). This score is calculated from three components

  • Earnings Score: 0/40 — measures PAT growth momentum across quarters
  • Underperformance Score: 0/35 — how much the stock trails Nifty 500 (deeper underperformance = higher contrarian signal)
  • Quality Score: 0/25 — operational quality (margins, revenue growth, valuation)

Is Hazoor Multi Projects Ltd fundamentally improving?

Hazoor Multi Projects Ltd's quarterly profit (PAT) growth trajectory

  • Insufficient PAT data to assess improvement trend

Why is Hazoor Multi Projects Ltd underperforming despite good earnings?

Hazoor Multi Projects Ltd is underperforming the market despite improving earnings — this is the core deep value thesis

  • The market often takes time to re-rate stocks with improving fundamentals. This gap between price performance and earnings improvement is what deep value research seeks to identify.

What is the earnings momentum for Hazoor Multi Projects Ltd?

Hazoor Multi Projects Ltd's earnings momentum is Monitoring.

  • PAT YoY Growth: +138%

Is Hazoor Multi Projects Ltd undervalued?

Hazoor Multi Projects Ltd's valuation metrics

  • Margin of Safety: -21% (appears overvalued)

What are the revenue and margin trends for Hazoor Multi Projects Ltd?

Hazoor Multi Projects Ltd's revenue and margin trends

  • Revenue YoY: -16%

What is Hazoor Multi Projects Ltd's trailing twelve month (TTM) performance?

Hazoor Multi Projects Ltd's trailing twelve month (TTM) performance

  • TTM PAT: ₹27 Cr
  • TTM PAT Growth: -64.9% YoY
  • TTM Revenue: ₹671 Cr
  • TTM Revenue Growth: -21.3% YoY
  • TTM Operating Margin: 14.4%

What sector does Hazoor Multi Projects Ltd belong to?

Hazoor Multi Projects Ltd key facts

  • Sector: Infra - Construction & Contracting

Is Hazoor Multi Projects Ltd a good deep value opportunity to study?

Hazoor Multi Projects Ltd shows limited deep value signals currently — score is 33/100 (Weak). Monitor for improvement.

  • Value Score: 33/100 (Weak)

What is the bull and bear case for Hazoor Multi Projects Ltd?

Risk Factors (Bear Case)

  • Appears overvalued despite underperformance

What is deep value investing?

Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.

How is the deep value score calculated?

The deep value score (0-100) combines three factors:

- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)

Higher score indicates a stronger contrarian research signal.

What are the growth catalysts for Hazoor Multi Projects Ltd?

Hazoor Multi Projects Ltd has 3 key growth catalysts identified from recent earnings analysis

  • Order Book Or Contract Wins
  • Demerger Spin Off Value Unlock
  • Management Or Ownership Change

What are the key risks in Hazoor Multi Projects Ltd?

Hazoor Multi Projects Ltd has 3 key risks worth monitoring

  • Ratings downgrade due to revenue decline and underachievement of projected finan
  • Severe deterioration in working capital cycle with debtor days increasing to 117
  • Contingent liabilities of ₹366 Cr pose a potential financial threat

The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.