Order Book Or Contract Wins
Expected: FY26-27HIGH confidence
What: Order Book Value: ₹1,200 Cr
Impact: ₹277.40 Cr new wins in Q3
Hazoor Multi Projects Ltd: Is It a Deep Value Opportunity?
AverageAccelerating
As of , Hazoor Multi Projects Ltd (Infra - Construction & Contracting) has a deep value score of 47/100 (rated Average). Earnings are accelerating. 1Y return vs Nifty 500: -40%.
Hazoor Multi Projects Ltd Key Facts
- PE Ratio
- 15.0x
- Market Cap
- ₹642 Cr
- Value Score
- 47/100
- Margin of Safety
- -35%
- PAT Growth YoY
- +88%
- Revenue Growth YoY
- -37%
- OPM
- 80.0%
PE: Early ExpansionRiding Wave
What's Happening
📊PE near cycle lows — valuation reset is underway
💪Debt reduced 16% YoY — balance sheet strengthening
👔Promoter stake down 3.4% this quarter
🌐FII stake increased 4.2% this quarter
💰Trading 35% 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
HIGH2. Severe deterioration in working capital cycle with debtor days increasing to 117
MEDIUM3. Contingent liabilities of ₹366 Cr pose a potential financial threat
MEDIUMSector-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
+88%
Stable
Revenue YoY
-36%
Inflection Down
Operating Margin
80.0%
+6200 bps YoY
PE Ratio
15.0
PEG Ratio
2.03
Current Price
₹24
Dividend Yield
1.69%
3Y PAT CAGR
-2%
Market Cap
642 Cr
Valuation
Significantly OvervaluedWhy Are Hazoor Multi Projects Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026
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
HIGHTrigger: 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
MEDIUMTrigger: 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
MEDIUMTrigger: 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
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -36% | -9% | Inflection Down |
| PAT (Net Profit) | +88% | -2% | Stable |
| OPM | 80.0% | +6200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Deep Value Stocks in Infra - Construction & Contracting
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 47/100 (rated Average). This score is calculated from three components
- Earnings Score: 36/40 — measures PAT growth momentum across quarters
- Underperformance Score: 23/35 — how much the stock trails Nifty 500 (deeper underperformance = higher contrarian signal)
- Quality Score: 25/25 — operational quality (margins, revenue growth, valuation)
Is Hazoor Multi Projects Ltd fundamentally improving?
Hazoor Multi Projects Ltd's quarterly profit (PAT) growth trajectory
- Latest Quarter PAT Growth (QoQ): +401%
- Previous Quarter PAT Growth (QoQ): +165%
- 2 Quarters Ago PAT Growth (QoQ): -172%
- PAT Acceleration: +286.7pp (profits are accelerating)
- 2 consecutive quarters of positive PAT growth
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
- 1-Year Return vs Nifty 500: -40%
- 6-Month Return vs Nifty 500: -33%
- 3-Month Return vs Nifty 500: -16%
- Yet average quarterly PAT growth is +131% — earnings are improving
- 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 Accelerating — profit growth is speeding up.
- PAT QoQ progression: -172% → +165% → +401% (2Q ago → 1Q ago → latest)
- Acceleration: +286.7pp
- PAT YoY Growth: +88%
Is Hazoor Multi Projects Ltd undervalued?
Hazoor Multi Projects Ltd's valuation metrics
- Price-to-Earnings (PE): 13.9x
- Price-to-Book (PB): 1.0x
- PEG Ratio: 2.0x
- Margin of Safety: -35% (appears overvalued)
What are the revenue and margin trends for Hazoor Multi Projects Ltd?
Hazoor Multi Projects Ltd's revenue and margin trends
- Latest Quarter Revenue Growth (QoQ): +14%
- Average Quarterly Revenue Growth: +2%
- Revenue Acceleration: +28.6pp
- Latest OPM Change: +59.1pp (margins expanding)
- Average OPM Change: +21.9pp
- Revenue YoY: -36%
What is Hazoor Multi Projects Ltd's trailing twelve month (TTM) performance?
Hazoor Multi Projects Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹42 Cr
- TTM PAT Growth: +5.0% YoY
- TTM Revenue: ₹579 Cr
- TTM Revenue Growth: -9.1% YoY
- TTM Operating Margin: 30.5%
What sector does Hazoor Multi Projects Ltd belong to?
Hazoor Multi Projects Ltd key facts
- Sector: Infra - Construction & Contracting
- Market Cap: ₹642 Cr
- Rank in Infra - Construction & Contracting: #1 by value score
- Overall rank among all deep value stocks: #2
Is Hazoor Multi Projects Ltd a good deep value opportunity to study?
Hazoor Multi Projects Ltd shows limited deep value signals currently — score is 47/100 (Average). Monitor for improvement.
- Value Score: 47/100 (Average)
- Earnings: Accelerating
- 1Y Underperformance: -40% vs Nifty 500
What is the bull and bear case for Hazoor Multi Projects Ltd?
Research Signals (Bull Case)
- Earnings accelerating — profit growth speeding up
- 2 consecutive quarters of positive PAT growth
- Revenue growth also accelerating
- Operating margins expanding
Risk Factors (Bear Case)
- Significant underperformance (-40% vs Nifty 1Y)
- Appears overvalued despite underperformance
Which other Infra - Construction & Contracting stocks are deep value opportunities?
Other deep value stocks in Infra - Construction & Contracting
- SPML Infra Ltd — Score 48/100, Average, earnings accelerating
- PNC Infratech Ltd — Score 44/100, Average
How does the Infra - Construction & Contracting sector look for deep value?
Infra - Construction & Contracting deep value sector overview
- 2 deep value stocks in this sector
- Average value score: 46/100
- Avg PAT acceleration: +145.7pp
- Top pick: Hazoor Multi Projects Ltd
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.