Hazoor Multi Projects Limited

Real Estate — Real Estate - Development · NSE

₹16.30−₹0.20 (−1.21%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Hazoor Multi Projects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Hazoor Multi Projects Limited engages in infrastructure and real estate development activities in India.

IndustryReal Estate - Development

SectorReal Estate

Employees256

Annual revenue₹580 Cr

How does it make money?

Turns over ₹580 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹47 left at the operating level before interest, tax and depreciation. Each of its 256 employees supports ₹2.26 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.26 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 10.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -25% while net margin moved +25% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-25%

Margin effect+25%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 9.3% a year
✗ Profit has declined at 2.2% a year
✗ Latest-year revenue growth of -33.5% is below the longer-term trend — momentum is fading
✗ Profit fell 98.2% in the latest year

Quality vs. Valuation

Company Quality

43/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

87/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

14.7x

Sector Median

30.2x

median of 3 sector peers

🟢Against its sector it trades 51% below the peer median of 30.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

30.2x median of 3 peers · -51%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

3.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 8.1% to 47.5% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 56.1% to 6.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 60.8% to 10.1% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1981% over 3 years, from ₹22 Cr to ₹455 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 32% against revenue up -25% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 5.0x to 2.3x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 154% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 8.1% to 47.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 51% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 32% against revenue up -25%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 56.1% to 6.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 45%✓ 47.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ 2.3x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹30 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 10.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹470 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.7x

Cheap

Cheap against the generic band

P/B Ratio

0.64x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.11

Profitable

Profitable on a per-share basis

ROE

6.8%

Weak

Weak capital efficiency

ROCE

10.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.73x

Moderate

Moderate leverage

Revenue Growth (YoY)

-33.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-98.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹30 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

9.7%

Average

Average margins

Net Margin

5.6%

Average

Average bottom-line conversion

Current Ratio

2.23

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.07

Market-like

Moves roughly in line with the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

RSI (14)

31.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹776 Cr	₹545 Cr	₹638 Cr	₹580 Cr	-9.3%
EBITDA	₹63 Cr	₹87 Cr	₹94 Cr	₹275 Cr	+63.5%
EBITDA Margin	8.1%	16.0%	14.7%	47.5%	—
PAT (Net Profit)	₹46 Cr	₹64 Cr	₹40 Cr	₹43 Cr	-2.2%
EPS	₹4.46	₹5.23	₹1.73	₹1.74	-26.9%
ROE	56.1%	27.0%	8.7%	6.8%	—
ROCE	60.8%	23.1%	11.4%	10.1%	—
Total Debt	₹22 Cr	₹110 Cr	₹195 Cr	₹455 Cr	+175.0%
Free Cash Flow	-₹14 Cr	-₹123 Cr	-₹154 Cr	₹30 Cr	—

🔴 Revenue has shrunk at 9.3% a year over 3 years.

🟢 EBITDA has grown at 63.5% a year over 3 years.

🟢 EBITDA Margin has risen from 8.1% to 47.5% over 3 years (+39.4 pts).

🔴 PAT (Net Profit) has shrunk at 2.2% a year over 3 years.

🔴 EPS has shrunk at 26.9% a year over 3 years.

🔴 ROE has fallen from 56.1% to 6.8% over 3 years (-49.2 pts).

🔴 ROCE has fallen from 60.8% to 10.1% over 3 years (-50.7 pts).

🔴 Total Debt has grown at 175.0% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹14 Cr to ₹30 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,687 Cr

Total Liabilities

₹1,063 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹97 Cr

Capex

-₹67 Cr

Shareholding (proxy)

Institutional Holding

3.5%

Insider Holding

48.4%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed2 negative3 general

Hazoor Multi Projects (HAZOOR) Share/Stock Price Live, NSE

TechGraph, 08 Oct

Hazoor Multi Projects Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 01 Sept

Multibagger stock: Hazoor Multi Projects shares jump 5% following positive bias on Dalal Street

Livemint, 18 MarPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Hazoor Multi Projects Climbs 4% on NHAI Toll Contracts

Equitypandit, 12 Oct

Hazoor Multi Projects Q4 EBITDA Jumps 192% to ₹82.4 Cr Despite Revenue Decline

Sahi, 26 MayResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Hazoor Multi Projects Q1 Results: Net profit drops 59% YoY to ₹3.44 crore

scanx.trade, 19 SeptResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Watch Items

Revenue growth is negative (-33.5%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongValuation

MiddlingBusiness Quality · Financial Health

WeakGrowth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Interest cover stays above 3x · see Key things to watch ↑