Hazoor Multi Projects has secured two significant contracts from the National Highways Authority of India (NHAI) for toll collection services at key highway locations. The company received a Letter of Award (LOA) dated August 14, 2026, for a user-fee collection agency contract at the Madangundi Fee Plaza on NH-31 in Jharkhand and the Thirupapachethi fee plaza in Sivagangai Distt. at Km 30.188 on Madurai-Paramakundi-Ramanathpuram Section from Design Km 5.000 to Km 120.484 (existing Km 5.000 to Km 118.795) of NH-49 in the State of Tamil Nadu. Both contracts were awarded through competitive bidding via e-tender under NHDP Phase-IV on EPC mode. The Jharkhand project covers the Madangundi Fee Plaza at design Ch. Km 12.300 at Four laning between Km. 0.000 to Km. 27.500 on NH-31 with completion scheduled within 12 months from commencement, while the Tamil Nadu contract includes upkeep and maintenance of adjacent toilet blocks with completion within 12 months from commencement.
The latest contracts are valued at ₹28.47 crore combined, providing substantial revenue potential for the company. As reported by Business Standard, this new order comes at a time when the stock has been under sustained selling pressure since hitting a fresh all-time high in September 2024. The stock has fallen from its peak of ₹63.90 to ₹21.40, translating into a 66% decline from its peak levels. The nature of these contracts is notable because they are not conventional construction orders - instead, Hazoor Multi Projects will operate as the user-fee collection agency, linking its revenue opportunity to the operation of established highway assets. The immediate significance comes from the execution opportunity and the company's ability to successfully manage the fee-collection operations rather than treating the entire order value as recurring revenue, given the one-year contract periods for both projects.
Hazoor Multi Projects Limited posted mixed performance in Q1 FY27, with modest revenue growth offset by significant profit declines. The Mumbai-based infrastructure company's standalone revenue increased 4.6% year-on-year to ₹10,367.04 crore from ₹9,916.22 crore in Q1FY26, while standalone profit after tax (PAT) declined 59% to ₹460.03 crore compared with ₹1,123.55 crore in the same quarter a year earlier. On a consolidated basis, the company recorded stronger revenue growth of 10.8% YoY, with revenue rising to ₹11,966.38 crore from ₹10,798.98 crore in Q1FY26. Despite the increase in revenue, consolidated net profit plunged 99% to ₹210.33 crore from ₹21,033.00 crore in the corresponding quarter of the previous year. The results reflect the company's transition from traditional construction orders to fee-collection agency operations, which may impact near-term profitability despite revenue growth.
Shares of Hazoor Multi Projects Limited closed 3.29% lower at ₹20.85 apiece on BSE on Friday, according to latest market data. The stock has experienced significant volatility, declining 7.58% in a week and 12% in a month. The company currently has a market capitalisation of ₹622.71 crore. Despite recent volatility, Hazoor Multi Projects has delivered exceptional long-term returns. Between April 2021 and September 2024, the stock surged from ₹0.43 to ₹55.33, translating into a massive 12,767% gain. The stock also touched a fresh all-time high of ₹63.90 during this period. On a yearly basis, the stock delivered positive returns in five of the last six years, with 2021 being its best-performing year at 724%, followed by gains of 373% in 2023 and 192% in 2022. At ₹21.6 per share, the stock trades at 13.7x earnings and 0.94x book value, with a 1.84% dividend yield.
