Hazoor Multi Projects shares rose over 3% in intra-day deals on Wednesday, January 28, following broader gains on Dalal Street. Both benchmark indices Sensex and Nifty were trading over half a percent higher during the session. The SME stock climbed as much as 3.2% to its day's high of ₹31.36, benefiting from the overall market recovery and positive investor sentiment across Indian stock markets.
Hazoor Multi Projects informed exchanges that it converted its existing investment in Optionally Convertible Debentures (OCDs) of its wholly owned subsidiary, Square Port Shipyard Private Limited (SPSPL), into equity shares. The cost of acquisition for the OCD conversion was fixed at ₹10 per equity share, aggregating to ₹25 crore. The conversion resulted in the allotment of 2.5 crore equity shares of SPSPL to Hazoor Multi Projects. The company clarified that the transaction did not involve any cash outflow and was executed through settlement of the existing debenture obligation.
The scrip has been under pressure in recent times, declining 40% in the last 1 year. It also fell 21% in the last 6 months, 12% in 3 months and 17% in the past 1 month. However, in the long term, the stock has given multibagger returns, soaring over 11,000% in the past 5 years. The stock is 45% away from its 52-week high of ₹56.50, hit in January 2025 while it touched its 52-week low of ₹26.90 in November 2025.
Square Port Shipyard Private Limited was incorporated on November 29, 2022, and operates in the manufacturing and repairing of vessels. The subsidiary has an authorised capital of ₹50 crore and a paid-up share capital of ₹0.15 crore. For FY25, SPSPL reported a turnover of ₹68.95 crore and a net profit of ₹17.98 crore. In comparison, its turnover stood at ₹75.66 crore in FY24, with a profit of ₹4.39 crore, while FY23 recorded nil turnover and a marginal loss of ₹17,990.
Following the conversion, Hazoor Multi Projects continued to hold 100% equity shareholding in SPSPL, with no change in ownership, control or management of the subsidiary. Hazoor Multi Projects stated that the conversion was part of its ongoing investment strategy in SPSPL, ensuring the shipyard business continued as a wholly owned subsidiary while strengthening the group's operational structure in the marine and vessel manufacturing segment.
