Hazoor Multi Projects Ltd. (HAZOOR) — Tipsheet

Hazoor Multi Projects pockets ₹18.62 cr from lapsed warrants

Tipsheet Editorial — Mon, 29 Jun 2026 17:24:57 GMT

Warrant holders didn't convert 24.82 lakh warrants in 18 months. The company forfeits the upfront payment, a windfall worth ~2.7% of its market cap.

What’s new

24.82 lakh warrants from a June 2024 preferential issue lapsed after 18 months.
Board forfeited the 25% upfront payment, adding ₹18.62 cr to reserves.
Unissued capital cancelled, eliminating potential equity dilution.

Why it matters

Hazoor Multi Projects just got a clean ₹18.62 cr non-operating gain, about 2.7% of its ₹683 cr market cap. The move removes the overhang of unexercised warrants and shores up book value. For a micro-cap with falling sales, this is a rare one-time cushion.

What we’re watching

What Hazoor does with the extra cash — reinvestment versus dividend.
Any further capital structure moves after this clean-up.
The NSE listing plan mentioned in prior coverage.

The full read

Hazoor Multi Projects has ended the uncertainty around unexercised warrants. The board forfeited ₹18.62 crore of upfront subscription money after holders of 24.82 lakh warrants failed to convert within the 18-month window. The warrants were issued at ₹300 each in June 2024, with 25% paid upfront. While 1.01 crore warrants were exercised, the rest are now cancelled. For a micro-cap with a ₹683 crore market cap and a 36.5% trailing revenue decline, ₹18.62 crore is a meaningful one-off, equivalent to 2.7% of its market value. The forfeiture directly accretes to reserves and removes the threat of dilution from unissued stock. It's a clean outcome for existing shareholders: a windfall gain that costs nothing.

Primary source: BSE · NSE

Hazoor Multi Projects cancels Gammon EPC deal, eyes NSE listing

Tipsheet Editorial — Tue, 26 May 2026 19:21:17 GMT

The company reported a 57% jump in standalone profit to ₹22.07 crore for FY26 while walking away from its planned acquisition of Gammon Engineers.

What’s new

Standalone net profit grew 57% to ₹22.07 cr; consolidated profit rose 7% to ₹42.69 cr.
Standalone revenue reached ₹402.71 cr, a 2% increase.
The board withdrew its binding offer to acquire the EPC business of Gammon Engineers.

Why it matters

Cancelling the Gammon EPC acquisition removes an uncertainty that had been hanging over the company's capital allocation. The modest 2% revenue gain shows that the profit growth is coming from cost control rather than top-line scale. The move to list on the NSE signals a push for broader market visibility.

What we’re watching

Timeline for the proposed NSE listing application.
How the company plans to deploy the capital saved from the aborted Gammon deal.
Sustainability of profit growth given the sluggish revenue performance.

The full read

Hazoor Multi Projects ended FY26 with a 57% jump in standalone net profit to ₹22.07 crore, even as top-line growth remained muted at 2% to ₹402.71 crore. Consolidated profit rose 7% to ₹42.69 crore. The board formally withdrew its binding offer to acquire the EPC business of Gammon Engineers and Contractors, citing a lack of viability. The company is also reviving its push for a listing on the National Stock Exchange. The decision to walk away from the Gammon deal suggests management is prioritizing existing operations over inorganic expansion. With an unmodified audit opinion in hand, the company now faces the test of whether it can accelerate revenue growth beyond the current 2% pace while maintaining its improved profitability.

Primary source: BSE · NSE

Hazoor Multi Projects scraps Gammon EPC deal, eyes NSE listing

Tipsheet Editorial — Tue, 26 May 2026 18:55:23 GMT

The company reported a 57% jump in standalone profit to ₹22.07 crore for FY26 while walking away from its planned acquisition of Gammon Engineers' EPC unit.

What’s new

Standalone net profit rose 57% to ₹22.07 cr; consolidated profit grew 7% to ₹42.69 cr.
The board withdrew its binding offer to acquire the EPC business of Gammon Engineers and Contractors.
Directors revived plans to list the company's shares on the National Stock Exchange.

Why it matters

Walking away from the Gammon EPC deal suggests management found the asset's economics wanting upon closer inspection. The renewed push for an NSE listing indicates a desire to improve liquidity and visibility for shareholders. The results carry an unmodified audit opinion, providing a clean baseline for these strategic shifts.

What we’re watching

The timeline for the proposed NSE listing application.
Management commentary on why the Gammon EPC acquisition became non-viable.
Whether the 2% standalone revenue growth accelerates in FY27.

The full read

Hazoor Multi Projects closed FY26 with a 57% surge in standalone net profit to ₹22.07 crore, though top-line growth remained modest at 2% with revenue of ₹402.71 crore. Consolidated net profit reached ₹42.69 crore, up 7% from the prior year. Beyond the numbers, the board signaled a shift in strategy by withdrawing its binding offer to acquire the EPC business of Gammon Engineers and Contractors, citing a lack of viability. Simultaneously, the company is returning to the NSE, reviving a listing plan that previously stalled during warrant conversions. With an unmodified audit opinion in hand, the company is clearing its plate of M&A distractions to focus on its existing operations and a potential move to the main board. The decision to abandon the Gammon deal is the most significant development, as it removes a potential capital drain and forces the company to rely on organic growth to justify its valuation.

Primary source: BSE · NSE