Hazoor Multi Projects scraps Gammon EPC deal, eyes NSE listing
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.
— 1 earlier story on Hazoor Multi Projects Ltd. →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 this 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.
Questions answered
- How did Hazoor's profitability change in FY26?
- Standalone net profit reached ₹22.07 crore, a 57% increase over the ₹14.08 crore reported in FY25. Consolidated net profit rose 7% to ₹42.69 crore from ₹39.88 crore.
- What happened to the Gammon Engineers acquisition?
- The board withdrew its binding offer to buy the EPC business of Gammon Engineers and Contractors. The company stated the acquisition is no longer viable.
- What is the status of the NSE listing plan?
- The board revived the proposal to list on the NSE Main Board. A previous attempt had lapsed due to warrant conversions.
- What was the revenue performance for the year?
- Standalone revenue from operations grew 2% to ₹402.71 crore.
Story so far
All notes on HAZOOR →- 26 May 2026 · 6:55 PM IST Hazoor Multi Projects scraps Gammon EPC deal, eyes NSE listing
- today Hazoor Multi Projects cancels Gammon EPC deal, eyes NSE listing