Author: Nishtha Mehrotra | EQMint
Synopsis: Hazoor Multi Projects has secured a ₹28.1 crore NHAI toll collection contract in Karnataka. Separately, a third-party bull-case thesis sees potential upside from its Square Port Shipyard business, although significant execution and funding risks remain.
Hazoor Multi Projects Limited (BSE: 532467) has secured a one-year contract from the National Highways Authority of India (NHAI) to collect user fees at the Gaddurur (Nangli) Fee Plaza on NH-75 in Karnataka. The contract is valued at ₹28.1 crore, according to the company’s revised disclosure dated 12 October 2026.
The scope also includes maintaining adjacent toilet blocks and replenishing consumables. The award follows a competitive e-tender process, with the letter of award dated 9 October 2026.
Beyond its toll business, Hazoor is attracting attention for its investment in Square Port Shipyard at Dabhol, Maharashtra. A third-party investment thesis published on 12 October outlined a potential valuation of ₹200 per share by October 2028, compared with an indicated share price of around ₹15.80.
The thesis depends on a substantial expansion of shipyard operations, defence-related orders and government support. These remain conditional assumptions, not guaranteed outcomes.
Key risks include high funding requirements, potential shareholder dilution, rising debt and the absence of a disclosed defence order. The NHAI contract’s financial structure also needs clarification before its full revenue impact can be assessed.
Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c38cdcd9-0864-466c-80ac-565b714c03f4.pdf
Disclaimer: This article is for information purposes only and is not investment advice.
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