MUMBAI, January 27, 2026 – Infrastructure major Hazoor Multi Projects Limited (HMPL) has announced a strategic move to solidify its position in the maritime sector by converting its existing debt investment into equity in its wholly owned subsidiary, Square Port Shipyard Private Limited (SPSPL).
The Strategic Conversion
In a formal disclosure to the BSE, HMPL confirmed the conversion of Optionally Convertible Debentures (OCDs) into equity shares. The transaction resulted in the allotment of 2.50 crore (25 million) equity shares to HMPL at a price of Rs. 10.00 per share, representing a total investment value of Rs. 25.00 crore.
The company clarified that this was a non-cash transaction undertaken to settle existing debenture obligations. Following this allotment, Square Port Shipyard continues to remain a 100% wholly owned subsidiary of HMPL, with no changes to the existing management or ownership structure.
A Growing Power in Indian Shipbuilding
Square Port Shipyard, incorporated on November 29, 2022, has rapidly scaled its operations within the Indian manufacturing and vessel repair industry.
The subsidiary’s business scope is extensive, covering the construction and maintenance of specialised vessels, including:
- Commercial & Cargo: Cargo ships, tankers, barges, and ferry boats.
- Specialised Units: Dredgers, floating cranes, and scientific research vessels.
- Defence & High-Tech: Navy ships and submarines.
Financial Performance Highlights
Since its inception, Square Port Shipyard has demonstrated significant financial momentum:
- Revenue Growth: The subsidiary recorded a turnover of Rs. 68.95 crore for FY 2024-25, following a turnover of Rs. 75.66 crore in FY 2023-24.
- Profitability Surge: Net profit for FY 2024-25 stood at Rs. 17.98 crore, a substantial increase from the Rs. 4.39 crore reported in the previous fiscal year.
- Capital Base: The subsidiary currently holds an authorised capital of Rs. 50.00 crore.
Outlook
The transaction, which is expected to be fully completed by February 2026, reflects HMPL’s commitment to expanding its footprint in the maritime and logistics sectors. By converting debt to equity, HMPL strengthens the subsidiary’s balance sheet, providing a more robust foundation for future expansion in India’s growing shipping and defense manufacturing landscape.
The intimation was signed by Radheshyam Laxmanrao Mopalwar, Managing Director of Hazoor Multi Projects Limited
