Press Release

March 31, 2026

HAZOOR MULTI PROJECTS LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	100.00	ACUITE BBB \| Stable \| Assigned	-
Total Outstanding	100.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has assigned its long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) on Rs.100.00 Cr. bank facilities availed by Hazoor Multi Projects Limited (HMPL). The outlook is 'Stable'.

Rationale for rating assigned
The rating takes into consideration healthy order book of Rs.1,012 Cr. as on 23rd Feb 2026 (2.56 times of FY25 revenue). Further, while revenues have been declining over the past three years with volatile profitability, however, expected improvement in the operating momentum in FY2026–27 supported by improved EPC billing in Arawali Kante section HAM project and growth in the high-margin toll revenues drives the rating. Further, the financial risk profile remains healthy marked by low gearing (0.23x as on 31st March 2025), strong debt protection metrics, and sizeable equity infusions over the past three years that have strengthened the net worth and reduced reliance on external borrowings. Liquidity is supported by adequate accruals and nil repayment obligations. However, the rating is constrained by significant exposure to diverse group investments such as Hazoor Infra Projects Private Limited (HIPPL), Rappture Projects Private Limited and Square Port Shipyard Private Limited, primarily from the equity and unsecured loan infusions. Therefore, timely recovery and generation of cashflows from these investments thereby aiding to the company’s liquidity remains a key rating monitorable.

About the Company

Incorporated in 1992 and based in Mumbai, Hazoor Multi Projects Limited (HMPL) was earlier a real estate construction company. Further, after acquisition by Mallawat family in 2021, the same is engaged in infrastructure business primarily in road construction (HAM & BOT) and EPC contracting, forayed into additional businesses in FY25 of toll collection. Mr. Pawankumar Nathmal Mallawat, Mrs. Madhuri Purshottam Bohra, Mr. Kiran Vasantrao Kurundkar, Ms. Tunviey Radheshyam Mopalwar, Mr. Radheshyam Laxmanrao Mopalwar, Ms. Divya Solanki, Mr. Tejas Kirtikumar Thakkar, Mr. Arvind Vilasrao Sapkal and Ms. Pratima Prem Mohan Srivastava are the present directors of the company.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of HMPL to arrive at the credit rating.

Key Rating Drivers

Strengths

Experienced management
HMPL benefits from a highly experienced and diverse management team, comprising senior IAS officers, sector specialists, finance professionals, and legal experts. Major projects completed are Wakan Pali highway project and Samruddhi Mahamarg expressway connecting Mumbai to Vidharbha region. Led by its current promoter group under Mr. Pawan Mallawat and managed by Chairman & Managing Director Mr. Radheshyam Mopalwar, the company has expanded beyond EPC into diversified investments including a revived shipyard (Square Port Shipyard Private Limited), a large mixed-use hotel-commercial development (Rappture Projects Private Limited), and its ongoing HAM project of (Arawali Kante section) via HIPPL.
Going forward, the company’s ability to leverage its leadership strengths for scaling EPC operations, improving execution timelines, and expanding toll and asset-development portfolios will be a key determinant of long-term operational stability.

Healthy order book position
HMPL’s credit profile is supported by a healthy and well-diversified order book of ~Rs.1,012 Cr. as on February 23, 2026, which provides strong revenue visibility over the medium term. The current order book consists primarily of EPC and road-construction projects, reflecting the company’s established operating track record in the infrastructure sector. Additionally, HMPL has participated in bids worth more than Rs.7,500 Cr. and expects to secure Rs.1,000–2,000 Cr. of fresh orders over the next 3–6 months, which is likely to further strengthen its business pipeline.
Going forward, order wins from the large bidding pipeline, timely execution, and diversification into higher-margin segments such as tolling will remain crucial for sustaining growth momentum and strengthening the business risk profile.

Healthy financial risk profile supported by continuous equity infusions
HMPL’s financial risk profile remains healthy, supported by a steady improvement in capital structure and strong debt protection metrics. The company’s net worth increased sharply to Rs.342.70 Cr. in FY2025 from Rs.227.71 Cr. in FY2024, driven by substantial equity infusion and profit accretion during the year. In FY2023, around Rs.11.17 Cr. were infused via right issue. In FY2024, Rs.95.70 Cr. were infused via preferential allotment and in FY2025 - FY2026 around Rs.303.44 Cr. were infused via share warrants. Majority of the funds are deployed in group companies, in the form of investments and unsecured loans. Moreover, the company does not have any long term obligations. Therefore, leverage remained conservative with gearing at 0.23x in FY2025. Further, debt protection metrics remain healthy, with the interest coverage ratio at 8.37x in FY2025.
Going forward, sustained cash accruals, prudent capital deployment, and controlled leverage, especially in light of large ongoing investments will be key rating monitorable.

Weaknesses

Significant strategic investment in group companies
HMPL has significant exposure to three key group entities—Square Port Shipyard Private Limited, Rappture Projects Private Limited, and Hazoor Infra Projects Private Limited (HIPPL) resulting in deployment a sizeable portion of the company’s net worth & unsecured loans from directors (~100 % in FY25, ~36% in FY24) into these businesses.
The company has invested ~Rs.67.39 Cr. in Square Port Shipyard Private Limited through OCDs, unsecured loans and equity. The shipyard has only recently revived operations after years of dormancy, and although revenue generation has started, the scale remains small relative to the capital deployed.
In Rappture Projects Private Limited, HMPL holds 46.75% stake and has already infused Rs.131 Cr. (out of Rs.150 Cr. committed) as capital advance along with ~Rs.50 Cr. of unsecured loans and corporate guarantee of Rs.61.68 Cr. as on 28^th Feb 2026, for the development of a 200-key Taj-operated hotel and commercial project near Mumbai Airport. The project is still under construction with completion expected by December 2027, making it exposed to execution timelines and real estate market conditions.
Further, HMPL has substantial exposure to HIPPL, the project SPV executing the Arawali–Kante HAM project. This includes equity contribution, support for working capital, and a corporate guarantee of Rs.365 Cr. as on 28^th Feb 2026. Although annuity inflows have commenced post-PCOD, the project remains sensitive to timely FCOD, refinancing, and operational performance.
Collectively, these exposures limit near-term financial flexibility and link HMPL’s credit profile to the performance and cash flow generation capabilities of these ventures, which may involve medium to long term payback periods. Going forward, the company’s ability to derive tangible benefits, whether through upstreaming of EPC revenues, annuity and toll inflows, monetisation of assets, or eventual returns from the hotel project will be critical in maintaining liquidity comfort and reducing pressure on internal accruals.

Declining scale of operations over the past three years
HMPL’s operating income has moderated over the last three fiscals, largely due to execution delays in the Arawali–Kante section HAM project and slower EPC billings. Revenue declined to Rs.394.76 Cr. in FY2025 from Rs.489.85 Cr. in FY2024 and Rs.775.81 Cr. in FY2023, accompanied by pressure on EBITDA margins. Weather-related disruptions and regulatory delays contributed to the subdued billing in 9MFY26. However, performance is expected to recover in Q4FY2026 through catch-up EPC billing (primarily from the Arawali–Kante section HAM project) and growing toll revenue, which remain a key rating monitorable.
Going forward, a sustained improvement in execution pace, coupled with timely billing and collection cycles, will be essential for restoring the scale of operations and stabilising profitability.

Tendering nature of operations
HMPL’s business model is inherently exposed to the tender-based nature of the infrastructure sector. Securing EPC and road-construction projects from government agencies involves competitive bidding, which pressures margins and order inflows. Additionally, execution risks such as delays in approvals, land availability, cost escalations, and monsoon-related disruptions remain integral to the sector.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustained improvement in operating performance at healthy margins and growth in order book leading to growth in net cash accruals above Rs.60-70 Cr
Significant recovery of investment in the group companies

Potential triggers (individual or collective) for a downward rating action:

Decline in operating performance with net cash accruals falling below Rs 20-25 Crs
Increase in debt levels impacting the financial risk profile

Liquidity Position

Adequate

HMPL's liquidity position is adequate marked by adequate cash accruals of Rs.18.21 Cr. in FY2025 against nil repayment obligations during the same period. The company is expected to generate NCA of around Rs.30 - 45 Cr. in FY26-FY27, with negligible long term debt servicing commitments. Unencumbered cash and bank balances stood at Rs.5.46 Cr. as on 31st March 2025. The current ratio stood below unity at 0.89 times as on 31st March 2025. Short term borrowings of Rs.55.00 Cr. have been availed recently and remain utilised for ~85.49% for the last 03 months ending Feb 2026.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	394.76	489.85
PAT	Rs. Cr.	14.09	54.87
PAT Margin	(%)	3.57	11.20
Total Debt/Tangible Net Worth	Times	0.23	0.03
PBDIT/Interest	Times	8.37	257.19

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History : Not Applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Union Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BBB \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE BBB \| Stable \| Assigned
Punjab National Bank	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE BBB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Sanidhya Jain
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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