Hazoor Multi Projects wins ₹193.85 crore NHAI order for Paranur plaza
- Hazoor Multi Projects won a ₹193.85 crore order from NHAI for user fee collection at Paranur Fee Plaza in Tamil Nadu.
- The contract involves managing the plaza at km 52.820 on NH-45 and maintaining adjacent toilet blocks for one year.
- This large order adds to three recent NHAI wins in Jharkhand, Tamil Nadu, and Madhya Pradesh totaling ₹81.27 crore in Q2FY27.
- The new order value is approximately 146% of the company's average quarterly revenue of ₹132.97 crore.
- Financials show improved net profit in FY26 despite a 10% revenue decline, though operating cashflows remain negative.
*this image is generated using AI for illustrative purposes only.
Hazoor Multi Projects has secured a confirmed Letter of Award valued at ₹193.85 crore from the National Highways Authority of India (NHAI). The contract designates the company as a user fee collection agency for the Paranur Fee Plaza at km 52.820 on NH-45 in Tamil Nadu. The scope includes collecting user fees and maintaining adjacent toilet blocks, with a defined execution timeline of one year.
What happened
The company received a formal Letter of Award on August 26, 2026, indicating a confirmed and executable contract. The value is fixed at ₹193.85 crore, awarded through competitive bidding via e-tender. This win follows closely after another order from NHAI dated August 15, 2026, for the Madangundi fee plaza in Jharkhand, an order from August 14, 2026, for the Thirupapachethi fee plaza in Tamil Nadu, and an earlier order from August 11, 2026, for the Ramnagar fee plaza in Madhya Pradesh.
Order in financial context
The ₹193.85 crore order value represents approximately 146% of the company's average quarterly revenue of ₹132.97 crore over the last four quarters. Combined with the previously disclosed orders, the total disclosed order book over the last three fiscal quarters stands at ₹275.12 crore across four orders reported in Q2FY27. The nature of the contract as a user fee collection agency implies recurring operational activity rather than a one-off capital project.
Company order track record
Hazoor Multi Projects has disclosed multiple orders in exchange filings over the last three fiscal quarters. All recent orders are from NHAI, highlighting a consistent flow of contracts from this key government entity.
| Date | Value (₹ crore) | Awarding entity | Project location |
|---|---|---|---|
| Aug 26, 2026 | 193.85 | NHAI | Paranur, Tamil Nadu |
| Aug 15, 2026 | 28.47 | NHAI | Madangundi, Jharkhand |
| Aug 14, 2026 | 28.47 | NHAI | Thirupapachethi, Tamil Nadu |
| Aug 11, 2026 | 24.33 | NHAI | Ramnagar, Madhya Pradesh |
Q2FY27 (Jul-Sep 2026):
- Total order inflow: ₹81.27 crore
- Order count: 3
- Key awarding entity: National Highways Authority of India (NHAI)
Quarterly financial performance
Recent quarterly financials show a marked improvement in profitability. The following table summarises performance across the last three reported quarters.
| Quarter | Revenue (₹ crore) | Net profit (₹ crore) | OPM (%) |
|---|---|---|---|
| Q4FY26 | 168.40 | 32.40 | 80.18% |
| Q3FY26 | 140.20 | 6.50 | 21.11% |
| Q2FY26 | 102.30 | -9.90 | -3.87% |
The turnaround from a net loss of ₹9.90 crore in Q2FY26 to a net profit of ₹32.40 crore in Q4FY26 indicates successful execution or favourable mix shifts in recent periods. The volatility between quarters highlights the importance of consistent order flow to sustain these margins.
Revenue growth and annual performance
Annual revenue declined from ₹643.70 crore in FY25 to ₹579.58 crore in FY26, representing a YoY change of -10.0% based on the latest annual data. Despite the revenue dip, net profit grew 6.5% to ₹42.62 crore, compared to ₹40.00 crore in the prior year, reflecting improved cost management or margin quality.
Working capital and execution capacity
The company's balance sheet demonstrates strong liquidity with a current ratio of 2.23x, indicating ample short-term assets to cover liabilities. Total Liabilities/Equity stands at 1.70x, suggesting a moderate leverage position without excessive debt burden. However, operating cashflow has been negative in recent years, recording -₹145.20 crore in FY25 and -₹123.00 crore in FY24. This divergence between accounting profits and cash generation warrants close monitoring, as it may indicate stretched working capital cycles or delayed receivables collection despite healthy topline figures.
Key observations
- Large Order Win: Secured ₹193.85 crore NHAI contract for Paranur Fee Plaza, significantly boosting the order book.
- Margin stress: Net loss of ₹9.90 crore in Q2FY26; execution stress visible in quarterly data, though recovered in subsequent quarters.
- Cash conversion: Operating cashflow of -₹145.20 crore in FY25; backlog is not converting to cash efficiently, and receivables or working capital cycle may be stretched.
- Valuation (as of August 26, 2026): P/E of 19.1x against ROCE of 11.41%.
- Promoter holding: Moved from 14.59% to 13.70% in Q1FY27, a 0.89 pp change, indicating slight dilution or selling pressure from promoters.
Historical Stock Returns for Hazoor Multi Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.03% | -6.48% | 0.0% | 0.0% | 0.0% | 0.0% |
Given the persistent negative operating cash flows despite recent profitability, how will Hazoor Multi Projects manage the working capital requirements for these new NHAI contracts?
Will the company's reliance on NHAI for its recent order book expose it to risks associated with government payment delays or policy shifts in highway infrastructure spending?
How does the 21% revenue contribution of this single contract compare to the company's historical capacity to execute multiple toll plaza operations simultaneously without margin erosion?
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