Hazoor Multi Projects raises toll-right spending to Rs 137.24 crore

Hazoor Multi Projects Limited spent Rs 137.24 crore acquiring toll rights in the half year ended September 30, 2026, compared with Rs 30.45 crore in the corresponding 2025 half year. The cash-flow outlay was the largest disclosed investing use during the period and contributed to net investing cash used of Rs 149.45 crore.

How much did Hazoor Multi Projects spend on toll rights?

Hazoor Multi Projects reported a Rs 137.24 crore cash outflow for acquisition of toll rights in the half year ended September 30, 2026. The amount was Rs 106.79 crore higher than the Rs 30.45 crore outflow reported in the half year ended September 30, 2025, representing a substantial increase in the disclosed acquisition spend.

The toll-right outlay exceeded the other stated investing uses in the September 2026 half year. Proceeds from sale or purchase of fixed assets resulted in a Rs 13.75 crore outflow, investment in fixed deposits used Rs 2.08 crore, and the purchase or sale of investments recorded Rs 14.36 lakh of inflow. Hazoor Multi Projects also recorded Rs 1.02 crore as profit on sale of investment and Rs 2.45 crore of interest income in investing cash flows.

Net cash used in investing activities was Rs 149.45 crore for the half year ended September 2026, whereas the statement reported Rs 142.42 crore of net cash from investing activities in the corresponding prior-year period. The change coincided with the increase in toll-right acquisition outflows and a prior-year Rs 174.42 crore entry under investments in subsidiary.

How did Hazoor Multi Projects finance its cash requirements?

Hazoor Multi Projects reported Rs 30.50 crore of net cash from financing activities for the half year ended September 30, 2026. The financing cash flows included Rs 23.50 crore from borrowings and Rs 25.85 crore from the issue of shares or warrants, offset by Rs 18.86 crore of finance costs.

The financing mix changed from the half year ended September 2025, when borrowings generated Rs 312.87 crore and shares or warrants generated Rs 19.40 crore. Borrowing proceeds were therefore Rs 289.37 crore lower year on year, while proceeds from shares or warrants were Rs 6.45 crore higher. Net financing cash flow declined from Rs 321.25 crore in the earlier period to Rs 30.50 crore.

Finance costs increased by Rs 7.84 crore from the corresponding 2025 half year. The cash-flow statement separately reported profit before tax of Rs 3.34 crore for the half year ended September 2026, compared with Rs 8.46 crore a year earlier, while depreciation and amortisation rose to Rs 194.01 crore from Rs 57.30 crore.

What changed in Hazoor Multi Projects’ balance sheet?

Hazoor Multi Projects reported total assets of Rs 1,689.81 crore at September 30, 2026, compared with Rs 1,686.57 crore at March 31, 2026. Property, plant and equipment increased to Rs 124.10 crore from Rs 122.33 crore, while capital work in progress rose to Rs 78.23 crore from Rs 65.07 crore over the six-month interval.

Non-current borrowings stood at Rs 418.26 crore at September 30, 2026, up from Rs 401.53 crore at March 31, 2026. Current borrowings increased to Rs 59.71 crore from Rs 53.57 crore. Together, the two reported borrowing balances totalled Rs 477.97 crore at September 30, compared with Rs 455.10 crore at the preceding March year-end.

Total equity was Rs 664.95 crore at September 30, 2026, against Rs 623.86 crore at March 31, 2026. The September balance included Rs 25.01 crore of non-controlling interest, which was not reported in the March 2026 balance-sheet column. The increase in closing borrowing balances differs from the cash-flow statement’s Rs 23.50 crore of borrowing proceeds because the two disclosures measure a period cash-flow line and a reporting-date balance, respectively.

What did Hazoor Multi Projects disclose with its half-year results?

Hazoor Multi Projects said its unaudited consolidated results were reviewed by the Audit Committee and approved by its Board of Directors on November 13, 2026. The company said the results were subject to a limited review by its statutory auditors and prepared under Indian Accounting Standards, known as Ind AS, prescribed under Section 133 of the Companies Act, 2013.

The filing said Hazoor Multi Projects operates in one operating segment under Ind AS 108. Its consolidated results include Hazoor Infra Projects Private Limited, Square Port Shipyard Private Limited and Hazoor New and Renewable Energy Private Limited as subsidiaries, as well as Rappture Projects Private Limited as an associate company.

The auditor’s report stated that one subsidiary’s interim information, reviewed by other auditors, included revenue of Rs 11.53 crore and profit after tax and total comprehensive income of Rs 6.88 lakh for the half year ended September 30, 2026. It also said the consolidated results included the group’s share of loss after tax and total comprehensive loss of Rs 1.80 lakh from its associate for that period.

Who is Hazoor Multi Projects’ newly appointed chief executive officer?

Hazoor Multi Projects appointed Samiran Adhicary as chief executive officer with effect from November 16, 2026. The appointment was disclosed in the Regulation 30 annexure accompanying the November 13, 2026 results filing.

The filing states that Adhicary holds a Bachelor of Engineering degree in Civil Engineering and has more than 35 years of professional experience. It lists his experience across engineering, project planning, development, execution and management, including infrastructure development, airports, commercial complexes, pharmaceutical plants, hotels and manufacturing plants.

Conclusion

Hazoor Multi Projects increased toll-right acquisition spending to Rs 137.24 crore in the half year ended September 30, 2026 from Rs 30.45 crore a year earlier. The larger outlay accompanied a Rs 149.45 crore net investing cash outflow, while financing activities supplied Rs 30.50 crore of net cash and reported borrowings rose to Rs 477.97 crore at the period end.

The next disclosed event is Adhicary taking office as chief executive officer on November 16, 2026. Subsequent company disclosures will show any further movement in toll-right acquisitions, the related investing cash flows and the funding lines used alongside them.