Haz.Multi Proj. Q1 FY27 Results (NSE: HAZOOR)
Signal: Revenue declined
The read
The trajectory has shifted from Q4FY26's standalone PAT of ₹1,044.24 lakh to Q1FY27 consolidated PAT of only ₹29.98 lakh: revenue contraction improved slightly to 33.5% YoY from 36.5% in Q4FY26, but the earnings model is currently dominated by a 6,389.2% YoY depreciation surge, elevated finance costs of ₹945.46 lakh and subsidiary/associate drag rather than core revenue momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹119.66 Cr | -33.5% | -24.5% |
| Net profit | ₹0.3 Cr | -97.8% | |
| EPS | ₹0.01 | -98.4% | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue declined to ₹11,966.38 lakh, down 33.5% YoY and 24.5% QoQ, while PBT fell to ₹210.33 lakh, down 89.2% YoY, because depreciation rose to ₹9,087.54 lakh from ₹140.04 lakh and finance costs rose 84.7% YoY; the associate also contributed a ₹28.90 lakh loss.
Segments
The company reports a single operating segment, but subsidiaries and the associate materially dragged the group: consolidated PAT was ₹29.98 lakh versus standalone PAT of ₹344.25 lakh, with the associate contributing a ₹28.90 lakh loss.
Key positives
- Standalone revenue of ₹10,367.04 lakh was 4.5% above ₹9,916.22 lakh YoY despite a 27.8% QoQ decline.
- Consolidated purchases fell to ₹248.56 lakh from ₹2,880.91 lakh YoY and sub-contracting charges fell 73.1% YoY to ₹2,207.01 lakh, indicating materially lower reported construction input outgo.
- Standalone finance costs were ₹123.13 lakh, down 5.3% QoQ, and standalone PAT remained positive at ₹344.25 lakh.
Key concerns
- Consolidated PAT fell 97.8% YoY to ₹29.98 lakh and 99.1% QoQ from ₹3,237.74 lakh, showing very weak earnings conversion.
- Depreciation rose to ₹9,087.54 lakh from ₹140.04 lakh YoY, but the filing provides no fixed-asset or CWIP base to validate the capex/depreciation cycle.
- Consolidated finance costs increased 84.7% YoY to ₹945.46 lakh, reducing interest service coverage to 1.22x from 4.81x YoY.
- Consolidated revenue declined 33.5% YoY to ₹11,966.38 lakh, and no volume, order-book or project-level disclosure was provided.
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