Shares of Hazoor Multi Projects, a multibagger SME stock, witnessed a notable uptick during Wednesday's trading session, climbing over 3% in intra-day deals. This positive movement aligned with broader gains on Dalal Street, where benchmark indices Sensex and Nifty both traded higher by more than half a percent.
Catalyst Behind the Stock Surge
The rally in Hazoor Multi Projects' stock was primarily driven by a significant corporate development announced to the exchanges. The company revealed that it had converted its existing investment in Optionally Convertible Debentures (OCDs) of its wholly owned subsidiary, Square Port Shipyard Private Limited (SPSPL), into equity shares.
Details of the Conversion Transaction
The cost of acquisition for this OCD conversion was fixed at ₹10 per equity share, resulting in a total transaction value of ₹25 crore. This conversion led to the allotment of 2.5 crore equity shares of SPSPL to Hazoor Multi Projects.
Importantly, the company clarified that this transaction did not involve any cash outflow. Instead, it was executed through the settlement of the existing debenture obligation. Following this conversion, Hazoor Multi Projects continues to hold 100% equity shareholding in SPSPL, with no change in ownership, control, or management of the subsidiary.
Hazoor Multi Projects Share Performance Analysis
The SME stock rose as much as 3.2% during the session, reaching an intra-day high of ₹31.36. However, this recent gain comes against a backdrop of pressure in the shorter term.
- The scrip has declined by 40% over the past year.
- It has fallen 21% in the last six months.
- The stock dropped 12% over three months and 17% in the past month.
Despite these recent setbacks, the stock has delivered exceptional long-term performance. Over the past five years, it has soared by over 11000%, categorizing it as a true multibagger.
Currently, the stock remains approximately 45% below its 52-week high of ₹56.50, which was achieved in January 2025. In contrast, it touched its 52-week low of ₹26.90 in November 2025.
Key Details of Square Port Shipyard
Square Port Shipyard Private Limited, incorporated on November 29, 2022, operates in the manufacturing and repairing of vessels. The subsidiary has an authorised capital of ₹50 crore and a paid-up share capital of ₹0.15 crore.
Financial Performance of SPSPL
- For FY25, SPSPL reported a turnover of ₹68.95 crore and a net profit of ₹17.98 crore.
- In FY24, its turnover stood at ₹75.66 crore, with a profit of ₹4.39 crore.
- FY23 recorded nil turnover and a marginal loss of ₹17,990.
Hazoor Multi Projects stated that this conversion aligns with its ongoing investment strategy in SPSPL. The move ensures that the shipyard business continues as a wholly owned subsidiary while simultaneously strengthening the group's operational structure in the marine and vessel manufacturing segment.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
