Hazoor Multi Projects Bags Rs 44.23 Cr NHAI Toll Contract; Stock To React?

Hazoor Multi Projects Limited (HMPL) has announced a significant business development with the receipt of a Letter of Award (LOA) from the National Highways Authority of India (NHAI).

On February 17, 2026, BSE received the notification. Hazoor Multi Projects Limited has been chosen by the LOA to be the contractor in charge of the collection of user fees at the Balenahalli Fee Plaza. The plaza is situated on the four-lane section between Challakere and Hiriyur at Design Km 397.400. This segment covers the State of Karnataka's NH-150A from Existing Chainage Km 359.120 to Km 411.560 (Design Chainage Km 358.500 to Km 414.205).

In addition to toll collection, the contract also includes the upkeep and maintenance of adjacent toilet blocks, including the recouping of consumable items, ensuring proper facility management for highway users, as per the regulatory filing.

Through an e-tender and a competitive bidding process, the project was granted. The contract is entirely domestic in nature, and the granting body is NHAI. The main role of the scope is to operate as a user fee organization in charge of toll operations and related maintenance services at the designated site. The entire amount of the deal is Rs. 44,23,80,000.

According to the award terms, the contract's execution time is one year from the date of beginning. This sizable transaction bolsters the company's order book and solidifies its position in services relating to infrastructure and highway operations.

Importantly, the company has clarified that there is no promoter, promoter group, or group company interest in the awarding entity. Additionally, the contract does not fall under related party transactions, and therefore, questions of arm's length pricing are not applicable.

With the expansion of its infrastructure service portfolio, especially in the highway toll management sector, Hazoor Multi Projects Limited has achieved yet another significant milestone, which makes the stock be in focus.

In Q3 FY26, Hazoor Multi Projects won two NHAI Highway Projects. The Krishnagiri Plaza (NH-44) order, valued at Rs 235.43 crore, and the Ankadhol Plaza (NH-166) order, valued at Rs 41.98 crore, are included in the orders totalling Rs 277.40 crore. As of February 2026, major roadway and solar infrastructure projects are the key drivers of Hazoor Multi Projects Ltd's (HMPL) healthy order book. The company's estimated cumulative order book at the start of FY26 was at Rs 1,200 crore. For the next one to two years, revenue visibility will continue to be supported by recent high-value contract wins.

HMPL secured a massive Rs 913 crore order from Apollo Green Energy for a 200 MW solar plant in Gujarat, scheduled for completion by March 2026.

The stock exchanges were recently notified by Hazoor Multi Projects Limited that the bank facilities of its major subsidiary, Hazoor Infra Projects Limited, had been assigned credit ratings by CRISIL Ratings Limited. The subsidiary's credit profile and financial stability are reflected in the ratings, which were given in relation to the company's Hybrid Annuity Model (HAM) infrastructure project.

According to the disclosure, CRISIL has assigned a long-term rating of CRISIL BBB+ with a stable outlook to bank facilities amounting to Rs 476 Cr, indicating moderate credit risk and an adequate degree of safety regarding the timely servicing of financial obligations. Additionally, the subsidiary has received a short-term rating of CRISIL A2, which suggests a satisfactory level of safety for short-term debt obligations.