Hazoor Multi Projects Brings Former Bharati Shipyard at Dabhol Back to Life

Investors Back the Yard

In 2026, outside capital began putting a price on the business. Master Financial Services first bought a 3.67% stake at ₹2,119 per share. In August it invested ₹25.85 crore of fresh equity at a higher ₹2,176 per share, which values Square Port’s equity at about ₹58.5 crore. Hazoor keeps majority control with 53.76%, and the new money funds growth without straining the parent’s balance sheet.

Big Growth Runway

Phase 1 covers vessels up to 150 metres, including landing craft, offshore supply vessels, mini bulk carriers, tugs and dredgers, plus ship repair. Phase 2 moves to defence ships and Handymax and Panamax-size bulk, liquid and container vessels. The yard also links to Hazoor’s energy business, where its oil and gas arm Quippo has won a ₹280 crore drilling-rig order from Oil India. India’s push to build more ships at home adds strong demand behind the plan.

Strong Parent, Low Valuation

Hazoor reported FY26 consolidated revenue of ₹579.58 crore and net profit of ₹42.69 crore, with shipbuilding contributing about 15% of revenue. It keeps winning infrastructure work, including a ₹183 crore Tata Steel order, a ₹207.45 crore Chennai construction order and new NHAI toll contracts. Yet the stock trades below book value, at a market value of around ₹420-440 crore. The yard’s assets alone changed hands for about 42% of that figure.

With a revived Bharati-built yard, a global partner and a growing order base, Hazoor Multi Projects is positioning Dabhol as a key private shipbuilding hub on India’s west coast.