New Delhi [India], November 4: Hazoor Multi Projects Ltd (BSE: 532467, NSE: HAZOOR) is turning one of India’s best-known shipyard sites into a working yard again. Its subsidiary, Square Port Shipyard Private Limited, owns the former Bharati Shipyard yard at Dabhol in Ratnagiri, Maharashtra. Square Port bought the yard at an insolvency auction in 2023 for about ₹184.5 crore, and the yard is building ships again.

Bharati Shipyard built Dabhol as its flagship yard and designed it for vessels of up to 1,00,000 DWT. It sat idle after the owner’s insolvency in 2017-18. The yard covers about 184 acres and has a 200-metre berth, one of the deepest at any private shipyard in India.

Back in Production

Hazoor took full control of Square Port in April 2024 and moved quickly. On 30 March 2025, the yard cut steel for a new landing craft ordered by a UK shipping company, taking the number of vessels under construction to five. In April 2025, Square Port signed an MoU with Damen Technical Cooperation BV, part of the Dutch Damen Shipyards Group, to upgrade the yard and build ships for Indian and international customers. Square Port director Fattesingh Patil called the tie-up “a significant milestone.”

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.