The opening goal came after Nikhil Poojary handled the ball inside the box in an attempt to halt Kevyn's run into the box, forcing the referee to point at the spot.
Larbi stepped up and placed the ball into the bottom right corner.
Hyderabad struggled to test Amrinder Singh after the break as well. The hosts had a couple of chances to equalise after the hour mark.
Mathew Kilgallon's powerful header from a corner-kick flew inches wide of the frame of the goal. With a quarter of the game left, he sent another header wide from a similar corner delivery.
At the other end, Carlos made a dangerous run down the wings and sent in a good cross into the box.
Adil Khan's last-ditch interception denied Kevyn from getting Mumbai their second goal.
Just when it looked like Mumbai would see the game out, a foul by Pratik Chaudhari on Bobo inside the box right at the end.
It allowed Stankovic to equalise from the spot.