NSE: NAVKARCORP · BSE: 539332
NAVKAR CORPORATION LTD.
Operates Container Freight Stations (CFS) and Inland Container Depots (ICD) at facilities in Gujarat and Maharashtra, providing container handling, customs clearance and warehousing services to importers, exporters and shipping lines. In Q1 FY27, revenue from operations was Rs 190.7 crore (up 37.8% year-on-year from Rs 138.5 crore) and profit after tax rose to Rs 12.3 crore from Rs 2.4 crore. Container volumes in Q4 FY26 reached 86,000 TEUs, a 56% year-on-year increase. For FY26, total revenue stood at Rs 687.46 crore with an EBITDA margin of 17.6%. The entity is a subsidiary of JSW Infrastructure Limited, India's second-largest private ports operator. The cost base is dominated by other operating expenses at 75.8% of revenue, with depreciation at 8.3% and employee costs at 7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Container Freight Station (CFS) operations, Inland Container Depot (ICD) operations. Asset-heavy container logistics; CFS and ICD operations with high depreciation and operating expense intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 856 | 442 | 435 | 484 | 687 |
| EBITDA (ex other income) | 194 | 106 | 62 | (1) | 118 |
| margin % | 22.6 | 24.0 | 14.2 | (0.1) | 17.2 |
| Owners' profit | 67 | 92 | (2) | (45) | 30 |
| EPS, as reported (₹) | 4.47 | 6.15 | (0.12) | (3.01) | 2.00 |
| ROE % · ROCE % | 3.6 · 5.9 | 4.7 · 4.3 | (0.1) · 1.2 | (2.3) · (2.3) | 1.5 · 3.1 |
| Debt / equity (x) | 0.30 | 0.02 | 0.11 | 0.08 | 0.09 |
| Cash from operations | 125 | 81 | 62 | 84 | 77 |
| Capex | (158) | (284) | (305) | (26) | (55) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 133 | 129 | 104 | 138 | 162 | 186 | 201 | 191 |
| Profit before tax | (2) | (10) | (35) | 4 | 7 | 15 | 23 | 16 |
| Net profit | (2) | (11) | (19) | 2 | 4 | 9 | 14 | 12 |
| EPS (₹) | (0.15) | (0.76) | (1.23) | 0.16 | 0.29 | 0.62 | 0.93 | 0.82 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 31,836 | 25.5 | 2.44 | 13.5 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,831 | 308.0 | 2.98 | 29.4 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,055 | 106.0 | 9.77 | 67.6 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,159 | 35.4 | 5.72 | 10.7 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,668 | 14.5 | 2.56 | 12.0 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,919 | 76.3 | 2.39 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,707 | 17.6 | 4.12 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,257 | 115.0 | 3.55 | 10.9 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.0 | 15.6 | 39 of 51 | 24% |
| P/B | 0.6 | 1.6 | 6 of 40 | 87% |
| ROCE | 2.4 | 7.7 | 44 of 55 | 20% |
| ROE | 1.5 | 6.0 | 31 of 40 | 23% |
| Debt / Equity | 0.1 | 0.3 | 12 of 40 | 72% |
| EBITDA margin | 18.2 | 8.7 | 9 of 43 | 81% |
| Revenue growth | 38.1 | 9.5 | 8 of 42 | 83% |
| Profit growth | 401.9 | 22.5 | 2 of 35 | 97% |
| Market cap | 1161 | 121 | 13 of 56 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Recording link shared with NSE | investor communications | low | — | — |
| 27 Oct 2026 · Navkar posts strong Q2 and H1 growth in parent presentation | investor communications | medium | — | — |
| 27 Oct 2026 · JSW Infrastructure Q2 net profit falls 11% as revenue rises 17% | compliance | minimal | — | — |
| 24 Oct 2026 · Navkar quarterly profit jumps sharply in September 2026 | compliance | minimal | — | — |
| 23 Oct 2026 · Navkar Corp Q2 FY27 results: PAT at Rs 11.77 cr, revenue at Rs 223 cr | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Navkar September quarter revenue rises 37%, profit jumps 170% | results | high | — | — |
| 16 Oct 2026 · Navkar Corp updates on JSW Infra Q2FY27 earnings call | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board meeting on Oct 23 to consider Q2 and H1 FY27 results | results | low | — | — |
| 14 Oct 2026 · Navkar Corp bags Rs 48 crore railway cargo terminal contract | business updates | medium | — | — |
| 8 Oct 2026 · RTA confirms no demat or remat requests in Q2 FY27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.