Please refer to important disclosures at the end of this report
Navkar Corporation Limited (NCL) is engaged in Container Freight Station (CFS)
operations and related activities. The Company is focused on capitalizing the
available opportunities in the logistics space in western India. It is expected that
NCL will post revenue CAGR of 32.7% and PAT CAGR of 31.3% ove
FY2016-18E. Going forward, it is expected that NCL’s utilizations will improve
and the company would be able to garner a good chunk of business over the
next three to four years due to its rail advantage at both JNPT and Vapi. NCL’s
Vapi terminal suggests healthy pace of construction for both logistics park and
rail siding. Management expects 100k teus in FY17 given gradual volume ramp
up by local industries FY18 volume uptick to be much stronger given the benefits
of rail siding. Management expects to further reduce its pricing (Rail + ICD) once
its rail operations start, pricing will be 30-40% cheaper. Moreover NCL’s logistics
park will also offer warehousing and other value-added services, enabling it to
offer end-to-end logistics solution to importers/ exporters – this will pull demand.
Competitive threat is limited given strategic location with rail/ road (NH 8)
connectivity and new greenfield project may not be economically viable given
paucity of adequate land parcel, coupled with sharp escalation in land prices.
Hence Buy.
CMP `180
Stock Info
Beta 0.6
Bloomberg Code
Shareholding Pattern (%)
Promoters 72.9
MF / Banks / Indian Fls 16.5
FII / NRIs / OCBs 8.1
Indian Public / Others 2.6
Abs. (%) 3m 1yr 3yr
Sensex (7.0) 2.5 25.4
Navkar Corp. (7.3) (2.5) 0.0
Note: Stock listed on September 9, 2015
52 Week High / Low 224/151
Avg. Daily Volume 38,653
Market Cap (` cr) 2,557
BSE Sensex 26,150
Nifty 8,074
Face Value (`)
Reuters Code -
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
Navkar Corporation
Others | Logistics
November 21, 2016
Navkar Corporation | Logistics
November 21, 2016
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website:
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Disclosure of Interest Statement Navkar Corporation
1. Financial interest of research analyst or Angel or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Ratings (Based on expected returns Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)