Navkar Corporation Ltd(NAVKARCORP)

NSE: NAVKARCORPBSE: 539332

₹ 77.85-7.76%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,172 crWebsite: www.navkarcorp.comUpdated: 24 Oct 2026

About

Navkar Corporation Ltd is an integrated logistics services provider working across Container Freight Stations (CFS), Inland Container Depots (ICD), rail terminals (PFT), container train operations and warehousing, centred on Panvel in Maharashtra and Morbi in Gujarat. It is a subsidiary of JSW Port Logistics Private Limited, which acquired 70.37% from the promoters in a transfer completed on October 11, 2024. It reported revenue of Rs 687.46 Cr in FY26. The company describes its PFT as the largest cargo rail terminal in Western India outside the Mundra and Nhava Sheva ports.^[1][2]

Business segments and services

The company reports a single segment, CFS and ICD operations, with revenue of Rs 48,449.40 lakh in FY25 vs Rs 43,487.12 lakh in FY24.^[1]
It runs four business streams: CFS, ICD, Container Train Operator and Private Freight Terminal operations.^[1]
Multimodal businesses made up a major portion of revenue in FY25.^[1]
Services include bonded and domestic warehousing, reefer handling, container repair and hazardous cargo handling. Two of the three CFSs and the ICD hold Customs approval for hazardous cargo (FY25).^[1]

Facilities and utilisation

It has three CFSs, two at Ajiwali and one at Somathane, all in Panvel Taluka, Maharashtra (FY25). The Somathane Gati Shakti Cargo Terminal has three railway tracks.^[1]
ICD Morbi covers 140 acres and has its own Gati Shakti Cargo Terminal with six railway sidings and over two lakh sq ft of warehousing (FY25).^[1]
Panvel CFS/ICD: EXIM utilisation was 80-85% in Q3 FY26, with domestic containers filling the remaining capacity.^[3]
Morbi ICD: utilisation was 25-30% in Q3 FY26.^[3]
Arakkonam Gati Shakti Cargo Terminal (Tamil Nadu) began commercial operations in Q1 FY27.^[4]
Kudathini facility (Karnataka): interim operations began in Q1 FY27. The site is an 86-acre brownfield rail siding acquired for ₹57 crore, with total project capex of ₹380 crore.^[4]

Rail and intermodal services

It ran 6 trains on domestic and EXIM circuits as of FY25.^[1]
The fleet stood at 42 rakes as of the Q1 FY27 call, with a target of 80+ by January/February 2027 and 250 rakes (150 container + 110 LSFTO/GPWIS) over 2-3 years.^[4]
25 rail rakes were acquired in February 2026, and a further order for 40 rakes was placed (Q4 FY26).^[5]
A Morbi-Kolkata rail service for tiles started in Q2 FY26, with return cargo carried back to the Mumbai region and Morbi.^[6]

Key operating numbers

Logistics segment (Navkar + rail rakes business): revenue ₹237 crore in Q1 FY27 vs ₹138 crore, and EBITDA margin 30.6% vs 14.5%.^[4]
Standalone revenue from operations was ₹191 crore in Q1 FY27, up 38.4% YoY.^[4]

Customers

Customers are Indian and multinational companies in manufacturing, automotive, chemicals, tiles, steel, agri-commodities and other sectors (FY25).^[1]
JSW Steel accounted for 15% of revenue as of Q3 FY26.^[3]

Expansion and capex

Contract worth Rs.48,00,00,000/- from Southern Railway (Salem) to build and operate a Gati Shakti Multi-Modal Cargo Terminal at Kulipalaiyam, Tamil Nadu, received 14 Oct 2026. It is due within 18 months, and the railway land is licensed for 35 years.^[7]
Somathane: a Letter of Acceptance was received in Q3 FY26 to develop a Gati Shakti Multi-Modal Cargo Terminal.^[3]
Logistics segment targets: FY27 revenue ₹1,650 crore and EBITDA ₹400 crore; FY28 ₹2,800 crore and ₹700 crore; FY30 ₹8,000 crore and ₹2,000 crore.^[4]
The total logistics capex envelope is ₹9,000 crore over FY25-FY30, including ₹3,500 crore of logistics capex planned for FY27+FY28.^[4]

Recent developments

The rail rakes business (three entities) was acquired from JSW Shipping at ₹1,212 crore enterprise value, completed February 2026, adding 25 rakes.^[3]
As of the Q1 FY27 call, the NCR Rail Terminal bid was near closure and expected to complete in Q2 FY27; NCLT asset acquisitions were also being pursued.^[4]
JSW Port Logistics acquired 70.37% from the promoters, with the transfer completed on October 11, 2024, making Navkar its subsidiary.^[1]

Market Cap

₹1,172 Cr

High / Low

₹126 / 74

Stock P/E

29.3

Price / Book

0.6

Book Value

₹130

EPS

₹2.0

No. of Shares

15.05 Cr

ROCE

3.1%

ROE

1.6%

OPM

9.3%

Debt / Equity

0.09

Sales

₹687 Cr

Net Profit

₹30 Cr

Promoter holding

70.4%

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