Navkar Corporation Limited (NAVKARCORP)
₹84.92 -0.23% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Navkar Corporation Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Navkar's revenue was ₹191 Cr (+38.2% year on year, -5.0% on the previous quarter), and net profit ₹12.3 Cr (+514.1% year on year); the operating margin was 17.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹191 | +38.2% | -5.0% |
| Operating profit | ₹33.1 | +65.7% | -16.8% |
| Net profit | ₹12.3 | +514.1% | -12.2% |
| EPS (₹) | 0.82 | +412.5% | -11.8% |
| Operating margin | 17.4% | — | — |
NAVKARCORP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.0% of the NAVKARCORP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.9%. Delivery was unusually high while the price barely moved (-0.23%). Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 53.4% · 54.5% · 43.5% · 64.5% · 63.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Navkar Corporation has received a Letter of Acceptance from Southern Railway (Salem Division) for the construction and operation of a Gati Shakti Multi-Modal Cargo Terminal (GCT). The project will be built entirely on railway land at Kulipalaiyam station in the Uttukuli to Tiruppur section. The estimated contract size is approximately ₹48 crore, which represents roughly 8.0% of Navkar's TTM revenue of ₹601 crore. Construction must be completed within 18 months, followed by a 35-year operational license on the railway land.
- Contract size is approximately ₹48,00,00,000 (~₹48 crore)
- Construction to be completed within 18 months of land handover or construction approval
- Railway land is licensed for a long-term duration of 35 years
- Awarded by Sr. DCM, Commercial Department, Salem, Southern Railway, Tamil Nadu
Navkar Corporation Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the Registrar and Share Transfer Agent of the company. The RTA confirmed that no dematerialisation or rematerialisation requests were received for processing during the quarter. This is a purely statutory disclosure with no financial impact.
- Regulation 74(5) demat compliance certificate filed for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 07, 2026
- The RTA confirmed zero demat/remat requests were received during the quarter
CRISIL Ratings has reaffirmed Navkar Corporation Limited's credit ratings across Rs 278 crore of total bank loan facilities. The long-term rating was reaffirmed at 'CRISIL AA-/Stable', while the short-term rating was maintained at 'CRISIL A1+'. The rated facilities of Rs 278 crore compare against the company's total reported debt of Rs 174 crore and net worth of Rs 1,958 crore. The reaffirmation reflects stability in the company's credit profile under parent JSW Infrastructure.
- Total bank loan facilities rated stands at Rs 278 Crore
- Long-term bank facilities reaffirmed at 'CRISIL AA-/Stable'
- Short-term bank facilities reaffirmed at 'CRISIL A1+'
- Credit rating action issued via press release dated September 22, 2026
Navkar Corporation Limited has submitted an intimation under Regulation 30 regarding investor conferences scheduled by its ultimate holding company, JSW Infrastructure Limited. The interactions include Morgan Stanley's Virtual India Industrials & Energy Seminar on September 16, 2026, Jefferies 5th India Forum on September 18, 2026, and the J.P. Morgan India Conference on September 22, 2026. The meetings will feature both group and one-on-one sessions. No unpublished price-sensitive information or financial guidance was disclosed in the filing.
- Virtual India Industrials & Energy Seminar (Morgan Stanley) scheduled for September 16, 2026
- Jefferies 5th India Forum in Gurgaon scheduled for September 18, 2026
- J.P. Morgan India Conference in Mumbai scheduled for September 22, 2026
- Participation conducted at the holding company level (JSW Infrastructure Limited)
Navkar Corporation Limited has submitted an intimation regarding participation in an investor conference by its ultimate holding company, JSW Infrastructure Limited. JSW Infrastructure will be attending 'Ashwamedh – Elara India Dialogue 2026' on September 2, 2026, at Grand Hyatt, Santacruz, Mumbai. The interaction will involve group and one-on-one meetings. This filing is a standard regulatory intimation pursuant to SEBI Listing Regulations.
- Ultimate holding company JSW Infrastructure participating in Ashwamedh – Elara India Dialogue 2026
- Scheduled date of meeting: September 2, 2026
- Meeting format: Group and One-on-One meetings at Grand Hyatt, Santacruz, Mumbai
Navkar Corporation's ultimate holding company, JSW Infrastructure Limited, is scheduled to participate in two major institutional investor conferences in August 2026. The first is the EMKAY Confluence on August 14, followed by the Motilal Oswal 22nd Annual Global Investor Conference on August 18. These sessions will include both group and one-on-one meetings at the Grand Hyatt, Mumbai. As Navkar was acquired by JSW Infrastructure in October 2024, these meetings are part of the parent company's regular investor engagement.
- Participation in EMKAY Confluence 2026 scheduled for August 14, 2026
- Participation in Motilal Oswal 22nd Annual Global Investor Conference on August 18, 2026
- Meetings involve the ultimate holding company, JSW Infrastructure Limited, which acquired Navkar in October 2024
- JSW Infrastructure has a planned group capex of Rs 9,000 Cr for growth through FY30
Navkar Corporation Limited has released the voting results for its 18th Annual General Meeting (AGM) held on August 05, 2026. Shareholders approved the adoption of the Audited Financial Statements for FY26 and the reappointment of Mr. Lalit Singhvi as a Director. A total of 10.60 crore votes were polled, representing 70.45% of the total share capital. Both resolutions passed with near-unanimous support, exceeding 99.99% in favor.
- Total of 10,60,45,471 votes polled, representing 70.45% of the total 15,05,19,181 shares
- Resolution 1 (FY26 Financials) passed with 99.9997% votes in favor (10,60,45,185 votes)
- Resolution 2 (Director Reappointment) passed with 99.9997% votes in favor
- Total number of shareholders as on the record date was 61,141
- Promoter group participation was 100% of their 10,59,20,974 shares
Navkar Corporation, now a subsidiary of JSW Infrastructure (acquired Oct 2024), is a central pillar in the group's strategy to reach a ₹8,000 crore logistics topline by FY30. Standalone cargo volumes for Q1 FY27 grew to 0.71 MMT from 0.66 MMT YoY, reflecting early integration benefits. The company is leveraging its 369-acre land bank and 422-rake fleet to transition from a pure CFS player to an integrated multimodal logistics provider. Growth is focused on the Morbi ICD and the Somathane Gati Shakti Cargo Terminal to capture EXIM and domestic volumes.
- Targeting a ₹8,000 crore topline for the logistics platform by FY30, a significant scale-up from Navkar's TTM revenue of ₹601 crore
- Standalone cargo volumes increased 7.5% YoY to 0.71 MMT in Q1 FY27
- Total land bank of 369 acres across Panvel (143), Morbi (140), and Kudathini (86)
- Operational fleet includes 422 rakes and 3,221 trailers for last-mile delivery
- Integration with JSW Infrastructure's 186 MTPA port network to drive sticky cargo volumes
Navkar Corporation concluded its 18th Annual General Meeting (AGM) on August 05, 2026, where shareholders adopted the audited financial statements for the fiscal year ended March 31, 2026. The meeting included the re-appointment of Mr. Lalit Singhvi as a Director. The Chairman provided an overview of business operations and future initiatives, noting that Auditor reports contained no qualifications. This meeting follows the company's 2024 acquisition by JSW Infrastructure, which remains the primary driver of the company's long-term strategy.
- 18th AGM held on August 05, 2026, via Video Conferencing with requisite quorum.
- Remote e-voting was conducted from August 02 to August 04, 2026.
- Statutory and Secretarial Auditor reports contained 0 qualifications or adverse remarks.
- Re-appointment of Mr. Lalit Singhvi (DIN: 05335938) as a Director retiring by rotation.
- Meeting proceedings concluded within 45 minutes (11:00 AM to 11:45 AM IST).
Navkar Corporation Limited conducted its 18th Annual General Meeting (AGM) on August 05, 2026, to adopt the audited financial statements for the fiscal year ended March 31, 2026. The meeting included the re-appointment of Mr. Lalit Singhvi as a Director. Management confirmed that both Statutory and Secretarial Auditor reports contained no qualifications or adverse remarks. This procedural meeting follows the company's acquisition by JSW Infrastructure in October 2024, maintaining the current governance structure.
- 18th Annual General Meeting held on August 05, 2026, via video conferencing.
- Remote e-voting facility was provided to members from August 02 to August 04, 2026.
- Adoption of Audited Financial Statements for the financial year ended March 31, 2026.
- Re-appointment of Mr. Lalit Singhvi (DIN: 05335938) as a Director retiring by rotation.
- Statutory and Secretarial Auditor reports confirmed to have zero qualifications or adverse remarks.
Navkar Corporation has published the transcript of the earnings conference call held on July 21, 2026. The call was conducted by its ultimate holding company, JSW Infrastructure Limited, which acquired Navkar in October 2024. This filing provides a formal record of management's discussion regarding the company's financial performance and strategic integration within the JSW group. Navkar currently reports a TTM revenue of ₹601 Cr and maintains a low debt-to-equity ratio of 0.09.
- Earnings conference call was conducted on July 21, 2026, by parent company JSW Infrastructure
- Transcript made available to the public on July 27, 2026
- Navkar Corporation was acquired by JSW Infrastructure in October 2024
- JSW Infrastructure has a planned group capex of ₹9,000 Cr through FY30
- Company operates 3 CFS at Nhava-Sheva and 1 ICD at Morbi
Navkar Corporation has released the audio recording of an investor conference call held on July 21, 2026, by its parent company, JSW Infrastructure Limited. This follows the acquisition of Navkar by JSW in October 2024, integrating it into India's second-largest private port network. The call provides insights into how Navkar's assets, like the Morbi ICD and Somathane GCT, fit into JSW's INR 9,000 Cr group capex plan through FY30. Investors can access the recording to understand the strategic direction under the new ownership.
- Audio recording of the July 21, 2026, investor call is now available for public review.
- JSW Infrastructure, the parent company, has a planned capex of INR 9,000 Cr for growth through FY30.
- Navkar Corporation reported a TTM revenue of Rs 601 Cr with an operating profit margin of 25.2%.
- Promoter holding in Navkar Corporation remains stable at 70.37% as of June 2026.
Navkar Corporation, now a subsidiary of JSW Infrastructure, reported a robust 40% YoY increase in domestic cargo volumes for Q1 FY27, though EXIM volumes grew by a modest 2%. The company is leveraging its 369-acre land bank across Maharashtra and Gujarat, including the Morbi ICD and Somathane Gati Shakti Cargo Terminal. Parent company JSW Infrastructure reported an 18% revenue growth to ₹1,445 Cr and maintains a massive cash balance of ₹9,863 Cr, providing significant financial backing for Navkar's expansion. The integration into JSW's port network is a key driver for capturing higher multimodal logistics volumes.
- Domestic cargo volumes increased by 40% YoY in Q1 FY27, indicating strong traction in the Morbi industrial cluster.
- Total land bank stands at 369 acres, with 183 acres developed and 186 acres under development/undeveloped.
- Parent company JSW Infrastructure successfully completed a QIP of ₹7,503 crore, strengthening the group's balance sheet.
- Navkar operates a fleet of 602 domestic standard containers and 422 rakes to support its multimodal operations.
- EXIM cargo volumes grew by 2% YoY, reflecting a stable but slower performance compared to domestic segments.
Navkar Corporation's parent, JSW Infrastructure, reported a 71.7% YoY increase in its logistics segment revenue to ₹237 crore for Q1 FY2027. The segment's Operational EBITDA grew 3.6x to ₹73 crore, reflecting significant operating leverage and the integration of Navkar's assets. JSW Infrastructure has earmarked ₹9,000 crore specifically for expanding this logistics segment to build a pan-India network. This follows the October 2024 acquisition of Navkar, positioning it as a core growth engine for the group's multimodal strategy.
- Logistics segment revenue (including Navkar) rose to ₹237 crore from ₹138 crore in Q1 FY2026
- Logistics EBITDA increased 3.6x to ₹73 crore from ₹20 crore YoY
- Parent company JSW Infrastructure earmarked ₹9,000 crore for logistics segment expansion through FY2030
- JSW Infrastructure completed a ₹7,503 crore QIP to fund future growth and expansion
- Logistics segment revenue of ₹237 crore in one quarter represents ~39% of Navkar's TTM revenue of ₹601 crore
Navkar Corporation reported a strong year-on-year recovery in Q1 FY27, with revenue from operations rising 37.8% to ₹190.75 Cr compared to ₹138.46 Cr in Q1 FY26. Net profit surged 401% YoY to ₹12.28 Cr, driven by higher volumes and stabilized finance costs of ₹3.23 Cr. However, on a sequential basis, revenue declined 5% and Profit Before Tax dropped 29% from Q4 FY26 levels. The company continues to operate as a single-segment entity under JSW Infrastructure's ownership, focusing on CFS and ICD operations.
- Revenue from operations grew 37.8% YoY to ₹190.75 Cr from ₹138.46 Cr.
- Net Profit (PAT) increased 401% YoY to ₹12.28 Cr from ₹2.45 Cr in the previous year's quarter.
- Operating expenses remained high at ₹137.75 Cr, consuming 72.2% of total revenue.
- Finance costs saw a reduction to ₹3.23 Cr from ₹3.87 Cr in the year-ago period.
- Earnings Per Share (EPS) improved significantly to ₹0.82 from ₹0.16 YoY.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 11.4% YoY to INR 484.49 Cr in FY25 from INR 434.87 Cr in FY24. In Q2 FY26, volume handled grew 21% YoY for ICD (20k TEUs), 20% YoY for CFS (59k MT), and 46% YoY for domestic volumes (394k MT).
Geographic Revenue Split
Not disclosed in percentage terms; operations are concentrated in Maharashtra (Nhava-Sheva) and Gujarat (Morbi).
Profitability Margins
FY25 Net Margin was -12.5% due to a loss before tax of INR 60.83 Cr on revenue of INR 484.49 Cr. H1 FY26 Logistics segment (including Navkar) reported a PBT margin of 4.2% (INR 12.8 Cr PBT on INR 300.8 Cr revenue).
EBITDA Margin
H1 FY26 Logistics segment Operating EBITDA margin was 14.9% (INR 44.8 Cr EBITDA on INR 300.8 Cr revenue). FY25 RoCE declined to -2.24% from 0.86% in FY24, a 359% reduction due to lower EBIT.
Capital Expenditure
JSW Infrastructure (Ultimate Holding Company) has a planned group-level Capex of INR 9,000 Cr for the FY25-30 period to drive expansion and acquisitions.
Credit Rating & Borrowing
Upgraded to CRISIL AA-/Stable and CRISIL A1+ following the JSW acquisition. Interest coverage was 5.77x in FY24, though finance costs rose 47.7% YoY to INR 20.70 Cr in FY25.
Operational Drivers
Raw Materials
Diesel fuel for vehicle and crane operations and Electricity for warehouse and office utilities represent the primary operational inputs.
Capacity Expansion
Current assets include 3 CFS at Nhava-Sheva, 1 ICD at Morbi, 1 Gati Shakti Cargo Terminal at Somathane, and 8 owned container rakes. Expansion is supported by JSW's INR 9,000 Cr group capex plan.
Raw Material Costs
Cost of services reached INR 389.98 Cr in FY25, representing 80.5% of revenue, an increase of 28.9% YoY from INR 302.40 Cr.
Manufacturing Efficiency
RoCE was -2.24% in FY25, impacted by a reduction in EBIT linked to accrued income adjustments.
Logistics & Distribution
Logistics is the core business; cost of services (INR 389.98 Cr) represents the primary distribution and operational expense.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through integration with JSW Infrastructure's port network, ramping up utilization at the nascent Morbi ICD, and operationalizing the Somathane Gati Shakti Cargo Terminal (GCT) to capture higher domestic and EXIM volumes.
Products & Services
Container Freight Station (CFS) services, Inland Container Depot (ICD) services, Private Railway Freight Terminal (PFT) operations, Multimodal Logistics Park services, warehousing, container repair, and temperature-controlled storage.
Brand Portfolio
Navkar Corporation, JSW Infrastructure.
New Products/Services
Gati Shakti Cargo Terminal (GCT) at Somathane and expanded temperature-controlled chambers for hazardous materials.
Market Expansion
Expansion into the Morbi, Gujarat industrial cluster through the ICD and strengthening the presence at Nhava-Sheva, Maharashtra.
Market Share & Ranking
JSW Infrastructure is the second largest private port operator in India with 177 MTPA capacity.
Strategic Alliances
Acquisition by JSW Infrastructure Limited (Ultimate Holding Company) through its subsidiary JSW Port Logistics Private Limited.
External Factors
Industry Trends
Growing preference for multimodal logistics and rail transport over road; the Gati Shakti initiative is driving infrastructure development in the sector.
Competitive Landscape
Faces intense competition from major CFS operators at JNPT, many of whom are owned by or affiliated with dedicated shipping lines.
Competitive Moat
Sustainable moat through ownership of critical infrastructure like private railway sidings and large-scale CFS/ICD facilities in strategic locations like JNPT and Morbi, which are difficult to replicate.
Macro Economic Sensitivity
Highly sensitive to India's EXIM trade volumes and GDP growth; a 1% change in trade volume typically impacts logistics revenue by a similar margin.
Geopolitical Risks
Global trade disruptions or changes in import-export regulations could significantly impact container throughput at JNPT and Morbi.
Regulatory & Governance
Industry Regulations
Operations are governed by Customs policies (DPD), Monitory and Fiscal policies, and infrastructure development regulations.
Taxation Policy Impact
Effective tax rate for the logistics segment in H1 FY26 was approximately 32% (INR 4.1 Cr tax on INR 12.8 Cr PBT).
Legal Contingencies
Not disclosed in available documents; auditors provided a clean opinion on the FY25 financial statements.
Risk Analysis
Key Uncertainties
The ramp-up of the Morbi ICD (currently in nascent stage) and the long-term impact of the DPD policy on CFS volume utilization.
Geographic Concentration Risk
High concentration in Maharashtra (Nhava-Sheva) and Gujarat (Morbi), making the company vulnerable to regional economic or regulatory shifts.
Third Party Dependencies
High dependency on shipping lines for container volumes and customs for regulatory clearances.
Technology Obsolescence Risk
Low risk; the company uses integrated Tracker software for organizational data, accounting, and consolidation.
Credit & Counterparty Risk
Exposure to shipping lines and large industrial clients; receivables quality is supported by long-term relationships and JSW Group's financial oversight.
