Navkar Corporation (NCL) is one of the largest container freight station (CFS) at JNPT and also one of the three CFS with rail connectivity that provides it an edge over its peers. The current capacity stands at 310,000 TEUs and it has amongst the highest market share at JNPT mainly owing to this rail advantage. Post the IPO, the company is in a massive expansion mode and will be increasing its capacity at Somathane CFS by 252,889 TEUs to 472,889 TEUs and is also coming up with an inland container depot (ICD) at Vapi with capacity of ~474,000 TEUs and an adjacent Logistics Park. Upcoming ICD to provide an edge: The Vapi region has a huge market potential as it is a well developed industrial area. As per the Management and industry sources, the Vapi region accounts for close to 27% of container volumes at JNPT. We believe that ICD (with rail connectivity) will enable the NCL to garner a good portion of the business from the region. At present, imports headed for the region have to get custom cleared at CFS/ICD at JNPT and are then transported via road. With rail transport being a more economical option compared to...