Navkar Corporation Ltd. (Navkar) continued to deliver a decent performance in 3QFY18. Panvel revenue improved ~0.8% YoY while consolidated revenue increased 16.2%. Vapi volumes grew ~20.9% QoQ to 10,571 TEUs led by volumes handled at Hazira due to partial shift in marble volumes from JNPT. Realisation at Panvel were flat while the same in Vapi grew 11% YoY to INR 19,013/TEU. Consolidated EBITDA increased by 13.9% YoY to INR 376 mn. Direct-To-Port Delivery (DPD) led impact was stable QoQ, we expect limited impact from DPD going ahead. Management expects final clearance for Vapi's rail siding shortly. Ramp-up at Vapi facility is expected to start meaningfully contributing to NCL's overall sales in subsequent quarters. Hence, we maintain our BUY recommendation with a TP of INR 310, 25x FY19E EPS of INR 12.4 on expected...