Over FY12-16, Navkar Corporation Ltd. (NACO) market share has increased from ~4.3% to ~6.9%, and is now an established leader in hinterland container logistics at JNPT, India?s largest container terminal. Initiate coverage with NEUTRAL. Our TP is Rs 214/sh (12x Sep-18E EV/EBIDTA, at 20% premium to GDL).