Buy

In Q2FY26, Blackbuck’s core revenues grew ~37% YoY led by 55% QoQ growth in fuel sensors. New businesses grew >2x YoY and 19% QoQ led by Superloads and vehicle financing.

In Q1FY26, Blackbuck’s core business growth accelerated to ~40% YoY vs. I-Sec est. of 33% YoY. This was driven by higher uptake in value-added services in payments and growth in telematics (regulatory tailwinds).

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...

Navkar Corporation (Navkar) reported a good set of numbers for 3QFY2018. The consolidated top-line grew by ~16% yoy. On the operating front, the company reported a margin contraction on account of sharp increase in operating expenses. However, the net profit grew by ~21% yoy due to higher sales and lower interest cost. Outlook and Valuati..

Panvel volumes improved ~4% QoQ (up ~3% Yo) led by 12% YoY rise in exports though imports declined ~4% YoY. Direct-To-Port Delivery (DPD) led impact was stable QoQ, as CFSs share of overall DPD volumes has been rising steadily (>60% now vs. 39% in Q4FY17).

Panvel volumes were flat QoQ (down 2% YoY) given intermittent slowdown due to Direct-To-Port Delivery (DPD) volumes. Management highlighted CFS share of overall DPD volumes has increased to 61% vs. 39% in February, which will reduce overall volume-led pressure going ahead. EBITDA margin improved ~6..

Navkar Corporation (NCL) has delivered a decent performance in 1QFY18. Surpassing volume growth, its consolidated revenue grew by 9.6% YoY (flat on QoQ basis) to Rs988mn. Volume grew by 4.7% YoY (4.4% QoQ) to 86,073 TEUs, while realisation grew by 4.6%YoY (-4.5% QoQ) to Rs11,482/TEU. Realisation growth was aided by higher contribution from Vapi ICD and improved revenue-mix and lower share of empty cargoes, which stood at 4,524 in 1QFY18 compared to 5,300 in 1QFY17. EBITDA increased by 10% YoY and 11.6% QoQ to Rs390mn partly due to certain one-off expenses relating to: (1) loss on sale of asset; (2) employee bonus accounting post IND-AS; (3) higher operating and employee cost relating to Greenfield project at Vapi in...

Navkar Corporation (NCL) has delivered a dull performance in 4QFY17. Revenue growth surpassed volume growth, and grew by 8.4% YoY and 8.2% QoQ to Rs991mn. Volume grew by 1.5% YoY (flat QoQ) to 82,406 TEUs, while realization grew by 10% QoQ and 6.8% YoY to Rs12,022/TEU. Realization growth was aided by improved revenue-mix and lower share of empty cargoes, which stood at 2,574 in 4QFY17compared to 4,247 in 3QFY17. However, NCL's EBITDA declined by 7.5% YoY and 1.7% QoQ to Rs349mn partly due to certain one-off expenses relating to: (1) loss on sale of asset; (2) employee bonus accounting post IND-AS; (3) higher operating and employee cost relating to Greenfield project at Vapi, which is in completion...

Q3FY17 performance was in line, as Panvel volumes were flattish YoY / QoQ this was largely led by 9% YoY rise in import volumes, while export volumes declined 11% YoY given delay in agri and related exports. However, Panvel's adj. EBITDA margin (Rs/teu; ex-forex) grew 6% QoQ to Rs 4,285, prima..

Sanghvi Movers (SGM) 3QFY17 revenue (Rs 1.3bn, 2% YoY) was ~8% below our estimates, as gross block yield declined to ~2.58% (vs. ~2.77% QoQ). Utilisation of cranes improved to ~80% (vs. ~66% QoQ). While lower freight charges and employee costs led to better-than-expected EBTIDA margins (66.9%, 110bps YoY), higher depreciation and taxes led to a 23% miss in our APAT (Rs 234mn, -8% YoY) estimate.

Navkar Corporation (NCL) reported subdued set of numbers for 3QFY2017. The consolidated top-line grew by ~4% yoy on the back of lower exports, which was impacted on account of demonetization. Moreover, on the operating front, the company reported a margin contraction on account of higher operational costs. The net profit de-grew by ~27% y..

Stable Performance; Strong Volume Growth on the Cards Navkar Corporation (NCL) has reported decent performance in 3QFY17, with its consolidated revenue growing by 4% YoY and 2% QoQ to Rs916mn. Notably, revenue growth surpassed volume growth, which grew by 2% YoY (flat 1% QoQ) to 82,472 TEUs. Further, realization rose by 2.5% QoQ and YoY to Rs10,933/TEU, aided by improved revenue-mix and lower share of empty cargoes (at 4,247 containers in 3QFY17 vs. 4,400 containers in 2QFY17). EBITDA adjusted for forex loss declined by 2% YoY (up +6% QoQ). While higher operating and employee expenses largely...

Navkar Corporation (NCL) reported a subdued set of numbers for 2QFY2017. The consolidated top-line grew by ~5% yoy; while on the operating front, the company reported a margin contraction on account of prolonged monsoons that resulted in higher operational costs. The net profit grew by ~4% yoy due to lower subdued sales and poor operating..

Decent Performance During H1FY17; CapEx on Track for the Year: Flat growth witnessed during H1FY17: On the Half yearly basis, revenueswitnessed a 7.5% YoY growth registering Rs. 2,497 Mn during H1FY17 compared to Rs. 2,322 Mn in H1FY16. EBITDA stood at Rs. 1,532 Mn in H1FY17 compared toRs. 1,514 Mn in H1FY16, with EBITDA margins at 61.4% in H1FY17 a drop of -384bps when compared to 65.2% in H1FY16.

Q2FY17 performance was in line, as Panvel volumes grew 8% YoY (flattish QoQ, primarily led by imports; +15% YoY in Q1).However, adj. EBITDA margin (Rs/teu; ex-forex) declined ~12% QoQ due to heavy monsoon which led to (a) higher operating overheads due to delay in transportation and (b) adverse EXIM..

Seasonally Weak Quarter ... Capacity Ramp-up at Greenfield Units to Boost Growth Navkar Corporation (NCL) has reported tepid numbers in 2QFY17 with its consolidated revenue growing by 5% yoy (flat qoq) to Rs900mn. However, revenue growth was lower compared to volume growth of 7% yoy (up 1% qoq) to 82,330 TEUs. This is attributable to decline (-3% yoy & -1% qoq) in realization to Rs10,665/TEU due to adverse revenue mix despite lower share of empty cargoes at 4,400 containers in 2QFY17 compared to 6,900 containers in 2QFY16. EBITDA adjusted for forex loss fell sharply by 16% yoy (-13% qoq) due to higher cost incurred owing to incessant...

Sanghvi Movers (SGM) 2QFY17 financial performance was impacted by the seasonal spillover of de-hiring of cranes getting pushed to 2QFY17, which resulted in net revenues/EBITDA being ~24/29% below estimates. Crane utilisations fell to ~66% (~79% in 1QFY17) while gross block yields remained stable at ~2.77% (~2.80% in 1QFY17).

Largest Crane Rental Company Adapting to Changing Needsof Wind Mill Sector:SML continues to draw major revenues from wind mill sector - Government'starget to add 4000 MW wind power capacity during FY17E and the momentum going ahead to be favourable for SML. We expect wind power capacity addition towitness a growth of 14.8% during FY16-18E leading to a growth of 12.8% in the SML's revenue. The contribution from other sectors such as Power Plant, Refinery/Petroleum products, Cement, Steel & Metals and others are expected to pick up with moderated capacity additions in the next two years.

BUY Navkar Corporation Ltd CMP at Rs.190 and add on dips to band Rs. 190 - 173 for the Sequential Targets Rs. 218 - 245.