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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.

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..

Sanghvi Movers Ltd (SML) witnessed a moderate YoY growth of 4.2% to Rs.5531 Mn compared to Rs.5308 Mn in FY16, mainly contributed by the wind mill sector (highest contributing sector) witnessing a growth of 21.3%, followed by Steel & Metal sector, however the growth in the sectors like Power, Refinery & Gas and Cement witnessed a drop of -18.1%, -33.0% and -58.3% respectively. The utilization and average yield per month during the year witnessed a drop to 78.0% & 2.8% respectively from 82.0% & 3.0% in FY16.

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...

Navkar Corporation Ltd. (NCL) reported better than expected profit largely due to higher other income. On a consolidated basis, revenue grew by 4.6% yoy and 3.1% qoq to Rs882mn. Revenue growth, however, was lower than volume growth of 18.4% yoy and 6.7% qoq to 80,815 TEUs, as realization fell by 13% yoy and 4% qoq to Rs10,667/TEU due to higher export-import mix at 48:52 and higher share of empty cargo in overall cargo handled. EBITDA adjusted for forex loss increased 1% yoy and was flat on a qoq basis, largely due to higher operating expenses and staff costs. This increase can be attributed to the ongoing capex at Vapi and...

Sanghvi Movers (SGM) delivered a strong 3QFY16. Revenues/EBITDA was ~6/13% above our estimates on account of increased crane utilisation rates of ~83% (~80% in 2QFY16) and yields of ~3.06% (~3.05% in 2QFY16). EBIDTA margins expanded ~800bps YoY (-241bps QoQ) to ~66.8% (~424bps above our estimates), driven by lower other expenses and freight costs.