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Subscribe to Navkar Corporation IPO: SPA Research

SPA Research has recommended investors to subscribe to Navkar Corporation issue only for the long term investors as most of the earnings growth will be back-ended, says the report.

August 24, 2015 / 04:35 PM IST
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Navkar Corporation IPO note by SPA Research

Navkar Corporation is engaged in the business of Custom Freight Operations (CFS) in India with 3 CSFs in Panvel, Maharashtra. It has current handling capacity of 310000 TEUs and warehousing capacity of 500000 sq. ft. The company intends to expand handling capacity by 1.34x (mix of brownfield and Greenfield) and develop an integrated logistics park at Vapi which will act as a one-stop solution for importers and exporters.

- Diversifying into newer geographies
- Expanding capacity and improving efficiency
- Infrastructure in place to handle cargo
- Proximity to India's busiest port

Outlook & Valuation
"Logistics sector is likely to gain from implementation of GST and setting up of dedicated freight corridors & industrial corridors. Navkar Corp has aggressive expansion plans, the full impact of which is likely to be visible in FY18 as earnings will move to a higher trajectory thereupon. Topline and bottomline has grown at a CAGR of 20.0% and 14.5% respectively between FY13-15. We recommend SUBSCRIBE to the issue only for the long term investors as most of the earnings growth will be back-ended", says SPA Research report.

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first published: Aug 24, 2015 04:35 pm

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