Navkar Corporation Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Navkar Corporation Ltd trades at ₹105, building a base and 3 weeks into that stage. That is +2.0% against its own 200-day average. It sits at 53% of a 52-week range of ₹79 to ₹128. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks.

Today the stock is building a base — week 3 of stage 1, confirmed. At ₹105 it trades +2.0% versus its 200-day average and sits at 53% of its 52-week range (₹79–₹128).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −35% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 16 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 61st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Navkar Corporation Ltd trades at 17.0× P/E, mid-range by its own standards (61st percentile). Its long-run median P/E is 13.9×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 17.0× is mid-range by its own standards (61st percentile), against a long-run median of 13.9× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +0.0% against a −18.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +15.2%/yr price move, ~+0.0%/yr came from earnings growth and ~+15.2 pp from the multiple (expanding); over 10y, of the −6.8%/yr price move, ~−0.2%/yr came from earnings growth and ~−6.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Navkar Corporation Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 7 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

50.9/100 — rank 2 of 8 in Logistics - Warehousing/Supply Chain · 53% evidence confidence

Navkar Corporation Ltd scores 50.9 out of 100 against the 8 companies it is compared with in Logistics - Warehousing/Supply Chain, ranking 2. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 20.4 + 12.8 + 10.5 + 7.2 = 50.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Navkar Corporation Ltd reported ₹106 Cr of revenue in the Dec 17 quarter, +15.2% year on year. That is the 3rd straight quarter of year-on-year growth. Over 5 years it has compounded at 6.7% a year. The last full year, FY17, came in at ₹371 Cr. The last four reported quarters add to ₹412 Cr.

Navkar Corporation Ltd reported ₹106 Cr of revenue in the Dec 17 quarter, +15.2% year on year. That is the 3rd straight quarter of year-on-year growth. Over 5 years it has compounded at 6.7% a year. The last full year, FY17, came in at ₹371 Cr. The last four reported quarters add to ₹412 Cr.

FY17 revenue came in at ₹371 Cr (+6.9% on the year), capping 5 years at 6.7% compound. The latest quarter (Dec 17) printed ₹106 Cr, +15.2% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +15.1% growth against the decade's 6.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.4% over the last 4 quarters against +10.7%/yr over the last 8 — accelerating; TTM profit −2.2% vs +17.7%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 35.0% this quarter (−1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Navkar Corporation Ltd's operating margin is 35.0% in the Dec 17 quarter, −1.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 31.0% to 39.0%. The current quarter sits inside that band.

Navkar Corporation Ltd's operating margin is 35.0% in the Dec 17 quarter, −1.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 31.0% to 39.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 35.0%, −1.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 31.0%–39.0%.

🚨 Why the margin moved: operating margin went −0.7 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit +21.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Navkar Corporation Ltd earned ₹23.0 Cr of net profit in the Dec 17 quarter, +21.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY17 profit was ₹86.0 Cr. The 5-year compound rate is 12.8%. That is 21.7% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.

Navkar Corporation Ltd earned ₹23.0 Cr of net profit in the Dec 17 quarter, +21.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY17 profit was ₹86.0 Cr. The 5-year compound rate is 12.8%. That is 21.7% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.

Dec 17 profit was ₹23.0 Cr, +21.1% year on year — the 2nd consecutive quarter of growth. On the full year, FY17 printed ₹86.0 Cr (+0.0%), and the 5-year compound rate is 12.8%.

Why profit moved: revenue contributed +15.2% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +8.8% vs revenue +15.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 190% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 190% of Navkar Corporation Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY17 that was ₹108 Cr of operating cash against ₹86.0 Cr of profit. After ₹285 Cr of capital spending, ₹−177 Cr was left as free cash.

FY17: operating cash of ₹108 Cr against reported profit of ₹86.0 Cr, leaving free cash of ₹−177 Cr after ₹285 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 190% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 190%: the cash cycle tightened 38 days between FY12 and FY17 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 19.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹1,065 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Navkar Corporation Ltd's cash conversion cycle runs 44 days in FY17, down from 82 days in FY12. Capital spending ran ₹1,065 Cr over the last 3 years. At FY17 sales of ₹371 Cr each day of that cycle holds about ₹1.0 Cr, so roughly ₹45.0 Cr sits inside the business at any moment.

FY17: debtors at 44 days (an asset-light business — no inventory to speak of) — for a full cycle of 44 days, tighter than FY12's 82.

In money terms: at FY17 sales of ₹371 Cr, each day of the cycle holds about ₹1.0 Cr — so the 44-day loop keeps roughly ₹45.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,065 Cr over the last 3 fiscal years against ₹54.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹517 Cr (FY17) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 7% and the ROIC − WACC spread is −9.7 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Navkar Corporation Ltd earns a ROCE of 7% in FY17. Return on invested capital clears the cost of that capital by −9.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 23.2% net margin on 0.18× asset turns.

FY17 ROCE is 7%.

🚨 Why the return is what it is — the wiring (FY17): 23.2% net margin × 0.18× asset turns × 1.44× balance-sheet leverage ≈ 6.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 2.3% − 12.0% = a −9.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.35.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Navkar Corporation Ltd carries total debt of ₹177 Cr against shareholder equity of ₹1,958 Cr as of Jun 26, a debt-to-equity of 0.09 — effectively unlevered. On the annual view that ratio went from 0.38 in FY22 to 0.09 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹177 Cr against shareholder equity of ₹1,958 Cr — a debt-to-equity of 0.09. On the annual view, debt-to-equity went from 0.38 (FY22) to 0.09 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Navkar Corporation Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved −0.1 points over the same window, to 70.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +0.4 points over 8 quarters to 0.7%; Promoters: −0.1 points over 8 quarters to 70.4%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Navkar Corporation Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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