Navkar Corporation Q2 FY27 Results: Standalone Net Profit ₹11.77 Crore on Total Income of ₹228 Crore

Earnings
Container freight station and inland container depot operations

Blacklitt Research23 October 20263 min read

An open concrete yard at a freight station with a two-storey building, overhead gantry cranes at the edges and a rail wagon on the right. — Sergej Majboroda, via Wikimedia Commons (CC0). Illustrative image.

Navkar Corporation (NSE: NAVKARCORP) reported total income of ₹227.69 crore and a net profit of ₹11.77 crore for the quarter ended 30 Sep 2026 on a standalone basis. The results were approved by the board on 23 Oct 2026.

Key highlights

Standalone

The company on its own, without its subsidiaries

Total income: ₹227.69 crore, up 40.0% YoY and 18.4% QoQ
Net profit and EPS: ₹11.77 crore, up 170.6% YoY and down 4.2% QoQ; basic EPS ₹0.78
Other income: ₹4.49 crore, against ₹0.24 crore a year earlier and ₹1.55 crore in the previous quarter
Finance costs: ₹4.86 crore, up 24.6% YoY and 50.5% QoQ

Summary

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	227.69	162.63	+40.0%	192.30	+18.4%
Revenue from operations	223.20	162.39	+37.4%	190.75	+17.0%
Other income	4.49	0.24	n/a	1.55	+189.7%
	11.77	4.35	+170.6%	12.28	-4.2%
Finance costs	4.86	3.90	+24.6%	3.23	+50.5%
Depreciation	17.22	14.15	+21.7%	15.04	+14.5%
Tax expense	3.90	2.23	+74.9%	4.14	-5.8%
Net profit margin	5.17%	2.67%	+2.49 pp	6.39%	-1.22 pp
Tax as share of profit before tax	24.9%	33.9%	-9.00 pp	25.2%	-0.32 pp
EPS, basic (₹)	0.78	0.29	+169.0%	0.82	-4.9%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit grew much faster than total income in the year, but fell from the previous quarter. Net profit rose 170.6% YoY against 40.0% growth in total income, and profit before tax rose 138.1%. Against the quarter ended 30 Jun 2026, total income rose 18.4% while net profit fell 4.2%.

Other income of ₹4.49 crore is 28.6% of profit before tax of ₹15.67 crore, and 2.0% of total income. The filing does not say what drove the rise in other income beyond a half year gain on sale of property, plant and equipment of ₹424.34 lakh.

Tax expense of ₹3.90 crore is 24.9% of profit before tax, against 33.9% a year earlier. The statement shows the quarter's tax entirely as deferred tax, with no current tax, and the filing does not give a reason.

Finance costs of ₹4.86 crore are 2.1% of total income, up from ₹3.23 crore in the previous quarter. Depreciation of ₹17.22 crore rose 21.7% YoY, and the filing gives no reason for the change in finance costs or depreciation.

The company operates as a container freight station and inland container depot business, reported as a single segment, and has no subsidiary, associate or joint venture as on 30 Sep 2026. The note on the figures says the quarter's figures are balancing figures between the unaudited half year figures and the published figures up to three months of the financial year.

The statutory auditors expressed an unmodified audit opinion on the unaudited results, and their review report is dated 23 Oct 2026. The company's latest quarter sits within a market value of ₹1,172 crore at the 23 Oct 2026 close of ₹77.87 a share. Its 14 Oct 2026 filings reported orders and contracts, including a letter of acceptance for a Gati Shakti cargo terminal in Tamil Nadu.

Inference

The results show a larger income base and higher profit than a year earlier, while the quarter's profit fell from the previous quarter. Paid-up equity share capital is ₹15,051.92 lakh at ₹10 a share, unchanged across the periods shown, so the basic EPS of ₹0.78 reconciles with the profit for the period.

The balance sheet shows non-current lease liabilities of ₹176.14 crore at 30 Sep 2026, up from ₹3.74 crore at 31 Mar 2026, and right-of-use assets of ₹195.98 crore; the filing does not say why these rose. Assets classified as held for sale of ₹12.46 crore at 31 Mar 2026 are nil at 30 Sep 2026, and the filing does not say what they were or who bought them. The filing also gives no dividend declaration with these results, and it does not say why no current tax is shown for the quarter.

Reference: Original filing (PDF)

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