* 2 overnight trains operating between Mumbai & Kolhapur Mahalaxmi & Shaayadri operate with only 3 & 4 ICF AC sleeper coaches and one day time train Koyna operate with just 1 ACC ICF coach.
* This indicate that Upper class passenger on the route is very low. And for much higher fares applicable for Tejas, the passenger traffic shall be even lower.
* A SF train with LHB rake, ACC,IIS & Gen coaches and same timing should be better option.
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Moreover the journey time has to be below 8hrs, else the morning departure time becomes too early and night arrival time becomes too late to be convenient to passengers. Paxs in such cases prefer overnight sleeper train to the daytime chair-car train.

Mahalaxmi Express used to have 1 HA1, 1 A1 and 4 3A coaches earlier when it was under CR until it was transferred to SCR and was RSA'ed with Haripriya, the number of AC coaches were reduced.
Also there has been a demand of Shatabdi on Pune-Kolhapur Route, so a Tejas on Mumbai-Kolhapur route would serve the purpose.
5:30 AM departure and late night arrival is not at all an issue in Mumbai as Local trains are available right from 4 in the morning to 12:30-1 at night. This is evident from success...
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of trains like DR-MAO JS and CSTM-KRMI Tejas which depart early and arrive late at Mumbai