CJ Darcl Logistics IPO

CJ Darcl Logistics Ltd. filed its DRHP with SEBI on September 30, 2025, for its IPO, which is a 100% book-built offer. consists of a total issue of up to 36,375,355 equity shares, comprising a fresh issue of up to 26,470,000 equity shares and an Offer for Sale (OFS) of up to 9,905,355 equity shares by existing shareholders, and the face value stands at ₹2 for each equity share.

The upcoming CJ Darcl Logistics IPO’s price band and the subscription and listing date will be announced by the company later. A group of professional Book Running Lead Managers (BRLMs), consisting of ICICI Securities Limited and DAM Capital Advisors Limited, will manage this issue. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) will serve as the registrar of the issue.

Company Background

CJ Darcl Logistics Ltd. was incorporated on December 10, 1986, as "Delhi Assam Roadways Corporation Private Limited" and was formed to take over a partnership transport business and has since evolved through several name changes to reflect its growing brand and strategic partnerships.

In 2017, it changed its name to "CJ Darcl Logistics Limited," following a shareholders' agreement with CJ Logistics Corporation. With its headquarters in Gurugram, Haryana, the company has grown into a multimodal logistics provider with a vast geographic presence across India and operations extending into Nepal.

Operations and Product Range

CJ Darcl Logistics Ltd. provides extensive logistics services, primarily focusing on B2B road transportation. The services they provide cater to a wide range of industries, including metals, minerals, and consumer goods. Its service range has expanded to include:

• • Multimodal transportation, for utilizing road and rail networks to move goods efficiently.
• • Full Truck Load (FTL) Services, such as providing services for specialized road transport for large cargo volumes.
• • Managing storage (warehouses) and supply chain logistics (distributions) for clients.
• • Handling over-dimensional and heavy-lift shipments (project cargo).

Facilities and Capacity

CJ Darcl Logistics Ltd. operates a massive network supported by physical and digital infrastructure. They also operate from major Indian ports like Mundra, Kolkata, Vizag, and Chennai. As of March 31, 2025, the company’s operational capacity includes:

• • Owned a fleet of approximately 1,200 vehicles.
• • 14 warehouses located at major industrial hubs, totaling approx. 1.13 Mn square feet of space.
• • One of the largest inventories of specialized containers in India, with over 1,800 units for multimodal operations.

Brands and Market Presence

The "CJ Darcl" brand is a significant name in the Indian logistics landscape. CJ Darcl Logistics Ltd. is one of the largest private players in the domestic rail containerized market, holding a 6-8% market share (excluding Concor). While the primary focus is on the domestic market, the company also has an international footprint through its subsidiary in Nepal and handles sea cargo and freight forwarding, providing it with global exposure.

Revenue Streams and Business Model

CJ Darcl Logistics Ltd. follows an asset-light-plus business model, combining its owned fleet with a large network of hired vehicles. The operations of this company have reached ₹4,082.02 crore in Fiscal 2025. Other revenue streams are from the road transportation and multimodal logistics services fees. Also, the company focuses on the model to scale multimodal rail and warehousing businesses to diversify its income beyond traditional road transport.

Management and Shareholding

CJ Darcl Logistics Ltd. is promoted by Krishan Kumar Agarwal, Darshan Kumar Agarwal, Narender Kumar Agarwal, Nitesh Agarwal, and CJ Logistics Corporation.

Before the CJ Darcl Logistics IPO, the biggest shareholder in the company was CJ Logistics Corporation, which owned 55.96% of the pre-offer equity share capital. The promoters and their families own the rest of the large stakes. There will be a dilution in the post-IPO shareholding pattern; promoters will sell some of their stakes, and the company will issue new shares.

Board and Key Management

The board is led by the Agarwal family and CJ Logistics, the company that owns the 56% stake following the investment in 2025. Promoter Directors Krishan, Darshan, and Narender Agarwal manage the North, Western, and South regions, respectively. Under the able guidance of CFO Amol Lone and CS Apoorva Kumar, the board is headed by Independent Chairman Yong Hwan Choung.