CJ Darcl Logistics IPO

Strengths · 7

• 01Revenue from operations grew from Rs 4,215.83 crore in FY2023 to Rs 5,161.11 crore in FY2025, with FY2025 growth at 12.33%.
• 02Restated profit rose from Rs 67.70 crore in FY2023 to Rs 93.12 crore in FY2025, and EBITDA rose from Rs 184.80 crore to Rs 268.20 crore over the same years.
• 03The company served 1,170 customers in FY2025, up from 1,061 in FY2023, and says it has not lost any of its top 10 customers in the last three fiscals.
• 04It reaches 6,691 locations through 202 branch offices and runs 14 warehouses covering 11,28,335 square feet, up from 6,02,579 square feet in FY2023.
• 05Operating cash flow was positive in all three years and stood at Rs 120.35 crore in FY2025 against profit of Rs 93.12 crore.
• 06The asset-right model lets it use 1,70,618 partner vehicles on a trip basis in FY2025 beside its own 1,178 vehicles and 2,403 containers.
• 07ROCE improved from 16.90% in FY2023 to 18.25% in FY2025.

Risks · 10

• 01The top 10 customers gave 42.96% of FY2025 revenue from operations (46.41% in FY2024), and many customers have no long-term contract.
• 02Metals, minerals and coal customers account for 55.61% of revenue, so a slowdown in those industries would hit volumes.
• 03Profit margin is thin at 1.80% in FY2025 and EBITDA margin is 5.20%, so small cost rises can reduce profit.
• 04Trade receivables were Rs 1,007.02 crore at 31 March 2025, about 66 days of revenue, and receivables grew faster than operating cash flow.
• 05Total borrowings were Rs 809.63 crore against net worth of Rs 750.94 crore, a ratio of 1.08 times, and net debt to EBITDA was 3.00 times in FY2025.
• 06Investing activities used Rs 147.54 crore of cash in FY2025, and non-current borrowings rose from Rs 198.28 crore to Rs 238.03 crore to buy trucks, containers and warehouse equipment.
• 07The company has 101 tax cases and 59 material civil cases against it, with Rs 42.22 crore quantified in total, and cases against its promoters involve Rs 105.34 crore.
• 08Bank guarantees outstanding were Rs 160.61 crore at 31 March 2025, mostly performance guarantees to customers.
• 09The offer for sale is 99,05,355 shares sold by 25 promoter, promoter group and other holders, and the company gets no money from it. The use of general corporate purposes is not yet fixed.
• 10The auditor's report carries modifications on the audit trail and on the location of backup servers, and the company has reported late FEMA filings for its Nepal subsidiary.

CJ Darcl Logistics Limited is a Gurugram-based logistics company with over 39 years of operating experience. It started in 1986 as Delhi Assam Roadways Corporation Private Limited. South Korea's CJ Logistics Corporation became a promoter in 2017 and the name changed to CJ Darcl Logistics.

The company earns from two services. The first is integrated multimodal logistics, which covers full truck load, rail, air cargo, coastal shipping, project logistics and freight forwarding. The second is warehousing and distribution. Its customers are enterprises. The company served 1,170 customers who each paid more than Rs 0.10 crore in FY2025.

As of 31 March 2025 the company had 202 branch offices and 6 administrative offices, 14 warehousing facilities and 1 railway stock yard. It covers 6,691 locations across India and also serves overseas markets. Its warehouses cover 11,28,335 square feet, up from 6,02,579 square feet in FY2023.

The company follows what it calls an asset-right model. It owns 1,178 commercial vehicles and 2,403 containers, and has taken 483 vehicles on operating lease. For the rest of its road work it hires third-party vehicles trip by trip. In FY2025 it used 1,70,618 such partner vehicles for 6,95,844 shipments.

Metals, minerals and coal customers gave 55.61% of FY2025 revenue from operations. Chemicals, engineering and construction, FMCG and agriculture make up most of the rest. The numbers in this page come from the draft red herring prospectus dated 30 September 2025, which reports restated consolidated results up to 31 March 2025.

The industry

The CRISIL report in the document puts the Indian logistics market, including road, rail, domestic air cargo, coastal and industrial warehousing, at Rs 10 to 11 trillion in FY2025. It expects the market to reach Rs 15 to 17 trillion by FY2030, a growth of 9-10% a year. Industrial warehousing is expected to reach Rs 2 to 3 trillion at 11-12% a year. The report compares this with GDP growth of 6.5-7.5% over FY2025 to FY2030. The document names Transport Corporation of India as its only listed peer.

Customer concentration: Top 10 customers gave 42.96% of FY2025 revenue from operations (46.41% in FY2024 and 45.93% in FY2023).