CJ Darcl Logistics IPO

CJ Darcl Logistics moves industrial freight around India for large corporate shippers. Its core business is integrated multimodal transportation — full truckload road haulage, rail container movement, coastal shipping, air cargo, project cargo and freight forwarding — which was 97.96% of revenue from operations in FY2025. A smaller warehousing and distribution arm operated 1.47 million sq ft as of 31 March 2026. Customers are metals, mining and coal, chemicals, engineering and construction, and FMCG companies; metals alone were 37.06% of multimodal revenue in FY2025 and the top ten customers 42.96% of total revenue. The 7 September 2026 addendum adds two newer lines: CJ Darcl Quick, a quick-commerce and D2C fulfilment unit that also runs franchised dark stores, and a FASTag issuance platform operated through subsidiary Transrail Logistics.

It sells freight capacity it largely does not own. Under an "asset-right" model it books loads from shippers and fulfils them through a vendor network of 560,893 business partners and 1,057,253 partnered vehicles (30 June 2026), keeping only 1,405 owned trucks and 333 leased ones for critical routes and specialised cargo. Bought-in haulage therefore dominates the cost base: cost of services was ₹5,150.77 crore against ₹5,680.20 crore of operating revenue in FY2026, or 90.7%, up from 90.2% in FY2025. That leaves an EBITDA margin of 4.81% in FY2026 (5.20% in FY2025), and profit fell to ₹86.73 crore on 10.06% revenue growth. ₹203.86 crore of fresh-issue proceeds is earmarked for owned trucks, which the company says carry higher margin per vehicle.