CDG Petchem's new logistics arm made ₹24.76 cr. The old business is gone.
A 51% stake in Jujhar Logistic & Travels turned a ₹182 cr micro-cap into a profit for FY26. The logistics subsidiary runs 400+ car carriers for Maruti and Tata.
What's new
- CDG Petchem swung to a net profit of ₹7.67 cr in FY26 after losses last year, following its acquisition by the Jujhar Group.
- The turnaround comes from consolidating a 51% stake in Jujhar Logistic & Travels, which itself earned ₹24.76 cr on ₹210.98 cr revenue.
- The subsidiary was only included from 18 Nov 2025; its standalone EBITDA margin was 21.9%.
Why this matters
The headline numbers are for a petrochemicals company that no longer exists. The real business is automotive logistics. A subsidiary booked ₹24.76 cr in profit for about four and a half months of consolidation, against a parent market cap of ₹182 cr. The economics of the logistics fleet, not the old petchem operations, now set the stock's value.
What we're watching
- The first full year of consolidation for the logistics subsidiary in FY27.
- Whether CDG maintains its 51% stake or seeks further control over Jujhar Logistic.
- New contract wins with automotive OEMs beyond Maruti and Tata.
The full read
CDG Petchem is no longer a petrochemicals company. A ₹7.67 cr net profit in FY26 comes almost entirely from a 51% stake in Jujhar Logistic & Travels, which the parent consolidated from 18 Nov 2025. For just over four months of ownership, the logistics subsidiary delivered ₹24.76 cr in profit on ₹210.98 cr revenue. Its 21.9% EBITDA margin and fleet of 400+ car carriers serving Maruti and Tata make the old petchem business irrelevant. On a ₹182 cr market cap, the subsidiary's partial-year profit alone is material. The first full year of logistics consolidation in FY27 is the real test of what this company is worth.
Questions answered
- How did CDG Petchem swing from losses to profit?
- The profit came from consolidating a 51% stake in Jujhar Logistic & Travels, which was acquired by the parent's owner, the Jujhar Group. The subsidiary contributed ₹24.76 cr in profit for just over four months of the fiscal year.
- What is the logistics subsidiary's actual scale?
- Jujhar Logistic & Travels reported standalone annual revenue of ₹210.98 cr and a profit of ₹24.76 cr, implying a 21.9% EBITDA margin. It operates a fleet of over 400 car carriers for clients including Maruti and Tata.
- Why are the consolidated numbers so much smaller than the subsidiary's standalone figures?
- The logistics subsidiary was only consolidated from 18 Nov 2025, so its revenue and profit appear in CDG's accounts for roughly 4.5 months of FY26, not the full year.
- What does the ₹182 cr market cap imply about the market's pricing of the logistics business?
- The subsidiary's standalone profit alone was ₹24.76 cr, more than 13% of the entire market cap, and that was for only a partial year. Full-year consolidation in FY27 will test whether the stock is priced for the logistics earnings, not the legacy petrochemical business.