CDG Petchem FY26: A ₹215 Cr Mattress Trader That Became a Car-Carrier at 48x Earnings

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1 — At a Glance

FY26 revenue landed at ₹74.88 crore, up from ₹23.10 crore — a 224% jump. Profit after tax attributable to owners swung to ₹4.41 crore from a ₹1.11 crore loss. Operating profit went from ₹(0.43) crore to ₹16.76 crore, lifting the operating margin to 22.38% from negative. On the surface, a turnaround for the record books.

Underneath sits a different story. The consolidated numbers include a subsidiary — Jujhar Logistic & Travels Limited — that CDG acquired a 51% stake in on 18 November 2025, so only four and a half months of it appears in the full-year total. The Dugar family, promoters since the mattress-and-plastics days, are gone; Jujhar Construction & Travels now holds 73.75%. The company itself is renamed Jujhar Logistics Limited effective 2 July 2026.

So the entity reporting these results is, in almost every respect that matters, not the entity that existed a year ago. The market currently pays 48.6x earnings for it, against an industry 21.1x.

A company that changed its owner, its board, its business, and its name in a single financial year raises one question the tables can’t close: which of these numbers describes an operating business, and which describes a merger’s opening balance?

2 — Introduction

CDG Petchem Limited was incorporated in 2011 (originally Urbaknitt Fabs Limited). For most of its listed life it traded plastics, chemicals, mattresses and pillows — a merchant exporter and third-country trader with a distribution catalogue running from PVC pipes to fume silica.

The financial history is candid about how that went. Revenue peaked near ₹89 crore in FY20, then slid to ₹23 crore by FY25. Net profit was negative in FY21, FY22, FY23, FY24 and FY25 — five losses in a row on the owners’ line. A subsidiary, Morbido Merchandise, was disinvested; during the June 2025 quarter it ceased to be a subsidiary at all.

Then the ownership changed hands. Jujhar Construction & Travels acquired shares through an open offer, lifting its stake to 73.75% by March 2026. A new board came in on 14 November 2025 — five directors resigned the same day. The company raised ₹26.03 crore through a share issue and warrants. And it bought control of a logistics business. Every one of those moves is on the filing record; together they explain why FY26 reads nothing like FY25.

3 — Business Model: WTF Do They Even Do?

Historically: buy things, sell things. The About section lists a product range that reads like a hardware distributor’s entire aisle — knitted fabrics, mattresses, pillows, plasticizers, PVC foam board, stretch film, bubble film, EVA sheet, construction chemicals, surfactants, pharma chemicals, sealants. A trading house that would source and resell more or less anything with a polymer in it.

The FY26 numbers show how thin that had become. FY25 revenue was ₹23 crore on a negative operating margin; the standalone parent, per its own results, held no inventory during the year because it wasn’t engaged in trading activities at all. The catalogue was, by then, largely a catalogue.

The new engine is Jujhar Logistic & Travels — a vehicle-logistics operator that moves cars from factory gate to dealership for OEMs the press release names as Maruti, Mahindra, Tata, Kia, Hyundai, Skoda, Toyota and Land Rover. GPS-tracked car carriers, in other words. On its own full-year standalone basis, JLTL reported ₹210.98 crore revenue and ₹24.76 crore PAT — several times the size of its new parent.

So the acquirer is the small one. A ₹215 crore listed shell bought control of a business earning ₹24.76 crore, and consolidated four months of it. The mattresses didn’t grow up; they were replaced.

Does a plastics trader become a logistics company by owning 51% of one, or by saying so in a press release titled “Stellar Financial Performance”?

4 — Financials Overview

Figures are consolidated, in ₹ crore.

The March quarter carries the year. Revenue of ₹52.22 crore compares with ₹5.25 crore a year earlier — the first full quarter with JLTL