Jujhar Logistics: A Listed Entry into a 35-Year Car-Carrier Franchise

Jujhar Logistics Limited, formerly CDG Petchem Limited, is now the listed vehicle through which public shareholders get exposure to a long-running and scaled car-carrier business. That operating business sits largely inside Jujhar Logistic and Travels Limited, a company built over 35 years of OEM relationships and acquired as a 51 percent subsidiary on November 18, 2025. The investor presentation makes a simple point: FY 2025-26 numbers contain two realities at once. One is a listed entity that only started consolidating the operating engine for roughly four and a half months. The other is a fleet-led logistics platform that has been delivering vehicles for India’s largest OEMs for decades.

The first full year of consolidation signals what changes when that operating scale enters the listed perimeter. On a consolidated basis, revenue from operations rose to ₹74.88 crore in FY 2025-26 from ₹23.10 crore in FY 2024-25, with profit after tax turning positive at ₹7.67 crore versus a loss of ₹1.15 crore in the prior year. The standalone entity also swung to profit, posting ₹0.99 crore PAT versus a ₹1.06 crore loss, though standalone revenue fell to ₹4.02 crore from ₹8.99 crore. The story is not about a sudden new business model. It is about consolidation timing and the market finally seeing the operating business through reported financials.

A niche logistics model built around OEM standards

Car-carrier logistics is not general freight, and Jujhar positions that distinction as a moat. The model relies on purpose-built trailer assets, strict damage-free standards, and long-duration OEM relationships that are hard to displace. The company highlights a structural feature that supports economics: to-and-fro freight is paid by the OEM. It also claims minimal working capital requirements, which matters in an asset-heavy segment.

Operationally, the platform is described as a point-to-point distribution network designed to reduce transit time and empty running. The fleet is GPS-enabled for real-time visibility. A dedicated customer service function is supported by a 400-seat in-house call centre. Scale is also visible in infrastructure numbers. The presentation cites 400 plus enclosed carriers and 600 plus delivery locations, indicating a network designed to serve plant dispatch points and dealership clusters rather than a hub-and-spoke general logistics footprint.

The client list spans many of India’s key vehicle manufacturers and logistics integrators: Maruti Suzuki, Tata Motors, Kia, Jaguar Land Rover, Volkswagen, Toyota, Hyundai, Mahindra, and Skoda, alongside counterparties like Glovis India, Transystem Logistic International, APL Logistics Vascor Automotive, and Mahindra Logistics. This breadth helps explain why the company frames its business as a specialist partner to OEM supply chains rather than a commodity transporter.

Financial summary

Note: Consolidated figures include Jujhar Logistic and Travels Limited from November 18, 2025, the acquisition date.

Execution metrics that matter to OEMs

In car-carrier logistics, the performance scorecard is simple and unforgiving. OEMs focus on lifting achievement, on-time delivery, and damage-free delivery. Jujhar’s presentation reports these KPIs as consistently strong across the subsidiary’s operations over FY 2022-23 to FY 2025-26. On-time delivery is shown at 100 percent in each of the four years. Damage-free delivery is also shown at 100 percent for the same period. Car-lifting achievement is shown at 102, 98, 97, and 101 over the same years, with the best-performing region peaking at 101 percent against target.

Capacity and throughput moved up sharply, especially in FY 2025-26. Fleet size rose to 406 vehicles in FY 2025-26 from 301 in FY 2024-25. Lifting volumes increased to 1,43,267 vehicles per year from 1,26,661 in FY 2024-25, after earlier growth from 88,084 in FY 2021-22 to 1,30,028 in FY 2023-24. These numbers matter because the company also notes that margins softened while scaling. The suggestion is that growth came with fixed costs of rapid fleet and network expansion, and that operational discipline is the tool used to protect service quality during that ramp.

The operating footprint is also pan-India and mapped to OEM plant-gate loading points. The presentation lists loading points across seven states, including Haryana (Gurgaon, Manesar, Kharkhoda), Gujarat (Becharji and Sanand), Uttarakhand (Pantnagar), Maharashtra (Pune, Ranjangaon, Chakan, Aurangabad, Nashik), Karnataka (Bidadi), Andhra Pradesh (Penukonda), and Tamil Nadu (Chennai). The commercial implication is coverage across key automotive production clusters, which can support higher fleet utilisation and faster regional expansion when new OEM lanes open.

The operating engine and what the margins are saying

The most informative financial view in the deck is the three-year profitability table for Jujhar Logistic and Travels Limited, described as the main operating entity. In FY 2025-26, it reported total income of ₹21,204.36 lakh, EBITDA of ₹4,635.69 lakh, and PAT of ₹2,473.60 lakh. That implies an EBITDA margin of 21.9 percent and PAT margin of 11.7 percent.

Margins were higher in FY 2024-25 with EBITDA margin at 25.6 percent and PAT margin at 17.3 percent, even as the business grew. The deck attributes the FY 2025-26 margin decline to rapid fleet and network expansion and the fixed costs that came with it. Investors should read this as a classic scale-up trade-off. The business is expanding fleet and lanes, which can temporarily pressure margins even when revenue rises. Whether margins stabilise depends on how fast utilisation, pricing, and operational efficiency catch up to the new asset base.

The presentation also provides context around comparability. FY 2023-24 numbers for the operating business reflect only about 1.5 months because the logistics business was previously part of the promoter group’s flagship entity. This makes FY 2024-25 and FY 2025-26 more useful for trend-reading. Even within those constraints, the message is clear: the operating platform is already profitable, and the listed consolidation is the mechanism that brings that profitability to public reporting.

A second angle is governance and structure. The corporate structure is described as straightforward: Jujhar Constructions and Travels Private Limited holds 73.75 percent of the listed company, and the listed company holds 51 percent of the operating subsidiary, with the balance 49 percent held by other shareholders. For investors, this means economic exposure flows through majority control but not full ownership, which can shape how much of the subsidiary’s earnings are attributable to the listed entity over time.

Strategy: expanding lanes, adding modes, and tightening the control tower

Jujhar frames its next phase as scaling into an integrated, multimodal logistics platform. The strategic roadmap is split into four pillars.

Production logistics focuses on organic growth, including inbound just-in-time, in-plant movement, outbound distribution, and yard management. Road car carrier expansion includes both organic and inorganic growth via strategic acquisitions, fleet expansion, regional entry, and new OEM partnerships. Rail logistics is positioned as organic growth through rail tie-ups with OEMs and hub network development. The future-ready bucket includes EV logistics capability, warehousing services, stock yards, and export logistics.

This roadmap matters because it suggests two things. First, the company does not want to remain a pure road car-carrier player if OEMs increasingly demand integrated solutions. Second, management appears to be planning for the next cycle in the automotive supply chain, where multimodal movement, yard management, and visibility systems become part of vendor selection.

Technology is the connective tissue in this plan. The presentation highlights integrated transport management software and an AI-powered control tower that provides OEM partners with real-time visibility and control across vehicle movements. It also references client dashboards, automated alerts and proofs of delivery, and fleet and driver insights. In a business where damage-free and on-time performance are non-negotiable, these systems can reduce exceptions and improve accountability across a large fleet.

Sustainability is presented as a practical operating shift rather than a broad statement. The company has invested in CNG vehicles. It is also planning to transport automobiles for Maruti Suzuki through railway mode, citing reduced road congestion, lower fuel consumption, and lower carbon emissions compared with conventional road transport, alongside higher loading capacity and efficiency.

Management, group backing, and what investors should track next

The leadership profiles underscore continuity and execution. Founder and Chairman S. Gurdeep Singh is positioned as the builder of the group’s original transport business and as a diversified operator across media and telecom infrastructure. Director Arshdeep Singh Mundi is positioned as the next-generation leader who drove automation and growth in the logistics business and expanded other group ventures. The broader Jujhar Group includes logistics, media and entertainment, broadband, real estate, infrastructure, hospitality, and healthcare, with 20 plus companies, presence across eight states, and a workforce of 4,500 plus.

For minority investors, group backing can be an advantage when capital allocation is disciplined and when operating companies have access to vendor relationships, talent, and systems. But it also increases the importance of disclosure clarity, related-party discipline, and a clean consolidation narrative. The presentation leans into transparency by clearly stating that consolidated numbers reflect the subsidiary only from November 18, 2025.

The clearest investor takeaways sit in three places. One, the business is built around a specialist niche with high service standards, where OEM onboarding is difficult and performance metrics are tightly monitored. Two, the operating engine is profitable and has scaled fleet and volumes meaningfully, though margins dipped in FY 2025-26 as expansion costs were absorbed. Three, the strategy aims to widen the addressable market through production logistics, rail, and future services like stock yards and export logistics, while technology systems support control and visibility.

The near-term debate is not whether the company can move cars. The KPIs and OEM client list suggest it can. The real question is whether the expanded fleet and network translate into sustained utilisation and margin stability, and whether the transition to multimodal logistics adds resilience without diluting focus.

Jujhar Logistics enters FY 2026-27 with a clear theme: integration. The listed structure now sits above a scaled operating business, and management’s roadmap is about widening services while protecting the on-time and damage-free discipline that wins OEM lanes. If execution remains steady, investors will likely judge progress by two numbers above all: consolidated revenue growth that reflects a full-year subsidiary contribution, and margins that show the cost of expansion is being earned back through utilisation and operating leverage.