JOJO Ltd.: From drug trading to Gujarati TV

Small cap Media and entertainment 2 October 2026 · 32 min read

What the company does

JOJO runs a Gujarati streaming app, a free ad-funded TV channel, a small film studio and an advertising agency from Ahmedabad, with 46 permanent employees and a studio in Prahladnagar. In FY26 the group sold ₹24.0 crore and made ₹5.6 crore; 3 years earlier, called Madhuveer Com 18 Network and before that Toheal Pharmachem, the company sold ₹10 lakh of services a year with 2 permanent employees. It is listed on BSE and nowhere else. The promoters are Dhruvin Shah, the managing director, his mother Sheetal and Sagar Shah, who bought control in September 2023 for ₹17.28 lakh and hold 67.80% of the listed shares.

Why this company, why now

On 29 September 2026, JOJO's shareholders approved a bonus issue that doubles every holding, a bigger authorised capital of ₹70 crore, and a dividend of ₹0.025 per share. The dividend adds up to about ₹17 lakh, 3% of the year's ₹5.6 crore profit. The bonus costs the company nothing: ₹34.48 crore of reserves become 6,89,61,400 new shares, and no cash leaves. Adjusted for the August 2026 split, the share was ₹18.66 in October 2023 and closed at ₹226.00 on 17 September 2026, 12 times higher.

The market reads this as a fast-growing regional streaming company that has just rewarded its shareholders. The filings show a company whose ₹22.5 crore of sales is still owed by customers it does not name, whose app was bought from its own subsidiary at a price it does not disclose, and whose shares were issued to 9 people at ₹10 and ₹40 while the public paid ₹54 to ₹251. The At a glance card above has today's price. The question is what a buyer at that price is buying: a Gujarati media business, or a listing whose owners have paid about ₹61 crore for about 90% of it.

History

For its first 22 years the company was Toheal Pharmachem, a small pharmaceutical trading and consulting firm in Ahmedabad that "assisted in the development and trading of a wide variety of drugs and dosage forms" for other companies. Yogendra Machchhar, a director since 1995, was its promoter.

• FY16 and FY17. Sales of ₹11.3 lakh and ₹12.9 lakh. Losses had wiped out ₹2.71 crore of the ₹9.48 crore shareholders had put in.
• 2012 to 2021. BSE suspended trading in the share twice, lifting the bans in 2012 and 2015, and fined it repeatedly: ₹58.3 lakh over one set of late results, of which ₹45.3 lakh was later waived; 5 quarters for having no company secretary; ₹3 lakh from SEBI for not resolving investor complaints.
• November 2017. The directors said they were moving into producing and broadcasting films and that the name Toheal made people think the company was in pharmaceuticals; the company became Madhuveer Com 18 Network. In rupees nothing moved: total income in FY18 was ₹15.4 lakh, and 5 years later sales were still ₹10 to ₹20 lakh a year. The only asset of size was ₹6.42 crore placed in a private firm called Sakshi Barter.
• 25 September 2023. Dhruvin Shah and Sagar Shah bought 1,72,800 shares, 1.82%, at ₹10 from the old promoter; the old board gave them 1.5 crore warrants at ₹10 and bought their private company, Navkar Events, for ₹1 lakh, before the open offer to other shareholders ran at ₹10 in January and February 2024.
• June 2024 to May 2026. The warrants became shares; 1 crore more warrants at ₹40 were issued and converted; the share count went from 94.81 lakh to 244.81 lakh and then to 3,44,80,700.
• March 2026. The company became JOJO Limited, after the app. The parent bought the JOJO Platform from its subsidiary Navkar.
• August and September 2026. A 1-into-2 split, a 1-for-1 bonus, distribution deals with JioFastTV and Samsung TV Plus.

10 years ago the company was a pharma trading shell with ₹12.9 lakh of sales, 2 employees and a record of exchange fines. Today it is a Gujarati media company with ₹22.5 crore of sales, 46 employees, 5 subsidiaries, the same old tax claims, the same Sakshi Barter investment, and 90% of its shares in 9 pairs of hands.

Value chain

How JOJO's money moves, from Gujarati films to the ₹10 and ₹40 shares

9 steps, read top to bottom. The shaded names are the company's own steps; the customers and suppliers are never named in a filing, and the shares went to 9 people.

JOJO annual report FY26, the letter of offer and the warrant filings · FY26

Who sets the rules. The platforms that carry the channel: Airtel, LG, Jio and Samsung decide what a free ad-funded channel earns, and none of the 4 agreements comes with a rupee figure in any filing. For the events and advertising work, the brands that commission it. For the shares, the board and the 9 people who received them.

Who does the work. The shaded steps: JOJO Studios makes or co-produces films; the app and the channel carry them; Premier Ads World and the parent run events and ads; Navkar Events built the platform and sold it to the parent. The staff cost for all of it was ₹2.54 crore in FY26, about ₹5.5 lakh per person per year.

Who pays. Customers nobody has named, for "Sale of Services" on a single line: ₹22.53 crore in FY26, of which ₹23.74 crore was still owed at the year end. The suppliers, who are owed ₹19.79 crore, are paying too, by waiting.

Who holds the power. The Shah family, with 67.80% of the listed shares and every executive post; and the platforms, which can drop a free channel at will. Could the customer do this in-house? A brand can run its own events and ads; a Gujarati viewer can watch for free on YouTube. What JOJO owns that a customer cannot copy is the content library and the channel slots, and no filing values either independently.

Products and segments

JOJO reports no segments; all ₹22.5 crore is "Sale of Services". Its own description is content production, content licensing, digital and connected-TV distribution, and advertising. In plain words it tries to earn money 4 ways:

• Films. JOJO Studios co-produced its first Gujarati feature, "Over & Out", with IN10 Media; it buys films to stream, such as "Dhabkaro". Licensing fees were ₹44 lakh.
• The app and the channel. The JOJO app, which now also sits inside Airtel Xstream, and JOJO TV, a free channel paid for by advertising, carried on LG Channels, JioFastTV and Samsung TV Plus. No subscriber, viewer or revenue figure for any of them is filed.
• Advertising services for other brands and films, through Premier Ads World, whose own turnover was ₹3.23 lakh.
• Events. Not described as a business, but ₹4 crore of "event expenses" was the year's biggest cost.

Which earns the margin: not disclosed. The costs give a hint: event expenses, ₹3.17 crore of advertising and ₹1.47 crore of business promotion come to 38% of sales, so this is an events and marketing business with a streaming app attached. Which management is pushing: the channel, by the filings of August and September 2026.

How the company makes money

The fee model is not stated for any line. What the accounts show: revenue is recognised on services, and customers are billed and not yet collected. The revenue of ₹22.53 crore was 12.6 times FY25's ₹1.79 crore, and nearly all of it came late in the year: ₹1.08 crore in the September quarter, ₹7.82 crore in December, and, by subtraction, ₹12.27 crore in March. Who pays, per booking or per campaign, is not said. Revenue per unit over 5 years: there is no unit; there are no subscribers, viewers, events or campaigns in any filing. Core fee against add-ons: not disclosed.

The 2 ways money has actually come in are visible. In FY24 the company booked ₹2.02 crore of "commission income" as accrued: earned on paper, not received, which made profit bigger than sales. In FY26 the ₹12.78 crore of share and warrant money was the cash that arrived.

Customers

None is named in any filing. There is no top 1, 5 or 10 disclosure; the segment note does not exist. What the accounts say about them: they were billed ₹22.53 crore and owed ₹23.74 crore at the year end, every rupee of it billed within the last 6 months, so the whole of the March quarter's ₹12.27 crore and most of December's was unpaid. Why they buy here, switching costs, tenure: nothing on the record. Bad debts: no provision is made. Complaints: the governance report records investor complaints only.

Contracts and tenders (when it applies)

4 distribution agreements are on the record, all free ad-supported channels: Airtel Xstream and LG Channels during FY26, JioFastTV announced on 19 August 2026, and Samsung TV Plus, agreed on 18 September and live on 1 October. Scope, exclusivity, duration, minimum guarantee and revenue share: none of the filings states any of them. 1 co-production: "Over & Out" with IN10 Media, terms undisclosed. Tenders: none. Bans: none.

Suppliers and inputs

• Content: licensing fees ₹44 lakh; the platform itself, bought from Navkar.
• Events and media: event expenses ₹4.00 crore, advertising ₹3.17 crore, business promotion ₹1.47 crore, from suppliers not named.
• People: ₹2.54 crore for 46 staff.
• Services from its own subsidiary: ₹2.93 crore taken from Navkar.

Concentration. The suppliers are owed ₹19.79 crore, of which ₹16.21 crore to micro and small enterprises, up from ₹13 lakh a year earlier. The company is too small to file a BRSR, so no supplier list exists. Imports and currency: none; the US subsidiary is a row of zeros. Pass-through: event and ad costs are, by nature, billed on to the client, which is one reason the receivables and payables rose together.

Operations and capacity

No plant. A studio in Prahladnagar, an office in Ambawadi, 46 permanent employees, up from 2 2 years earlier, and ₹17.4 crore of intangibles plus ₹9.03 crore of work in progress, most of it the platform and content. Expansion plans promised against delivered: the channel went live on Samsung on 1 October as announced. Capital commitments: none disclosed. Certificates: none named.

Geography and currency

All Indian, almost all Gujarati: the audience is the Gujarati-speaking market, the office and studio are in Ahmedabad. A US subsidiary, Jojo Global Inc., has no assets, no sales, nothing. Revenue by region: not disclosed. Currency exposure: none, says the governance report, and no hedge or sensitivity is given.

Cost structure

Of every ₹100 of FY26 standalone revenue: ₹18 on events, ₹14 on advertising, ₹7 on business promotion, ₹11 on staff, ₹8 on everything else, ₹3 on depreciation, ₹13 on tax and ₹26 of profit. No interest: finance cost was nil.

Fixed against variable: the staff and the studio are fixed; events, ads and promotion move with the work. Contract labour: not disclosed. Operating leverage: revenue rose 12.6 times and profit 5.9 times, so costs rose almost as fast as sales. Interest and tax as a share of what is left: interest nil; tax 34% of profit before tax, above the 25.17% rate because of a ₹99.5 lakh deferred tax charge on the new intangibles.

Pricing power

Nothing can be measured: no price per view, per event or per campaign is disclosed, and no customer is named to ask. The one price the company sets is the price of its own shares, and there it has had total power: ₹10 and ₹40 to insiders while the market paid ₹54 to ₹251. Realisation against input costs, price caps, discounting in the last downturn: no data. Who sets the price for the content: the platforms, which pay free channels on advertising they sell themselves.

Seasonality and cyclicality

Revenue came in the second half: ₹1.08 crore in the September 2025 quarter, ₹7.82 crore in December and ₹12.27 crore in March, with the March quarter alone more than half the year. Whether that is the festival and wedding season for events, or year-end billing, the filings do not say. The cycle: advertising and events spend falls first in a downturn. The last downturn for this company was 2012 to 2023, when it sold almost nothing; recovery came by acquisition, not recovery.

Growth drivers

• Volume: more platforms carrying the channel: 4 agreements in 13 months, none with a rupee attached.
• Price: none disclosed.
• Mix: films, if JOJO Studios' first co-production earns.
• New geographies: a US subsidiary with nothing in it.
• Acquisitions: the promoters' second shell, Nirbhay Colours, taken over in February 2026.

What is contracted: nothing with a value. What management says: the annual report's management discussion describes the Gujarati market and the app-in-app launch; it gives no target. What has to go right: the ₹23.74 crore has to be collected, and a platform has to pay.

Competitive advantage

What stops a rival: a Gujarati library and 4 channel slots that the big platforms ignore, which is also what makes them cheap for a rival to copy. The evidence it exists: none in the numbers. The gross figure that would show it, revenue per subscriber or per channel, is not disclosed; the margin that is disclosed, 26% after tax, is on sales nobody has paid for. Renewals: none disclosed. Share: none. How it erodes: YouTube, where Gujarati content is free; the platforms, which own the slot; and the customers, who have not yet paid.

Industry size and growth

India's media and entertainment business reached ₹2.78 trillion in 2025, growing about 9%, by the government's own account of the FICCI-EY report. Inside that, digital media was ₹1,110 billion and television ₹617 billion of the ₹2,785 billion total. Digital advertising rose 26% to ₹947 billion, and digital subscriptions rose 60% to ₹163 billion; video subscription revenue grew 61% to ₹148 billion, with 143 million households paying for 216 million video OTT subscriptions. 56% of the content produced for digital platforms is in regional languages. The report counts 1 Gujarati film among the 37 that grossed ₹1 billion in 2025 and gives no figure for Gujarati streaming, nor for free ad-supported TV channels, which is where JOJO sits. JOJO's consolidated revenue of ₹24.0 crore is 0.009% of the sector.

The customers' markets: Gujarati-speaking households, which the report does not count, and the brands that buy the events and ads, which JOJO does not name. The growth driver the report identifies, digital subscriptions, is the one JOJO does not sell; its channels are free.

Industry structure

Streaming. A handful of national platforms, Netflix, Amazon Prime, JioHotstar, Zee5 and SonyLIV, take the subscription money and the Hindi and English audience; regional-language apps live in the gaps, mostly on advertising, and Gujarati is one of the smaller gaps. Free ad-supported TV. The channel slots belong to the device and telecom platforms, Samsung, LG, Jio and Airtel, which sell the advertising and pass a share to the channel owner; the terms are private. Events and advertising services. Fragmented, local, low-barrier, priced job by job.