JOJO Ltd.: From drug trading to Gujarati TV

Small cap Media and entertainment 2 October 2026 · 29 min read · Part 1: 2 min · By Pranami Hayaran

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, it had 2 permanent employees. It is listed on BSE only. The promoters are Dhruvin Shah, the managing director, his mother Sheetal and Sagar Shah, who bought control in September 2023 and hold 67.80%.

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 is about ₹17 lakh, 3% of the year's ₹5.6 crore profit; the bonus turns ₹34.48 crore of reserves into 6,89,61,400 new shares and costs nothing.

JOJO's share rose 12 times in 3 years while the insiders paid ₹5 and ₹20

Closing price on BSE, 3 October 2023 to 1 October 2026, adjusted for the August 2026 split. The warrant shares went out at ₹10 and ₹40, which is ₹5 and ₹20 on this scale.

₹ per share, closing price, split-adjusted

7 May 2026: 90 lakh warrants converted at ₹20 on this scale; the share closed at ₹126

BSE daily closes, from Yahoo Finance's history checked against the annual reports' monthly price tables · 3 October 2023 to 1 October 2026

What the market believes. A fast-growing regional streamer that has just rewarded its shareholders. Split-adjusted, the share was ₹18.66 in October 2023 and ₹226.00 on 17 September 2026, 12 times higher; on 1 October 2026 3,284 shares changed hands all day. The insiders paid the company ₹5 and ₹20 on this scale; the public sold into the 2024 open offer (Shareholding) and has since paid up to ₹251. No broker covers the company. The At a glance card above has today's price.

Where the filings differ. The year's sales are still owed by unnamed customers (Working capital and cash flow); the app was bought from the company's own subsidiary at an undisclosed price (Capital allocation); and the new shares went to a few named people at a fraction of the market price (Shareholding). The question is whether a buyer at today's price gets a Gujarati media business, or a listing whose owners paid about ₹61 crore for about 90% of it.

History

For 22 years the company was Toheal Pharmachem, an Ahmedabad firm 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 twice and fined the company repeatedly (Governance, safety and compliance).
• 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; it became Madhuveer Com 18 Network. Nothing moved: FY18 total income 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 in a private firm, Sakshi Barter.
• 25 September 2023. Dhruvin Shah and Sagar Shah bought control. Before the open offer of January and February 2024, the old board gave them warrants and bought their company, Navkar Events (Capital allocation).

Everything since November 2024 is under Recent developments.

How the business works

Where JOJO's money comes from and where it goes

The shaded steps are JOJO's own; no customer or supplier is named in any filing, and the new shares went to 9 people.

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

Who sets the rules. The platforms: Airtel, LG, Jio and Samsung decide what a free channel earns, and no agreement has a rupee figure in any filing (Customers). For events and advertising, the brands; for the shares, the board and the recipients (Shareholding).

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 wage bill (Costs and inputs) is about ₹5.5 lakh per person per year.

Who pays. Unnamed customers, for services on one line: ₹22.53 crore in FY26, and at the year end they still owed more than that (Working capital and cash flow). The suppliers pay too, by waiting (Costs and inputs).

Who holds the power. The Shah family, with two-thirds of the shares (Promoters) and every executive post; and the platforms, which can drop a free channel at will. A brand can run its own events and a viewer can watch free on YouTube; only the library and the channel slots cannot be copied, and no filing values either.

How the money is earned. No fee model is stated for any line. Revenue is recognised on services, customers are billed, and the cash is not yet in; nearly all of FY26's revenue came in the second half (Pricing power). There is no revenue per unit because there is no unit: no subscribers, viewers, events or campaigns in any filing. Money has actually arrived 2 ways: in FY24 as commission income booked as earned but not received, which made profit bigger than sales (Margins and quality of earnings); in FY26 as the ₹12.78 crore of share and warrant money.

Products and segments

JOJO reports no segments; all of its revenue is "Sale of Services" on one line. Its own description is content production, content licensing, digital and connected-TV distribution, and advertising. 4 ways to earn:

• Films. JOJO Studios co-produced its first Gujarati feature, "Over & Out", with IN10 Media, and buys films to stream, such as "Dhabkaro". Licensing fees were ₹44 lakh.
• The app and the channel. The JOJO app, now also inside Airtel Xstream, and JOJO TV, a free ad-funded channel on LG Channels, JioFastTV and Samsung TV Plus (Customers). 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 event expenses were the year's biggest cost (Costs and inputs).

Which earns the margin: not disclosed. The costs hint: events, advertising and business promotion came to 38% of sales, so this is an events and marketing business with a streaming app attached. Management is pushing the channel (Customers).

What the subsidiaries report. The only split: Navkar ₹5.53 crore of turnover, partly services sold to its parent (Related-party transactions); Sakshi Barter ₹13 lakh; Premier Adsworld the turnover above; JOJO Studios and the US company nil. The stated focus is the app and the channel; the capital went into the platform bought from Navkar, work in progress and loans to subsidiaries (Capital allocation).

Customers

None is named in any filing: no top 1, 5 or 10 disclosure, no segment note. They were billed the year's sales (Revenue and profit, year by year) and owed more than that at the year end (Working capital and cash flow), every rupee of it billed within the last 6 months, so the whole March quarter's billing and most of December's was unpaid. Why they buy here, switching costs, tenure: nothing on the record. Bad debts: no provision. Complaints: investor complaints only.

The distribution agreements. 4, 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, revenue share: none stated. 1 co-production (Products and segments), terms undisclosed. Tenders and bans: none.

Costs and inputs

Of every ₹100 of FY26 standalone sales, ₹18 went 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.

The inputs. Content: licensing fees (Products and segments) and the platform, bought from Navkar (Capital allocation). Events and media: event expenses ₹4.00 crore, advertising ₹3.17 crore and business promotion ₹1.47 crore, from suppliers not named. People: ₹2.54 crore (Operations and capacity). Services from its own subsidiary, Navkar (Related-party transactions).

The suppliers. Owed ₹19.79 crore, of which ₹16.21 crore to micro and small enterprises, up from lakhs a year earlier (Working capital and cash flow). No BRSR, so no supplier list. Imports and currency: none (Operations and capacity).

Fixed against variable. Staff and the studio are fixed; events, ads and promotion move with the work. Contract labour: not disclosed.

Operating leverage. Profit rose 5.9 times on revenue that rose far more (Revenue and profit, year by year): costs rose almost as fast as sales.

Of what is left, interest takes nothing and tax a third, above the statutory rate because of deferred tax on the new intangibles (Margins and quality of earnings).

Pricing power

Nothing can be measured: no price per view, event or campaign is disclosed, no customer is named, and realisation, price caps and discounting have no data. The one price the company sets is its own shares', where it has had total power (Shareholding). The platforms price the content, paying free channels on advertising they sell themselves. Pass-through: event and ad costs are billed on to the client, one reason receivables and payables rose together.

Strong and weak quarters. 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, the March quarter alone more than half the year. Whether that is the festival and wedding season or year-end billing, the filings do not say. The cycle: advertising and events spend falls first in a downturn. This company's last downturn ran from 2012 to 2023; what ended it was a change of owner, not a recovery.

Operations and capacity

No plant. A studio in Prahladnagar, an office in Ambawadi, 46 permanent employees, up from 2 2 years earlier, and intangibles plus work in progress, most of it the platform and content (Balance sheet). Promised against delivered: the Samsung launch came on the day announced (Customers). Certificates: none.

Where it is. All Indian, almost all Gujarati: the audience is the Gujarati-speaking market, the office and studio in Ahmedabad. A US subsidiary, Jojo Global Inc., has no assets, no sales, nothing. Revenue by region: not disclosed. Currency: none (Balance sheet).

Growth drivers and guidance

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

What management has promised for the next 1 to 3 years.

• No target for revenue, profit, subscribers or margin in any filing; the management discussion describes the Gujarati market and the app-in-app launch, the 2026 filings announce channels (Customers).
• Contracted: the distribution agreements, none with a value (Customers).
• Capacity to spend into: the cash at March 2026 (Balance sheet) and no bank line; the May conversion money arrived after the year end (Shareholding).
• The next results: the half year to September 2026, due in the second week of November.

The options, and their record so far. A minimum guarantee from a platform, a film that earns at the box office, the diaspora through the US subsidiary: none has produced a rupee yet. The receivables turning into cash: the November results will show.

What has to go right: the receivables have to be collected (Working capital and cash flow), and a platform has to pay.

Competitive advantage

What stops a rival: a Gujarati library and 4 channel slots the big platforms ignore, which also makes them cheap to copy. The evidence it exists: none in the numbers. Revenue per subscriber or per channel is not disclosed; the margin that is disclosed (Margins and quality of earnings) is on sales nobody has paid for. Renewals and share: none disclosed. How it erodes: YouTube, where Gujarati content is free; the platforms, which own the slot; and the customers, who have not paid.

Industry size and structure

India's media and entertainment business reached ₹2.78 trillion in 2025, growing about 9%, by the government's 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 or for free ad-supported TV, where JOJO sits. JOJO's consolidated revenue is 0.009% of the sector. The growth the report identifies, digital subscriptions, is what JOJO does not sell. Its customers' markets are counted nowhere: not Gujarati-speaking households, not the brands that buy its events and ads.