Madhuveer Com (531910)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Madhuveer Com's revenue was ₹4.5 Cr (+152.4% year on year, -64.1% on the previous quarter), and net profit ₹0.9 Cr (against a loss a year earlier); the operating margin was 44.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4.5 | +152.4% | -64.1% |
| Operating profit | ₹2.0 | from loss | -66.6% |
| Net profit | ₹0.9 | from loss | -81.2% |
| EPS (₹) | 0.26 | from loss | — |
| Operating margin | 44.8% | — | — |
No EPS growth against Q4 FY26: ₹10 to ₹5 split in Aug 2026 and 1:1 bonus in Oct 2026.
📢 Recent Corporate Announcements
JOJO Limited announced that its Board of Directors has approved a proposal to incorporate a private company in the Dubai International Financial Centre (DIFC), UAE. The proposed entity is tentatively named 'Jojo Holdings Ltd.', subject to approval by the DIFC Registrar of Companies. The initiative is currently at the proposal and documentation stage, with capital contribution, shareholding structure, and business objects not yet disclosed. The company noted that further details will be communicated upon finalisation.
- Board approved the proposed incorporation of a private company in DIFC, UAE on October 16, 2026
- Proposed entity tentatively named 'Jojo Holdings Ltd.' or as approved by DIFC Registrar
- Capital contribution, shareholding structure, and business objects remain not disclosed
- Mr. Dhruvin Shah authorised to execute documents and oversee incorporation formalities
JOJO Ltd's Board approved the allotment of 6,89,61,400 bonus equity shares of face value Rs 5 each in a 1:1 ratio. The allotment follows shareholder approval on September 29, 2026, and in-principle BSE approval received on October 05, 2026. Consequently, the company's paid-up equity share capital doubles from Rs 34.48 Cr to Rs 68.96 Cr, represented by 13.79 Cr equity shares. The record date for the bonus issue was October 12, 2026.
- Approved allotment of 6,89,61,400 bonus equity shares of face value Rs 5 each
- Bonus issue executed in a 1:1 ratio for shareholders as of October 12, 2026 record date
- Total paid-up equity share capital increased from Rs 34.48 Cr to Rs 68.96 Cr
- Total outstanding equity shares doubled to 13,79,22,800
JOJO Limited announced that its channel 'JOJO TV' has gone live on Samsung TV Plus as part of its Free Ad-Supported Streaming TV (FAST) offering in India. This follows an agreement executed with Samsung India Electronics Pvt. Ltd. on September 15, 2026. The integration makes JOJO's Gujarati content catalogue accessible across Samsung's broadband-enabled smart televisions and connected devices. Financial terms and projected revenue contributions from ad sharing were not disclosed.
- JOJO TV is now live on Samsung TV Plus across connected devices in India as of October 1, 2026
- Filing follows the prior agreement entered into on September 15, 2026
- Provides digital distribution reach for JOJO's Gujarati content catalogue natively on Samsung smart TVs
- Commercial revenue terms and expected ad revenues were not disclosed
JOJO Limited has submitted the voting results and scrutinizer's report for its 30th AGM held on September 29, 2026. All five ordinary resolutions—including adoption of FY26 financials, director re-appointment, declaration of final dividend for FY26, increase in authorized share capital, and issue of bonus shares—were approved unanimously. Out of 50,961,400 total shares, 27,370,429 votes were polled (53.71%), all 100% in favor. Additionally, 41 members representing 16,129,161 shares attended the AGM but did not cast votes.
- All 5 resolutions approved with 100% votes cast in favor (27,370,429 valid votes).
- Shareholder turnout reached 53.71% of outstanding capital of 50,961,400 shares.
- Shareholders approved the issuance of bonus shares and increase in authorized share capital.
- Final dividend for FY25-26 approved alongside adoption of audited financial statements.
- 41 members holding 16,129,161 shares attended the meeting but abstained from voting.
JOJO Limited has entered into a Content Distribution Agreement with Jio Platforms Limited to distribute its Gujarati FAST channel, JOJO TV, on JioFastTV. The channel is now live and accessible nationwide to Jio subscribers at no additional subscription cost. While commercial terms and ad-revenue sharing mechanics were not disclosed, the agreement significantly expands the company's viewer reach across India.
- Executed Content Distribution Agreement with Jio Platforms Limited on August 19, 2026
- JOJO TV, the company's Gujarati FAST channel, is now live across India on JioFastTV
- Channel offered to Jio subscribers at no additional subscription cost
- Commercial deal value and revenue-sharing arrangements were not disclosed
JOJO Ltd's Board has approved a 1:1 bonus share issue, granting 1 fully paid-up equity share of face value ₹5 for every 1 existing share held as on the record date, subject to shareholder approval. To accommodate this expansion, the Board recommended increasing the authorized share capital from ₹38.00 Cr to ₹70.00 Cr. The 30th Annual General Meeting (AGM) will be held on September 18, 2026, via video conferencing, with share transfer books closed from September 12 to September 18, 2026.
- Approved 1:1 bonus share issue (1 equity share of ₹5 face value for every 1 equity share held)
- Proposed increase in authorized share capital from ₹38.00 Cr to ₹70.00 Cr
- 30th Annual General Meeting scheduled for September 18, 2026 via Video Conferencing
- Book closure fixed from September 12, 2026 to September 18, 2026 for AGM purposes
JOJO Ltd has confirmed zero deviation in the utilization of proceeds from its preferential issue of 1,00,00,000 convertible warrants priced at Rs 40 each. As of June 30, 2026, the company has received Rs 27 crore, representing 75% of the consideration for 90 lakh warrants. The total planned fundraise of Rs 40 crore is substantial, equivalent to approximately 148% of the company's TTM revenue of Rs 27 crore. The capital is primarily earmarked for working capital (Rs 38.20 crore) to support its strategic shift toward the event promotion and entertainment sector.
- Preferential issue of 1,00,00,000 convertible warrants at a price of Rs 40 per warrant
- Total amount received as of June 30, 2026, stands at Rs 27 crore
- Total planned fundraise under this preferential issue is Rs 40 crore
- Allocation of Rs 38.20 crore specifically for working capital requirements
- Zero deviation or variation reported in the utilization of funds against original objects
JOJO Ltd (formerly Madhuveer Com 18 Network) reported a strong year-on-year performance for Q1 FY27, with revenue from operations rising 206% to ₹4.15 Cr compared to ₹1.36 Cr in Q1 FY26. Net profit surged 458% YoY to ₹1.09 Cr, although it declined sequentially from the ₹1.16 Cr reported in Q4 FY26. The results reflect the company's pivot toward the Media & Entertainment sector following the acquisition of a streaming and production vertical in March 2026. Notably, the paid-up equity share capital increased by ₹9 Cr during the quarter, rising from ₹25.48 Cr to ₹34.48 Cr.
- Revenue from operations grew 206% YoY to ₹4.15 Cr from ₹1.36 Cr in the previous year's quarter.
- Net Profit increased 458% YoY to ₹1.09 Cr, up from ₹0.20 Cr in Q1 FY26.
- Paid-up equity share capital rose by ₹9 Cr to reach ₹34.48 Cr as of June 30, 2026.
- Total expenses for the quarter stood at ₹2.50 Cr, with employee benefit expenses rising to ₹0.84 Cr from ₹0.53 Cr YoY.
- The company successfully resolved all 4 investor complaints received during the quarter.
JOJO Ltd (formerly Madhuveer Com 18) reported a strong year-on-year performance for Q1 FY27, with revenue rising 206% to Rs 4.15 Cr compared to Rs 1.36 Cr in Q1 FY26. Net profit surged to Rs 1.09 Cr from Rs 0.20 Cr YoY, although it saw a slight sequential decline from Rs 1.16 Cr in the preceding March quarter. A notable change is the increase in paid-up equity capital by Rs 9 Cr, reaching Rs 34.48 Cr. The results reflect the company's recent strategic pivot into media streaming, film production, and VFX services.
- Revenue from operations increased 206% YoY to Rs 4.15 Cr from Rs 1.36 Cr.
- Net Profit grew over 450% YoY to Rs 1.09 Cr compared to Rs 0.20 Cr in the year-ago period.
- Paid-up equity share capital increased by Rs 9 Cr during the quarter to Rs 34.48 Cr.
- Other expenses significantly reduced to Rs 1.11 Cr from Rs 8.41 Cr in the previous sequential quarter.
- Basic and Diluted EPS stood at Rs 0.32 for the quarter.
JOJO Ltd has scheduled a board meeting for August 17, 2026, to consider a proposal for issuing fully paid-up bonus equity shares. The board will also evaluate an increase in the company's authorized share capital and finalize details for the upcoming Annual General Meeting (AGM). This follows a strong FY26 performance where revenue grew to Rs 24.01 Cr from Rs 4.38 Cr in FY25. The trading window for designated employees is closed from August 10 to August 19, 2026.
- Board meeting scheduled for August 17, 2026, to approve a bonus share issuance.
- Proposal to increase authorized share capital and subsequent alteration of the Memorandum of Association.
- Trading window closed for 10 days from August 10 to August 19, 2026.
- Company reported a significant revenue turnaround in FY26 to Rs 24.01 Cr vs Rs 4.38 Cr in FY25.
- Board to approve the Director's Report and Secretarial Audit Report for the year ended March 31, 2026.
JOJO Ltd has scheduled a board meeting for August 13, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a significant performance improvement in the March 2026 quarter, where the company reported revenue of ₹12.6 cr, contributing over 50% of its TTM revenue of ₹24 cr. Investors will be monitoring if the company can sustain this momentum given its high P/E ratio of 131.4. The company is currently transitioning from legacy pharmaceutical trading to event promotion and entertainment services.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results
- Company reported a TTM revenue of ₹24 cr with a high OPM of 42.8%
- March 2026 quarter revenue stood at ₹12.6 cr, a sharp increase from previous quarters
- Current market capitalization is ₹737 cr against a net worth of ₹54 cr
- Promoter holding remains stable at 67.79% as of June 2026
JOJO Ltd has entered into a distribution agreement with Amazon Prime Video India to offer its content as an add-on subscription. This integration allows Amazon users to access JOJO's catalogue through monthly, multi-monthly, and annual plans within the Prime Video ecosystem. While the company already has a direct presence in 177+ countries via its own app, this partnership leverages Amazon's massive Indian distribution infrastructure. Given JOJO's relatively small TTM revenue of ₹24 Cr, this deal could significantly accelerate subscriber acquisition and revenue growth.
- Distribution agreement signed with Amazon Prime Video India for add-on subscriptions.
- JOJO content will be available via monthly, multi-monthly, and annual subscription plans.
- The company currently maintains a direct presence in 177+ countries through the JOJO App.
- TTM revenue stands at ₹24 Cr, providing a low base for potential growth from this partnership.
JOJO Ltd has finalized August 7, 2026, as the record date for its upcoming stock split. The company will sub-divide each equity share of face value ₹10 into two shares of face value ₹5 each. This corporate action aims to improve liquidity for the ₹649 Cr market cap company, which is currently trading at a high P/E of 115.7. Investors should note that while the number of shares will double, the total investment value remains unchanged post-adjustment.
- Record date for the sub-division is fixed for Friday, August 7, 2026
- Face value to be reduced from ₹10 to ₹5 per equity share
- Stock split ratio of 1:2, meaning every 1 share held will become 2 shares
- Company is transitioning from pharma trading to Media & Entertainment with a TTM revenue of ₹24 Cr
JOJO Ltd (formerly Madhuveer Com 18 Network Limited) has fixed August 7, 2026, as the record date for its 1:2 stock split. Each equity share with a face value of Rs. 10 will be subdivided into two shares with a face value of Rs. 5 each. This administrative action is intended to increase liquidity and make the shares more accessible to retail investors. The company currently has a market cap of Rs 649 Cr and trades at a high P/E of 115.7.
- Record date for the sub-division is fixed for Friday, August 7, 2026
- Face value of equity shares to be reduced from Rs. 10 to Rs. 5 each
- Shareholders will receive 2 equity shares for every 1 share held as of the record date
- Company market cap stands at Rs 649 Cr with TTM revenue of Rs 24 Cr
JOJO Ltd has responded to a BSE surveillance query dated July 23, 2026, regarding significant movement in its share price. The company stated that it has consistently disclosed all material events under Regulation 30 and that there is no unpublished price-sensitive information (UPSI) currently pending. Management attributed the price volatility to market-driven factors rather than any internal corporate developments. This clarification comes as the company maintains a high P/E ratio of 116.8 despite a relatively small TTM revenue base of Rs 24 Cr.
- Response to BSE surveillance query reference No. L/SURV/ONL/PV/SJ/2026-2027/4089 dated July 23, 2026.
- Company confirms no undisclosed material events or impending announcements exist as of July 24, 2026.
- Market capitalization stands at Rs 655 Cr against a TTM revenue of Rs 24 Cr.
- Promoter holding remains stable at 67.79% as of June 2026.
- Company previously reported a significant jump in quarterly revenue to Rs 12.6 Cr in March 2026 from Rs 1.79 Cr in June 2025.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Entertainment, Media, and Event. Total turnover for FY 2024-25 was INR 179.30 Lakhs, representing a 19.18% decline compared to INR 221.86 Lakhs in the previous year.
Geographic Revenue Split
Not disclosed in available documents; however, operations are primarily managed from Ahmedabad, Gujarat.
Profitability Margins
Net Profit Margin significantly declined from 1.24% in FY 2023-24 to 0.56% in FY 2024-25. Absolute Net Profit fell by 63.81% to INR 99.66 Lakhs from INR 275.35 Lakhs YoY.
EBITDA Margin
Operating Profit Margin is reported as 'NA' in the financial summary; however, the sharp decline in Net Profit Margin to 0.56% indicates a substantial compression in core profitability.
Capital Expenditure
Not disclosed in available documents, though the company maintains proper records for Property, Plant, and Equipment.
Credit Rating & Borrowing
The company maintains a very low Debt-Equity Ratio of 0.03 as of March 31, 2025, down from 0.06 in the previous year, indicating minimal reliance on external debt.
Operational Drivers
Raw Materials
Not applicable as the company operates in the service-oriented Entertainment and Media sector and legacy Pharma Trading.
Import Sources
Not applicable for the current service-based business model.
Capacity Expansion
Not applicable for the service sector; however, the company is focused on completing previous commitments in pharma trading while transitioning to entertainment activities.
Raw Material Costs
Not applicable; the company focuses on event promotion and outsourcing services.
Manufacturing Efficiency
Not applicable; the company is a service provider in the M&E sector.
Strategic Growth
Growth Strategy
The company aims to leverage the 'sunrise' Indian Media and Entertainment industry by providing event promotion and entertainment activities. It uses outsourcing as a strategic move to gain an economic edge and meet timely market entry goals.
Products & Services
Event promotion services, entertainment activities, and legacy pharmaceutical trading services.
Brand Portfolio
Madhuveer Com 18 Network Limited.
New Products/Services
Expansion into new dosage forms and procedures within its trading resource capabilities, alongside increased event promotion activities.
Market Expansion
Targeting the Indian Media and Entertainment (M&E) industry, which is described as a high-growth sunrise sector.
External Factors
Industry Trends
The Indian M&E industry is in a strong growth phase, characterized by resilience and high-growth strides, which the company intends to capitalize on through event promotion.
Competitive Landscape
Operates in a highly competitive market for media, events, and pharmaceutical trading.
Competitive Moat
The company's moat is based on its ability to provide total resource capabilities for trading and event promotion, though the low Net Profit Margin of 0.56% suggests limited pricing power.
Macro Economic Sensitivity
Highly sensitive to the growth of the Indian M&E industry and overall economic resilience.
Consumer Behavior
Demand is driven by the increasing consumption of media and entertainment services in India.
Geopolitical Risks
Not disclosed; however, the company operates primarily within the domestic Indian market.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act, 2013 and Indian Accounting Standards (Ind AS) is required. The company was noted for not being regular in the payment of undisputed statutory dues.
Taxation Policy Impact
The company faces a significant outstanding demand from Income Tax authorities totaling INR 279.72 Lakhs.
Legal Contingencies
The company has contingent liabilities of INR 279.72 Lakhs as of March 31, 2025, primarily related to outstanding demands pending with Income Tax authorities.
Risk Analysis
Key Uncertainties
The primary uncertainty is the resolution of the INR 2.79 Cr tax demand, which exceeds the annual turnover of INR 1.79 Cr. Another risk is the 19.18% decline in revenue YoY.
Geographic Concentration Risk
Operations appear concentrated in Ahmedabad, Gujarat.
Third Party Dependencies
Dependency on clients for event promotion and entertainment activities.
Technology Obsolescence Risk
The company emphasizes using 'cutting edge technology' to maintain services, suggesting a need for continuous digital investment in the M&E space.
Credit & Counterparty Risk
The Current Ratio improved to 40.32 from 14.42, suggesting high liquidity, though Debtors Turnover is not applicable.
