JOJO Ltd Management Discussions

JOJO Limited (Formerly known as Madhuveer Com 18 Network Limited) is a growing media and entertainment company with a presence across content production, content licensing, digital and connected-TV distribution, and integrated advertising and marketing solutions. Building on its legacy of promoting events and entertainment activities, the Company has, over the year under review, meaningfully expanded its footprint by forging strategic distribution partnerships, strengthening its content library, entering feature-film production through JOJO Studios, and launching a dedicated 360° advertising and media solutions arm, Premier Ads World (PAW). The Companys endeavor continues to be to deliver superior content and services to its audiences and business partners by combining creative storytelling with technology-led distribution, and to grow its presence across the Gujarati regional entertainment market as well as, over time, the wider Indian media and entertainment industry.

INDUSTRY STRUCTURE AND DEVELOPMENT:

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making high growth strides. Proving its resilience to the world, the Indian M&E industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenues. The industry has been largely driven by increasing digitization and higher internet usage over the last decade. Internet has almost become a mainstream media for entertainment for most of the people. The Indian advertising industry is projected to be the second fastest growing advertising market in Asia after China. At present, advertising revenue accounts for around 0.38 per cent of Indias gross domestic product.

KEY DEVELOPMENTS DURING THE YEAR:

During the year under review, the Company achieved a series of significant milestones that mark a transformative phase in its strategic journey, reinforcing its presence across content, distribution, production and marketing verticals. The key developments during the year are set out below:

• Integration with Airtel Xstream (App-in-App):

The Company entered into a strategic integration with Airtel Xstream, enabling JOJO to operate as an app-in-app on one of Indias leading OTT and telecom-bundled entertainment platforms. This integration significantly widens the Companys digital distribution footprint, providing direct access to Airtels vast subscriber base and strengthening JOJOs position within the fast-growing connected-entertainment ecosystem.

• Strategic Partnership with LG Electronics - Launch of JOJO TV on LG Channels:

The Company forged a strategic partnership with LG Electronics for the launch of JOJO TV on LG Channels, extending its content offering to Smart TV audiences across the country. This collaboration reinforces the Companys foothold in the rapidly expanding connected-TV and Free Ad-supported Streaming Television (FAST) channel space, and is expected to enhance content visibility, viewership and advertising monetization over the coming years.

• Corporate Rebranding from Madhuveer Com 18 Network Limited to JOJO Limited:

During the year, the Company underwent a corporate rebranding exercise and changed its name from Madhuveer Com 18 Network Limited to JOJO Limited. The rebranding reflects the Companys evolved business identity and its sharpened strategic focus on media, entertainment and content production, and is aligned with its long-term vision of establishing JOJO as a distinctive and recognisable brand within the Indian media and entertainment landscape.

• Strengthening of the Content Library:

The Company further strengthened its content library during the year through the licensing of the Gujarati feature film Dhabkaro from Sampya Films and Nadiadwala Grandson Entertainment. This addition enriches JOJOs content portfolio and enables the Company to cater to the growing appetite for quality regional cinema among its audience base.

• Entry into Feature-Film Production through JOJO Studios:

JOJO Studios successfully marked its entry into Gujarati feature-film production with its theatrical project Over & Out, co-produced in association with IN10 Media. The film went on floors during the year and has since successfully completed its shoot, marking a significant milestone in JOJO Studios production journey and establishing the Companys presence across the content creation and production value chain.

Premier Ads World - 360° Marketing & Media Solutions:

During the year, JOJO advanced its foray into the advertising and media sector through Premier Ads World (PAW), a comprehensive 360° marketing and communications platform offering integrated solutions across media planning and buying, advertising, publicity, public relations, digital marketing and promotional campaigns. PAW is equipped to conceptualise and execute campaigns across television, radio, print, outdoor and digital media, thereby serving the diverse marketing needs of brands, films and businesses under a single, unified umbrella. By bringing together multiple media formats and communication touchpoints under one offering, PAW aims to provide its clients with cohesive, end-to-end campaigns that are designed to build visibility, strengthen audience engagement and maximize the impact of their marketing investments. This foray positions the Company to tap into an additional and complementary revenue stream, while deepening its relationships with brand and film partners across the media and entertainment ecosystem.

STRENGTH OF THE COMPANY:

The long-term goal of the Company is to become a media, event and entertainment company driven by innovative ideas, with the developments of the current year having meaningfully advanced this objective. The Companys key strengths include:

• A diversified and expanding content library, strengthened through strategic licensing arrangements such as the Gujarati feature film Dhabkaro, and further reinforced by JOJO Studios own production slate.

• Multi-platform distribution reach, spanning OTT (through the Airtel Xstream app-in-app integration) and connected/Smart TV (through JOJO TV on LG Channels), enabling the Company to engage audiences across devices and viewing habits.

• An in-house production capability through JOJO Studios, which has entered Gujarati feature-film production in association with established partners such as IN10 Media, building a pipeline for future content and intellectual property.

• A dedicated advertising and media solutions arm, Premier Ads World, providing an integrated, end-to-end 360° marketing offering and an additional, complementary revenue stream alongside the Companys core content and distribution business.

• Strong and growing relationships with reputed industry partners, including Airtel, LG Electronics, IN10 Media, Sampya Films and Nadiadwala Grandson Entertainment, which enhance the Companys credibility and open access to wider audiences and markets.

The Company also takes utmost care to ensure tie-ups with good movies and media companies, not only in the Gujarati movie market but also with a view to progressively penetrate Bollywood and international markets. With the prime focus on customer and audience satisfaction, continuous efforts are made to offer solutions that give an extra advantage to the Companys customers and partners. A strong desire for continuous innovation forms the bedrock of the efforts of this dedicated and talented team, and a strong harmony between content, production and marketing functions aids in fine-tuning execution to make operations more efficient. Globalization remains a thrust area for the Company, evident from its continuing efforts to enhance its reach beyond the regional market.

OVERALL REVIEW OF COMPANY:

The year under review has been a defining one for the Company, marked by its transition to the JOJO brand, meaningful expansion of its content and distribution footprint through the Airtel Xstream and LG Channels partnerships, its maiden entry into feature-film production through JOJO Studios, and diversification into integrated advertising and media services through Premier Ads World. Together, these developments have strengthened the Companys overall business profile and laid a foundation for sustained growth across the media and entertainment value chain in the years ahead.

OPPORTUNITIES. THREAT. RISKS AND CONCERNS:

The Indian Media and Entertainment industry is growing consistently and is expected to do so also in future. Quality of services and innovative ideas will improve the market by putting attraction for international media companies also. Television and connected-TV segments are expected to lead industry growth and offer immense opportunities in digital technologies, an area the Company has proactively addressed through its OTT and Smart TV partnerships. Rapidly growing young population is one of the major positive factors for growth of the Media Industry. However, higher penetration into the market exposes the Company to intense competition from larger and better-capitalized players, and the Companys newer initiatives, including its production and advertising businesses, remain subject to execution risk, project timelines and dependence on third-party partners. In India, the ratio of advertising expenditure to GDP is less than 0.5%, substantially lower than developed and other developing economies. Interestingly, Print and TV media contribute over 75% of the advertisement spend in a year. As the Indian economy continues to develop and media reach increases, the advertising expenditure to GDP ratio is expected to increase over the next 5 years, presenting a meaningful opportunity for the Companys advertising and media solutions business.

FUTURE OUTLOOK:

The year ahead promises to be a time of exciting change as new trends and technologies drive innovation, disruption, and opportunities for growth in media and entertainment. Many social media companies are entering the video content broadcasting space, and modern consumers are active on social media and watch a good deal of short-form content on their smartphones, alongside more traditional TV-like programming. Building on the developments achieved during the year, the Company intends to focus on the following areas going forward:

• Deepening and expanding its OTT presence beyond the Airtel Xstream integration, by pursuing similar app-in-app and distribution arrangements with other leading digital and telecom platforms to widen audience reach.

• Growing its Smart TV and connected-TV footprint by expanding JOJO TVs presence on LG Channels and exploring similar partnerships with other Smart TV and FAST channel platforms.

• Building on the successful completion of Over & Out, developing a stronger production pipeline at JOJO Studios, including additional Gujarati feature films and, over time, exploring opportunities in Bollywood and other regional and international markets.

• Continuing to license and acquire quality regional content to further strengthen the Companys content library and cater to growing audience demand.

• Scaling up Premier Ads World across television, radio, print, outdoor and digital media, and expanding its client base among brands, films and businesses to build a meaningful and complementary revenue stream.

• Continuing to track and evaluate industry trends, including the growing popularity of short-form video content and emerging formats such as eSports, to identify further opportunities for the Companys content and distribution business.

SEGMENT WISE PERFORMANCE:

The Company is operating only in one sector i.e. Entertainment, media and event and therefore the segment reporting and performance standard is not applicable to the Company. Moreover, the company has been completing all previous commitment of pharma trading activities.

INTERNAL CONTROL:

The Internal Control systems including the policies, procedures and guidelines of the Company are adequate and commensurate to the extent and nature of its operations. The controls are reviewed for effectiveness by the internal auditors and the audit committee too. Any deviations are brought to the notice of the Audit Committee periodically and corrective steps are recommended and implemented.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

As mentioned in clause B (i) of Schedule - V read with Regulation 34(3) and 53(f) of the SEBI (Listing and Disclosure Requirements) Regulations, 2015 specifying requirement of additional disclosure as inserted by the SEBI (Listing and Disclosure Requirement (Amendment) Regulations, 2018 applicable w.e.f. 01.04.2019, it is confirmed that, there is no significant change in any ratios for more than 25% as compared to previous Financial years.

DETAILS OF KEY FINANCIAL RATIOS:

Sr. No.	Particulars	Year ended
		31.03.20 25	31.03.20 24
1.	Debtors Turnover	NA	NA
2.	Inventory Turnover	NA	NA
3.	Interest Coverage Ratio	NA	NA
4.	Current Ratio	1.98	40.32
5.	Debt Equity Ratio	0.11	0.03
6.	Operating Profit Margin (%)	NA	NA
7.	Net Profit Margin (%)	0.26	0.56

The current ratio is decreased in current year mainly due to increase in trade payables. The decrease is mainly attributable to reduction in total debt along with an increase in shareholders funds during FY 2025-26, resulting in lower financial leverage.

The return on equity increased due to increase in net profit.

The improvement is mainly attributable to a significant increase in EBIT.

CAUTIONARY STATEMENT:

Statement in this Management Discussion and Analysis Report, describing the Companys objectives, estimates and expectations may constitute Forward Looking Statements within the meaning of applicable laws or regulations. Actual results might differ materially from those either expressed or implied.