1. At a Glance
Once upon a time in 1995, a little-known event management firm from Gujarat decided that Bollywood wasn’t exclusive enough for its ambitions. Fast-forward to FY26,Madhuveer Com 18 Network Ltdhas gone from managing wedding sound systems to staging global Gujarati musicals under its freshly minted U.S. arm —Jojo Global Inc..
With amarket cap of ₹513 crore,current price of ₹210, and aP/E ratio that would make even PVR INOX blush at 604, the company’s numbers look more like fantasy cinema than financials. Revenue for FY25 stands at₹6.97 crore, and yet, with aPAT of ₹0.85 crore, this script has a happy ending — at least on paper.
Over the last quarter, sales grew130% YoY, profit jumped148%, and the promoters (now owning66.5%) seem to have pulled off the year’s most dramatic turnaround without a single item number.
But here’s the suspense: while operating margins sit at–17.9%, Madhuveer’s stock hasstillreturned *47% in a year. Gujarati cinema ka swag, perhaps?
2. Introduction
In the world of microcaps where balance sheets look like tightrope acts, Madhuveer Com 18 Network Ltd is the trapeze artist who decided to do a backflip — blindfolded.
Once a sleepy entity with revenues of ₹10 lakh, the company has staged one of the wildest comebacks in the entertainment microcosm. With FY25 sales at ₹6.97 crore, it’s not exactly a blockbuster, but it’s enough to fill multiplex seats in Gandhinagar.
The most thrilling twist came when anopen offer worth ₹5.7 crorelanded, changing hands of over60% of equity, leading to a complete promoter reshuffle. Dhruvin Shah took the director’s chair from Kalpan Sheth — and since then, the script has changed tone dramatically.
If you think this is a small cap trying to “act big,” you’re right. After all, when yourbook value is ₹17.5, and you trade at12x that, either the story has just begun — or we’re watching the trailer of an overhyped sequel.
So, grab your popcorn, because Madhuveer’s financial movie has drama, comedy, suspense, and a hint of global crossover dreams.
3. Business Model – WTF Do They Even Do?
Imagine a wedding planner who suddenly starts producing Netflix documentaries — that’s Madhuveer Com 18 Network Ltd in essence.
Their business script has three acts:
- Act 1: Event Management– The OG hustle. From corporate events to film promotions, this is the bread-and-butter scene (about70% of revenue).
- Act 2: Film Buying and Selling– The company deals in film distribution rights, especially in the Gujarati film circuit. PictureHellaromeetsbudget constraints.
- Act 3: Commission Income– Roughly29%of revenue, this includes all the “middleman” commissions from content and media transactions — the desi version of Netflix royalties.
And now comes the international spin-off:Jojo Global Inc., their U.S.-based subsidiary formed inOctober 2024with a modest $1,000 seed capital (because why not?). The plan? To take Gujarati film stars to American stages and organize live shows.
So, while their financials scream “short film,” their ambitions scream “Marvel Cinematic Universe.”
4. Financials Overview
| Metric (₹ Cr) | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.47 | 0.64 | 1.79 | 130% | -17.9% |
| EBITDA | -1.31 | -0.33 | -0.15 | -297% | -773% |
| PAT | 0.31 | -0.65 | -0.51 | 148% | 161% |
| EPS (₹) | 0.13 | -0.27 | -0.21 | 148% | 161% |
Commentary:It’s
the rare Bollywood production where theProfit After Taxlooks better than theEBITDA. With losses at the operating level and profits popping out of nowhere (thank you, other income), the suspense is better than a thriller ending.
5. Valuation Discussion – Fair Value Range
Let’s decode this ₹210 blockbuster valuation:
a) P/E Method:EPS (TTM): ₹0.35Industry P/E (Media/Film): 175xMadhuveer P/E: 604xSo fair range (if we normalize to peers):175 × 0.35 = ₹61.25 (fair floor)604 × 0.35 = ₹211.4 (current hype ceiling)→Fair Value Range: ₹60 – ₹210
b) EV/EBITDA:EV = ₹515 CrEBITDA (FY25) = ₹–1.25 Cr (uh oh)Since it’s negative, the ratio explodes toEV/EBITDA ~ 1,227, which makes even a loss-making unicorn blush.
c) DCF:Assume free cash flow improves over 5 years from ₹–13 Cr to ₹2 Cr. Discount at 12%.Estimated range = ₹80 – ₹120.
👉Educational Fair Value Range: ₹60 – ₹120 (Floor)This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
Madhuveer’s 2024–25 season was more packed than a Karan Johar family drama:
- Open Offer Climax:A ₹5.7 crore open offer in FY24 brought new promoters to the stage, replacing the old guard.
- Authorized Capital Plot Twist:June 2024 — authorized capital jumped from ₹25 Cr to ₹36 Cr. Why? To fit the ₹40 Cr worth of convertible warrants that arrived later.
- Allotment Scene:November 2024 — 1 crore convertible warrants issued at ₹40 apiece. That’s ₹40 crore fresh cash for future expansion — or sequels.
- Hollywood Crossover:Jojo Global Inc.registered in the U.S. to promote Gujarati artists globally. ImagineDayaben meets
