Company Overview

AJC Jewel Manufacturers Ltd is a Kerala-based gold jewellery manufacturer specializing in high-quality, design-led products for the B2B market. The company evolved from a family-run retail business started in 1999 by Mr. Kunhimohamed Perinkadakkat, with manufacturing operations beginning in 2014. The company was formally incorporated and successfully listed on the BSE SME platform.

Leadership Team

  • Mr. Kunhimohamed Perinkadakkat: Founder, Chairman & MD, Promoter with 20+ years of experience in jewellery retail
  • Mr. Ashraf P: Instrumental in scaling manufacturing operations with 14 years of industry experience, spearheads strategic vision and international expansion
  • Ms. Fathima Jasna Kottekkattu: Key promoter involved in strategic direction and corporate governance

Business Model & Operations

The company operates a hybrid B2B model serving two distinct markets:

  • Large corporate clients including Malabar Gold & Diamonds, Kalyan Jewellers, Chemmanur Jewellers, and Regal Jewellers
  • Approximately 300 independent jewellery retailers across the region

Product categories include:

  • Traditional casting (high-volume plain gold jewellery)
  • Studded jewellery (designs incorporating high-quality stones)
  • Customized jewellery (unique pieces from scratch)
  • CNC machined jewellery (new high-growth category)

Manufacturing facility: 21,780 sq. ft. integrated facility in Malappuram, Kerala

Financial Performance

| Particulars (In INR Lakhs) | FY 2024-25 (Audited) | FY 2025-26 (Audited) |

| Revenue from Operations | 22,046.35 | 29,138.93 |

| EBITDA | 562.93 | 1,400.93 |

| EBITDA Margin (%) | 2.55% | 4.81% |

| Net Profit (PAT) | 286.34 | 783.48 |

| PAT Margin (%) | 1.30% | 2.69% |

| EPS (In INR) | 6.44 | 13.82 |

Balance Sheet Position (FY26)

  • Net Worth: ₹3,622.73 lakh
  • Fixed Assets: ₹557.84 lakh
  • Inventories: ₹2,427.40 lakh
  • Trade Receivables: ₹4,060.93 lakh
  • Cash & Bank Balance: ₹151.96 lakh
  • Short-Term Borrowings: ₹4,325.55 lakh

Growth Initiatives & Strategic Updates

Manufacturing & Technology

  • Deployed 3D printing, advanced casting, and CNC cutting & engraving technology
  • Improving production efficiency and reducing precious metal losses
  • Established dedicated silver manufacturing facility with capacity of ~5 kg/day
  • Library of 2.5 lakh+ designs with 5,000 new designs added monthly
  • Upgraded B2B digital portal and ERP platform
  • Established dedicated Design & Innovation Centre with specialized designers

Customer Expansion

  • Onboarded Kalyan Jewellers and Chemmanur Gold as corporate clients
  • Added ~80 independent jewellery retailers
  • Increased focus on customized, low-MOQ jewellery
  • Strategic shift toward lower-carat categories to improve profitability

Esthara Silver Retail Vertical

  • Launched silver retail brand in Thrissur, Kerala
  • 5 additional stores under fit-out for H1 FY27
  • Targeting revenue of ~₹20 lakh per month per store at maturity
  • Targeting PAT margins of 10–13%
  • Product offerings: 925 Sterling Silver (Rhodium plated) and Gold-Plated Silver (92.5% Silver base with 2.5 Micron Gold Plating)
  • Direct-to-consumer model with aggregate margin of ~50%

International Expansion - Sharjah Operations

  • Overseas acquisition in Sharjah expected to be completed in H1 FY27
  • Acquisition delayed due to ongoing geopolitical tensions
  • Fully operational facility in Sharjah Airport Free Zone with current utilization at ~30%
  • Benefits: 0% Corporate Tax, 0% Personal Income Tax, zero import/export duties
  • Strategic rationale: Serve GCC and Middle East markets directly, reduce lead times, access global bullion markets
  • Expected to contribute ~₹60 Cr revenue by end FY27

IIBX Integration

  • IIBX Qualified Jeweller onboarding in progress
  • Expected to enhance bullion sourcing and strengthen export competitiveness

Future Outlook & Guidance

  • Targeting 50% consolidated revenue CAGR over next three years
  • FY27 standalone revenue expected at ~₹450 crore
  • Implementing capital investment program to increase total production capacity by ~120%
  • Geographic expansion plans: North India, Tamil Nadu, Karnataka, Middle East
  • Product diversification: Establishing new CNC machined jewellery line
  • Entering B2C through subsidiary: Launching B2C e-commerce platform and opening small retail outlets

Market Context

  • Indian jewellery retail market projected to reach USD 145 billion by FY2028
  • Organized jewellery retailers projected 13-15% revenue growth in FY25
  • India's gems and jewellery exports stood at USD 28.5 Billion (FY24-25)
  • Organized market share risen from 22% in FY19 to 36-38% in FY24
  • Daily wear jewellery accounts for 30-35% of market

Operational Metrics

  • Lean working capital cycle: 15 days for production, 3 days for delivery, 35-day credit period
  • 20-member in-house design team
  • Design & Innovation Centre with specialized designers