Financial Performance Highlights (Standalone)
Revenue from Operations: ₹291.75 crore in FY 2025-26 vs ₹220.46 crore in FY 2024-25 (32.33% increase)
Profit After Tax: ₹8.02 crore in FY 2025-26 vs ₹2.86 crore in FY 2024-25 (180% increase)
EBITDA: ₹14.00 crore with EBITDA margin of approximately 5%
Total Income: ₹292.21 crore vs ₹221.14 crore in previous year
Cost of Materials Consumed: ₹273.20 crore vs ₹231.51 crore
Employee Benefits Expense: ₹3.11 crore vs ₹3.53 crore
Finance Costs: ₹3.27 crore vs ₹2.05 crore
Tax Expense: ₹2.98 crore (Current Tax: ₹2.91 crore, Deferred Tax: ₹0.07 crore)
Earnings Per Share: Basic and Diluted EPS of ₹14.12 vs ₹6.44 in previous year
Capital Structure and IPO Details
The company completed its Initial Public Offering (IPO) in June 2025, issuing 16,20,000 equity shares of ₹10 each at a premium of ₹85 per share, raising ₹15.39 crore.
IPO Proceeds Utilization:
- Capital expenditure: ₹224.94 lakh (against ₹262.55 lakh allocated)
- Repayment of borrowings: ₹890.00 lakh
- General corporate purposes: ₹199.62 lakh
- Issue expenses: ₹186.83 lakh
Post-IPO Share Capital: ₹606.84 lakh (60,68,360 equity shares of ₹10 each)
Listing Date: July 1, 2025 on BSE SME Platform
Subsidiary Information
The company invested ₹96.80 lakh in Esthara Jewels Private Limited, a subsidiary incorporated on December 23, 2025, engaged in retail silver jewellery business.
Subsidiary Financials (for period Dec 23, 2025 to Mar 31, 2026):
- Share capital: ₹110.00 lakh
- Reserves & surplus: (₹12.88) lakh
- Total assets: ₹127.61 lakh
- Loss after tax: ₹12.88 lakh
- The holding company owns 88% stake in the subsidiary
Operational and Business Highlights
Manufacturing Capacity: Integrated manufacturing facility in Malappuram, Kerala with capabilities in gold jewellery manufacturing across plain gold, studded, customized, and other design-led categories
Product Portfolio: Plain & casting jewellery, studded jewellery, bespoke & customized jewellery, CNC-machined jewellery, lower-carat jewellery, and silver jewellery
Design Capability: Over 2.5 lakh designs with approximately 5,000 new designs every month
Customer Base: Serves large jewellery retailers, corporate customers, distributors and independent jewellery stores through B2B model
Technology: Uses casting, 3D printing, CNC cutting and engraving technologies
Certifications: IS 1417:2016 certified for selling Gold and Gold Alloys
AGM Notice Details
8th Annual General Meeting: September 29, 2026 at 2:00 PM through Video Conferencing/Other Audio Visual Means
Business to be Transacted:
1. Adoption of audited standalone and consolidated financial statements for FY 2025-26
2. Reappointment of Mrs. Fathima Jasna Kottekattu (DIN: 10691112) as director retiring by rotation
3. Revision of remuneration of Managing Director Mr. Ashraf Perinkadakkad (DIN: 08094239) from ₹6,00,000 to ₹7,00,000 per month effective October 1, 2026
4. Revision of remuneration of Whole-time Director Mr. Mohamed Ali Cheruparambil (DIN: 10668023) from ₹61,500 to ₹1,25,000 per month effective October 1, 2026
5. Revision of remuneration of Executive Director Mrs. Fathima Jasna Kottekattu (DIN: 10691112) from ₹1,25,000 to ₹2,00,000 per month effective October 1, 2026
6. Acquisition of 80% stake in AJC Jewel Manufacturers FZC (UAE) through preferential issue of 5,67,492 equity shares at ₹169.16 per share (including premium of ₹159.16) to Mr. Afzal Rahman Perinkadakkad
UAE Acquisition Proposal
Transaction Details: Preferential issue of up to 5,67,492 equity shares at ₹169.16 per share to acquire 80% stake in AJC Jewel Manufacturers FZC, UAE from Mr. Afzal Rahman Perinkadakkad
Total Consideration: ₹9,59,96,946.72 through share swap arrangement
Valuation: Conducted by Alphavalue Consulting Valuation LLP (IBBI/RV-E/05/2021/151)
Post-acquisition Shareholding: Mr. Afzal Rahman Perinkadakkad will hold 8.55% of post-issue paid-up capital
Lock-in: Equity shares subject to lock-in as per SEBI ICDR Regulations
Purpose: To create international manufacturing presence and access Middle East markets
Corporate Actions and Compliance
Board Meetings: 18 meetings held during FY 2025-26
Dividend: No dividend recommended for FY 2025-26
Compliance: Fine of ₹3.48 lakh paid to BSE for delayed submission of quarterly financial results
Auditors:
- Statutory Auditors: Kumar & Biju Associates (FRN: 006113S) appointed for 5 years from 2024-25 to 2028-29
- Secretarial Auditor: Gopimohan Satheesan and Associates LLP
Internal Controls: Adequate internal financial controls in place
Related Party Transactions
Transactions with related parties during the year:
- Purchase from Vismaya Gold: ₹350.90 lakh
- Sales to Vismaya Gold: ₹350.56 lakh
- Receipt from debtors from AJC Jewellery Trading LLC: ₹73.64 lakh
- Sales to Esthara Jewels Private Limited: ₹35.93 lakh
- Director salaries: Mr. Ashraf P (₹12.00 lakh), Mrs. Fathima Jasna K.K (₹12.00 lakh), Mr. Mohamedali Cheruparambil (₹7.87 lakh)
Forward-Looking Statements and Guidance
Management Guidance: Targeting approximately 50% year-on-year revenue growth for FY 2026-27
Capacity Expansion: Planning to more than double production capacity with ~80% increase in domestic capacity and ~40% additional capacity from proposed UAE acquisition
Market Expansion: Focus on North India, Tamil Nadu, Karnataka, and international markets through UAE acquisition
Product Diversification: Developing silver jewellery platform through Esthara subsidiary and introducing CNC-machined jewellery
Risk Factors
Gold Price Volatility: Exposure to fluctuations in gold prices affecting demand patterns and working capital requirements
Working Capital Intensive: Operations require significant working capital deployment
Competition: Intense competition in jewellery manufacturing industry
Regulatory Changes: Compliance with various regulations including hallmarking, GST, and SEBI requirements