Financial Performance Highlights

H1 FY27 Financial Results (₹ in Crore):

  • Revenue from Operations: ₹213.65 (vs ₹119.17 in H1 FY26, +79.28% YoY)
  • EBITDA: ₹10.23 (vs ₹5.17 in H1 FY26, +97.91% YoY)
  • EBITDA Margin: 4.78% (vs 4.33% in H1 FY26, +45 bps)
  • Profit After Tax: ₹5.23 (vs ₹2.61 in H1 FY26, +100.40% YoY)
  • PAT Margin: 2.44% (vs 2.19% in H1 FY26, +25 bps)
  • Diluted EPS: ₹8.60 (vs ₹4.92 in H1 FY26, +74.80% YoY)

Q2 FY27 Financial Results (₹ in Crore):

  • Revenue from Operations: ₹112.34 (vs ₹74.07 in Q2 FY26, +51.66% YoY)
  • EBITDA: ₹5.59 (vs ₹3.59 in Q2 FY26, +55.64% YoY)
  • EBITDA Margin: 4.96% (vs 4.84% in Q2 FY26, +12 bps)
  • Profit After Tax: ₹2.85 (vs ₹2.04 in Q2 FY26, +39.60% YoY)
  • PAT Margin: 2.53% (vs 2.75% in Q2 FY26, -22 bps)
  • Diluted EPS: ₹4.73 (vs ₹3.36 in Q2 FY26, +40.77% YoY)

Working Capital Metrics

Working Capital Days Comparison:

  • Debtor Days: 42.92 days in H1 FY27 (vs 50.87 days in FY26, improvement of -7.95 days)
  • Inventory Days: 37.34 days in H1 FY27 (vs 32.54 days in FY26, increase of +4.80 days)
  • Creditor Days: 0.37 days in H1 FY27 (vs 0.03 days in FY26, increase of +0.34 days)
  • Cash Conversion Cycle: 79.89 days in H1 FY27 (vs 83.38 days in FY26, improvement of -3.49 days)

Business Developments and Expansion

Retail Expansion:

  • Expanded Esthara Jewels silver jewellery retail network to 5 showrooms
  • Opened fifth store in Erode, Tamil Nadu, marking entry into the state

International Expansion:

  • Proposed acquisition of 80% stake in AJC Jewel Manufacturers (FZC), Sharjah, UAE
  • Acquisition value: ₹9.60 crore
  • Transaction method: Non-cash share swap
  • Purpose: Strengthening international expansion strategy

Product Diversification:

  • Introduced 9K gold jewellery products
  • Expanded beyond existing 18K and 22K jewellery categories

Manufacturing Capabilities:

  • Installed CNC machinery
  • Commenced trial production
  • Focus on precision manufacturing and product development

Technology Upgrades:

  • Upgraded digital B2B portal
  • Enhanced ERP system
  • Improved order management and customer engagement
  • Enhanced operational efficiency

Customer Network:

  • Strengthened relationships with corporate customers and independent jewellery retailers
  • Supported by customized jewellery solutions and design capabilities

Management Commentary

Mr. Ashraf Perinkadakkad, Managing Director, commented on the performance:

  • Pleased with Q2 and H1 FY27 performance reflecting growth in jewellery manufacturing business and operational efficiency
  • H1 FY27 revenue grew 79.28% YoY, EBITDA increased 97.91%, PAT rose 100.40%
  • Improved profitability as operations scale
  • Strengthening manufacturing capabilities, product development, and customer relationships
  • Introduction of 9K jewellery, investments in CNC machinery, and technology platform upgrades helping broaden offerings
  • B2C expansion through Esthara Jewels progressing with fifth showroom in Erode, Tamil Nadu
  • Proposed UAE acquisition expected to strengthen presence in GCC region (subject to completion)
  • Focus on expanding domestic and international footprint, enhancing manufacturing capabilities, diversifying portfolio
  • Building scalable jewellery business while pursuing sustainable growth and long-term stakeholder value

Company Overview

AJC Jewel Manufacturers Limited is a Kerala-based, design-led jewellery manufacturer specializing in customized and casting jewellery, primarily serving the B2B market. The company manufactures gold and silver jewellery with in-house design capabilities and advanced technologies including 3D printing and CNC machining. Manufacturing facility is located in Malappuram, Kerala. Through subsidiary Esthara Jewels Private Limited, the company has entered the B2C silver jewellery retail segment with five showrooms.

Forward-Looking Statements Disclaimer

The document contains forward-looking statements subject to risks and uncertainties including government actions, local/political/economic developments, technological risks, and other factors that could cause actual results to differ materially. The company undertakes no obligation to publicly update these statements.

Investor Relations Contact

ORIM CONNECT: +(91) 83693 82388, letsconnect@orim.in, www.orim.in/orim-connect/