Company Overview

AJC Jewel Manufacturers Ltd is a Kerala-based gold jewellery manufacturer specializing in high-quality, design-led B2B products. The company evolved from a family-run retail business started in 1999 and has a manufacturing heritage since 2014. It operates a modern, 21,780 sq. ft. integrated manufacturing facility in Malappuram, Kerala.

Q1 FY27 Financial Performance

The company reported its standalone financial results for the quarter ending June 2026 (Q1 FY27).

  • Total Revenue: ₹101.38 lakh, a significant increase from ₹45.12 lakh in Q1 FY26.
  • EBITDA: ₹4.64 lakh, compared to ₹1.58 lakh in Q1 FY26.
  • EBITDA Margin: 4.58%, up from 3.50% in the prior year quarter.
  • Profit After Tax (PAT): ₹2.38 lakh, a substantial increase from ₹0.57 lakh in Q1 FY26.
  • PAT Margin: 2.35%, up from 1.26%.
  • Earnings Per Share (EPS): ₹3.94, compared to ₹1.26 in Q1 FY26.

The cost breakdown for Q1 FY27 was:

  • Raw Material Expenses: ₹94.51 lakh
  • Employee Benefits Expense: ₹1.53 lakh
  • Other Expenses: ₹0.70 lakh
  • Finance Costs: ₹1.27 lakh
  • Depreciation & Amortisation: ₹0.14 lakh
  • Tax: ₹0.86 lakh

Operational and Business Updates

Customer Base Expansion

The company onboarded Kalyan Jewellers and Chemmanur Gold as new corporate clients in the recent past. In Q1 FY27, it added 12 independent jewellery retailers, further diversifying its customer concentration risk. The total independent retail network now stands at approximately 300 retailers.

Manufacturing & Technology

The company has deployed 3D printing, advanced casting, and CNC cutting & engraving technology, improving production efficiency and reducing precious metal losses. This has enabled entry into new product categories, specifically CNC machined jewellery, which offers high-precision, modern aesthetics.

Design Ecosystem

The company maintains a library of over 2.5 lakh designs and adds 5,000 new designs monthly, which it claims is one of India's largest jewellery design repositories. A 20-member in-house design team and a dedicated Design & Innovation Centre with specialised designers accelerate new product development.

Esthara Silver Retail Vertical (D2C)

The company launched a direct-to-consumer (D2C) silver retail brand, Esthara Jewels, in Thrissur, Kerala.

  • Product Offering: 925 Sterling Silver (rhodium plated) and Gold-Plated Silver (2.5 Micron plating on a 92.5% silver base).
  • Store Expansion: Two stores were opened in Thrissur and Chemmad in Q1 FY27. Four additional stores are under fit-out.
  • Financial Targets: Targeting revenue of ~₹20 lakh per month per store at maturity and PAT margins of 10–13%.
  • Business Model: This vertical operates on a D2C model (Company-Owned Stores and E-Commerce), commanding an aggregate margin of ~50% by eliminating wholesalers.

A dedicated silver manufacturing facility with a capacity of ~5 kg/day has been established to support this business.

International Expansion: Sharjah Acquisition

An overseas acquisition in Sharjah [Sharjah Airport Free Zone] is planned.

  • Strategic Rationale: To serve the GCC and Middle East market directly, optimize the supply chain with direct access to global bullion, and benefit from 0% corporate and personal income tax and zero import/export duties.
  • Current Status: The acquisition is expected to be completed in H1 FY27 but has been delayed due to ongoing geopolitical tensions. The facility is stated to be fully operational with current utilization at ~30%.
  • Financial Expectation: The acquisition is expected to contribute an additional ~₹60 crore in revenue by the end of FY27.

IIBX Onboarding

The company's onboarding as an IIBX (India International Bullion Exchange) Qualified Jeweller is in progress. This is intended to enhance bullion sourcing and strengthen export competitiveness.

Historical Financial Performance (Audited)

| Particulars (₹ Lakhs) | FY 2023-24 | FY 2024-25 | FY 2025-26 |

| Revenue from Operations | 24,588.99 | 22,046.35 | 29,138.93 |

| EBITDA | 522.87 | 562.93 | 1,400.93 |

| EBITDA Margin (%) | 2.13% | 2.55% | 4.81% |

| Net Profit (PAT) | 311.77 | 286.34 | 783.48 |

| PAT Margin (%) | 1.27% | 1.30% | 2.69% |

| EPS (₹) | Not Disclosed | 6.44 | 13.82 |

Future Outlook & Guidance

  • Revenue Growth: Targeting a 50% consolidated revenue CAGR over the next three years. Standalone revenue for FY27 is expected to be ~₹450 crore.
  • Capacity Expansion: Implementing a capital investment program to increase total production capacity by ~120%.
  • Product Diversification: Establishing a new line of CNC machined jewellery to cater to a different aesthetic and market segment.
  • Geographic Expansion: Targeted expansion into North India, Tamil Nadu, and Karnataka domestically, and establishing a presence in the Middle East and nations with favorable trade agreements globally.
  • B2C Expansion: Plans include launching a B2C e-commerce platform and opening small, strategically located retail outlets.

Leadership

The leadership team comprises:

  • Mr. Kunhimohamed Perinkadakkat: Founder, Chairman & Managing Director, Promoter, with 20+ years of experience.
  • Mr. Ashraf P: Promoter, with 14 years of industry experience, spearheading strategic vision and international expansion.
  • Ms. Fathima Jasna Kottekkattu: Key promoter, involved in strategic direction and corporate governance.