Company Disclosure

Financial Performance (Consolidated, Q1 FY27 vs Q1 FY26)

  • Total Revenue: ₹101.38 crore (vs ₹45.12 crore in Q1FY26) - 124.69% YoY growth
  • EBIDTA: ₹4.64 crore (vs ₹1.58 crore in Q1FY26) - 193.67% YoY growth
  • Net Profit (PAT): ₹2.38 crore (vs ₹0.57 crore in Q1FY26) - 318.70% YoY growth
  • PAT Margin: 2.35% (vs 1.26% in Q1FY26) - 108.75 basis points improvement
  • EPS: ₹3.94 (vs ₹1.26 in Q1FY26) - 212.70% YoY growth

Note: Q1 2025 figures are unaudited and derived as the difference between H1 2025 and Q2 2025 figures. The company was unlisted as of 30 June 2025.

Strategic & Operational Highlights

  • Continued strengthening of jewellery manufacturing platform with focus on customized and lower-MOQ jewellery, product diversification, value diversification, and improved margin retention
  • Upgraded B2B digital portal and ERP platform
  • Established dedicated Design & Innovation Centre with specialized designers to accelerate new product development
  • Continued progress on Sharjah expansion, though delayed due to ongoing geopolitical tensions in the Middle East
  • Target completion of Sharjah expansion by H1FY27 to strengthen international manufacturing footprint and create platform for growth across GCC and other international markets

Esthara Jewels D2C Silver Jewellery Platform Expansion

Esthara Jewels, the company's consumer-facing subsidiary focused on affordable luxury, 925 sterling silver and gold-plated silver jewellery, expanded its retail footprint during April-July 2026:

  • First showroom: Opened at Hilite Mall, Thrissur, Kerala, operational from 06 April 2026
  • Second showroom: Opened at Hilite Countryside Mall, Chemmad, operational from 19 June 2026
  • Third showroom: Opened at Market City Mall, Perinthalmanna, Malappuram, on 12 July 2026

Objective: Building a scalable consumer-facing jewellery platform through progressive expansion across strategically selected locations

Market Outlook Context

  • Indian jewellery market projected to grow at 6.5% CAGR between 2026 and 2033, expected to reach US$145 billion by FY2028
  • Structural shift from unorganised to organised retail: organised players' market share rose from ~22% in FY19 to 36-38% in FY25
  • Hallmarking and GST compliance supporting this transition
  • Daily-wear jewellery accounts for approximately 30-35% of the market
  • India's gems and jewellery exports stood at US$27.72 billion in FY25-26

Management Commentary

Mr. Ashraf P, Chairman & Managing Director, commented on Q1 FY27 performance:

  • Strong start to FY27 with 124.69% YoY total income growth and 318.70% YoY PAT growth
  • Performance reflects increasing scale of operations, continued customer expansion, operational efficiency, and product diversification
  • Continued investments in advanced technologies and operational capabilities
  • Digital B2B ecosystem improving customer engagement, product discovery, and order execution
  • Esthara Jewels developing as scalable D2C silver jewellery platform with three stores in Kerala
  • Sharjah expansion remains important for international growth strategy, targeting completion by H1FY27 despite geopolitical delays
  • Future priorities: Expanding manufacturing capacity, presence across newer product categories, strengthening digital B2B ecosystem, expanding domestic and international customer network, scaling Esthara Jewels platform
  • Target: Approximately 50% consolidated revenue CAGR over next three years with disciplined approach to sustainable growth

Company Background

AJC Jewel Manufacturers Ltd. is an integrated manufacturer of 22K and 18K gold jewellery products catering to leading retail chains, corporates, and independent jewellers across India and international markets. Operates from 21,780 sq. ft. manufacturing facility in Malappuram, Kerala. Specializes in precision-engineered, design-led jewellery manufacturing across traditional casting, studded jewellery and bespoke orders. Combines in-house design capabilities, modern manufacturing technologies, and digital-first B2B ecosystem. Proprietary B2B platform features library of 5,000+ jewellery designs.

Disclaimer

Document contains forward-looking statements subject to risks and uncertainties including government actions, local developments, and technological risks. Company does not commit to publicly updating statements to reflect future events.