AJC Jewel Manufacturers Ltd (544425)

AJC Jewel Manufacturers announced that its subsidiary, Esthara Jewels Private Limited, opened its 4th showroom in Kozhikode, Kerala, on October 8, 2026. The new showroom focuses on the retail sale of silver jewellery, aligning with the company's retail footprint expansion strategy. The company reported quarterly revenue of ₹101.31 crore in Jun 2026, though specific capex, store size, and expected revenue contributions from this outlet were not disclosed.

• Subsidiary Esthara Jewels Private Limited opened its 4th showroom
• Showroom commenced operations on 08/10/2026 in Kozhikode, Kerala
• Focuses specifically on retail sale of silver jewellery
• Investment amount and store footprint size were not disclosed

At its 8th AGM, AJC Jewel Manufacturers announced updates on manufacturing and retail expansions. The company commenced trial production on newly installed CNC machines and introduced a new 9K jewellery category. In its D2C arm, Esthara Jewels, 3 stores are operational, 2 are under fit-out, and 4 more are planned this fiscal year. Additionally, the proposed acquisition of a Sharjah-based entity to access the GCC market is pending shareholder approval and expected to close shortly.

• Launched new 9K jewellery products and started trial production on newly installed CNC machines
• Esthara Jewels has 3 operational stores, 2 under fit-out, and plans to open 4 more during this financial year
• Pursuing acquisition of a Sharjah company to establish a GCC manufacturing base, subject to shareholder approval
• Plans to leverage FOCO and FOFO franchise models alongside company-operated stores

AJC Jewel Manufacturers Ltd has approved the acquisition of an 80% stake in AJC Jewel Manufacturers (FZC), Sharjah, for a total consideration of ₹9.60 crore. The transaction will be settled entirely via a non-cash share swap by issuing up to 5,67,492 equity shares at ₹169.16 per share to promoter-group transferor Afzal Rahman Perinkadakkad. The UAE entity reported revenues of ₹127.95 crore in CY2025 and ₹72.46 crore in H1 CY2026. Following the transaction, promoter holding will increase from 56.33% to 59.85%, and the acquisition is expected to close within 3 to 6 months.

• Acquiring 80% stake in Sharjah-based AJC Jewel Manufacturers (FZC) for ₹9.60 crore
• 100% non-cash share swap: issuing up to 5,67,492 shares at ₹169.16 each, representing 8.55% post-issue capital
• Target recorded CY2025 revenue of ₹127.95 crore (AED 4.94 cr) and Jan–Jun 2026 revenue of ₹72.46 crore (AED 2.80 cr)
• Promoter and promoter group shareholding to rise from 56.33% to 59.85% post-allotment
• Expected completion timeline is 3 to 6 months, subject to regulatory and shareholder approvals

AJC Jewel Manufacturers released its Q1 FY27 investor presentation, outlining a target to achieve ~₹450 Cr in standalone revenue for FY27 alongside a 50% consolidated revenue CAGR over the next three years. The company is executing a capex plan to expand total manufacturing capacity by ~120% and has commissioned a dedicated silver facility (~5 kg/day capacity). It has also onboarded marquee clients Kalyan Jewellers and Chemmanur Gold while rolling out its Esthara silver retail stores (2 open, 4 under fit-out). However, its overseas acquisition in Sharjah has been delayed to H1 FY27 due to geopolitical tensions, which is expected to add ~₹60 Cr in revenue once completed.

• Targeting ~₹450 Cr standalone revenue in FY27 and a 50% consolidated revenue CAGR over 3 years
• Undergoing a capital investment program to expand total production capacity by ~120%
• Set up dedicated silver manufacturing unit with ~5 kg/day capacity and opened 2 Esthara retail stores (4 under fit-out)
• Onboarded corporate clients including Kalyan Jewellers and Chemmanur Gold, plus 12 independent retailers in Q1 FY27
• Sharjah overseas acquisition delayed to H1 FY27 due to geopolitical conditions, projected to add ~₹60 Cr revenue

AJC Jewel Manufacturers reported a robust Q1 FY27 with total income reaching ₹101.38 Cr, a 124.7% increase from ₹45.12 Cr in the previous year. Net profit grew significantly by 318.7% to ₹2.38 Cr, supported by a 108.75 bps improvement in PAT margins to 2.35%. The company is aggressively expanding its D2C silver brand 'Esthara Jewels', opening three showrooms in Kerala between April and July 2026. Management has issued a strong growth guidance, targeting a 50% revenue CAGR over the next three years.

• Total Revenue surged 124.69% YoY to ₹101.38 Cr in Q1 FY27
• Net Profit (PAT) skyrocketed 318.70% YoY to ₹2.38 Cr
• PAT Margin expanded by 108.75 basis points to reach 2.35%
• Opened 3 new Esthara Jewels showrooms in Thrissur, Chemmad, and Perinthalmanna
• Management targeting a consolidated revenue CAGR of approximately 50% over the next 3 years

AJC Jewel Manufacturers reported a strong start to FY27 with standalone revenue of Rs 101.29 cr for the June 2026 quarter, a 20.4% increase over the preceding March 2026 quarter (Rs 84.11 cr). Standalone Net Profit grew 28.6% sequentially to Rs 2.52 cr, up from Rs 1.96 cr. The company also confirmed the utilization of Rs 15.39 cr raised through a public issue, including Rs 8.90 cr for debt repayment. Consolidated PAT stood slightly lower at Rs 2.38 cr, reflecting the performance of its subsidiary, Esthara Jewels.

• Standalone revenue of Rs 101.29 cr represents approximately 34.6% of the total FY26 annual revenue in just one quarter.
• Standalone Net Profit increased to Rs 2.52 cr from Rs 1.96 cr in the previous quarter, with Basic EPS rising to Rs 4.15.
• Utilized Rs 8.90 cr from public issue proceeds for debt repayment, targeting the company's Rs 44 cr debt load.
• Finance costs for the quarter stood at Rs 1.26 cr, while employee benefit expenses rose to Rs 1.39 cr from Rs 1.01 cr sequentially.
• Inventory changes of Rs -12.25 cr indicate significant stock accumulation or work-in-progress adjustments during the period.

AJC Jewel Manufacturers' subsidiary, Esthara Jewels Private Limited, has commenced operations of its third retail showroom in Perinthalmanna, Kerala, as of July 12, 2026. The new outlet focuses on the retail sale of silver jewellery, a segment that currently represents approximately 5% of the Indian gems and jewellery market. This expansion is part of the company's strategy to diversify from its core B2B manufacturing into the organized retail space. The company continues to leverage its 21,780 sq. ft. manufacturing facility in Malappuram to support its growing retail and B2B operations.

• Opened the 3rd retail showroom under the subsidiary Esthara Jewels Private Limited
• Showroom inaugurated on July 12, 2026, at Market City Mall, Perinthalmanna
• Company operates an advanced 21,780 sq. ft. manufacturing facility in Malappuram
• Proprietary B2B platform features a library of over 5,000 jewellery designs
• Targeting a silver jewellery market within an industry projected to reach USD 231.9 billion by 2034

AJC Jewel Manufacturers Ltd's subsidiary, Esthara Jewels Private Limited, has expanded its retail footprint by opening its third showroom on July 12, 2026. The new outlet is located at Market City Mall, Perinthalmanna, in the Malappuram district of Kerala. This showroom is specifically dedicated to the retail sale of silver jewellery, aligning with the company's stated business expansion strategy. Financial details regarding the capital expenditure for this store or projected revenue contributions were not disclosed in the filing.

• Opening of the 3rd showroom for the subsidiary Esthara Jewels Private Limited
• Inauguration of the new retail outlet completed on 12-07-2026
• Strategic location established at Market City Mall, Perinthalmanna, Kerala
• Focus on the retail sale of silver jewellery to diversify product offerings