AJC Jewel Manufacturers reported a substantial 124.69% year-on-year increase in consolidated revenue for the first quarter of FY27, reaching ₹101.38 crore. EBITDA grew to ₹4.64 crore and PAT to ₹2.38 crore. The company highlighted its strong start to FY27 with scaling operations, customer network expansion, and a proposed acquisition in UAE. Management expressed confidence in continued growth and strategic market expansion.
Strong Financial Performance in Q1 FY27
AJC Jewel Manufacturers Ltd. announced robust financial results for the first quarter of the financial year 2027 (Q1 FY27), showcasing significant growth across key financial metrics. The company’s consolidated revenue surged by an impressive 124.69% year-on-year, from ₹45.12 crore in Q1 FY26 to ₹101.38 crore in the current quarter. This substantial increase reflects the company’s expanding operations and growing market presence.
Profitability and Margins Improve
The strong revenue performance translated into improved profitability. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose to ₹4.64 crore, a significant jump from ₹1.58 crore in the same quarter last year. Consequently, the EBITDA margin improved to 4.58% from 3.5%. Profit After Tax (PAT) also saw a substantial increase, reaching ₹2.38 crore compared to ₹0.57 crore in Q1 FY26, with the PAT margin improving to 2.35% from 1.26%. Earnings Per Share (EPS) stood at ₹3.94 for the quarter, up from ₹1.26 in the prior year’s quarter.
Strategic Growth Initiatives
During the quarter, AJC Jewel Manufacturers focused on scaling its core B2B jewellery manufacturing operations and pursuing new growth initiatives. The company expanded its customer network by adding 12 independent jewellery retailers and deepened engagement with existing retail and corporate clients. Emphasis was placed on offering customized solutions and competitive making charges to attract a broader range of retailers. Technology and product development remain key strategic pillars, with upgrades to the B2B digital portal and ERP platform, and the establishment of a dedicated design and innovation center.
International Expansion and Acquisitions
A significant development highlighted was the proposed acquisition of an 80% stake in AJC Jewel Manufacturers FZC in Sharjah, UAE. This strategic move aims to consolidate international operations and strengthen the company’s presence in the UAE market. The transaction, valued at up to ₹9.6 crore, will be structured as a non-cash swap. The UAE entity reported revenues of ₹127.95 crore in calendar year 2025 and ₹72.46 crore in the first half of 2026, offering substantial opportunities for growth and control.
Future Outlook and Objectives
AJC Jewel Manufacturers aims to build an integrated jewellery platform combining manufacturing, design, technology, and international market access. The company is investing in manufacturing capabilities, expanding product categories, and strengthening its customer base both domestically and internationally. The focus remains on sustainable growth, disciplined execution, and improving the scale and quality of the business. The company plans to expand its retail presence with two more Esthara stores expected to open by the end of the next month, targeting Gen Z customers with design-conscious offerings.
Capacity and Utilization
The company provided insights into its manufacturing capacities, with an installed capacity of 3 kg per day for gold jewellery in Sharjah and 5 kg per day for casting jewellery in India. Additionally, the silver jewellery production capacity stands at 8 kg per day. Current utilization levels were reported at 25% for the India plant and approximately 800 grams per day for the Sharjah entity.
Market Expansion and Client Engagement
AJC Jewel Manufacturers is actively expanding its market reach beyond Kerala, with a current focus on other regions in India. The marketing team is active in Chennai, and plans are underway for expansion into other geographical parts of India. International orders will be managed through the Sharjah entity. While Kalyan and Chennamur are existing clients, the company is exploring opportunities to onboard new clients and has recently onboarded 12 independent jewellers.
Gold Price Hedging
In response to a query regarding gold price fluctuations, management confirmed that the company has the facility to hedge gold prices through its suppliers and with MCX, indicating that gold price volatility is not expected to disrupt margins.
Source: BSE
