Malappuram, Kerala – June 02, 2026 – AJC Jewel Manufacturers Ltd. (BSE: 544425), a leading integrated B2B jewellery manufacturing and technology-driven platform, today announced its Audited Financial Results (Consolidated) for FY26, reporting strong growth in revenue, profitability, and margins, supported by operating leverage, an improving product mix, and strategic retail and international expansion initiatives.
Result Summary — Consolidated Performance (FY26)
- Revenue from Operations grew 32.17% YoY to ₹291.39 Crores
- EBITDA grew 148.85% YoY to ₹14.01 Crores
- EBITDA Margin expanded approximately 225 bps YoY to 4.81%
- Profit After Tax (PAT) increased 173.62% YoY to ₹7.83 Crores
- Earnings Per Share (EPS) rose to ₹13.82, up 114.60% YoY
- Return on Equity (ROE) of 30.73%, reflecting improving profitability and efficient capital utilisation
Strategic & Industry Context
AJC’s FY26 performance reflects the continued strengthening of its integrated, technology-driven jewellery manufacturing platform. The expansion of the Company’s customer network through the onboarding of leading jewellery retailers across key markets, combined with its proprietary B2B portal supported by a library of 5,000+ jewellery designs, continues to enhance order visibility, customization flexibility, and execution efficiency across its retail network. Profitability growth materially outpaced revenue growth during the year, reflecting improving operating leverage, a better product mix, and scale benefits across the Company’s integrated operations.
The broader Indian gem and jewellery sector continues to benefit from structural formalization, mandatory hallmarking, rising organized retail penetration, and growing demand for design-led, precision-engineered, and CNC-machined jewellery. The emergence of affordable luxury and fashion jewellery among younger consumers, alongside expanding export opportunities across GCC and international markets, further widens the addressable opportunity for integrated manufacturers with scalable, technology-enabled capabilities.
In line with this opportunity, AJC is broadening its platform beyond core B2B manufacturing. The Company has launched its Direct-to-Consumer silver and fashion jewellery vertical under the ‘Esthara Jewels’ brand — anchored by its first flagship showroom in Thrissur, Kerala and an e-commerce platform — and continues to strengthen its international footprint through its Sharjah-based facility positioned to serve GCC and US markets. The Sharjah acquisition remains in progress and has not contributed to FY26 performance.
Management Commentary
Mr. Ashraf P, Chairman & Managing Director of AJC Jewel Manufacturers Ltd., commented:
“FY26 marked a year of strong operational and financial progress for AJC. The Company reported consolidated Revenue from Operations of ₹291.39 Crores, EBITDA of ₹14.01 Crores, and PAT of ₹7.83 Crores, with EBITDA margins expanding approximately 225 basis points to 4.81% and Return on Equity of 30.73%. This improvement in profitability was driven by operating leverage, an improving product mix, and increasing scale benefits across our integrated manufacturing platform, supported by the continued onboarding of reputed jewellery retail partners across multiple regions.
The Indian jewellery industry is undergoing a meaningful shift toward formalization and technology-led manufacturing, while affordable silver and fashion jewellery is opening a scalable, higher-margin retail opportunity. Our Sharjah expansion remains an important strategic initiative for strengthening our international presence across GCC markets, providing operational flexibility, supply-chain advantages, and a scalable platform for future export growth.
Looking ahead, we remain focused on expanding our CNC-machined jewellery production, strengthening our digital B2B ecosystem, accelerating the rollout of Esthara Jewels, and scaling our domestic and international presence. Supported by our ongoing capacity expansion and retail diversification strategy, we remain confident of pursuing a consolidated revenue CAGR of approximately 50% over the next three years, while maintaining a disciplined and sustainable approach to growth and capital allocation.”
Growth Outlook
Management remains focused on:
- Expanding CNC-machined and design-led jewellery manufacturing capacity
- Strengthening the digital B2B platform and 5,000+ design ecosystem
- Accelerating the Esthara Jewels D2C silver and fashion jewellery rollout
- Progressing the Sharjah facility integration to access GCC and US markets
- Deepening relationships with leading jewellery retail partners to enhance order visibility
- Driving sustainable, disciplined long-term growth through operational excellence and scale benefits
About AJC Jewel Manufacturers Ltd.
AJC Jewel Manufacturers Ltd. (BSE: 544425) is an integrated manufacturer of 22K and 18K gold jewellery, catering to leading retail chains, corporates, and independent jewellers across India and international markets. Operating from its advanced 21,780 sq. ft. manufacturing facility in Malappuram, Kerala, the Company specializes in precision-engineered, design-led jewellery across traditional casting, studded jewellery, bespoke orders, and CNC-machined jewellery. AJC combines in-house design capabilities, modern manufacturing technologies, and a digital-first B2B ecosystem to deliver scalable and operationally efficient solutions to its customers. Through its proprietary B2B platform featuring a library of 5,000+ jewellery designs, the Company enhances order visibility, customization flexibility, and faster execution for its retail partners. AJC is further expanding into Direct-to-Consumer silver and fashion jewellery retail under its ‘Esthara Jewels’ brand, and is strengthening its international manufacturing footprint through its Sharjah-based facility positioned to serve GCC and US markets.
