AJC Jewel FY26 PAT rises 173% to ₹783.48 lakh on revenue growth

AJC Jewel Manufacturers reported a 173.6% increase in net profit to ₹783.48 lakh for the financial year ended March 31, 2026 (FY26), driven by a 32.2% rise in revenue from operations to ₹29,138.93 lakh. The company improved its profitability metrics, with the EBITDA margin expanding to 4.81% from 2.55% in the previous year and the PAT margin rising to 2.69% from 1.30%. The growth was supported by the onboarding of corporate clients such as Kalyan Jewellers and Chemmanur Gold, alongside the addition of approximately 80 independent jewellery retailers.

The company’s operational performance in FY26 reflects the benefits of its recent initial public offering (IPO) proceeds, which were deployed to de-leverage the balance sheet and expand manufacturing capabilities. Total assets increased to ₹8,443.61 crore in FY26 from ₹4,935.16 crore in FY25, while net worth grew to ₹3,622.73 crore from ₹1,473.87 crore. Despite the growth, finance costs rose to ₹326.81 lakh from ₹204.65 lakh in the prior year.

Financial Performance

The income statement for FY26 shows a robust recovery in earnings compared to the previous year. EBITDA surged to ₹1,400.93 lakh from ₹562.93 lakh in FY25. The earnings per share (EPS) more than doubled to ₹13.82 in FY26 from ₹6.44 in the previous year.

Particulars (In INR Lakhs)	FY 2024-25 (Audited)	FY 2025-26 (Audited)
Revenue from Operations	22,046.35	29,138.93
EBITDA	562.93	1,400.93
EBITDA Margin (%)	2.55%	4.81%
Net Profit (PAT)	286.34	783.48
PAT Margin (%)	1.30%	2.69%

Strategic Initiatives and Expansion

AJC Jewel Manufacturers has focused on enhancing its manufacturing efficiency through the deployment of 3D printing, advanced casting, and CNC cutting technologies. The company established a dedicated silver manufacturing facility with a capacity of approximately 5 kg/day to support its Esthara retail business. Additionally, the company launched a silver retail brand in Thrissur, Kerala, targeting revenue of approximately ₹20 lakh per month per store at maturity with PAT margins of 10–13%.

International expansion efforts are underway, with an overseas acquisition in Sharjah expected to be completed in the first half of FY27, though it has been delayed due to geopolitical tensions. The company is also progressing with onboarding as a Qualified Jeweller on the India International Bullion Exchange (IIBX) to enhance bullion sourcing.

Future Outlook

Management has provided guidance targeting a 50% consolidated revenue compound annual growth rate (CAGR) over the next three years. Standalone revenue for FY27 is expected to reach approximately ₹450 crore, with the proposed Sharjah acquisition contributing an additional ₹60 crore by the end of FY27. The company plans to implement a capital investment program to increase total production capacity by approximately 120% and is entering the B2C segment through a subsidiary by launching an e-commerce platform and retail outlets.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	0.0%	-1.01%	+7.79%	+1.70%	+1.70%

AJC Jewel Manufacturers Ltd. reported a consolidated net profit of ₹7.83 crore for the financial year ended March 31, 2026, a surge of 173.62% from ₹2.86 crore in the previous year. Revenue from operations rose 32.17% to ₹291.39 crore, compared to ₹220.46 crore in FY25. The company’s EBITDA grew 148.85% to ₹14.01 crore, with EBITDA margins improving by 225 basis points to 4.81%.

The board approved the audited financial results for both standalone and consolidated financial statements. On a standalone basis, the company reported a net profit of ₹802.37 lakh, with revenue from operations at ₹29,174.87 lakh. The basic earnings per share (EPS) for the year increased to ₹13.82 from ₹6.44 in the prior year.

Consolidated Financial Performance

Particulars	FY25 (₹ in Crores)	FY26 (₹ in Crores)	YoY Comparison
Revenue from Operations	220.46	291.39	32.17%
EBIDTA	5.63	14.01	148.85%
EBITDA Margin (%)	2.55%	4.81%	225.43 BPS
Net Profit (PAT)	2.86	7.83	173.62%
PAT Margin (%)	1.30%	2.69%	138.99 BPS
EPS	6.44	13.82	114.60%

Operational Highlights

The company strengthened its customer network by onboarding new clients, including leading jewellery retailers. Its Sharjah-based facility, aimed at serving GCC and US markets, is undergoing integration, with revenue contribution not yet included in FY26 results due to geopolitical delays. Additionally, AJC Jewel accelerated its silver jewellery vertical, Esthara Jewels, operating on a Direct-to-Consumer (D2C) model through stores and digital channels.

Mr. Ashraf P, Chairman & Managing Director, attributed the profitability growth to operational efficiencies, better product mix, and scale benefits. The company reported a Return on Equity (ROE) of 30.73% and targets a consolidated revenue CAGR of approximately 50% over the next three years.