AJC Jewel Manufacturers Limited outlined its strategic roadmap for growth, including capacity expansion and a proposed acquisition in Sharjah, during its 8th Annual General Meeting held on September 29, 2026. The company highlighted its transition from a private entity to a publicly listed firm on the BSE SME platform as a pivotal milestone for scaling operations.

The management emphasized that the listing has strengthened the company's platform for future growth. Key operational updates include the upgrade of machinery, expansion of manufacturing capacity, and the onboarding of additional corporate customers and jewellery retailers. The company also initiated the formation of dedicated research, development, and design teams to broaden its product offerings.

Strategic Initiatives and New Ventures

The company incorporated Esthara Jewels to establish a direct-to-consumer business model and commenced silver jewellery production. This subsidiary aims to leverage AJC's manufacturing expertise while building a distinct brand identity. In the current financial year, AJC launched 9K jewellery products and installed CNC machines, with trial production underway. Regular production is expected after completing necessary trials and process checks.

Retail Expansion Plans

Esthara Jewels has moved from planning to active operation with the following store network status:

• Operational: Three stores currently functioning
• Under Fit-out: Two stores in progress
• Planned: Four additional stores to open during the current financial year

The company intends to expand the brand through company-operated stores as well as FOCO (Franchise Owned, Company Operated) and FOFO (Franchise Owned, Franchise Operated) models.

International Growth via Sharjah Acquisition

A significant component of the growth strategy is the proposed acquisition of a company based in Sharjah. Subject to shareholder approval and completion of formalities, the transaction is expected to conclude shortly. The management stated that the location offers a strategic base for jewellery manufacturing and provides access to the Gulf Cooperation Council (GCC) market. Once completed, the acquisition is expected to give the company greater control over Sharjah operations and serve as a platform for further business development in the region.

Operational Focus and Outlook

The company plans to expand its reach into more Indian states and build relationships with additional jewellery groups. It noted available manufacturing capacity to support this growth, aiming to increase utilization gradually over the next couple of years. The focus remains on product quality, reliable delivery, disciplined capital usage, and strengthening customer relationships.

What the Numbers Show

While specific financial figures such as revenue or profit were not disclosed in the Chairman's speech, the operational data reveals a clear shift toward vertical integration and geographic diversification. The simultaneous launch of a new product category (9K jewellery), installation of advanced machinery (CNC), and establishment of a retail arm (Esthara) indicates a strategy to capture value across the entire supply chain, from manufacturing to direct consumer sales. The reliance on both organic store openings and franchise models suggests a balanced approach to capital expenditure versus rapid market penetration.

AJC Jewel Manufacturers Limited shareholders approved the acquisition of an 80% stake in its subsidiary, AJC Jewel Manufacturers FZE, through a preferential issue of equity shares. The resolution was passed during the company's 8th Annual General Meeting held on September 29, 2026.

The transaction is structured as a share swap arrangement to discharge the consideration payable for the acquisition. This move consolidates the company’s international operations under its Indian listed entity, potentially streamlining governance and financial reporting for the group.

Resolutions Passed

The meeting, conducted via Video Conferencing and Other Audio-Visual Means (VC/OAVM), saw the passage of several ordinary and special resolutions. The e-voting facility was administered by CDSL, with remote voting open from September 26 to September 28, 2026.

Governance and Compliance

The company confirmed that all resolutions were passed with the requisite majority. Mr. K P Satheesan, a practicing company secretary from Calicut, served as the scrutinizer to supervise the voting process. The detailed voting results are scheduled for submission to the stock exchanges within the prescribed time limit under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The AGM concluded at 2:15 pm, with the e-voting facility remaining open for an additional 15 minutes to accommodate attendees who had not cast their votes remotely.