AJC Jewel Manufacturers announced the commencement of operations at its second retail showroom, owned by its wholly owned subsidiary Esthara Jewels Private Limited. The facility, located at Hilite Countryside Mall in Chemmad, Kerala, was inaugurated on June 19, 2026. This expansion strengthens the company's direct-to-consumer (D2C) presence and aligns with its strategy to build a differentiated retail platform focused on contemporary silver jewellery.

The new showroom will retail an extensive range of 925 sterling silver and gold-plated silver jewellery, catering to consumer preferences for affordable daily wear. This move complements AJC Jewel Manufacturers' established B2B gold jewellery manufacturing business. The company aims to create an integrated omnichannel platform through a combination of company-owned retail outlets and digital commerce under the Esthara Jewels brand.

Strategic Context

The expansion leverages favourable structural trends in India's gems and jewellery industry, including increasing consumer preference for branded products and expanding organised retail. According to the Gem & Jewellery Export Promotion Council (GJEPC), India's gems and jewellery exports stood at USD 27.72 billion in FY2025-26. Notably, silver jewellery exports grew by 52.21% year-on-year to USD 1.47 billion, reflecting robust global demand for value-added silver jewellery.

Management Commentary

Mr. Ashraf P, Chairman & Managing Director of AJC Jewel Manufacturers Ltd., stated that the commencement of operations marks an important step in strengthening retail presence and expanding direct engagement with customers. He highlighted the objective of building Esthara Jewels as a trusted destination for quality silver jewellery through contemporary designs and superior craftsmanship. The continued expansion of the retail network is expected to support the company's long-term growth strategy and contribute towards achieving its guidance of targeting a consolidated revenue CAGR of approximately 50% over the next three years, with standalone revenue of around ₹450 crore in FY27.

Operational Details

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.

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.