AJC Jewel Manufacturers Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showcasing exceptional operational performance with net profit surging 69.22% quarter-on-quarter. The results were approved by the Board of Directors at their meeting held on February 25, 2026.

Strong Quarterly Performance

The company delivered robust Q3FY26 results with significant improvements across all key financial metrics. Net profit reached ₹345.31 lakhs, representing a substantial 69% sequential growth from Q2FY26's ₹204.06 lakhs. Revenue from operations stood at ₹8,846 lakhs with total income of ₹8,854.93 lakhs for the quarter.

Nine-Month Performance Exceeds Full Year FY25

For the nine-month period ended December 31, 2025, the company achieved remarkable milestones with net profit of ₹606.19 lakhs, already surpassing the total FY25 full-year profit by 111.7%. Revenue from operations reached ₹20,763.65 lakhs with basic earnings per share of ₹10.90.

Strategic Initiatives and Expansion Plans

The company is launching Esthara Jewels to capture the fast-moving silver fashion jewellery segment. The D2C e-commerce platform is scheduled for launch in the first week of March 2026, with the first physical flagship store opening in Thrissur, Kerala by the third week of March 2026.

AJC continues strengthening its international footprint through its Sharjah facility, currently operating at 30% utilization rate. The company has acquired a 95% stake in this subsidiary, with regulatory formalities currently underway.

Enhanced Digital Operations

The proprietary B2B portal witnessed strong traction, onboarding 48 new independent jewelers during the quarter. The digital-first approach now facilitates approximately 70% of order volume, ensuring lean operations and reduced traditional wholesale lead times.

Balance Sheet Strength

The company's balance sheet reflects robust financial health with total assets of ₹8,084.33 lakhs as of December 31, 2025, compared to ₹4,935.16 lakhs as of March 31, 2025.

Management Commentary

Commenting on the performance, Mr. Ashraf P, Chairman & Managing Director, stated that the stellar Q3 results with net profit growing over 69% sequentially demonstrate the brand's market resonance and ability to capitalize on high-demand festive seasons. He emphasized the company's focus on expanding manufacturing capabilities and reaching new market segments for long-term value creation.

Regulatory Compliance

The financial results were prepared in accordance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and reviewed by Kumar & Biju Associates LLP, Chartered Accountants. The company submitted these results voluntarily following its BSE SME listing effective July 1, 2025.

AJC Jewel Manufacturers has unveiled a comprehensive investor presentation detailing its strategic positioning as a leading Kerala-based gold jewellery manufacturer and its ambitious growth roadmap. The presentation showcases the company's transformation from a family-run retail business established in 1999 to a sophisticated B2B manufacturing platform serving both national chains and independent jewellers.

Company Overview and Business Model

AJC Jewel Manufacturers operates through an integrated B2B model, specializing in high-quality, design-led gold jewellery products. The company has evolved significantly since its founder, Mr. Kunhimohamed Perinkadakkat, established the initial retail store in 1999. Under the leadership of Chairman & MD Mr. Ashraf P, who brings 14 years of industry experience, the company has scaled its manufacturing operations and established an international presence.

The company's business model centers on solving critical pain points across the jewellery retail spectrum through three core components:

• B2B Manufacturing: Design and manufacture of 22K and 18K casting jewellery including plain, studded, and rose gold varieties
• Targeted Wholesale: Direct relationships with corporates and distributors
• Digital-First Sales: Proprietary B2B portal providing seamless ordering platform

Manufacturing Capabilities and Product Portfolio

The company operates from a modern 21,780 sq. ft. integrated manufacturing facility at Inkel Industrial Park in Malappuram, equipped with advanced casting, moulding, and design technology. AJC maintains a design library of over 5,000 designs across multiple product categories including anklets, bangles, bracelets, earrings, necklaces, nose rings, pendants, and custom name jewellery.

The newly introduced CNC machined jewellery category represents a significant strategic advancement, offering precision geometry, machine-finished quality, and consistency at scale. This category commands higher margins due to superior finish and opens access to daily wear and office wear segments.

International Operations and Market Presence

AJC has established a strategic manufacturing hub in Sharjah Airport Free Zone, UAE, with an installed capacity of 1 kg per month and current utilization of 400g per month. This facility provides several advantages including 0% corporate and personal income tax, zero import/export duties, and direct access to global bullion markets.

The company serves prestigious clients including Malabar Gold & Diamonds, Kalyan Jewellers, Chemmanur International Jewellers, Regal Jewellers, and Joyalukkas, while also supporting approximately 300 independent jewellery retailers across the region.

Financial Performance and Projections

The company has demonstrated consistent growth trajectory with notable financial improvements:

H1 FY26 performance shows robust growth with PAT of ₹2.61 crores, representing 111.83% year-over-year growth, while margins expanded to 2.19%. The company has outlined ambitious projections targeting revenue of ₹400 crores in FY26, ₹760 crores in FY27, and ₹1,200 crores in FY28, with corresponding PAT margins improving from 2.0% to 2.7%.

Strategic Growth Initiatives

The presentation outlines a multi-pronged growth strategy funded by the recent BSE SME listing. Key initiatives include:

Geographic Expansion: Targeted expansion into North India, Tamil Nadu, and Karnataka, alongside establishing presence in Middle East markets and nations with favorable trade agreements.

Product Diversification: Introduction of silver and fashion jewellery targeting Gen-Z consumers through a direct-to-consumer model, offering 925 Sterling Silver and Gold-Plated Silver products with aggregate margins of approximately 80%.

Technology Enhancement: Capital investment program to increase total production capacity by 120% and expand CNC machining capabilities for high-precision jewellery production.

B2C Entry: Plans to build a public-facing brand through a subsidiary, launching B2C e-commerce platform and strategically located retail outlets.

Market Positioning and Outlook

Operating in the rapidly formalizing Indian jewellery market projected to reach USD 145 billion by FY 2028, AJC is well-positioned to capitalize on the shift toward organized retail. The organized market share has grown from 22% in FY19 to 36-38% in FY24, driven by mandatory hallmarking and GST compliance requirements.

The company projects consolidated revenue CAGR of 30-40% over the next three years, supported by its integrated operations model featuring an 8-day production cycle, 2-3 day delivery, and 0-25 day credit period. With strategic sourcing from DGFT-nominated agencies and a lean working capital cycle, AJC Jewel Manufacturers is positioned to capture significant market share in India's evolving jewellery manufacturing landscape.