AJC Jewel Manufacturers Limite

Manufactures jewellery for sale and export, with raw materials accounting for 93.8% of FY26 revenue, the dominant cost in the business. In April 2026, it launched a direct-to-consumer silver fashion jewellery brand called Esthara Jewels through its 88%-owned subsidiary, with a debut collection of 925 sterling silver pieces plated with 24K gold, enamel work, and cubic zirconia stones, backed by a one-year warranty, lifetime free replating, lifetime buyback, and anti-tarnish coating. Esthara's first flagship showroom opened in Thrissur, Kerala, followed by a second at Hilite Countryside Mall in Chemmad (June 2026) and a third at Market City Mall in Perinthalmanna (July 2026), with five more stores planned. The company also operates a Sharjah facility via a subsidiary in which it is acquiring a 95% stake, currently running at 30% utilisation, with revenue contribution deferred to H1 FY27 due to geopolitical delays. AJC Jewel completed its IPO on the BSE SME platform in July 2025, raising Rs 21.54 crore through the issue of 16.20 lakh shares at Rs 95 each, with proceeds split between equipment capex, repayment of borrowings, general corporate purposes, and issue expenses.