BSE: 544425
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jewellery manufacturing and sales, Esthara Jewels D2C silver retail, Sharjah facility. Asset-light jewellery manufacturer transitioning into branded D2C retail and overseas production.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 291 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 13.82 |
| ROE % · ROCE % | — · 37.4 |
| Debt / equity (x) | — |
| Cash from operations | (10) |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 84 | 101 |
| Profit before tax | 3 | 3 |
| Net profit | — | — |
| EPS (₹) | 2.95 | 3.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,807 | 12.7 | 5.65 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 727 | 27.5 | 3.51 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 545 | 11.5 | 3.84 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 289 | 18.4 | 4.01 | 32.1 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 242 | 17.7 | 3.02 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite ◆ | 209 | 50.0 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 202 | 9.8 | 1.21 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 50.0 | 12.9 | 40 of 47 | 15% |
| ROCE | 28.7 | 4.7 | 7 of 50 | 88% |
| Market cap | 209 | 25 | 6 of 54 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Subsidiary opens 4th showroom at Kozhikode, Kerala | business updates | medium | — | — |
| 1 Oct 2026 · All 6 resolutions passed unanimously at 8th AGM | compliance | low | — | — |
| 29 Sept 2026 · Chairman's Speech at 8th AGM: Sharjah Acquisition, Esthara Expansion | investor communications | low | — | — |
| 29 Sept 2026 · AJC Jewel Manufacturers 8th AGM - all 6 resolutions approved | board shareholder meetings | low | — | — |
| 15 Sept 2026 · AJC Jewels Q1 FY27: Revenue up 125% YoY, guides 50% CAGR for 3 years | investor communications | medium | — | — |
| 11 Sept 2026 · AGM notice: director pay hikes, share swap to acquire 80% UAE unit | board shareholder meetings | medium | — | — |
| 11 Sept 2026 · Corrigendum to AGM notice: revised preferential issue price to INR 169.85 | fund raising | medium | — | — |
| 11 Sept 2026 · Revised Q1 FY27 earnings call audio filed on BSE | investor communications | low | — | — |
| 10 Sept 2026 · Earnings call audio recording for Q1 FY27 now available | investor communications | low | — | — |
| 5 Sept 2026 · Q1 FY27 Earnings Call Scheduled for September 10 at 4 PM | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.