VMPL
Malappuram (Keralam) [India], November 14: AJC Jewel Manufacturers Limited (BSE: 544425), a jewellery manufacturer engaged in the manufacturing of gold jewellery, reported its unaudited consolidated financial results for the quarter and half year ended September 30, 2026 (Q2 & H1 FY27).
H1 FY27 Financial Highlights
* Revenue from Operations increased by 79.28% to ₹213.65 crore, compared to ₹119.17 crore in H1 FY26.
* EBITDA grew by 97.91% to ₹10.23 crore, compared to ₹5.17 crore in H1 FY26.
* EBITDA Margin improved by 45 basis points to 4.78%, compared to 4.33% in H1 FY26.
* Profit After Tax (PAT) increased by 100.40% to ₹5.23 crore, compared to ₹2.61 crore in H1 FY26.
* PAT Margin improved by 25 basis points to 2.44%, compared to 2.19% in H1 FY26.
* Diluted EPS increased by 74.80% to ₹8.60, compared to ₹4.92 in H1 FY26.
Q2 FY27 Financial Highlights
* Revenue from Operations increased by 51.66% to ₹112.34 crore, compared to ₹74.07 crore in Q2 FY26.
* EBITDA grew by 55.64% to ₹5.59 crore, compared to ₹3.59 crore in Q2 FY26.
* EBITDA Margin improved by 12 basis points to 4.96%, compared to 4.84% in Q2 FY26.
* Profit After Tax (PAT) increased by 39.60% to ₹2.85 crore, compared to ₹2.04 crore in Q2 FY26.
* PAT Margin stood at 2.53%, compared to 2.75% in Q2 FY26, declining by 22 basis points.
* Diluted EPS increased by 40.77% to ₹4.73, compared to ₹3.36 in Q2 FY26.
Working Capital Highlights
* Debtor Days improved to 42.92 days in H1 FY27 from 50.87 days in FY26, reducing by 7.95 days.
* Inventory Days increased to 37.34 days from 32.54 days, reflecting an increase of 4.80 days.
* Creditor Days increased to 0.37 days from 0.03 days, an improvement of 0.34 days.
* Cash Conversion Cycle improved to 79.89 days from 83.38 days, reducing by 3.49 days.
Key Business Highlight
* Esthara Jewels Retail Expansion: Expanded silver jewellery retail network to 5 showrooms, with the opening of its fifth store in Erode, Tamil Nadu, marking its entry into the state.
* UAE Business Expansion: Proposed acquisition of an 80% stake in AJC Jewel Manufacturers (FZC), Sharjah, UAE, for ₹9.60 crore through a non-cash share swap, strengthening its international expansion strategy.
* Product Portfolio Diversification: Introduced 9K gold jewellery products, expanding its offerings beyond existing 18K and 22K jewellery categories.
* Manufacturing Capability Enhancement: Installed CNC machinery and commenced trial production to strengthen precision manufacturing and product development capabilities.
* Technology-Led B2B Platform: Upgraded its digital B2B portal and ERP system to improve order management, customer engagement and operational efficiency.
* Customer Network Expansion: Continued strengthening relationships with corporate customers and independent jewellery retailers, supported by customised jewellery solutions and design capabilities.
Management Commentary
Commenting on the development, Mr. Ashraf Perinkadakkad, Managing Director of AJC Jewel Manufacturers Limited, said:
“We are pleased with our Q2 and H1 FY27 performance, reflecting growth in our jewellery manufacturing business and continued focus on operational efficiency. In H1 FY27, revenue from operations grew 79.28% year-on-year, EBITDA increased 97.91%, and PAT rose 100.40%, demonstrating improved profitability as we scale operations.
We continue to strengthen manufacturing capabilities, product development and customer relationships. The introduction of 9K jewellery, investments in CNC machinery and upgrades to our technology-enabled B2B platform are helping us broaden our offerings and serve customers more effectively.
Our B2C expansion through Esthara Jewels is progressing, with the opening of our fifth silver jewellery showroom in Erode, Tamil Nadu, extending the brand's retail reach.
Internationally, our proposed acquisition of an 80% stake in the Sharjah-based jewellery manufacturing business is expected to strengthen our UAE presence and support opportunities across the GCC region, subject to completion.
Going forward, we remain focused on expanding our domestic and international footprint, enhancing manufacturing capabilities, diversifying our portfolio and building a scalable jewellery business while pursuing sustainable growth and long-term stakeholder value. These initiatives underpin our commitment to disciplined execution and stronger operating performance.”
About AJC Jewel Manufacturers Limited
AJC Jewel Manufacturers Limited is a Kerala-based, design-led jewellery manufacturer specialising in customised and casting jewellery, primarily serving the B2B market. The Company manufactures gold and silver jewellery, supported by in-house design capabilities and advanced technologies, including 3D printing and CNC machining. Its manufacturing facility is located in Malappuram, Kerala, while its proposed acquisition of an 80% stake in a Sharjah-based jewellery manufacturing business aims to strengthen its international presence.
Through its subsidiary, Esthara Jewels Private Limited, the Company has entered the B2C silver jewellery retail segment, expanding its network to five showrooms, including its first outlet in Erode, Tamil Nadu.
Disclaimer
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same.)
