AJC Jewel ManufacturersShare price, financial results, shareholding and management
- Market cap
- ₹209 cr
- Stock P/E
- 26.7peers 12.8
- Book value
- ₹59.3
- Price to book
- 5.82
- EV / operating profit
- -
- Market cap to sales
- 0.72
- ROCE · FY26
- 34.5%
- ROE · FY26
- 43.5%
- ROE, 3-year average
- 43.8%
- Operating margin · FY26
- 4.8%peers 12.0%
- Sales growth, 3 years
- 14.5%
- Profit growth, 3 years
- 57.6%
- Debt to equity
- 1.22peers 0.43
- Borrowings
- ₹44 cr
- Interest cover
- 4.6×
- Cash from business / op. profit
- -71%
- Debtor days
- 51
- Pledged
- 0.00%
- Promoter holding
- 56.33%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 211
- 52-week high / low
- ₹433 / ₹71
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
AJC Jewel Manufacturers share price chart
Close on 6 Nov 2026 · +1.31% on the day · Vol 1,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -7.0%
- 3 months
- +182.7%
- 6 months
- +245.9%
- 1 year
- +224.8%
- Traded a day, 20 days
- ₹0.60 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +32% | +161% |
| 3 years, a year | +15% | +58% |
About AJC Jewel Manufacturers: business, products and customers
AJC Jewel Manufacturers makes gold jewellery in Kerala for jewellery shops, from large chains to small family stores, and has started a small silver jewellery brand of its own. Its shares trade on BSE SME.
AJC Jewel Manufacturers casts 22 and 18 carat gold jewellery, plain, stone set and made to order, at a plant in the Inkel industrial park in Malappuram, Kerala. Jewellers order through its online portal from a library of more than 2.5 lakh designs, and the company accepts single pieces and small custom orders, which it says is what independent jewellers value. Customers include chains such as Malabar Gold & Diamonds, Kalyan Jewellers, Chemmanur, Jos Alukkas and Regal, and about 300 smaller retailers.
The company buys the gold and supplies finished jewellery priced on weight, design, labour and wastage, so its revenue carries the full value of the metal. Raw material takes up more than nine tenths of sales, which keeps margins thin, makes revenue rise and fall with the gold price, and means stock and customer dues are funded largely by bank overdrafts and cash credit. The business began as a family retail store in 1999 and moved into manufacturing in 2014.
Read more about the business
Sales are concentrated in Kerala. In FY24 more than a third of revenue was export to the UAE, and in the same year sales to related parties named in the offer document made up a similar share. The offer document names Sky Gold and Diamonds and Patdiam Jewellery as its listed peers, both jewellery makers supplying other businesses.
What is new: Esthara, a silver jewellery brand sold in its own stores and online, with two stores opened in the June 2026 quarter and four more being fitted out; CNC cutting and engraving for a new style of jewellery; and a proposed purchase of 80% of AJC Jewel Manufacturers FZC, a Sharjah plant owned by the promoter group, paid for in new shares.
From the offer document (prospectus), the FY26 annual report and the September 2026 investor presentation.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 35% in FY26.
To watch
- Standalone sales of about ₹450 cr in FY27, as the company expects (Investor presentation, September 2026, p.21).
- Completion of the Sharjah purchase paid for with 5,67,492 new shares to a promoter group member, approved by the board on 2 September 2026 (Annual report FY26, p.30).
- Esthara silver stores reaching about ₹20 lakh of sales a month each, with four more stores being fitted out (Investor presentation, September 2026, p.2).
- Customer dues of ₹40.6 cr at March 2026, which the company says reflect a longer collection cycle (Annual report FY26, p.105 and p.115).
- Customers take longer to pay than before: 51 days in FY26, against 3 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
AJC Jewel Manufacturers revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
AJC Jewel Manufacturers half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | |
|---|---|---|
| Sales | 92.24 | 119.17 |
| Expenses | 88.52 | 114.14 |
| Operating profit | 3.72 | 5.04 |
| OPM | 4.0% | 4.2% |
| Interest | 1.55 | 1.40 |
| Depreciation | 0.17 | 0.18 |
| Profit before tax | 2.27 | 3.59 |
| Net profit | 1.63 | 2.61 |
AJC Jewel Manufacturers profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 68 | 127 | 194 | 246 | 220 | 291.39 |
| Expenses | 67 | 125 | 190 | 241 | 215 | 277.39 |
| Operating profit | 1 | 2 | 4 | 5 | 6 | 14 |
| OPM | 1.9% | 1.7% | 2.0% | 2.1% | 2.6% | 4.8% |
| Other income | 0 | 0 | 0 | 1 | 1 | 0.46 |
| Interest | 0 | 0 | 1 | 2 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional and other items | · | · | · | · | -1 | -0.67 |
| Profit before tax | 1 | 2 | 3 | 4 | 4 | 10.79 |
| Tax rate | 0.0% | 50.0% | 33.3% | 25.0% | 25.0% | 27.4% |
| Net profit | 1 | 1 | 2 | 3 | 3 | 7.83 |
| EPS ₹ | 33.17 | 47.05 | 76.75 | 7.01 | 6.43 | 12.94 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
AJC Jewel Manufacturers profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 1.9% | 1.7% | 2.0% | 2.1% | 2.6% | 4.8% |
| Tax rate | 0.0% | 50.0% | 33.3% | 25.0% | 25.0% | 27.4% |
| ROCE | · | 22.2% | 25.8% | 23.1% | 36.4% | 34.5% |
| ROE | · | 22.2% | 33.3% | 33.3% | 54.5% | 43.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
AJC Jewel Manufacturers debt and cash flow
Balance sheet · Cash flow · Working capitalIts loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY23, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
AJC Jewel Manufacturers balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 4 | · | 6 |
| Reserves | 1 | 2 | 4 | 7 | · | 30 |
| Net worth | 4 | 5 | 7 | 11 | · | 36 |
| Borrowings | 2 | 7 | 12 | 22 | · | 44 |
| Other liabilities | 4 | 4 | 17 | 4 | · | 4 |
| Total liabilities | 10 | 16 | 36 | 37 | · | 84 |
| Fixed assets | 1 | 1 | 3 | 4 | · | 5 |
| Capital work in progress | 0 | 0 | 1 | 0 | · | 0 |
| Investments | 0 | 0 | 0 | 0 | · | 0 |
| Other assets | 9 | 15 | 32 | 33 | · | 79 |
AJC Jewel Manufacturers cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 1 | -4 | -2 | 4 | -8 | -10 |
| Cash from investing | 0 | 0 | -3 | -1 | 0 | -11 |
| Cash from financing | 0 | 4 | 5 | -4 | 8 | 22 |
| Net cash flow | 1 | 0 | 0 | -1 | 0 | 1 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 3 | 41 | 27 | 19 | · | 51 |
| Inventory days | · | 1 | 32 | 26 | · | 33 |
| Days payable | · | 9 | 30 | 1 | · | 0 |
| Cash conversion cycle | 3 | 33 | 30 | 45 | · | 83 |
| Working capital days | 13 | 11 | 9 | 14 | · | 27 |
AJC Jewel Manufacturers peers and competitors
Listed SME companies in the same industryBy sales, AJC Jewel Manufacturers is number 12 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Greenchef Appliances | 148 | - | 374 | -9 | 0.2% | 0.91 |
| Bai-Kakaji Polymers | 624 | 23.1 | 364 | 27 | 13.0% | 0.38 |
| AJC Jewel Manufacturers | 209 | 26.7 | 291 | 7.8 | 4.8% | 1.22 |
| Kabra Jewels | 165 | 6.6 | 268 | 25 | 17.0% | 1.48 |
| Sylvan Plyboard (India) | 95 | 13.2 | 253 | 7.2 | 8.5% | 0.48 |
| Safe Enterprises Retail Fixtures | 1,205 | 18.9 | 218 | 63.9 | 36.2% | 0.00 |
| Acme Universal Safezone 9 | 221 | - | 204 | -5 | 7.0% | 1.09 |
| Manoj Ceramic | 87 | 7.3 | 203 | 12 | 12.0% | 0.54 |
| Durlax Top Surface | 179 | 14.2 | 185 | 12.6 | 12.0% | 0.35 |
| Clay Craft India | 334 | 12.4 | 179 | 27 | 24.0% | 0.30 |
| Pro FX Tech | 119 | 7.9 | 177 | 15.2 | 11.5% | 0.00 |
| Median of the 10 others | 172 | 12.8 | 211 | 13.9 | 12.0% | 0.43 |
AJC Jewel Manufacturers shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
AJC Jewel Manufacturers shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 56.33% | 56.33% |
| Foreign investors (FIIs) | 2.00% | - |
| Indian institutions (DIIs) | 2.47% | - |
| Number of shareholders | 205 | 211 |
AJC Jewel Manufacturers study: the business from its own documents
Read from 7 of the company's own documentsAJC Jewel Manufacturers key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹291.4 cr
- Up 32% on FY25, with profit after tax of ₹7.8 cr against ₹2.9 cr.Investor presentation, September 2026, p.16 and p.17
- Raw material cost
- 93.4% of sales
- Gold and other material bought in FY26, which leaves an EBITDA margin of 4.81%, up from 2.55% in FY25.Investor presentation, September 2026, p.16 and p.17; our arithmetic
- Sales in Kerala
- 78.22%
- Share of revenue in April to December 2024; exports to the UAE gave 19.26% and all other states very little.Offer document, p.163
- Sales to related parties
- 34.59%
- Share of FY24 revenue sold to Ashraf P, Kunhimohamed P, A J C Jewellery Trading LLC and Mahesh K V; 19.41% in April to December 2024.Offer document, p.46
- Plant capacity
- 700 kg a year
- Installed in FY24, with 63% used; the company says it plans to raise domestic capacity by about 80%.Offer document, p.185; annual report FY26, p.19 and p.20
Show 5 more facts
- Money owed by customers
- ₹40.6 cr
- Trade receivables at March 2026, up from ₹17.8 cr a year earlier while sales rose 32%.Annual report FY26, p.115
- Cash from operations
- ₹-10.1 cr
- In FY26 on a consolidated basis, against profit of ₹7.8 cr, as customer dues grew.Annual report FY26, p.117
- Short term borrowings
- ₹43.3 cr
- At March 2026, up from ₹31.3 cr, even after ₹8.9 cr of IPO money went to repay loans.Annual report FY26, p.85, p.102 and p.115
- Sharjah purchase
- ₹9.6 cr in shares
- 80% of the promoter group's Sharjah plant, for 5,67,492 new shares at ₹169.16 to a promoter group member; approved by the board on 2 September 2026.Annual report FY26, p.30
- IPO
- ₹15.4 cr
- Gross proceeds; by March 2026 all but ₹0.4 cr was used, mostly to repay borrowings.Annual report FY26, p.102
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it expects standalone sales of about ₹450 cr in FY27 and is aiming for consolidated sales growth of about 50% a year over the next three years, with the Sharjah plant expected to add about ₹60 cr of sales by the end of FY27 once the purchase closes; it says the deal has been delayed by geopolitical tensions. It plans to raise total production capacity by more than 120%, about 80% of it in India, and to expand into North India, Tamil Nadu and Karnataka. For Esthara it targets about ₹20 lakh of sales a month per store at maturity.
| What management said | When | What happened |
|---|---|---|
| Spend ₹2.6 cr of IPO money on new equipment in FY26 | Prospectus | ₹2.2 cr spent by March 2026 |
| Complete the Sharjah purchase in the first half of FY27 | Investor presentation, September 2026 | Not completed when the presentation was filed; the company cites geopolitical tensions |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
AJC Jewel Manufacturers earns a small making margin on gold jewellery it designs and casts for other jewellers, and that margin improved in the latest year.
Its weak spots are a thin margin on a large gold bill, customer dues and borrowings that grew faster than sales, and business done with companies linked to its promoters.
WatchCan it set its own prices?It charges for making the jewellery on top of the metal, and that charge is a small slice of what the customer pays.
AverageHow strong is it against rivals?A large design library and willingness to make single pieces set it apart from small workshops, but the company says competition is intense.
WatchWho are its customers?Big jewellery chains and hundreds of small shops, nearly all in Kerala, plus large past sales to parties linked to the promoters.
WatchDoes it need a lot of money?Gold stock and money owed by customers need a lot of short term borrowing, and that need grew in the latest year.
AverageCan it keep finding new work?It keeps adding chains and small retailers, but there are no long contracts and no order book; orders turn over in weeks.
AverageDo good and bad years swing a lot?Sales have mostly grown, but revenue follows the gold price and dipped in FY25 when export sales fell away.
Who runs AJC Jewel Manufacturers?
Promoters, directors and officers; tap a name for the background
APAshraf PPromoter, Chairman and Managing Director · holds 27.33%
Holds a BCom from Manonmaniam Sundaranar University and a certificate in basic aircraft maintenance engineering. Worked as a sales executive at Vismaya Jewellers, has run Vismaya Gold as proprietor since 2014, and is a shareholder and managing director of A J C Jewellery Trading LLC and AJC Jewel Manufacturers FZE in the UAE. Managing Director since the company's incorporation, with 14 years of experience. The offer document states that Ashraf P and Fathima Jasna Kottekattu are spouses.
Offer document, p.210 and p.211; annual report FY26, p.84KPKunhimohamed PPromoter · holds 20.39%
Has no formal degree and more than 25 years in making and designing gold jewellery; traded gold jewellery through the partnership firm Vismaya Jewellers from 1999 to 2018. A director from incorporation until August 2024, and now looks after the company's overall operations, the offer document says.
Offer document, p.223; annual report FY26, p.84FJFathima Jasna KottekattuPromoter and Executive Director · holds 3.55%
Completed intermediate education; an Executive Director since August 2024, overseeing strategic decisions and organisational policies.
Offer document, p.210 and p.224; annual report FY26, p.84AAsyaPromoter · holds 5.06%
Named among the promoters in the FY26 annual report's promoter shareholding note; the documents read give no profile.
Annual report FY26, p.84MCMohamedali CheruparambilWhole Time Director
Completed intermediate education; a sales manager at Vismaya Gold from 2014 to 2019 and at the company from January 2020, becoming a director in August 2024. Has 11 years in sales and marketing.
Offer document, p.210MKMahesh K VChief Financial Officer
Holds a BCom from the University of Calicut and an MBA from Anna University; marketing manager at Vismaya Gold from 2014 to 2019, then finance manager at the company and Chief Financial Officer from March 2024. The offer document lists Mahesh K V among the related parties to whom the company made sales.
Offer document, p.46 and p.211TVThajudheen ValakkundilIndependent Director
A Fellow of the Institute of Chartered Accountants of India with a BCom from the University of Calicut; managing partner of TH & Co., Chartered Accountants, in Kozhikode and Manjeri since 2017. On the board since March 2025.
Offer document, p.211GRGanesh RamaniIndependent Director
Holds a BE in electronics and a master's in management studies from Mumbai University; held senior sales and business development roles at Sutherland Global Services, ISON BPO, IRIS Business Services and Pennant Technologies. On the board since September 2024.
Offer document, p.211AJC Jewel Manufacturers latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 56.33%.
AJC Jewel Manufacturers announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateOpening of 4th Showroom by Esthara Jewels Private Limited (Subsidiary Company) at Kozhikode, KeralaPDF ↗
- AGM/EGME-voting results and Scrutiniser ReportPDF ↗
- Company UpdateChairman''s speech - 8th Annual General MeetingPDF ↗
- AGM/EGMAGM OutcomePDF ↗
- Insider Trading / SASTTrading window Closure Q2PDF ↗
AJC Jewel Manufacturers annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Sept 2026 ↗read
- 30 June 2026 ↗read
- 31 Jan 2026 ↗read
AJC Jewel Manufacturers share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on AJC Jewel Manufacturers' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (60,68,360 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY23 (₹76.75) and FY24 (₹7.01) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about AJC Jewel Manufacturers
What does AJC Jewel Manufacturers do?
AJC Jewel Manufacturers makes gold jewellery in Kerala for jewellery shops, from large chains to small family stores, and has started a small silver jewellery brand of its own. Its shares trade on BSE SME.
What is the share price of AJC Jewel Manufacturers?
₹345 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of AJC Jewel Manufacturers?
₹209 cr at the close on 6 Nov 2026, on 60,68,360 shares.
What is the P/E of AJC Jewel Manufacturers?
26.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are AJC Jewel Manufacturers' revenue and profit?
Revenue ₹291 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of AJC Jewel Manufacturers?
Ashraf P, Kunhimohamed P, Fathima Jasna Kottekattu, Asya; promoters held 56.33% at 31 March 2026.
What is AJC Jewel Manufacturers' website?
ajcjewel.com
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Built from 3 investor presentations, 3 annual reports, 1 offer document, 5 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.