AJC Jewel Manufacturers LtdConsumer GoodsAJCJEWEL
Q1 FY27 concall · earnings callAJC Jewel Manufacturers Ltd
Q1 FY27 showed sharp year-on-year growth in revenue and profit as the company scaled core B2B gold jewellery manufacturing while building its Esthara silver retail network and pursuing majority ownership of its UAE operation.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated revenue | 101.38 crore | vs 45.12 crore in Q1 FY26, 124.69 percent YoY increase | |
| EBITDA | 4.64 crore | from 1.58 crore | |
| PAT | 2.38 crore | from 0.57 crore | |
| EBITDA margin | 4.58% | from 3.5% | |
| PAT margin | 2.35% | from 1.26% | |
| EPS | 3.94 | compared with 1.26 |
TL;DR
- Consolidated revenue was 101.38 crore versus 45.12 crore in Q1 FY26 with EBITDA of 4.64 crore and PAT of 2.38 crore.
- Added 12 independent jewellery retailers, upgraded B2B digital portal and ERP, and held repository of around 2.5 lakh designs with in-house team of 20.
- Operates three Esthara silver stores in Kerala with two more under fit-out and proposed 80% stake in UAE Sharjah entity for up to Rs. 9.6 crore.
Said on the call
“We have started FY27 on a strong note with our business continuing to scale across our core B2B jewellery manufacturing operations as well as our newer growth initiatives.”
From the Q&A
| Topic | What management said |
|---|---|
| UAE acquisition | Proposed 80% stake in AJC Jewel Manufacturers FZC, Sharjah for up to Rs. 9.6 crore via non-cash swap, with UAE revenue of Rs. 127.95 crore in calendar year 2025 and Rs. 72.46 crore during January to June 2026, expected completion in 3 to 6 months subject to approvals and consolidation from Q3 onwards. |
| Capacity and utilization | India gold casting capacity of 5 kg with 25% utilization at 1.2 per day, Sharjah capacity of 3 kg per day at 800 gram per day, silver capacity up to 8 kg per day with current production of One kg per day for Esthara stores. |
| Customers and concentration | 90-95% of revenue from Kerala, added 12 independent jewellers in the quarter, 50 percentage of revenue from top 10 customers with rest from around 200 customers, with marketing team in Chennai targeting other regions of India. |
| Margins, hedging and working capital | Sharjah PAT margin around 4% and EBITDA around 5%, no gold metal loan or advance gold business, hedging through suppliers and MCX, receivables elevated due to corporate clients with longer credit period. |
| Esthara silver retail and product mix | Three stores operational in Kerala with two more under fit-out, capex of 4,000 per square feet, first store revenue of 15 lakh per month with maturation expected within one year, 9 karat just launched and 18 karat supplied to some customers. |
Guidance
- Target 450 crore standalone India revenue in FY27
- Target 50% CAGR volume growth over next 3 years based on volume growth only
- Two Esthara stores under fit-out expected to open by end of next month
- UAE acquisition expected to consolidate from Q3 onwards subject to approvals
Source
Summary written from the transcript filed by AJC Jewel Manufacturers Ltd for the call held on 15 Sept 2026; published 15 Sept 2026, 23:40 IST.
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