Kerala’s AJC Jewel Manufacturers Posts Fourfold Jump in Quarterly Profit as B2B Jewellery Platform Scales

Malappuram, Aug 13, 2026: AJC Jewel Manufacturers Ltd., a Malappuram-based B2B jewellery manufacturer that listed on the BSE SME platform, more than doubled its revenue and nearly quadrupled its profit in the June quarter, as demand from retail chains and independent jewellers on its digital ordering platform picked up pace.

AJC designs and manufactures precision-engineered 22K and 18K gold jewellery for retail chains, corporates and independent jewellers.

The company reported consolidated revenue of ₹101.38 crore for the quarter ended June 30, against ₹45.12 crore a year earlier, a rise of 124.69%. Net profit came in at ₹2.38 crore, up from ₹0.57 crore, a jump of 318.70%. Operating profit, or EBITDA, rose 193.67% to ₹4.64 crore, with the operating margin improving to 2.35% from 1.26% in the year-ago quarter.

The scale of the profit jump, well ahead of the rise in revenue, points to a shift in the company’s product mix toward customised and lower-minimum-order-quantity jewellery, which typically carries better margins than standard bulk orders. AJC has also been investing in its digital B2B portal and ERP systems, and recently set up a design centre aimed at speeding up new product development for its retail partners.

The company runs an integrated manufacturing facility spanning 21,780 sq. ft. in Malappuram, producing 22-karat and 18-karat gold jewellery for retail chains, corporates and independent jewellers in India and abroad. Its digital platform, which retailers use to browse and order from a catalogue of more than 5,000 designs, has been central to its pitch as a technology-driven alternative to traditional jewellery manufacturing.

Alongside the manufacturing business, AJC has been building out Esthara Jewels, a consumer-facing brand selling affordable silver and gold-plated silver jewellery. The company opened three Esthara showrooms in Kerala between April and July in Thrissur, Chemmad and Perinthalmanna  as it tests a retail format distinct from its core wholesale business.

An Esthara Jewels showroom. The consumer-facing silver jewellery brand opened three outlets in Kerala between April and July.

A planned expansion into Sharjah, meant to give the company a manufacturing foothold in the Gulf, has been delayed by regional geopolitical tensions. Management said it still expects to complete the Sharjah facility by the first half of FY27.

Chairman and Managing Director Ashraf P said the results reflected “the increasing scale of our operations, continued customer expansion and the benefits of our focus on operational efficiency and product diversification.” He added that the company was targeting a consolidated revenue growth rate of around 50% annually over the next three years.

The results come as India’s jewellery market continues to shift from unorganised, informal retail toward larger, compliance-driven players organised retailers’ share of the market has risen from about 22% in FY19 to 36–38% in FY25, according to industry estimates, aided by hallmarking rules and GST compliance. The overall Indian jewellery market is expected to reach $145 billion by FY2028, growing at roughly 6.5% a year, while gems and jewellery exports touched $27.72 billion in FY25-26.