AJC Jewel Q1 FY27: Revenue more than doubles, PAT up over 4x

AJC Jewel Manufacturers Ltd has reported a strong year-on-year jump in its first-quarter numbers for FY27, with both revenue and profit more than doubling.

Key Q1 FY27 numbers (vs Q1 FY26)
From the Quarterly Financial Highlights table on page 18 and the detailed Income Statement on page 19:

• Total revenue: Rs 101.38 lakh in Q1 FY27 vs Rs 45.12 lakh in Q1 FY26, up +124.7% YoY.
  • This is based on Total Income (Revenues plus Other Income) of Rs 101.38 lakh in Q1 FY27 and Rs 45.12 lakh in Q1 FY26 (page 19).
• EBITDA: Rs 4.64 lakh vs Rs 1.58 lakh, up +193.7% YoY (page 18 / page 19).
• PAT: Rs 2.38 lakh vs Rs 0.57 lakh, up +317.5% YoY (page 18 / page 19).
• EBITDA margin: 4.58% vs 3.50%, an improvement of +108 bps year-on-year (page 18).
• PAT margin: 2.35% vs 1.26%, an improvement of +109 bps year-on-year (page 18).
• EPS: Rs 3.94 vs Rs 1.26 (page 19).

The detailed quarterly income statement on page 19 breaks down the movement:

• Revenues rose from Rs 45.10 lakh in Q1 FY26 to Rs 101.31 lakh in Q1 FY27.
• Other income increased marginally from Rs 0.02 lakh to Rs 0.07 lakh.
• Total income therefore moved from Rs 45.12 lakh to Rs 101.38 lakh.
• Raw material expenses rose from Rs 42.63 lakh to Rs 94.51 lakh.
• Employee benefits expense increased from Rs 0.60 lakh to Rs 1.53 lakh.
• Other expenses went up from Rs 0.30 lakh to Rs 0.70 lakh.
• Total expenditure climbed from Rs 43.54 lakh to Rs 96.73 lakh.

Despite the higher cost base, operating profitability improved:

• EBITDA expanded from Rs 1.58 lakh to Rs 4.64 lakh, with the EBITDA margin rising from 3.50% to 4.58% (page 19).
• Finance costs increased from Rs 0.70 lakh to Rs 1.27 lakh, while depreciation and amortisation moved from Rs 0.08 lakh to Rs 0.14 lakh.
• PBT rose from Rs 0.80 lakh to Rs 3.24 lakh.
• After tax of Rs 0.86 lakh (vs Rs 0.23 lakh a year ago), PAT came in at Rs 2.38 lakh vs Rs 0.57 lakh.

Full-year context

The presentation also provides audited full-year numbers for the last three financial years in the Financial Highlights table on page 16:

• Revenue from operations: Rs 24,588.99 lakh in FY 2023-24, Rs 22,046.35 lakh in FY 2024-25, and Rs 29,138.93 lakh in FY 2025-26.
• EBITDA: Rs 522.87 lakh, Rs 562.93 lakh, and Rs 1,400.93 lakh respectively.
• EBITDA margin: 2.13%, 2.55%, and 4.81%.
• Net profit (PAT): Rs 311.77 lakh, Rs 286.34 lakh, and Rs 783.48 lakh.
• PAT margin: 1.27%, 1.30%, and 2.69%.

The separate full-year income statement on page 17 reiterates FY25 and FY26 performance, including:

• Total income: Rs 22,113.78 lakh in FY25 and Rs 29,184.69 lakh in FY26.
• Total expenditure: Rs 21,483.42 lakh in FY25 and Rs 27,738.00 lakh in FY26.
• PBT: Rs 391.45 lakh in FY25 and Rs 1,078.81 lakh in FY26.
• Tax: Rs 105.10 lakh and Rs 295.33 lakh.
• PAT: Rs 286.34 lakh and Rs 783.48 lakh.
• PAT margin: 1.30% and 2.69%.
• EPS: Rs 6.44 in FY25 and Rs 13.82 in FY26.

Balance sheet snapshot

The Balance Sheet on page 20 (FY25 vs FY26, in Rs crore) shows:

• Net worth rising from Rs 1,473.87 crore to Rs 3,622.73 crore.
• Total liabilities increasing from Rs 4,935.16 crore to Rs 8,443.61 crore.
• Total assets matching at Rs 4,935.16 crore in FY25 and Rs 8,443.61 crore in FY26.

Within this, current assets are dominated by inventories (Rs 2,227.01 crore to Rs 2,427.40 crore) and trade receivables (Rs 1,782.86 crore to Rs 4,060.93 crore), while short-term borrowings rose from Rs 3,131.14 crore to Rs 4,325.55 crore (page 20).

Business and outlook highlights

Beyond the numbers, the company outlines several initiatives and guidance in the Q1 FY27 investor presentation:

• On page 2, management highlights progress in silver jewellery manufacturing, onboarding of new corporate and independent retail clients, and the rollout of the Esthara silver retail brand with two stores opened in Thrissur and Chemmad and four more under fit-out.
• The Future Outlook section on page 21 states guidance of targeting a 50% consolidated revenue CAGR over the next three years, with FY27 standalone revenue expected at ~Rs 450 crore and an additional ~Rs 60 crore revenue contribution expected by end-FY27 from the proposed Sharjah acquisition, which is yet to be completed.
• The same page also mentions a capacity expansion programme aimed at increasing total production capacity by ~120%.

These strategic moves, alongside the Q1 FY27 financial performance, frame the company’s growth plans in both its core B2B gold jewellery business and newer silver and CNC-machined jewellery segments.