AJC Jewel Manufacturers Limited is a specialized gold jewelry manufacturer, known for crafting exquisite ornaments like bracelets, bangles, rings, earrings, necklaces, and anklets for men, women, and children.
The company transforms raw bullion into finished masterpieces, offering a variety of collections such as:
- Plain Gold Jewelry
- Studded Gold Designs
- Named Gold Pieces
- Trendy Rose Gold Styles
These are crafted in 22K and 18K purity, tailored for both traditional and contemporary tastes.
AJC operates on a B2B wholesale model, supplying its creations to jewelry dealers, showrooms, corporate clients, and small retail shops across India and the UAE.
AJC Jewel Manufacturers, located in Malappuram, Kerala, their 21,a 780.76 sq. ft. leased facility that houses modern machines like:
- 3D Jewelry Printers
- Casting & Waxing Equipment
- Polishing Machines
With a team of in-house CAD designers and expert freelancers, AJC offers customized and trend-setting designs that keep pace with evolving market demands.
As of February 28, 2025, AJC had a dedicated workforce of 67 employees across its plant and registered office.
Founded by Mr. Ashraf P and Mr. Kunhimohamed P, AJC started as Vismaya Gold and was later incorporated as Phoenix Gold Castings Pvt. Ltd. in 2018. It was eventually renamed to AJC Jewel Manufacturers Limited, symbolizing its evolution into a structured, scalable brand.
AJC Jewel Manufacturers IPO – Details
| IPO Opening Date | 23 June 2025 |
| IPO Closing Date | 26 June 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 16,20,000 Shares Worth ₹15.39 Crore Fresh Issue: 16,20,000 Shares Worth ₹15.39 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹90 – ₹95 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares (1 Lot) |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
AJC Jewel Manufacturers IPO – Date Schedule
| IPO Open Date | 23 June 2025 |
| IPO Close Date | 26 June 2025 |
| Basis of Allotment | 27 June 2025 |
| Initiation of Refund | 30 June 2025 |
| Credit of Shares to Demat | 30 June 2025 |
| IPO Listing Date | 01 July 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 26, 2025 |
AJC Jewel Manufacturers IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,28,000 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,28,000 |
| HNI (Min) | 3 | 3600 | ₹3,42,000 |
Competitive Strengths
- Wide product range, Design and Innovation in the product range.
- Experienced Promoter and management team with proven execution capabilities and Skilled work force with contemporary designing capabilities.
- Long-standing relationship with reputed jewellery dealers.
- Organised manufacturing setup under one roof.
Company Promoters
- Mr. Ashraf P
- Mr. Kunhimohamed P
- Ms. Fathima Jasna Kottekattu
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2022 | 127.40 | 125.65 | 1.26 | 6.61 |
| 31 March 2023 | 194.25 | 191.39 | 2.04 | 26.23 |
| 31 March 2024 | 246.84 | 242.42 | 3.32 | 22.81 |
| 31 December 2024 | 175.53 | 173.03 | 1.85 | 18.41 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 34.64% |
| ROCE | 17.47% |
| RoNW | 27.56% |
| Debt/Equity | 1.87 |
| PAT Margin | 1.35% |
| EBITDA Margin | 2.19% |
| Net Asset Value per Share | ₹29.88 |
| EPS (Basic & Diluted) | ₹8.24 |
| Current Ratio | 1.42 |
| DSCR (Debt Service Coverage Ratio) | 53.73 |
| Inventory Turnover Ratio | 31.49 |
| Trade Receivables Turnover Ratio | 4.78 |
| Trade Payables Turnover Ratio | 4.82 |
| Net Capital Turnover Ratio | 10.51 |
| Net Fixed Asset Turnover Ratio | 64.32 |
| Pre IPO | Post IPO | |
| EPS (₹) | 8.24 | 6.99 |
| P/E (x) | 6.55 | 7.72 |
Object Of The Issue
| S.No. | Objects of the Issue | Expected Amount (in Crore) |
|---|---|---|
| 1 | Funding the Capital Expenditure requirements for purchase of new Equipment by our Company | 2.63 |
| 2 | Repayment/prepayment of all or certain borrowings availed by our Company | 8.90 |
| 3 | General Corporate Purposes | To be finalized |
AJC Jewel Manufacturers IPO Peer Comparison
| S. No. | Face Value | Company Name | P/E |
|---|---|---|---|
| 1 | 10 | Sky Gold and Diamonds Limited | 10.52 |
| 2 | 10 | Patdiam Jewellery Limited | 26.43 |
Strengths
- Established brand and leadership under promoters with decades of experience in gold jewellery manufacturing.
- End-to-end in-house manufacturing capabilities including casting, designing, and finishing processes.
- Wide product range: plain gold, studded, named, and rose gold jewellery for men, women, and children.
- Strong dealer and B2B client network including showrooms and corporates in both India and UAE.
- Steady financial growth with high RoE, RoCE, and low debt.
- Advanced manufacturing facility with upgraded machinery and high capacity utilization.
Risks
- High dependency on a few key customers — top 10 customers contributed a significant portion of total revenue.
- No long-term supply agreements for raw materials like gold; exposed to price volatility and supplier disruption.
- The company operates entirely from leased properties — non-renewal poses operational risks.
- Recently transitioned from a private to a public company — limited track record in current form.
- Trademarks and IP rights are still under formal transition from the earlier partnership entity.
- Working capital-intensive business; any delay in receivables or inventory turnover may stress cash flows.
AJC Jewel Manufacturers IPO Promoter Holding
| Pre Issue Share Holding | 76.84% |
| Post Issue Share Holding | 56.33% |
AJC Jewel Manufacturers IPO Prospectus
Company Contact Information
| AJC Jewel Manufacturers Limited 38/227-Z, Inkel Greens Edu City, Karathode-Konampara Road, Panakkad Village, Pattarkadavu, Malappuram, Ernad, Malappuram, Kerala, 676519 Phone: +91 9567916106 Email: investors@ajcjewel.com Website: https://ajcjewel.com/ab |
AJC Jewel Manufacturers IPO Registrar
| Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
AJC Jewel Manufacturers IPO Lead Manager(s)
| 1. Smart Horizon Capital Advisors Private Limited |
AJC Jewel Manufacturers IPO FAQ
| What is AJC Jewel Manufacturers IPO? AJC Jewel Manufacturers IPO is a SME IPO. The issue is priced at ₹90 to ₹95 per equity share. The IPO is to be listed on BSE SME. |
| When AJC Jewel Manufacturers IPO will open? The IPO is to open on 23 June 2025 for QIB, NII, and Retail Investors. |
| What is AJC Jewel Manufacturers IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the AJC Jewel Manufacturers IPO? You can apply AJC Jewel Manufacturers IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the AJC Jewel Manufacturers IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “AJC Jewel Manufacturers IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the AJC Jewel Manufacturers IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “AJC Jewel Manufacturers IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the AJC Jewel Manufacturers IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “AJC Jewel Manufacturerss IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the AJC Jewel Manufacturers IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “AJC Jewel Manufacturers IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is AJC Jewel Manufacturers IPO Size? AJC Jewel Manufacturers IPO size is ₹15.39 Crore. |
| What is the AJC Jewel Manufacturers IPO Price Band? AJC Jewel Manufacturers IPO Price Band is ₹90 to ₹95. |
| What is AJC Jewel Manufacturers IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 2400 Shares with ₹2,28,000 amount while the maximum bid is 2400 Shares with ₹2,28,000. |
| What is the AJC Jewel Manufacturers IPO Allotment Date? AJC Jewel Manufacturers IPO allotment date is 27 June 2025. |
| What is the AJC Jewel Manufacturers IPO Listing Date? AJC Jewel Manufacturers IPO listing date is 01 July 2025. The IPO is to be listed on the BSE SME. |
