AJC Jewel September-quarter profit rises 51% on revenue growth

AJC Jewel Manufacturers Limited reported standalone profit of Rs 3.07 crore for the quarter ended 30 September 2026, up 51% from Rs 2.04 crore a year earlier, as revenue from operations rose 52% to Rs 112.37 crore. Profit before tax increased to Rs 4.20 crore and basic earnings per share rose to Rs 5.06.

How did AJC Jewel perform in the September 2026 quarter?

AJC Jewel’s standalone profit increased to Rs 3.07 crore in the quarter ended 30 September 2026 from Rs 2.04 crore in the corresponding 2025 quarter. Revenue from operations rose to Rs 112.37 crore from Rs 74.07 crore, while other income increased to Rs 26.40 lakh from Rs 11.65 lakh.

Profit before tax rose to Rs 4.20 crore from Rs 2.79 crore over the same year-on-year comparison. Current tax increased to Rs 1.05 crore from Rs 72.16 lakh, while deferred tax was Rs 1.58 lakh, compared with Rs 2.80 lakh in the September 2025 quarter.

AJC Jewel also reported a sequential increase from the quarter ended 30 June 2026, when revenue from operations was Rs 101.29 crore and profit was Rs 2.52 crore. Profit before tax rose from Rs 3.38 crore in the June quarter to Rs 4.20 crore in the September quarter, while basic earnings per share increased from Rs 4.15 to Rs 5.06.

What drove AJC Jewel’s September-quarter cost movement?

AJC Jewel’s cost of materials consumed rose to Rs 108.83 crore in the September 2026 quarter from Rs 64.35 crore a year earlier, exceeding the increase in revenue from operations. The company also reported a Rs 4.33 crore reduction in inventories of finished goods, work in progress and stock-in-trade, compared with a Rs 4.89 crore inventory increase in the September 2025 quarter.

Employee-benefit expense increased to Rs 1.53 crore from Rs 68.25 lakh, and finance costs rose to Rs 1.44 crore from Rs 70.04 lakh. Depreciation and amortisation increased to Rs 15.47 lakh from Rs 9.95 lakh, while other expenses were Rs 82 lakh, compared with Rs 67.66 lakh a year earlier.

Total expenses rose to Rs 108.44 crore from Rs 71.40 crore, broadly tracking the increase in total income to Rs 112.64 crore from Rs 74.19 crore. Based on those reported totals, profit before tax was about 3.7% of total income in both September quarters, while profit after tax was about 2.7% in 2026 versus about 2.8% in 2025.

AJC Jewel reported no purchases of stock-in-trade, exceptional items, extraordinary items or profit from discontinuing operations in the quarter ended 30 September 2026. The company said it manufactures and trades gold and silver jewellery and has no separate reportable segments, so the filing does not provide gold, silver, product-level or geographic revenue splits.

How did AJC Jewel’s first-half results compare with last year?

AJC Jewel’s revenue from operations for the half year ended 30 September 2026 rose to Rs 213.67 crore from Rs 119.17 crore in the corresponding prior-year period. Profit for the period increased to Rs 5.59 crore from Rs 2.61 crore, while profit before tax rose to Rs 7.58 crore from Rs 3.59 crore.

Basic and diluted earnings per share for the latest half year were Rs 9.22, compared with Rs 4.92 for the half year ended 30 September 2025. The six-month result includes Rs 3.07 crore of profit in the September 2026 quarter and Rs 2.52 crore in the June 2026 quarter.

Cost of materials consumed was Rs 215.77 crore in the latest half year, compared with Rs 108.71 crore a year earlier. Finance costs increased to Rs 2.70 crore from Rs 1.40 crore, employee-benefit expense rose to Rs 2.93 crore from Rs 1.28 crore, and other expenses increased to Rs 1.33 crore from Rs 98.01 lakh.

The statement reports total income of Rs 210 crore for the half year ended 30 September 2026, despite separately listing Rs 213.67 crore of revenue from operations and Rs 33.60 lakh of other income. The filing does not explain this difference, although it reports profit before tax of Rs 7.58 crore and total expenses of Rs 206.42 crore for the same period.

What changed in AJC Jewel’s balance sheet and cash flow?

AJC Jewel’s standalone total assets, matching total equity and liabilities, increased to Rs 113.95 crore on 30 September 2026 from Rs 84.22 crore on 31 March 2026. Inventories rose to Rs 39.90 crore from Rs 24 crore, trade receivables increased to Rs 50.30 crore from Rs 40.61 crore, and cash and cash equivalents rose to Rs 2.65 crore from Rs 1.36 crore.

Long-term borrowings increased to Rs 8.26 crore at 30 September 2026 from Rs 86.74 lakh at 31 March 2026. Short-term borrowings rose to Rs 60.13 crore from Rs 43.26 crore, while reserves and surplus increased to Rs 35.81 crore from Rs 30.22 crore and share capital remained Rs 6.07 crore.

Net cash used in operating activities was Rs 16.60 crore for the half year ended 30 September 2026. The cash-flow statement records a Rs 9.69 crore increase in sundry debtors and a Rs 19.91 crore increase in inventories, compared with operating profit before working-capital changes of Rs 10.39 crore.

AJC Jewel reported net cash used in investing activities of Rs 2.86 crore, including Rs 1.03 crore of additions to property, plant and equipment and Rs 1.67 crore invested in equity shares. Net cash from financing activities was Rs 20.75 crore, including increases of Rs 7.39 crore in long-term borrowings and Rs 16.88 crore in short-term borrowings, after Rs 2.70 crore of finance costs.

Conclusion

AJC Jewel’s September-quarter standalone earnings growth reflected higher revenue, with profit rising by Rs 1.03 crore year on year to Rs 3.07 crore and revenue increasing by Rs 38.30 crore to Rs 112.37 crore. First-half profit reached Rs 5.59 crore, but the six-month cash-flow statement also showed Rs 16.60 crore of operating cash outflow as inventory and receivables increased.

The filing discloses no management target, expansion plan or future reporting date. The next point to watch in subsequent disclosures is whether AJC Jewel clarifies the difference between its reported first-half total income of Rs 210 crore and the separately stated combination of revenue from operations and other income, alongside movements in the Rs 50.30 crore receivables and Rs 39.90 crore inventory balances.