AJC Jewel Manufacturers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Jun 2025 – 26 Jun 2025
- Listing date
- 01 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹95 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹15.39 Cr
- Market cap at offer price
- ₹56.85 Cr
- Promoter holding
- 76.85% → 56.33% pre-issue → post-issue
- ISIN
- INE0XRR01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- 38/227-Z, Inkel Greens Edu City, Karathode-Konampara Road, Panakkad Village, Pattarkadavu, Malappuram, Ernad, Kerala
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,52,400 | — | — |
| Market maker | 84,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹95
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,14,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,28,000 |
| S-HNI (max) | 8 | 9,600 | ₹9,12,000 |
| B-HNI (min) | 9 | 10,800 | ₹10,26,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.46 | 4.13 |
| P/E (×) | 12.73 | 23.00 |
| Price to book (×) | 3.18 | — |
| Market cap | — | ₹56.85 Cr |
Key performance indicators
- Return on net worth
- 27.56%
- ROCE
- 17.47%
- Debt / equity
- 1.87
- PAT margin
- 1.35%
- EBITDA margin
- 2.19%
- NAV per share
- ₹29.88
- Price to book
- 3.18
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About AJC Jewel Manufacturers
AJC Jewel Manufacturers Limited was originally incorporated as Phoenix Gold Castings Private Limited on March 23, 2018, and renamed to AJC Jewel Manufacturers Limited on May 14, 2020. The company was converted to a public limited company on September 24, 2024. The company manufactures finished gold jewelleries from raw gold (bullions) and consumables, offering designs in plain gold, rose gold, studded jewellery with cubic zircon or coloured stones, and named jewelleries customized for men, women, and children. The company sources gold through bullion dealers and gold metal loans from banks (ICICI Bank, Axis Bank, and HDFC Bank), with a total sanctioned working capital limit of ₹3,400 lakhs as of December 31, 2024. Revenue from operations for the period ended December 31, 2024 was ₹17,504.76 lakhs, with 80.74% from domestic sales (primarily Kerala) and 19.26% from exports to UAE.
Company Analysis
from RHPAJC Jewel Manufacturers Limited manufactures and designs wholesale gold jewellery including plain gold, studded, and named jewelleries in 22-karat and 18-karat gold for dealers, showrooms, corporates and jewellery shops across India and UAE.
AJC Jewel Manufacturers Limited was originally incorporated as Phoenix Gold Castings Private Limited on March 23, 2018, and renamed to AJC Jewel Manufacturers Limited on May 14, 2020. The company was converted to a public limited company on September 24, 2024. The company manufactures finished gold jewelleries from raw gold (bullions) and consumables, offering designs in plain gold, rose gold, studded jewellery with cubic zircon or coloured stones, and named jewelleries customized for men, women, and children. The company sources gold through bullion dealers and gold metal loans from banks (ICICI Bank, Axis Bank, and HDFC Bank), with a total sanctioned working capital limit of ₹3,400 lakhs as of December 31, 2024. Revenue from operations for the period ended December 31, 2024 was ₹17,504.76 lakhs, with 80.74% from domestic sales (primarily Kerala) and 19.26% from exports to UAE.
Objects of the Issue
- Funding of capital expenditure requirements for purchase of new Equipment ₹262.55 lakhs p.32
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹890.00 lakhs p.32
- General corporate purposes p.32
- Funding of capital expenditure requirements for purchase of new Equipment p.69
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹890.00 Lakhs (estimated) p.63
- General Corporate Purposes p.69
- Funding of capital expenditure requirements for purchase of new Equipment by our Company ₹262.55 Lakhs p.112
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹890.00 Lakhs p.112
- General corporate purposes p.112
Issue Structure
- Total Issue
- Up to 16,20,000 Equity Shares aggregating up to [●] Lakhs
- Fresh Issue
- Up to 16,20,000 Equity Shares aggregating up to [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- [●] per Equity Share (Floor Price and Cap Price to be determined)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company manufactures wholesale gold jewellery from raw gold bullions and sells to dealers, showrooms, corporates and jewellery shops. The manufacturing process is labour-intensive. Raw materials (gold bullion, alloys, and coloured stones) are procured on invoice basis from suppliers. Products are offered in three main categories: plain gold jewellery (33.4% of revenue for period ended December 31, 2024), studded gold jewellery with stones (42.1%), and named jewellery (6.34%). The company procures gold through gold metal loans at lower effective interest rates and through outright purchase using fund-based loans. Revenue generation is concentrated in top customers and top suppliers - top 5 customers accounted for 54.29% of revenue and top 5 suppliers accounted for 74.81% of purchases for the period ended December 31, 2024.
Business Segments
SWOT Analysis
- • Established supplier relationships and operational expertise(p.41)
- • Diversified product portfolio across price points and customer segments(p.31)
- • Access to gold metal loans at preferential rates through banking partnerships(p.48)
- • Growing revenue base and consistent profitability(p.33)
- • Diversified product portfolio with strong market presence in studded and plain gold jewellery(p.60)
- • Experienced CAD design team integral to manufacturing process(p.61)
- • Revenue growth trajectory demonstrating business expansion(p.66)
- • Wide product range with design and innovation capabilities(p.123)
- • Experienced promoter and management team with skilled workforce(p.123)
- • Long-standing relationships with reputed jewellery dealers(p.123)
- • Organised manufacturing setup under one roof(p.123)
- • Significant production capacity expansion planned(p.114)
- • Established manufacturing facility with integrated production under one roof(p.160)
- • Experienced promoter with 13+ years in gold jewellery industry(p.160)
- • Wide product range and design capabilities with CAD designers(p.160)
- • Long-standing relationships with established jewellery dealers(p.160)
- • Skilled workforce with expertise in jewellery manufacturing(p.160)
- • Quality control systems and IS 1417:2016 certification(p.190)
- • Custom Order Management Software for efficient operations(p.161)
- • Significant experience in jewelry manufacturing and design(p.223)
- • Established manufacturing facility with modern equipment(p.279)
- • Diverse product portfolio across market segments(p.279)
- • Strong revenue growth trajectory(p.284)
- • Successful entry into export markets(p.284)
- • High dependence on limited supplier base without formal supply agreements(p.40)
- • Significant customer concentration risk(p.41)
- • Absence of long-term customer contracts(p.42)
- • History of negative cash flows from operations(p.45)
- • Multiple compliance and filing delays with statutory authorities(p.46)
- • Geographic concentration in Kerala region(p.53)
- • Dependence on gold metal loans subject to RBI regulations(p.48)
- • Labour-intensive operations with increasing wage pressures(p.50)
- • Heavy dependence on small pool of CAD designers without formal agreements(p.61)
- • Single location concentration of manufacturing facility and registered office(p.62)
- • High employee attrition rate indicating workforce stability challenges(p.65)
- • Key promoters lack formal educational credentials(p.64)
- • Significant working capital requirements and inventory concentration(p.63)
- • Leased facility creates operational risk with no ownership(p.62)
- • Unregistered brand creating intellectual property vulnerability(p.65)
- • Significant debt levels requiring interest management(p.63)
- • High debt burden relative to equity(p.125)
- • Low EBITDA and PAT margins compared to some peers(p.125)
- • Equipment orders not yet placed, creating execution risk(p.113)
- • No appraisal of Objects by independent third parties(p.121)
- • Dependence on vendor quotations that may not translate to actual orders(p.113)
- • High customer concentration risk with top 10 customers representing 62.30% of revenue(p.172)
- • Significant supplier concentration with top 5 suppliers representing 74.81% of purchases(p.187)
- • High attrition rate of 57.67% in the period ended February 28, 2025(p.191)
- • Significant debt burden with debt-equity ratio of 1.32 as at December 31, 2024(p.159)
- • Geographical concentration with 78.22% of domestic revenue from Kerala(p.163)
- • Low capacity utilization at 59% for April 2024-December 2024(p.185)
- • Significant financial leverage and high debt burden(p.268)
- • Concentration of promoter shareholding creates control risk(p.223)
- • Promoter involvement in competing business ventures(p.226)
- • High inventory dependency in capital structure(p.238)
- • Heavy reliance on gold metal loans creating commodity risk exposure(p.250)
- • Significant negative operating cash flow in FY 2022-23 due to inventory buildup(p.287)
- • High leverage ratio of 1.32:1 indicates debt dependence(p.303)
- • Growing global gold jewellery demand and spending(p.31)
- • Expansion into export markets beyond UAE(p.52)
- • Capital expenditure for manufacturing expansion and equipment modernization(p.50)
- • Debt reduction to improve financial leverage and operational flexibility(p.32)
- • Penetration into organized jewellery retail segment growth(p.46)
- • Expansion into international markets leveraging existing relationships(p.64)
- • Growth through new product development and market expansion(p.61)
- • Capacity expansion to meet growing market demand(p.62)
- • Enhanced customer engagement through cost-effective solutions(p.61)
- • Strong gold price momentum creating investment demand(p.155)
- • Rising consumer preference for lightweight jewellery(p.114)
- • Growing demand for customised and personalised jewellery products(p.144)
- • Technological advancement enabling precision manufacturing and design(p.115)
- • Expanded market reach through listing on SME platform(p.112)
- • Increased gold demand supporting jewellery consumption(p.153)
- • Strategic focus on investing in advanced automated manufacturing equipment(p.161)
- • Improving debt-equity ratio through loan repayment(p.161)
- • Expanding product portfolio through exhibitions and trade fairs(p.161)
- • Growing export market with recent entry to UAE(p.162)
- • Geographic expansion strategy to new markets(p.161)
- • Revenue growth trajectory with increasing production and market demand(p.159)
- • Growing domestic demand and market recovery post-COVID(p.286)
- • Expansion of export operations(p.284)
- • Increasing capacity utilization(p.284)
- • Growing gold prices and commodity demand(p.284)
- • Expanding product range including studded and customized jewelry(p.279)
- • BSE SME platform listing provides growth capital access(p.303)
- • Compulsory market making for three years supports liquidity post-listing(p.324)
- • Migration pathway to main board available upon meeting criteria(p.322)
- • Extreme volatility and record-high gold commodity prices(p.42)
- • Intense competition from both organized and unorganized sectors(p.45)
- • Regulatory changes affecting gold-on-loan borrowing mechanisms(p.48)
- • Unpredictable shifts in customer design preferences and fashion trends(p.49)
- • Economic slowdown and reduced consumer spending capacity(p.30)
- • Regulatory compliance risks and potential statutory penalties(p.53)
- • Supply chain disruption risks and transportation dependencies(p.29)
- • Revenue concentration risk in specific product categories(p.60)
- • Seasonal business fluctuations creating operational strain(p.63)
- • Regulatory compliance risks and license renewal uncertainties(p.62)
- • Natural disasters and regional disruptions affecting operations(p.62)
- • Foreign exchange volatility impacting international operations(p.64)
- • Intense competition and pricing pressures in jewellery industry(p.61)
- • Transportation and logistics cost increases affecting profitability(p.68)
- • Demand forecasting accuracy challenges affecting inventory management(p.69)
- • Raw material procurement risks and supply chain disruptions(p.62)
- • Power supply disruptions affecting manufacturing capacity(p.71)
- • Inflation impacting production costs and employee expenses(p.78)
- • Volatility in gold prices affecting consumer purchasing patterns(p.156)
- • Delays in equipment procurement and cost overruns(p.113)
- • Quotations subject to currency fluctuation risks(p.118)
- • Vulnerability to global geopolitical and economic uncertainties(p.135)
- • Competition from larger organised players and international manufacturers(p.144)
- • Intense competition from large manufacturers and international traders(p.189)
- • Gold price volatility and fluctuations in raw material costs(p.186)
- • Dependence on nominated agencies (Axis Bank and HDFC Bank) for raw material procurement(p.159)
- • Regulatory requirements for hallmarking and BIS certification(p.196)
- • Economic downturns affecting customer spending on luxury jewellery(p.161)
- • Supply chain disruptions from global events and logistical challenges(p.161)
- • Volatility in gold prices and raw material costs(p.284)
- • Intense domestic competition in jewelry manufacturing(p.281)
- • Dependency on third-party transportation(p.281)
- • Economic slowdown impacting consumer discretionary spending(p.282)
- • Natural calamities and health epidemics affecting operations(p.282)
- • Regulatory and tax law changes(p.282)
- • Pending litigation for recovery of ₹31.35 lakhs from customer(p.292)
- • Promoter involved in pending cheque dishonor litigation(p.293)
- • Inventory volatility indicates working capital management challenges(p.287)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ashraf P | Promoter/Promoter Group | 37.29% | 27.33% |
| Mr. Kunhimohamed P | Promoter/Promoter Group | 27.82% | 20.39% |
| Ms. Fathima Jasna Kottekkattu | Promoter/Promoter Group | 4.84% | 3.55% |
| Ms. Asya | Promoter Group | 6.90% | 5.06% |
| Mr. Ashraf P | Promoter | 37.29% | — |
| Mr. Kunhimohamed P | Promoter | 27.82% | — |
| Ms. Fathima Jasna Kottekattu | Promoter | 4.84% | — |
| Mr. Ashraf P | Promoter | 37.29% | 27.33% |
| Mr. Kunhimohamed P | Promoter | 27.82% | 20.39% |
| Ms. Fathima Jasna Kottekattu | Promoter | 4.84% | 3.55% |
| Ms. Asya | Promoter Group | 6.90% | 5.06% |
| Mr. Ashraf P | Promoter | 37.29% | 27.00% |
| Mr. Kunhimohamed P | Promoter | — | — |
| Ms. Fathima Jasna Kottekkattu | Promoter | 4.84% | 3.55% |
| Mr. Ashraf P | Promoter | 37.29% | — |
| Mr. Kunhimohamed P | Promoter | 27.82% | — |
| Ms. Fathima Jasna Kottekattu | Promoter | 4.84% | — |
| Ashraf Perinkadakkad | Promoter cum Managing Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.