AJC Jewel Manufacturers Ltd. (BSE: 544425), a leading integrated B2B jewellery manufacturing and technology-driven platform, has commenced operations at the second showroom of its wholly owned subsidiary, Esthara Jewels Private Limited, at Hilite Countryside Mall in Chemmad, Kerala. The showroom was inaugurated on June 19, 2026, marking a key milestone in the company's strategy to build a scalable direct-to-consumer (D2C) business alongside its established B2B operations.
Esthara Jewels as a Consumer-Facing Brand
Esthara Jewels has been positioned as AJC's dedicated consumer-facing silver jewellery brand, offering an extensive portfolio of 925 sterling silver and gold-plated silver jewellery designed for everyday wear and contemporary lifestyles. Through company-owned retail stores and digital commerce, the brand complements AJC's core B2B manufacturing business while enabling participation across multiple segments of the jewellery value chain.
Retail Expansion and Growth Strategy
The second showroom represents another step in AJC's phased retail expansion strategy. The company has outlined plans to strengthen the Esthara Jewels network through additional stores, digital channels, and an integrated omnichannel approach aimed at enhancing customer reach, brand visibility, and long-term business scalability. These initiatives are expected to complement AJC's manufacturing capabilities and support sustainable growth across both its B2B and consumer businesses.
Industry Context and Market Trends
India's gems and jewellery industry continues to benefit from strong structural growth. According to the Gem & Jewellery Export Promotion Council (GJEPC), India's gems and jewellery exports stood at USD 27.72 billion in FY2025-26, while silver jewellery exports surged 52.21% year-on-year to USD 1.47 billion. Supported by rising demand for branded and affordable jewellery, these industry trends provide a favourable backdrop for AJC's expansion of the Esthara Jewels retail network and its growing presence in the organised silver jewellery segment. The company is also working to strengthen its international footprint through its Sharjah-based facility, positioned to serve GCC and US markets, though the Sharjah acquisition remains in progress and has not contributed to FY26 performance.
Management Commentary
Mr. Ashraf P, Chairman & Managing Director of AJC Jewel Manufacturers Ltd., commented: "The commencement of operations at our second Esthara Jewels showroom marks another important step in strengthening our retail presence and expanding our direct engagement with customers. Our objective is to build Esthara Jewels as a trusted destination for quality silver jewellery by combining contemporary designs, superior craftsmanship and an enhanced customer experience." He added, "The continued expansion of the Esthara Jewels retail network forms an integral part of our long-term growth strategy. Along with product diversification, capacity enhancement and geographic expansion, these initiatives are expected to support the Company's previously communicated business guidance, including a targeted consolidated revenue CAGR of approximately 50% over the next three years and standalone revenue of around ₹450 crore in FY27."
Growth Outlook
Management remains focused on expanding the Esthara Jewels retail network through additional company-owned stores and digital commerce initiatives; strengthening the integrated manufacturing and D2C business model; continuing investments in product diversification, capacity expansion, and geographic expansion to enhance operational scalability; and executing the previously communicated growth roadmap targeting a consolidated revenue CAGR of approximately 50% over the next three years and standalone revenue of around ₹450 crore in FY27, supported by disciplined execution and strategic expansion initiatives.
