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AJC Jewel Manufacturers IPO
Price Band
₹90.0–95.0
Issue Size
₹15.39 Cr
Lot Size
1,200 shares
Min Investment
₹228,000
2 LOTS MIN
GMP
+₹4.0 (4.21%)
Issue Price
₹95.0
Subject to Sauda
₹3600
Paid only if allotted
AJC Jewel Manufacturers IPO AI Summary
- AJC Jewel Manufacturers IPO is listed on BSE SME in the Gems, Jewellery And Watches sector.
- Price band: ₹90.0–₹95.0 per share, lot size 1,200 shares (min. investment ₹228,000, 2 lots minimum).
- Subscription window: 23 Jun–26 Jun 2025, listing on 01 Jul 2025.
- Current GMP is +₹4.0 (4.21%), an estimated listing price of ₹99 — unofficial and can change daily.
AJC Jewel Manufacturers Limited is set to enter the market with its IPO, offering a range of gold jewelry products. The company has shown revenue growth over the past few years, although the latest figures are for a 9-month period. Investors should consider the company's fundamentals and market conditions when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
AJC Jewel Manufacturers IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 26 Jun 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
AJC Jewel Manufacturers IPO Grey Market Premium (GMP) Today
GMP
+₹4.0
GMP %
+4.21%
Est. Listing
₹99.0
Updated: 25 Jul 2026 14:14
About the Company
Incorporated in 2018, AJC Jewel Manufacturers Limited is engaged in the business of jewelry manufacturing specializing in crafting bracelets, bangles, rings, earrings, necklaces, and anklets for men, women, and children. The company manufactures finished gold jewelry from raw bullion and consumables, offering a variety of designs for men, women, and children, and sells to dealers, showrooms, corporates, and small shops. The company operates a 21,780.76 Sq. Ft. leased manufacturing facility in Malappuram, equipped with advanced machinery like 3D printers, casting machines, and polishing equipment for seamless jewelry production. Products: The company manufactures plain gold, studded gold, named gold, and rose gold jewelry, including rings, pendants, chains, necklaces, anklets, bracelets, bangles, and earrings in 22K and 18K for men, women, and children. As on February 28, 2025, the company has employed 67 personnel at the Manufacturing Plant and Registered Office. 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 Financials (₹ Cr)
As of 2024-12-31
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 34.28 | 36.73 | 36.00 | 16.42 |
| Total Income | 175.53 | 246.84 | 194.25 | 127.40 |
| Profit After Tax | 1.85 | 3.32 | 2.04 | 1.26 |
| EBITDA | 3.64 | 5.40 | 3.94 | 2.14 |
| NET Worth | 13.90 | 12.04 | 7.12 | 5.08 |
| Reserves and Surplus | 9.45 | 7.60 | 4.28 | 2.24 |
| Total Borrowing | 18.41 | 22.48 | 26.23 | 6.61 |
Key Ratios
EPS
₹7.46
NAV
₹29.88
ROE
34.64%
ROCE
17.47%
RoNW
27.56%
P/B Value
3.18
P/E Ratio
12.73
Market Cap
₹56.85 Cr
PAT Margin
1.35%
Debt/Equity
1.87
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Patdiam Jewellery Ltd | 138.41 | 10.33% | 26.43 | 14.3 |
| Sky Gold Ltd | 184.42 | 16.58% | 10.52 | 35.18 |
| AJC Jewel Manufacturers Limited This IPO | 29.88 | 27.56% | — | 8.24 |
Promoters
Ashraf P, Kunhimohamed P and Fathima Jasna Kottekattu
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of capital expenditure requirements for purchase of new Equipment by the Company 2.63 2 Repayment/prepayment of all or certain of the borrowings availed of by the Company 8.90 3 General Corporate Purposes 2.16 4 Issue expenses 1.87 Total 15.55
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹127.40 Cr in the year ending 31 Mar 2022, increasing to ₹194.25 Cr by 31 Mar 2023, and further rising to ₹246.84 Cr by 31 Mar 2024. However, the most recent figure of ₹175.53 Cr as of 31 Dec 2024 is a 9-month figure and not directly comparable to the previous full year.
Profit Trend
Profit After Tax was ₹1.26 Cr in the year ending 31 Mar 2022, growing to ₹2.04 Cr by 31 Mar 2023, and then to ₹3.32 Cr by 31 Mar 2024. The latest figure of ₹1.85 Cr as of 31 Dec 2024 is also a 9-month figure, making it not directly comparable to the previous full year.
Valuation
At the issue price of ₹95.0, AJC Jewel Manufacturers has an implied P/E of 12.73, compared to peers trading at a P/E range of 10.52 to 26.43.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on demand in the unofficial market. A positive GMP suggests strong demand, while a negative GMP indicates weaker demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance, considering factors such as market conditions and company fundamentals.
Who May Want to Wait
Investors who prefer stable returns and are averse to the risks associated with new market entrants may want to avoid IPOs, as they can be subject to significant price fluctuations.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs may see a rise in price on their first day, others may not perform as expected. It's essential to consider the company's fundamentals and market conditions rather than relying solely on potential listing gains.
This evaluation is generated from AJC Jewel Manufacturers's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is AJC Jewel Manufacturers IPO GMP today?
AJC Jewel Manufacturers IPO GMP today is +₹4.0 (4.21%), indicating an estimated listing price of ₹99. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of AJC Jewel Manufacturers IPO?
The price band of AJC Jewel Manufacturers IPO is ₹90.0–₹95.0 per share.
When does AJC Jewel Manufacturers IPO open and close?
AJC Jewel Manufacturers IPO opens on 23 June 2025 and closes on 26 June 2025.
When does AJC Jewel Manufacturers IPO list on the stock exchange?
AJC Jewel Manufacturers IPO listed on 01 July 2025 at ₹99.0.
What is the lot size for AJC Jewel Manufacturers IPO?
The lot size for AJC Jewel Manufacturers IPO is 1200 shares, requiring a minimum investment of ₹228,000 (2 lots).
What is the lot size for this IPO?
The lot size for AJC Jewel Manufacturers' IPO is 1200 shares.
What is the minimum investment required?
The minimum investment required is ₹2,28,000.
What is the price band for the IPO?
The price band for the IPO is ₹90.0 to ₹95.0.
What is the listing date for the IPO?
The listing date for AJC Jewel Manufacturers' IPO is July 1, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on demand in the unofficial market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Jun 2025
Close
26 Jun 2025
Allotment
27 Jun 2025
Listing
01 Jul 2025
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