Chairman's speech at 8th AGM outlines capacity upgrade, Esthara retail rollout and proposed Sharjah acquisition

Chairman's speech at the 8th AGM.

Tue 29 Sep 2026

Esthara Stores Operational

3 stores operational

Esthara Stores Under Fit-out

2 stores under fit-out

Esthara Stores Planned

4 additional stores planned this financial year

New Product Launch

Launched 9K jewellery

Production Technology

CNC machines installed with trial production started

What was shared

The company submitted the Chairman's speech delivered at its 8th Annual General Meeting, held on September 29, 2026, under Regulation 30. The speech is a qualitative review of the year and of current plans.

Year under review

• Listing on the BSE SME platform during the year.
• Machinery upgraded and manufacturing capacity expanded.
• More corporate customers and jewellery retailers onboarded.
• Dedicated research and development and design teams being built.
• Incorporated Esthara Jewels for the direct-to-consumer business and commenced silver jewellery production.

Current financial year progress

• Launched 9K jewellery products, a new category.
• CNC machines installed and trial production commenced; regular production expected after trials and process checks.
• Plans to expand into more states in India and add jewellery group relationships.
• Available manufacturing capacity exists; utilisation is intended to rise gradually over the next couple of years.

Proposed Sharjah acquisition

The Chairman described the proposed acquisition of the Sharjah company as subject to shareholder approval and completion of remaining formalities, with completion expected shortly. The stated rationale is a strategic manufacturing base and access to the GCC market, and greater control over the Sharjah operations once completed.

Esthara retail rollout

• 3 stores operational.
• 2 stores under fit-out.
• 4 additional stores planned during this financial year.
• Brand also to be developed through FOCO and FOFO franchise models.

How to read it

This is a forward-looking management commentary rather than a results disclosure. The Chairman noted that success depends on disciplined execution, with focus on product quality, reliable delivery and careful use of capital. Investors may track whether trial production converts to regular production, whether the Sharjah transaction receives shareholder approval and closes, and the pace of Esthara store additions.

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