M.P. Ahammad, chairman of Malabar Group, has been awarded the Business Bhushan Award at the Lokmat Maharashtrian of the Year Awards 2026. The award was presented by Maharashtra Chief Minister Devendra Fadnavis at a ceremony held at the Gateway of India in Mumbai.
The event, organised by the Lokmat Media Group, recognized individuals for contributions across sectors including business, public service and entertainment. Deputy Chief Minister Eknath Shinde, Lokmat chairman Vijay Darda and other policymakers, industry leaders and public figures attended the ceremony.
Ahammad was recognized for his role in expanding Malabar Gold & Diamonds into a global jewellery retail business. Founded in 1993, the company has grown into one of the largest jewellery retailers of Indian origin and operates more than 425 showrooms across 14 countries.
Maharashtra is a key market for the company, which currently operates 34 showrooms in the state. The group has outlined plans to expand its presence in Maharashtra to 64 stores by 2029.
“I am deeply honoured to receive the Business Bhushan award at the Lokmat Maharashtrian of the Year Awards,” Ahammad said, adding that the recognition reflects the efforts of the company’s employees and the trust of its customers.
Malabar Gold & Diamonds reported annual revenue of $7.36 billion and employs more than 30,000 people across its global operations. The group also allocates five percent of its profits to social responsibility initiatives focused on areas including education, healthcare, housing support and women’s empowerment.
