PNGS Reva Diamond Jewellery IPO: Price Band, Key Dates, Financials, GMP and Other Details
- 16th February 2026
- 10:00 AM
- 3 min read
Summary
PNGS Reva Diamond Jewellery Limited’s ₹380 crore IPO opens for subscription on February 24, 2026. Backed by P. N. Gadgil & Sons, the company operates a diamond-focused retail model and plans to expand its exclusive store network. Here is a detailed look at key dates, issue structure, financial performance, strengths, risks and peer positioning.Mumbai | February 16
PNGS Reva IPO Issue Details and Key Dates
- Price Band: ₹367 – ₹386
- Issue Opens: February 24, 2026
- Issue Closes: February 26, 2026
- Issue Size: ₹380 crore
- Issue Type: 100% Fresh Issue
- Face Value: ₹10 per equity share
- Anchor Investor Bidding Date: February 23, 2026
- Allotment of shares: Mar 2, 2026
- Tentative listing: March 4, 2026
This is entirely a fresh issue. No promoter or shareholder is selling shares. The proceeds will go directly to the company.
PNGS Reva IPO GMP
As per market sources, the PNGS Reva IPO GMP today is around ₹20 per share, which translates to roughly 5% over the upper price band.
Note: Grey Market Premium (GMP) is an unofficial indicator and does not guarantee listing gains.
Objects of the Issue
- Setting up 15 new brand-exclusive stores across India – ₹286.5 crore
- Marketing and promotional expenses related to launching these new stores -₹35.4 crore
- Remaining funds for general corporate purposes
The expansion into company-owned exclusive stores is aimed at improving brand visibility, strengthening direct retail presence, and enhancing margins compared to the shop-in-shop model.
About the Company
PNGS Reva Diamond Jewellery Limited was incorporated in December 2024 after the diamond business was separated from P. N. Gadgil & Sons via a slump sale effective January 31, 2025.
The company retails diamond-studded jewellery, including precious and semi-precious stone jewellery.
The company operates 34 retail stores, comprising one company-owned exclusive store and 33 shop-in-shop outlets located within P. N. Gadgil & Sons stores. The business is primarily diamond-focused rather than gold-heavy, which differentiates it from many traditional jewellery retailers.
Financial Performance (₹ million)
| Particulars | H1 FY26 | FY25 | FY24 | FY23 |
| Revenue from Operations | 1,567.18 | 2,581.83 | 1,956.34 | 1,988.48 |
| Adjusted EBITDA | 307.92 | 796.11 | 561.39 | 687.31 |
| EBITDA Margin (%) | 19.65% | 30.83% | 28.70% | 34.56% |
| Profit After Tax (PAT) | 201.33 | 594.74 | 424.14 | 517.47 |
| PAT Margin (%) | 12.85% | 23.04% | 21.68% | 26.02% |
| Total Debt | 1,302.49 | 906.50 | NA | NA |
What the Numbers Show
- Revenue grew 31.97% in FY25 YoY.
- PAT increased 40.22% in FY25 to ₹594.74 million.
- Margins, however, show some moderation in H1 FY26 compared to FY25.
- Debt has increased in H1 FY26 compared to FY25.
Strengths
- Strong promoter backing from P. N. Gadgil & Sons Limited.
- Asset-light shop-in-shop model reduces initial capital intensity.
- Clear expansion strategy with 15 new exclusive stores planned.
- Diamond-focused portfolio offers better margins than gold-heavy retailers.
- Revenue growth acceleration in FY25 supported by demand and product mix improvement.
Risks
- Over 96% of PNGS Reva Diamond Jewellery’s revenue comes from Maharashtra stores, making the business highly region concentrated. Any adverse developments in the state could affect performance and profitability
- High working capital requirement typical of jewellery retail.
- Dependence on corporate promoter infrastructure through agreements.
- Margin volatility seen between FY23, FY24, FY25 and H1 FY26.
- Execution risk in scaling up 15 new exclusive stores.
Peer Positioning
Listed peers include Thangamayil Jewellery, Tribhovandas Bhimji Zaveri (TBZ), and Senco Gold, with PNGS Reva being considerably smaller in scale than these players.
- PNGS FY25 revenue: ₹2,582 million
- Thangamayil FY25 revenue: ₹49,106 million
- Senco FY25 revenue: ₹63,281 million
Key differentiation lies in PNGS Reva’s regional concentration and its diamond-focused positioning, unlike many national peers that have a broader gold-led portfolio. The company operates at a significantly smaller scale compared to listed players, although its FY25 margins were higher than most peers, subject to sustainability as expansion progresses.
Bottom Line
PNGS Reva Diamond Jewellery IPO is a growth-focused fresh issue aimed at expanding exclusive stores. The company has shown strong revenue and PAT growth in FY25, but scale remains modest compared to listed peers.
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