PNGS Reva Diamond Jewellery Limited is entering the primary market with a Rs 380 crore public issue at a time when affordable diamond jewellery is witnessing rising demand across Tier 1 and Tier 2 cities. Backed by the century-old legacy of P. N. Gadgil & Sons Limited, the company is positioning the Reva brand as a focused, design-led diamond jewellery player targeting modern, brand-conscious consumers across India.
This detailed PNGS Reva Diamond IPO analysis is designed for retail investors evaluating new jewellery IPOs, long-term investors tracking organised jewellery retail expansion, and market participants seeking clear insights into the PNGS Reva Diamond IPO date, price, size, valuation, financial performance, business model, risks, and growth strategy.
Table of Contents:
- PNGS Reva Diamond IPO Details 2026
- Company Overview
- Promoters and Legacy Strength
- Business Model and Revenue Structure
- Financial Performance Analysis
- PNGS Reva Diamond IPO Size, Price and Use of Funds
- Growth Strategy and Expansion Roadmap
- Competitive Landscape and Key Risks
- PNGS Reva Diamond IPO Valuation View
- Investment Perspective
- FAQs
The PNGS Reva Diamond IPO marks a strategic listing of a focused diamond jewellery retail entity carved out from its promoter group.
Key IPO Snapshot
| Particulars |
Details |
| IPO Size |
Rs 380 crore |
| Issue Type |
100% Fresh Issue |
| Price Band |
Rs 367 to Rs 386 per share |
| IPO Opening Date |
24 February 2026 |
| Expected Listing |
4 March 2026 |
| Earlier Planned Size |
Rs 450 crore |
The issue was downsized from Rs 450 crore to Rs 380 crore. The promoters have chosen equity funding over debt, reflecting a conservative capital approach.
For investors searching PNGS Reva Diamond IPO date, price and IPO size, the above table captures the essentials.
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Get all the latest updates on the PNGS Reva Diamond IPO, including offer details, price band disclosures, and institutional participation trends.
PNGS Reva Diamond Jewellery Limited originated as Gadgil Metals and Commodities, incorporated in July 2004 as a partnership firm. It converted into a public limited company on 20 December 2024.
Headquartered in Pune, the company:
- Designs, manufactures and retails diamond-studded gold jewellery
- Sells platinum jewellery and plain platinum products
- Focuses on natural diamonds
- Operates under the flagship Reva brand
The Reva brand was created to blend modern design aesthetics with traditional jewellery values. It targets:
- Daily wear diamond jewellery
- Occasion-based purchases
- Gen Z buyers
- Brand-conscious urban customers
Average selling prices range from Rs 10,000 to Rs 20,000 and above, positioning Reva in the accessible luxury segment.
The company is promoted by:
- P. N. Gadgil & Sons Limited as the corporate promoter
- Govind Vishwanath Gadgil, Chairman and sixth-generation jeweller with over 40 years of industry experience
- Renu Govind Gadgil
P. N. Gadgil & Sons is a century-old jewellery brand with more than 31 stores. In January 2025, the diamond business was transferred to PNGS Reva via a slump sale.
Why This Separation Matters
- Creates a focused diamond-only retail entity
- Enables distinct brand positioning for diamond jewellery
- Retains operational synergies with promoter stores
- Leverages trust built over decades
This strategic move strengthens the PNGS Reva Diamond IPO review narrative as it combines legacy with focused execution.
PNGS Reva operates an asset-light retail model.
Store Network
- Total Stores: 34
- 33 Shop-in-Shop formats inside P. N. Gadgil & Sons stores
- 1 Company-owned exclusive store
- Presence in Maharashtra, Karnataka and Gujarat
Operating Structure
The company uses:
- Franchise Owned Company Operated model
- Franchise Owned Franchise Operated model
This structure:
- Minimises capital expenditure
- Leverages promoter footfall
- Reduces rental and infrastructure risk
- Enables faster expansion
Product Mix
- Natural diamond jewellery
- Gold-based diamond-studded jewellery
- Platinum jewellery
- Customised design-led offerings
Revenue is primarily driven by retail sales. The shop-in-shop format supports efficient scaling with lower operational risk.
The PNGS Reva Diamond IPO becomes stronger when reviewing the company’s financial track record. Over the last three years, the business has demonstrated steady revenue growth, expanding margins, and asset build-up aligned with its expansion strategy.
Financial Summary: Revenue and Profit Trend
| Fiscal Year |
Revenue (Rs Cr) |
PAT (Rs Cr) |
| FY23 |
199.35 |
NA |
| FY24 |
196.24 |
42.41 |
| FY25 |
259.11 |
59.47 |
Margin Profile
| Fiscal Year |
PAT Margin (%) |
EBITDA Margin Range (%) |
| FY24 |
~22% |
31 to 42 |
| FY25 |
23% |
31 to 42 |
Asset Growth
| Period |
Total Assets (Rs Cr) |
| FY24 |
158 |
| FY25 |
227 |
| Sep 2025 |
352 |
Key Financial Highlights for PNGS Reva Diamond IPO
- Revenue grew 32% in FY25 compared to FY24
- Profit after tax increased 41% in FY25
- PAT margin improved to 23% in FY25
- EBITDA margins remain strong between 31% and 42%
- H1 FY26 revenue stood at Rs 157 crore
- H1 FY26 PAT was Rs 20 crore
- Total assets expanded significantly, reflecting inventory build-up and scale
Working Capital Consideration
Inventory days are at 393 days. This is typical in the jewellery industry due to:
- High-value stock holding
- Wide design portfolio requirements
- Seasonal demand cycles
However, it increases working capital intensity and must be monitored as the company expands into exclusive stores.
This financial performance supports the broader PNGS Reva Diamond IPO review narrative, highlighting strong profitability with capital-heavy inventory cycles typical of organised jewellery retail.
The PNGS Reva Diamond IPO size is Rs 380 crore, entirely through a fresh issue.
Use of Proceeds
| Purpose |
Allocation (Rs Cr) |
| 15 New Brand-Exclusive Stores |
286.56 |
| Marketing and Brand Promotion |
35.40 |
| General Corporate Purposes |
58.00 |
The expansion plan aims to launch 15 new exclusive Reva stores by FY2028, moving beyond the shop-in-shop model.
This shift is expected to:
- Improve brand visibility
- Increase margins
- Build a standalone brand identity
- Expand geographic footprint
The growth strategy centres on three pillars.
1. Store Expansion
- Launch 15 exclusive stores
- Focus on Tier 1 and Tier 2 cities
- Reduce overdependence on the shop-in-shop model
2. Brand Building
- Dedicated marketing spend of Rs 35.4 crore
- Strengthening Reva as a distinct diamond brand
- Targeting young urban consumers
3. Product Strategy
- Affordable diamond pricing
- Customised design-led offerings
- Expansion in platinum jewellery
The company benefits from increasing acceptance of diamond jewellery as daily wear and rising middle-class purchasing power.
Key Risks
- Heavy revenue dependence on Maharashtra
- Strong linkage to the promoter brand reputation
- Supplier concentration risk
- High inventory days
- Execution risk in new store rollout
- Commission payments to promoter entities
Competition
- Lab-grown diamond players
- Organised jewellery retailers
- Group entity PNGS Gargi Jewellery
- Established national brands
With lab-grown diamonds gaining traction, pricing and consumer preference dynamics could shift.
Investors searching for PNGS Reva Diamond IPO valuation should consider:
- Strong revenue growth trajectory
- Healthy profit margins
- Asset-light expansion model
- High inventory cycle is typical of the jewellery sector
- Expansion-led capital requirement
Valuation attractiveness will depend on:
- Earnings multiple at the upper price band of Rs 386
- Comparable jewellery retail peers
- Growth sustainability post-expansion
The IPO does not include an Offer for Sale, which indicates that proceeds are directed fully towards growth.
The PNGS Reva Diamond IPO highlights a focused diamond jewellery brand backed by a trusted legacy group.
Strengths
- Century-old promoter trust
- Strong PAT margins above 20%
- Rapid revenue growth
- Structured expansion plan
- Asset-light retail model
Watch Points
- Execution of 15 new stores
- Working capital management
- Competitive intensity
- Diamond demand cyclicality
Investors looking at diamond-focused retail growth stories may find PNGS Reva Diamond IPO analysis relevant for medium to long-term allocation strategies.
Want to benchmark PNGS Reva Diamond against other recent jewellery and retail listings? Use the IPO dashboard for pricing, subscription, and allocation comparisons.
1. What is the PNGS Reva Diamond IPO date?
The PNGS Reva Diamond IPO opens on 24 February 2026 and is expected to list on 4 March 2026.
2. What is the PNGS Reva Diamond IPO price band?
The price band is Rs 367 to Rs 386 per share.
3. What is the PNGS Reva Diamond IPO size?
The total issue size is Rs 380 crore, entirely through a fresh issue.
4. How will the IPO funds be used?
IPO Funds will be used for:
- Opening 15 exclusive stores
- Marketing and brand promotion
- General corporate purposes
5. Is PNGS Reva dependent on its promoter brand?
Yes. The company operates largely through shop-in-shop formats within P. N. Gadgil & Sons stores and benefits from the promoter brand trust.
6. What are the key risks in PNGS Reva Diamond IPO?
The key risks in PNGS Reva Diamond IPO are:
- High inventory days
- Regional concentration
- Expansion execution risk
- Rising competition, including lab-grown diamonds
7. How strong are the company’s financials?
FY25 revenue stood at Rs 259.11 crore with PAT of Rs 59.47 crore and PAT margin of 23%, indicating operational efficiency.