PNGS Reva Diamond Jewellery IPO is a book-built public issue with a total size of ₹380 crore, comprising entirely a fresh issue of equity shares. There is no Offer for Sale (OFS) component in this issue.
The PNGS Reva Diamond Jewellery IPO subscription window will open on February 24, 2026, and close on February 26, 2026, giving investors three days to place their bids.
The basis of allotment is likely to be finalised on February 27, 2026. Shares are expected to list on both BSE and NSE on March 4, 2026, subject to final approvals.
The price band for the IPO has been fixed at ₹367 to ₹386 per share. Each application must be made in a lot size of 32 shares. Retail investors need to invest a minimum of ₹12,352, calculated at the upper end of the price band.
For non-institutional investors:
- sNII category requires 17 lots or 544 shares
- bNII category requires 81 lots or 2,592 shares
Smart Horizon Capital Advisors Pvt. Ltd. is acting as the Book Running Lead Manager for the issue, while Bigshare Services Pvt. Ltd. has been appointed as the registrar.
(Source: RHP)
Company Overview
PNGS Reva Diamond Jewellery Limited is a retail focused brand engaged in selling diamond jewellery crafted with precious and semi-precious stones set in gold and platinum. It also offers plain platinum jewellery such as rings, bracelets and chains under its flagship brand “Reva,” which blends traditional elegance with contemporary design and customisation options.
The company became an independent entity following a slump sale of the diamond jewellery business from its corporate promoter, P. N. Gadgil & Sons Limited, in January 2025. Operations are supported through a franchise arrangement that leverages the promoter’s retail infrastructure and logistics network.
As of the RHP date, the company operates 34 stores across Maharashtra, Gujarat and Karnataka under FOCO (Franchise Owned, Company Operated), FOFO (Franchise Owned, Franchise Operated) and COCO (Company Owned, Company Operated) models.
(Source: RHP)
Industry Context
- The global gems and jewellery market reached USD 243 billion in CY24 and is projected to grow to USD 308 billion by CY29, supported by rising disposable incomes and demand for innovative, ethically sourced designs.
- Gold jewellery remains the largest demand driver, contributing 44% of total global gold demand in CY24, with China and India together accounting for nearly 58% of overall consumption.
- Increasing consumer preference for branded, certified and contemporary jewellery is accelerating the shift from unorganised to organised players, especially in emerging markets like India.
- Sustainability and ethical sourcing are reshaping the industry, with nearly 30% of global gold supply now coming from recycled sources and growing adoption of Responsible Jewellery Council certifications.
- The Indian gems and jewellery industry, valued at ₹8,809 billion in CY24, is expected to grow at a CAGR of 11.7% through CY29, driven by urbanisation, rising incomes and strong cultural affinity for gold.
(Source: RHP)
Business Strengths
- Strong Reva brand backed by 190+ years promoter legacy
- Experienced leadership team with deep jewellery and retail expertise
- Focused western India presence enabling operational and supply efficiencies
- Diversified jewellery portfolio across occasions, categories and price points
- Strong inventory controls with ERP systems and certified quality assurance
(Source: RHP)
Financial Performance
PNGS Reva Diamond Jewellery Ltd – Restated Consolidated Financials (₹ in crore)
| Particulars | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Assets | 352.70 | 226.84 | 158.33 | 123.93 |
| Revenue from Operations | 157.12 | 259.11 | 196.24 | 199.35 |
| EBITDA | 30.79 | 79.61 | 56.14 | 68.73 |
| Profit After Tax | 20.13 | 59.47 | 42.41 | 51.75 |
| Net Worth | 120.31 | 100.19 | (28.50) | (52.02) |
(Source: RHP)
Key Ratios & Metrics (FY25)
| Metric | Value |
|---|---|
| EBITDA Margin | 19.65% |
| PAT Margin | 12.85% |
| Return on Net Worth | 16.73% |
| Return on Equity | 18.3% |
| RoCE | 25.2% |
(Note: The data compiled is as of Sep 30, 2025)
(Source: RHP)
Market Outlook & GMP Trends
As of February 13, 2026 at 09:57 AM, the latest Grey Market Premium (GMP) for PNGS Reva Diamond Jewellery IPO is ₹30. Based on the upper price band of ₹386, the estimated listing price stands at around ₹416 per share (cap price + today’s GMP) (₹386 + ₹30). This suggests a potential listing gain of approximately 7.77% per share.
(Note: Grey market trends are unofficial and should not be considered a reliable indicator of listing performance.)
(Source: Chittorgarh)
PNGS Reva Diamond Jewellery IPO Details
| IPO Detail | Information |
|---|---|
| IPO Date | 24 to 26 Feb, 2026 |
| Allotment Date | 27 Feb, 2026 |
| Listing Date | 4 Mar, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹367 to ₹386 |
| Lot Size | 32 shares |
| Retail Minimum Investment | ₹12,352 |
| Retail Maximum Investment | ₹1,97,632 |
| Issue Size | ₹380 crore |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
(Source: RHP )
Conclusion
PNGS Reva Diamond Jewellery IPO offers exposure to a branded diamond jewellery retailer operating in a growing organised retail segment. The company benefits from brand legacy, focused positioning, and expansion plans funded through the fresh issue.
Financials indicate growth in revenue and profitability in recent years. However, investors should consider regional concentration, competitive intensity, and raw material price risks before investing.
The IPO may suit investors looking for exposure to the organised jewellery retail theme with an understanding of sector-specific risks.
Disclaimer: Investment in the securities market is subject to market risks. Read all the related documents carefully before investing. This content is purely for information purpose only and in no way is to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation. Investors are requested to do their own due diligence before investing.
SEBI Reg No.: Broking – INZ000240532, Research Analyst – INH000020086, Depository Participant – IN-DP-416-2019, Depository Participant Number: CDSL – 12088800, NSE (90165), BSE (6707), MCX (57525), NCDEX (1315), MSEI (85300).
Registered Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019.
