PNGS Reva Diamond Jewellery IPO - Company Analysis
PNGS Reva Diamond Jewellery IPO is a Mainboard IPO structured as a bookbuilding issue of ₹380 crore. The company operates in the jewellery industry, offering a wide range of diamond jewellery along with precious and semi-precious stones set in metals such as gold and platinum. All products are marketed under the brand name “Reva.”
The company’s product portfolio includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutra, nose rings, and chains. As of September 30, 2025, it has 13 distinct jewellery collections, supported by an in-house design team as well as curated selections sourced from third-party manufacturers and skilled karigars.
Its retail network operates through multiple business models, including Franchise-Owned Company-Operated (FOCO), Franchise-Owned Franchise-Operated (FOFO), and Company-Owned Company-Operated (COCO) formats.
PNGS Reva Diamond Jewellery IPO Details
The IPO is scheduled to open from February 24 to February 26, 2026. The IPO allotment is expected on February 27, 2026, while refund initiation is likely on March 02, 2026.
The ₹380 crore mainboard IPO consists entirely of a fresh issue of 0.98 crore shares.
The PNGS Reva Diamond Jewellery IPO is tentatively expected to list on Wednesday, March 04, 2026, on both the BSE and NSE. The price band for the IPO has been fixed at ₹367 to ₹386 per share.
| Events | Date |
| IPO Opening Date | February 24, 2026 |
| IPO Closing Date | February 26, 2026 |
| IPO Allotment Date | February 27, 2026 (Tentative) |
| Refund Initiation | March 02, 2026 (Tentative) |
| Tentative IPO Listing Date | March 04, 2026 |
Industry Outlook
Company Financial
(Amount in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 226.84 | 158.33 | 123.93 |
| Total Income | 259.11 | 196.24 | 199.35 |
| Profit After Tax | 59.47 | 42.41 | 51.75 |
| EBITDA | 79.61 | 56.14 | 68.73 |
| Net Worth | 100.19 | -28.50 | -52.02 |
| Reserves and Surplus | 95.33 | -37.64 | -60.74 |
| Total Borrowing | 90.65 | - | - |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
| Net Cash Flow In Multiple Activities | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 390.13 | 183.65 | 394.96 |
| Net Cash Flow Investing Activities | (1,594.18) | 7.06 | 4.51 |
| Net Cash Flow Financing Activities | 1,732.32 | (0.06) | (8.04) |
Revenue Bifurcation
(Source: RHP)
Click to check the IPO application status.
Listed Peers of PNGS Reva Diamond Jewellery Ltd.
| Name of the Company | Face Value (₹ per share) | EPS (₹) | P/E (x) |
| Tribhovandas Bhimji Zaveri Ltd | 10 | 10.25 | 15.74 |
| Thangamayil Jewellery Ltd | 10 | 42.00 | 80.96 |
| Senco Gold Ltd | 10 | 10.09 | 33 |
Valuation
| KPI | Values |
| ROE | 165.9% |
| ROCE | 79.8% |
| Debt/Equity | 0.90 |
| RoNW | 59.36% |
| PAT Margin | 23.04% |
| EBITDA Margin | 41.81% |
| Price to Book Value | - |
P/E Ratio Evaluation
For the financial year ended FY 2025, the company reported an EPS of ₹35.21. Based on this, the calculated Price-to-Earnings (P/E) ratio stands at 10.96x, reflecting the valuation multiple at the upper price band.
IPO's Strengths
- The Promoters’ legacy and strong brand value enhance market positioning, customer trust, and overall operational stability.
- A seasoned Board of Directors, with diverse experience across retail, business, finance, and jewellery, supports effective decision-making and long-term value creation.
- Strong regional expertise across Tier-1, Tier-2, and Tier-3 cities in Maharashtra, Gujarat, and Karnataka fosters community trust, brand loyalty, positive word-of-mouth, and improved operational efficiency.
- A diversified product portfolio across multiple price points and categories enables the company to adapt to evolving consumer preferences.
IPO Weaknesses
- High operating expenses associated with established companies.
- Price sensitivity among consumers, particularly institutional buyers.
- Inadequate quality control practices in the unorganised market.
- Intense competition within the jewellery industry.
- Changing customer preferences and evolving market trends.
PNGS Reva Diamond Jewellery IPO GMP
As of February 18, 2026, the PNGS Reva Diamond Jewellery IPO GMP (Grey Market Premium) stands at ₹18.00. With the upper price band fixed at ₹386, the estimated listing price is projected to be around ₹421 per share, indicating a potential listing gain of approximately 9.07%.
PNGS Reva Diamond Jewellery Limited IPO Summary
| IPO Opening & Closing Date | Feb 24, 2026 to Feb 26, 2026 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 367 to Rs. 386 |
| Lot Size | 32 Shares |
| Issue Size | 98,44,559 Shares (Rs. 380 Cr) |
| Listing At | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Registrar | Bigshare Services Pvt. Ltd. |
PNGS Reva Diamond Jewellery IPO Lot Size
The IPO allows retail investors to apply for a minimum of 1 lot (32 shares) amounting to ₹12,352, and a maximum of 16 lots (512 shares) amounting to ₹1,97,632.
For S-HNI investors, the minimum application size is 17 lots (544 shares), requiring an investment of ₹2,09,984.
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 16 Lots |
| SHNI (Minimum) | 17 Lots |
| SHNI (Maximum) | 80 Lots |
| BHNI (Minimum) | 81 Lots |
PNGS Reva Diamond Jewellery IPO Reservation
| Institutional Share Portion | 75% |
| Retail Investors' Share Portion | 10% |
| Non-Institutional Shares Portion | 15% |
PNGS Reva Diamond Jewellery IPO Allotment Status
To check the PNGS Reva Diamond Jewellery IPO allotment status, investors can visit the official Registrar’s website or the BSE website. The relevant links are provided below for easy access.
Using BSE Website- BSE IPO allotment status
Promoters And Management of PNGS Reva Diamond Jewellery Ltd.
- P.N. Gadgil & Sons Limited
- Govind Vishwanath Gadgil
- Renu Govind Gadgil.
| Pre-Issue Promoter Shareholding | 87.45% |
| Post-Issue Promoter Shareholding | 60.31% |
PNGS Reva Diamond Jewellery IPO Lead Managers
Smart Horizon Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not declared or paid any dividend during the last three financial years.
Conclusion
The PNGS Reva Diamond Jewellery IPO appears to be valued at around 11x P/E, though investors should carefully consider sector cyclicality and the competitive nature of the jewellery industry. The current GMP indicates positive short-term market sentiment, suggesting a potential listing gain of approximately 9%.
However, long-term investors are advised to evaluate the company’s growth strategy, subscription demand, and the overall outlook of the jewellery sector before making an investment decision.
Disclaimer: The information provided in this blog is for educational and informational purposes only and should not be considered as investment advice, research, or a recommendation to buy, sell, or hold any securities. Stock market investments are subject to market risks. Readers are advised to read all scheme-related documents carefully and consult their financial advisor before making any investment decisions.
