PNGS Reva Diamond Jewellery IPO is a book-built issue worth ₹380 Crore. The issue is entirely a fresh issue of 98,44,559 shares. The IPO will open for subscription on February 24, 2026, and close on February 26, 2026.
The basis of allotment is expected to be finalised on February 27, 2026, with tentative listing scheduled on BSE and NSE for March 04, 2026. The price band for the PNGS Reva Diamond Jewellery IPO has been fixed at ₹367 to ₹386 per share.
Investors can bid for PNGS Reva Diamond Jewellery IPO with a minimum of 1 lot, having 32 Shares. For retail investors, the minimum investment required is ₹12,352. For high-net-worth investors (bHNI), the lot size stands at 81 lots, equal to 2,592 shares, amounting to ₹10,07,512.
Smart Horizon Capital Advisors Pvt Ltd is the book running lead manager (BRLM), and Bigshare Services Pvt Ltd is the registrar of the issue. Detailed information is available at the PNGS Reva Diamond Jewellery IPO RHP.
PNGS Reva Diamond Jewellery IPO Objectives
- Funding expenditure towards setting-up of 15 New Stores
- Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of our flagship brand, “Reva”, in their respective areas
- General corporate purposes.
About PNGS Reva Diamond Jewellery Limited
Incorporated in 2004, PNGS Reva Diamond Jewellery Limited specializes in crafting exquisite jewellery using diamonds, precious, and semi-precious stones, meticulously set in premium metals such as gold and platinum. All creations are marketed under the brand name "Reva."
Its product portfolio spans a diverse range, including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutras, nose rings, and chains, designed to cater to various customer preferences and occasions. As of September 30, 2025, the company boasts 13 unique jewellery collections, featuring designs from its in-house team as well as curated selections from third-party manufacturers and skilled Karigars.
As of the date of the RHP, the company operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, covering a total retail space of 647.15 running feet.
The stores function under multiple operational models: Franchise Owned and Company Operated (FOCO), Franchise Owned and Franchise Operated (FOFO), and Company Owned and Company Operated (COCO), enabling a flexible and scalable retail presence.
Industry Outlook
- Consumer interest in gold and platinum jewellery is expanding beyond weddings and special occasions, with rings, delicate chains, bracelets, and anklets increasingly worn as everyday fashion accessories.
- The global gold jewellery market is expected to grow as rising consumer disposable income boosts spending on jewellery and the appeal of gold as a long-term investment remains strong.
- Gold continues to be a preferred choice for investors during economic uncertainty, reinforcing its demand not only for jewellery but also as a financial asset.
- In CY24, global gold mining yielded approximately 3,700 tons, with an additional 1,400 tons recycled, leading to around 5,000 tons of gold consumed across jewellery, technology, and investment purposes, reflecting robust demand and supply dynamics.
How To Apply for the PNGS Reva Diamond Jewellery IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the PNGS Reva Diamond Jewellery IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of PNGS Reva Diamond Jewellery IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of PNGS Reva Diamond Jewellery IPO
Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune – 411041, Maharashtra, India
Phone:+91 20 29980704
E-mail:investor@revabypng.com
PNGS Reva Diamond Jewellery IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
PNGS Reva Diamond Jewellery IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 32 | ₹12,352 |
| Retail (Max) | 16 | 512 | ₹1,97,632 |
| S-HNI (Min) | 17 | 544 | ₹2,09,984 |
| S-HNI (Max) | 80 | 2,560 | ₹9,88,160 |
| B-HNI (Min) | 81 | 2,592 | ₹10,00,512 |
PNGS Reva Diamond Jewellery IPO Promoter Holding
P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil and Renu Govind Gadgil are the promoters of the company.
| Share Holding Pre-Issue | 87.45% |
| Share Holding Post Issue | 60.31% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for PNGS Reva Diamond Jewellery IPO
| KPI | Value |
| ROCE (%) | 79.8 |
| RoNW (%) | 59.36 |
| PAT Margin (%) | 23.04 |
| EBITDA Margin (%) | 41.81 |
PNGS Reva Diamond Jewellery IPO Registrar and Lead Managers
PNGS Reva Diamond Jewellery IPO Lead Managers
Smart Horizon Capital Advisors Pvt Ltd.
Registrar for PNGS Reva Diamond Jewellery IPO
Bigshare Services Pvt Ltd
Contact Number:+91 22 62638200
Email Address:ipo@bigshareonline.com
Financial Performance of PNGS Reva Diamond Jewellery Limited
| Particulars | Period Ended on Sep 30, 2025 | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operations | 1,567.18 | 2,581.83 | 1,956.34 | 1,988.48 |
| Adjusted EBITDA (in ₹ million) | 307.92 | 796.11 | 561.39 | 687.31 |
| Adjusted EBITDA Margin (in %) | 19.65 | 30.83 | 28.70 | 34.56 |
| Net Profit (in ₹ million) | 201.33 | 594.74 | 424.14 | 517.47 |
| Net Profit Margin (in %) | 12.85 | 23.04 | 21.68 | 26.02 |
| Current Ratio | 1.50 | 1.79 | 0.84 | 13.71 |
| Return on Equity (ROE) (in %) | 7.85 | 34.08 | 52.09 | 149.14 |
PNGS Reva Diamond Jewellery Peer Comparison
| Name of Company | Face Value (₹ per share) | Closing Price on February 6, 2026 (₹) | EPS (₹) Basic | NAV (per share) (₹) | P/E Ratio | RoNW (%) |
| PNGS Reva Diamond Jewellery Limited | 10 | NA | 35.21* | 45.82^ | NA | 59.36# |
| Tribhovandas Bhimji Zaveri Limited | 10 | 161.30 | 10.25 | 98.49 | 15.74 | 10.41 |
| Thangamayil Jewellery Limited | 10 | 3,400.20 | 42.00 | 390.03 | 80.96 | 10.77 |
| Senco Gold Limited | 10 | 332.75 | 10.09 | 120.37 | 33.00 | 8.09 |
Strengths and Opportunities of PNGS Reva Diamond Jewellery Limited
- The company leverages regional expertise across Tier-1, Tier-2, and Tier-3 cities in Maharashtra, Gujarat, and Karnataka to improve operational efficiency and build community trust.
- Its experienced Board of Directors contributes diverse expertise in finance, business, retail, and jewellery, enhancing strategic decision-making and long-term value creation.
- The brand’s legacy and promoter reputation reinforce market position, customer trust, and operational stability.
- A diversified product portfolio across categories and price points enables the company to adapt to changing consumer preferences.
- Expertise in customised and high-value bridal jewellery strengthens revenue streams and enhances brand prestige.
- The company plans to open 15 brand-exclusive stores to strengthen market presence, drive revenue growth, and deliver stakeholder value.
- Focused marketing of the flagship brand “Reva” alongside promotional activities for new store launches aims to boost local brand awareness, visibility, and sales in existing stores.
Risks and Threats of PNGS Reva Diamond Jewellery Limited
- A large portion of revenue is concentrated in Maharashtra, exposing the company to regional market risks.
- Business performance is closely linked to the strength and reputation of the flagship brand “Reva,” with no assurance of maintaining its market perception.
- Dependence on the Corporate Promoter, P. N. Gadgil & Sons Limited, makes the company vulnerable to any reputational damage affecting footfall and sales.
- Ineffective marketing strategies could reduce consumer footfall and negatively impact financial performance and cash flows.
- Growing popularity and availability of lab-grown or synthetic diamonds may reduce demand for natural diamonds and gemstones.
- Sustaining revenue and profitability relies on converting existing customers into repeat buyers and acquiring new customers cost-effectively, with failure posing financial risks.
- Failure to introduce new designs or update collections in line with evolving customer preferences could adversely affect business prospects and operational results.
