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HomeIPOPNGS Reva Diamond Jewellery

About PNGS Reva Diamond Jewellery

Incorporated in 2004, PNGS, an abbreviation for P N Gadgil & Sons is a jewellery business. Company focused jewellery brand dealing in the business of sale of varied variety of jewellery prepared by using diamond and precious and semi-precious stones which are studded in precious metals including gold and platinum. All products are available under the brand name: 'Reva'. The wide range of products offered by the company also includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutras, nosepins, and chains, etc., which cater to various kinds of customers and their needs. The company has offered 13 different kinds of jewelry collections till September 30, 2025, which include their own design team as well as third-party design teams. It had, as on Feb 2026, 34 stores across 25 cities in the states of Maharashtra, Gujarat, and Karnataka.

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National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Antala Industries

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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

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17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

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29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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PNGS Reva Diamond Jewellery

PNGS Reva Diamond Jewellery

Open Date

Feb 24, 2026

Close Date

Feb 26, 2026

listed

Min Investment

₹12,352

Lot Size

32 Shares

Issue Size

₹380 Cr

Price Range

₹367 - ₹367

Listing Date

Mar 4, 2026

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Grey Market Premium (GMP) Trend

PNGS Reva Diamond Jewellery IPO - Issue Objectives

The company will use approximately ₹286.56 crore for setting-up of 15 new stores. The company will spend ₹35.40 crore on marketing and promotions for its 15 new stores. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Capital expenditure

75.41%

Marketing and promotional expenses

9.32%

General corporate purposes

15.27%

1

Capital expenditure

The company will use approximately ₹286.56 crore for setting-up of 15 new stores.

75.41%
2

Marketing and promotional expenses

The company will spend ₹35.40 crore on marketing and promotions for its 15 new stores.

9.32%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

15.27%

IPO Subscription Status

QIB
1.10x
NII
1.62x
Individual
1.35x
Total
1.30x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of PNGS Reva Diamond Jewellery

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue157.12259.11196.24199.35
EBITDA30.7979.6156.1468.73
Expenses
Profit After Tax20.1359.8142.4051.75
Assets352.70226.84158.33123.93
Net Worth120.31100.19-28.50-52.02
Reserves98.4495.33-37.64-60.74
Borrowing130.2590.65

PNGS Reva Diamond Jewellery - Promoter(s)

P.N. Gadgil & Sons Limited

Govind Vishwanath Gadgil

Renu Govind Gadgil

Pre Issue Share Holding

87.45%

Post Issue Share Holding

60.31%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Diversified portfolio across categories and price points

Reva offers a broad portfolio across daily‑wear and high‑value occasion pieces, with designs starting around ₹20,000 and spanning multiple categories like rings, earrings, necklaces, bangles and mangalsutras in gold and platinum with diamonds and semi‑precious stones. The company has launched 3, 6 and 4 new collections in FY23, FY24 and FY25, respectively. This breadth and innovation help the brand stay aligned with rapidly evolving consumer preferences across segments.

02

Regional focus and operating efficiency

Reva’s concentrated presence across Tier‑1, Tier‑2 and Tier‑3 cities in Maharashtra, Gujarat and Karnataka allows tighter alignment with regional demand drivers like weddings and festivals, improving inventory turns. Operating within a focused western India corridor enables centralised inventory management, lower logistics costs and faster replenishment cycles through optimised routes and proximity to the quality‑control hub.

03

Strong quality architecture and certification

All jewellery is made in BIS-hallmarked gold, with diamonds largely in the E–F and F–G colour ranges and VVS clarity, certified by IGI. Solitaire diamonds are GIA-certified. The company uses specialised tools to assess cut, clarity, colour, carat and metal purity, supported by regular supply-chain audits. Detailed certificates and care guides shared with customers further build trust, especially as diamond-studded jewellery accounts for nearly all of its revenue between FY23 and FY25.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High revenue and store concentration

Reva’s business is concentrated heavily on the state of Maharashtra which contributed to more than 96% of revenue from FY23 to FY25 and nearly 98% in H1FY26. Out of 34 stores, 32 are in Maharashtra where five stores alone contributed 31.43% of revenue in H1FY26 and more than 43% in FY25. Though the focus has helped the brand gain regional depth, any shift in Maharashtra or at a few key stores can have an overproportionate impact on the sales, profitability and cash flows.

02

Dependence on corporate promoter PNGS

Nearly all its stores are set up as shop-in-shop format inside PNGS outlets with just one standalone company-owned store. Reva also relies on PNGS’s trademarks, store infrastructure and footfall. This close association, though has helped the brand in rapid growth, but in case any operational, financial or reputational issues arise at PNGS or at other brands inside the same stores can impact the footfall and the sales.

Contact Details

PNGS Reva Diamond Jewellery

Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune, Maharashtra, 411041

+9102029980704
investor@revabypng.com
https://www.revabypng.com/

Registrar Contact Details

Bigshare Services Pvt.Ltd

+91-22-6263 8200
ipo@bigshareonline.com
https://ipo.bigshareonline.com/ipo_status.html

PNGS Reva Diamond Jewellery IPO - FAQs

PNGS Reva Diamond Jewellery IPO is a Mainboard IPO. The issue is priced at 367-₹386. The minimum order quantity is 32 Shares. The IPO opens on 24 Feb, and closes on 26 Feb. Bigshare Services Pvt.Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-02-23
  • Bidding Starts2026-02-24
  • Bidding Ends2026-02-26
  • Allotment Finalisation2026-02-27
  • Release of Funds2026-03-02
  • Demat Transfer2026-03-02
  • Listing2026-03-04
04

Strength in customised and bridal jewellery

All jewellery is crafted in hallmarked gold in line with BIS purity norms, with diamonds predominantly in E–F and F–G colour grades and VVS clarity, certified by IGI. Solitaire diamonds are certified by GIA, and the company uses specialised tools to assess clarity, cut, colour, carat and metal purity. Regular supply‑chain audits and customer‑facing documentation (certificates and care instructions) reinforce trust, crucial in a category where 99.64–99.75% of FY23–FY25 income comes from diamond‑studded ornaments

05

Expertise in customised and bridal high‑value jewellery

Reva is well placed to tap the rising demand for personalised, high-value jewellery. Customers can customise everything from metals and diamonds to gemstones and engravings. The brand also offers handcrafted bridal sets designed for once-in-a-lifetime occasions, which typically carry higher ticket sizes and help foster long-term customer relationships.

03

Structural threat from lab‑grown diamonds

The LGD jewellery market in India grew from ₹2,158.8 crore in CY22 to ₹2855.8 crore in CY24 on 0% import duty on LGD seeds. This could create a downside to natural diamonds and gemstones demand, hurting Reva sales, headcount and market share.

04

High inventory and supplier concentration

Inventory days are high at 316 in FY23, 364 in FY24 and 360 in FY25, indicating inventory cycles of almost a year. The top three LGD suppliers made up 30.74%, 30.14% and 26.45% of stock-in-trade purchases in FY24, FY25 and H1FY26 respectively. A demand miss or supply disruption with these vendors could pressure working capital, availability and gross margins.

05

Seasonality‑driven earnings volatility

Sales are highly seasonal on Akshay Tritiya, Dhanteras, Diwali, regional new years, Valentine’s Day and the wedding season. A weak festive or wedding cycle could adversely impact FY earnings/cash flows disproportionately. Seasonality also creates challenges in inventory and liquidity management. Interim earnings are therefore difficult to correlate with steady-state earnings.