PNGS Reva Diamond Jewellery IPO Details
| Detail | Description |
|---|---|
| IPO Date | 24 to 26 Feb, 2026 |
| Listing Date | Wed, Mar 4, 2026T |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 367 to ₹ 386 |
| Lot Size | 32 Shares |
| IPO Type | Fresh Capital |
| Total Issue Size | 98,44,559 shares (agg. up to ₹ 380 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,18,66,400 shares |
| Share Holding Post Issue | 3,17,10,959 shares |
About PNGS Reva Diamond Jewellery IPO
PNGS Reva Diamond Jewellery IPO is a book-building IPO of ₹380 crore, an entire fresh issue of shares. The price band is set at ₹367 to ₹386 and the lot size for an application is 32. The minimum payment of investment required by an individual investor (retail investor) is ₹12,352 (32 shares). The IPO opens for subscription from February 24, 2026, to February 26, 2026, on the BSE and NSE platforms, with a tentative listing date fixed as March 4, 2026.
Company Background
PNGS Reva Diamond Jewellery Ltd., incorporated in 2004, offers a variety of types of jewelry made up of diamonds and precious (semi or full) stones. All product offerings are operated under the name of “Reva” and also offer a wide range of products, including rings, earrings, etc. (mainly from a female customer perspective). As of Q2 of FY26, this company has 13 distinct jewelry collections that include in-house designs and curated selections from 3rd-party manufacturers and Kargiars. Now, the ‘Reva’ brand has established its presence in 34 stores and 25 cities in the states of Maharashtra, Gujarat, and Karnataka.
Operations & Product Range
Facility & Production
PNGS Reva Diamond Jewellery Ltd. operates an asset-light, retail-focused production model through a network of 34 stores across 25 cities in Maharashtra (the trading & export), Gujarat (the Diamond Factory), and Karnataka (the Gold Mine & Design Center). Its production strategy leverages a worldly-wise mix of in-house designers and skilled "Karigars" alongside third-party design teams to create over 13 distinct jewelry collections. With this IPO, the company plans to expand its 15 new brand-exclusive retail outlets to enhance direct production-to-market efficiency.
Brand & Market Presence
Operating under the flagship brand “Reva,” the company targets the mass-premium "affordable luxury" segment with diamond and gemstone jewellery starting at ₹10,000. Backed by the 190-year legacy of P.N. Gadgil & Sons, the brand has established a strong regional footprint in Western India. It currently commands a significant market presence through a combination of standalone stores and strategic shop-in-shop formats within established promoter outlets.
Revenue Channels
PNGS Reva Diamond Jewellery Ltd. generates revenue through 3 primary, distinct streams:
- • (Franchisee-Owned Company-Operated) FOCO Model: Stores where PNGS Reva manages inventory and operations directly.
- • (Franchisee-Owned Franchisee-Operated) FOFO Model: Outlets where inventory is transferred to the promoter for retail.
- • Digital sales via their e-commerce platform and social commerce integrations (WhatsApp/Instagram) to target millennial and urban buyers.
Management & Shareholding
Promoter & Shareholding
The promoter group consists of P.N. Gadgil & Sons Ltd., Govind Vishwanath Gadgil, and Renu Govind Gadgil. Before the IPO, it collectively held a dominant 87.45% stake in the company. While the offer is a completely fresh issue of shares that leads to no dilution in the ownership of previous shareholders.
Board Members
The Board Members of PNGS Reva Diamond Jewellery Ltd. comprise 6 key members, blending deep industry experience with independent oversight. Chairman Govind Vishwanath Gadgil and CEO Amit Yeshwant Modak lead the strategy, supported by Non-executive Director Aditya Amit Modak. Independent Directors Ranjeet Sadashiv Natu, Ravindra Kamalakar Lale, and Aparna Prasad Purohit ensure strong governance across the Audit and Stakeholder committees.
IPO Objectives
- • Funding the expenditure of the expansion via the new 15 stores, setting up
- • Investment in the marketing and promotional expenses
- • General corporate purposes
Conclusion
The PNGS Reva Diamond Jewellery IPO is an opportunity for investors to invest in a growing jewelry brand that has shown consistent expansion in EBITDA. By leveraging its 190-year legacy and utilizing ₹380 Cr in IPO proceeds for retail expansion, the company aims to transition from a shop-in-shop model to a dominant, brand-exclusive presence with this market debut.
PNGS Reva Diamond Jewellery IPO Financial Information
Latest Revenue
259.11
₹ Crore
Profit After Tax
59.81
₹ Crore
Net Worth
246.34
₹ Crore
Total Borrowing
90.65
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 226.84 | 259.11 | 59.81 | 246.34 | 95.33 | 90.65 | |||
| 31 Mar 2024 | 158.33 | 196.24 | 42.40 | 102.65 | -37.64 | — | |||
| 31 Mar 2023 | 123.93 | 199.35 | 51.75 | 60.19 | -60.74 | — | |||
| Amount in ₹ Crore | |||||||||
PNGS Reva Diamond Jewellery Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 18.3% |
| ROCE | 25.2% |
| Debt/Equity | 1.10x |
| RoNW | 16.73% |
| PAT Margin | 12.85% |
| EBITDA Margin | 19.65% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 35.21 (basic/diluted) | - |
| P/E (x) | 10.96 | - |
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Competitive Strengths
Experienced promoters and key management personnel that helps in effective & efficient decision-making.
Regional expertise across top-tier cities in Maharashtra, Gujarat and Karnataka
Diversified product portfolio
Download regulatory filings
PNGS Reva Diamond Jewellery IPO Timeline
| IPO Open Date | Tue, Feb 24, 2026 |
| IPO Close Date | Thu, Feb 26, 2026 |
| Tentative Allotment | Fri, Feb 27, 2026 |
| Initiation of Refunds | Mon, Mar 2, 2026 |
| Credit of Shares to Demat | Mon, Mar 2, 2026 |
| Tentative Listing Date | Wed, Mar 4, 2026 |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 32 | ₹12,352 |
| Individual investors (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 |