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PNGS Reva Diamond Jewellery IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
PNGS Reva Diamond Jewellery Limited is a retail-focused jewellery brand engaged in designing and selling diamond-studded jewellery made of gold and platinum under its flagship brand “Reva.” The company earns revenue through physical retail stores operating in FOCO, FOFO, and COCO formats. As of the RHP date, it operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, with a strong focus on diamond jewellery.
PNGS Reva Diamond Jewellery, an Book Built Issue, amounting to ₹
380.00 Crore,consisting entirely an fresh issue of
0.98 crore shares of
₹
380.00 crores. The subscription period for the PNGS Reva Diamond Jewellery IPO opens on February 24, 2026, and closes on February 26, 2026. The allotment is expected to be finalized on or about 27 February 2026, Friday, and the shares will be listed on the BSE with a tentative listing date set on or about Wednesday, March 04, 2026.
The Share Price Band of PNGS Reva Diamond Jewellery IPO is set at ₹367 to ₹386 per share per equity share. The Market Capitalisation of the PNGS Reva Diamond Jewellery at IPO price of ₹386 per equity share will be ₹1,224.04 Cr The lot size of the IPO is 32 shares. Retail investors are required to invest a minimum of ₹
12,352, 1 lots (
32 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
17 lots (
544 shares), amounting to ₹
209,984.
Smart Horizon Capital Advisors Private Limited, are the book running lead manager of the PNGS Reva Diamond Jewellery Ltd. while Bigshare Services Private Limited is the registrar for the issue.
PNGS Reva Diamond Jewellery Limited IPO GMP Today
The Grey Market Premium of PNGS Reva Diamond Jewellery IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
PNGS Reva Diamond Jewellery Limited IPO Live Subscription Status Today: Real-Time Update
The subscription period for the PNGS Reva Diamond Jewellery IPO opens on February 24, 2026
PNGS Reva Diamond Jewellery Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
PNGS Reva Diamond Jewellery IPO allotment date is 27 February 2026, Friday, PNGS Reva Diamond Jewellery IPO Allotment will be out on 27 February 2026, and will be live on Registrar Website from the allotment date.
KFIN Technologies Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select PNGS Reva Diamond Jewellery IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of PNGS Reva Diamond Jewellery Limited IPO
PNGS Reva Diamond Jewellery to utilise the Net Proceeds towards the following objects:
1. ₹2,865.64 Million is required for Funding expenditure towards setting-up of 15 New Stores
2. ₹354.00 Million is required for 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
3. General Corporate Purposes.
Refer to PNGS Reva Diamond Jewellery Limited RHP for more details about the Company.
PNGS Reva Diamond Jewellery Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| February 13, 2026 | ₹ 386 | ₹ 386 | ₹0(0.0%) | 13 February 2026; 12:32 PM |
PNGS Reva Diamond Jewellery IPO Details
| Market Capitalization | ₹1,224.04 Cr |
| IPO Date | February 24, 2026 to February 26, 2026 |
| Listing Date | March 04, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹367 to ₹386 |
| Issue Price | ₹386 per share |
| Employee Discount | NA |
| Lot Size | 32 Equity Shares |
| Total Issue Size | 98,44,560 Equity Shares (aggregating to ₹380.00 Cr) |
| Fresh Issue | 98,44,560 Equity Shares (aggregating to ₹380.00 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 2,18,66,400 |
| Share holding post issue | 3,17,10,960 |
| Rating | Avoid |
PNGS Reva Diamond Jewellery IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
PNGS Reva Diamond Jewellery IPO Timeline (Tentative Schedule)
| IPO Open Date | Tue, Feb 24, 2026 |
| IPO Close Date | Thu, Feb 26, 2026 |
| Basis of Allotment | Fri, Feb 27, 2026 |
| Initiation of Refunds | Mon, Mar 2, 2026 |
| Credit of Shares to Demat | Mon, Mar 2, 2026 |
| Listing Date | Wed, Mar 4, 2026 |
| Cut-off time for UPI mandate confirmation | Fri, Feb 27, 2026 |
PNGS Reva Diamond Jewellery IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 7,383,420 | Not less than 75% of the Net Offer |
| Non-Institutional Investor Portion | 1,476,684 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 984,456 | Not more than 10% of the Net Offer |
PNGS Reva Diamond Jewellery IPO Promoter Holding
| Share Holding Pre Issue | 87.45% |
| Share Holding Post Issue | 60.30% |
PNGS Reva Diamond Jewellery IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹12,352 |
| Retail (Max) | 16 | 512 | ₹197,632 |
| S-HNI (Min) | 17 | 544 | ₹209,984 |
| S-HNI (Max) | 80 | 2,560 | ₹988,160 |
| B-HNI (Min) | 81 | 2,592 | ₹1,000,512 |
PNGS Reva Diamond Jewellery IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 7,383,420 | 32,42,304 | 0.44x | 02 March 2026; 09:38 AM |
| Non Institutional Investors(NIIS) | 1,476,684 | 23,88,224 | 1.62x | 02 March 2026; 09:38 AM |
| Retail Individual Investors (RIIs) | 984,456 | 13,42,592 | 1.36x | 02 March 2026; 09:39 AM |
| Employee Reservation | 10,000 | 70,848 | 7.08x | 02 March 2026; 09:39 AM |
| Total | 54,25,359 | 70,43,968 | 1.30x | 02 March 2026; 09:39 AM |
About PNGS Reva Diamond Jewellery Limited
PNGS Reva Diamond Jewellery Limited is a retail-focused jewellery brand engaged in designing and selling diamond-studded jewellery made of gold and platinum under its flagship brand “Reva.” The company earns revenue through physical retail stores operating in FOCO, FOFO, and COCO formats. As of the RHP date, it operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, with a strong focus on diamond jewellery.
The company operates primarily through a Franchise Agreement with its Corporate Promoter, P. N. Gadgil & Sons Limited, leveraging its infrastructure and logistics. It has 34 stores aggregating 647.15 running feet, including 32 FOCO, 1 FOFO, and 1 COCO store. The company plans to expand with 15 new brand-exclusive COCO stores.
The product portfolio includes diamond-studded gold jewellery, platinum jewellery, precious and semi-precious stone jewellery, and solitaires. Products cater to a wide price range starting from ₹20,000 onwards, targeting both first-time buyers and premium customers. Revenue from operations increased to ₹2,581.83 million in FY25, driven by diamond jewellery growth.
The company became an independent entity after the Business Transfer Agreement dated January 31, 2025, where the diamond business was transferred on slump sale basis. Assets worth ₹1,623.01 million were transferred. The IPO proceeds of ₹2,865.64 million will fund 15 new stores and expansion plans.
As of September 30, 2025, the sales and marketing team consists of 49 permanent employees (47 sales + 2 marketing). The issue proceeds are entirely funded through IPO with no external debt arrangements required.
Employee & Banker
As of September 30, 2025, the company had 69, full time employees. The Banker to the Company is Federal Bank Limited, HDFC Bank Limited, YES Bank Limited
Management and Growth Outlook
The company is promoted by Govind Vishwanath Gadgil (45+ years experience) and Renu Govind Gadgil (13+ years experience) in the jewellery business.
The management’s short-term focus is:
- Launching 15 new COCO brand-exclusive stores
- Strengthening brand identity independent of Corporate Promoter
- Increasing market share in the diamond jewellery segment
Long-term vision includes:
- Expanding footprint pan-India
- Strengthening premium diamond positioning
- Enhancing direct consumer engagement
Funding for expansion will be entirely through Net IPO Proceeds, as confirmed in the RHP.
Industry Overview
Indian Gems & Jewellery Industry
- Contributes ~7% to India’s GDP
- Accounts for ~15% of total merchandise exports
- India produces over 90% of the world’s polished diamonds
- Manufacturing concentrated in Maharashtra, Gujarat, Tamil Nadu
The diamond-studded gold jewellery segment is witnessing strong demand due to rising disposable income and wedding demand.
Industry Growth Drivers
- Rising urbanization
- Branded jewellery preference
- Hallmarking regulation
- Increasing wedding & luxury demand
India remains one of the largest jewellery markets globally, with gold jewellery dominating but diamond jewellery growing steadily.
Key Risk Factors
- Dependence on Franchise Model
The company operates largely under a Franchise Agreement with P. N. Gadgil & Sons Limited. Any change in agreement terms may impact operations. - Gold & Diamond Price Volatility
Revenue is directly affected by fluctuations in gold and diamond prices, impacting margins and inventory valuation. - Limited Geographic Presence
Currently operates in Maharashtra, Gujarat, and Karnataka. Expansion risk exists in new territories. - Inventory Intensive Business
Inventory increased to ₹1,794.17 million in FY25, which requires efficient turnover to avoid working capital stress. - No Export Revenue
No international revenue generated in past years, limiting diversification. - High Dependence on Domestic Sales
Revenue growth of 31.97% in FY25 is entirely domestic. Any slowdown in domestic demand may affect performance. - Competitive Industry
Competition from organized brands and synthetic diamonds poses pressure on pricing and brand differentiation.
Key Strengths & Opportunities
- Strong Brand Legacy
Backed by Corporate Promoter with 190+ years legacy, enhancing trust and credibility. - Robust Revenue Growth
Revenue increased to ₹2,581.83 million in FY25, reflecting strong demand and operational efficiency. - Asset Transfer Strengthening Base
Net asset value transferred of ₹1,623.01 million strengthened balance sheet. - Expansion Strategy
Investment of ₹2,865.64 million for 15 new stores ensures growth visibility till FY28. - Design Innovation
Launched four new collections in FY25, increasing customer engagement and average order value. - Wide Price Range Strategy
Products start from ₹20,000 onwards, catering to entry-level and premium buyers. - Strong Inventory & ERP Forecasting
ERP-based forecasting and inventory management enabled 31.97% revenue growth in FY25.
PNGS Reva Diamond Jewellery Limited Financial Information (Restated Consolidated)
Amount in (₹ in Million)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 984.42 | 953.32 | -376.40 | -607.42 |
| Total Assets | 3,527.02 | 2,268.35 | 1,583.28 | 1,239.26 |
| Total Borrowings | 1,302.49 | 906.50 | 0.00 | 0.00 |
| Fixed Assets | 7.31 | 2.11 | - | - |
| Cash | 147.50 | 390.20 | 11.98 | 10.66 |
| Cash flow from operating activities | -546.71 | 390.13 | 183.65 | 394.96 |
| Cash flows from investing activities | -53.74 | -1,594.18 | 7.06 | 4.51 |
| Cash flow from financing activities | 357.75 | 1,732.32 | -0.06 | -8.04 |
| Net Borrowing | 1,154.99 | 516.30 | -11.98 | -10.66 |
| Revenue | 1,571.17 | 2,591.06 | 1,962.36 | 1,993.47 |
| EBITDA | 307.92 | 796.11 | 561.39 | 687.31 |
| PAT | 201.33 | 594.74 | 424.14 | 517.47 |
| PAT Margin | 12.81% | 22.95% | 21.61% | 25.96% |
| EPS | 9.21 | 35.21 | - | - |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 35.21 |
| EPS Post IPO (Rs.) | 18.76 |
| Adjusted 12M EPS Post IPO (Rs.) | 12.70 |
| P/E Pre IPO | 10.96 |
| P/E Post IPO | 20.58 |
| Adjusted 12M P/E Post IPO | 30.40 |
| ROE | 34.08% |
| ROCE | 79.80% |
| P/BV | 8.42 |
| Debt/Equity | 0.37 |
| RoNW | 59.36% |
| EBITDA Margin | 30.83% |
| PAT Margin | 22.95% |
PNGS Reva Diamond Jewellery Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| PNGS Reva Diamond Jewellery | 18.76 | 20.58 | 34.08% | 79.80% | 8.42 | 0.37 | 59.36% |
| Tribhovandas Bhimji Zaveri | 10.25 | 15.74 | 10.9 % | 12.0 % | 1.64 | 1.18 | 10.41% |
| Thangamayil Jewellery | 42.00 | 80.96 | 14.9 % | 13.7 % | 8.72 | 0.96 | 10.77% |
| Senco Gold | 10.08 | 33.00 | 9.83 % | 10.4 % | 2.77 | 1.13 | 8.09% |
PNGS Reva Diamond Jewellery Limited Contact Details
PNGS Reva Diamond Jewellery Limited
Phone: +91 20 29980704
Email: investor@revabypng.com
Website: http://www.revabypng.com/
PNGS Reva Diamond Jewellery IPO Registrar and Lead Manager(s)
Bigshare Services Private Limited
Phone: +91 22 62638200
Email: ipo@bigshareonline.com
Website: https://www.bigshareonline.com/
Smart Horizon Capital Advisors Private Limited
Phone: : +91 22 28706822
Email: pngreva@shcapl.com
Website: http://www.shcapl.com/
PNGS Reva Diamond Jewellery IPO Review
PNGS Reva Diamond Jewellery Limited is a retail-focused jewellery brand engaged in designing and selling diamond-studded jewellery made of gold and platinum under its flagship brand “Reva.” The company earns revenue through physical retail stores operating in FOCO, FOFO, and COCO formats. As of the RHP date, it operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, with a strong focus on diamond jewellery.
The Company is led by Promoter, i.e.,P. N. GADGIL & SONS LIMITED, GOVIND VISHWANATH GADGIL AND RENU GOVIND GADGIL
The Revenues frorom operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,571.17 Million, ₹ 2,591.06 Million, ₹ 1,962.36 Million, and ₹ 1,993.47 Million, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 307.92 Million, ₹ 796.11 Million, ₹ 561.39 Million, and ₹ 687.31 Million, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 201.33 Million, ₹ 594.74 Million, ₹ 424.14 Million, and ₹ 517.47 Million, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 35.21 and post-issue EPS of ₹ 18.76 for FY25. The pre-issue P/E ratio is 10.96x,while the post-issue P/E ratio is 20.58x against the Industry P/E ratio is 43.23x The company's ROE for FY25 is 34.08% and RoNW is 59.36% The Annualised EPS is ₹ 12.70x and P/E is ₹ 30.40x, These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of PNGS Reva Diamond Jewellery showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the PNGS Reva Diamond Jewellery Limited. IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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