PNGS Reva Diamond Jewellery IPO: From GMP and issue details to financials; Here’s what you need to know

Synopsis: The ₹380 crore IPO, priced at ₹367–₹386, opens February 24–26, 2026, with listing slated for March 4. Proceeds will fund 15 new stores and branding. With 34 stores across 25 cities and 87.45% promoter holding, expansion-led growth remains the key focus.

PNGS Reva Diamond Jewellery IPO is a  Rs 380 crore book-built issue, entirely comprising a fresh issue. The public offer will open for subscription on February 24, 2026, and close on February 26, 2026, giving investors a three-day window to participate.

The basis of allotment is expected on February 27, 2026, while the shares are likely to list on both BSE and NSE on March 4, 2026. The proceeds from the fresh issue are expected to support expansion and business growth plans. PNGS Reva Diamond Jewellery IPO price band is set at Rs 367 to Rs 386 per share.

GMP of PNGS Reva Diamond Jewellery IPO

As of February 2026, PNGS Reva Diamond Jewellery’s shares were trading at Rs 398 in the grey market, reflecting an 3.11% premium over the IPO cap price of  Rs 386. This translates to a gain of  Rs 384 per share, signalling healthy investor demand and positive sentiment ahead of the official listing.

Objective of the IPO

The company plans to utilise IPO proceeds primarily for expansion, allocating  Rs 286.56 crore toward setting up 15 new stores. Additionally,  Rs 35.40 crore will be spent on marketing and promotional activities to strengthen brand visibility for “Reva.” The remaining funds will be used for general corporate purposes, supporting overall operational and strategic growth initiatives.

Company Business

PNGS Reva Diamond Jewellery operates in the organised jewellery segment, offering diamond-studded designs crafted in gold and platinum under its flagship brand “Reva.” Its portfolio spans rings, earrings, necklaces, solitaires, bangles, bracelets, mangalsutras, and chains, catering to varied customer preferences and occasions across premium and contemporary categories.

As of September 30, 2025, the company had developed 13 distinct jewellery collections supported by an in-house design team, along with curated pieces sourced from third-party manufacturers and skilled karigars. This blend of internal design capability and external craftsmanship enables product innovation while maintaining variety and consistent quality standards.

According to the RHP, the company operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, covering 647.15 running feet of retail space. It follows a diversified retail strategy through FOCO, FOFO, and COCO models, balancing expansion, operational control, and capital efficiency.

Promoter Holding

Before the IPO, promoter holding in the company stands at 87.45%, indicating strong ownership control. The promoters include P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil, and Renu Govind Gadgil. Post-IPO, promoter stake is expected to dilute in line with the fresh issue, improving public shareholding.

Financial Performance

For the period ended 30 September 2025, the company reported total assets of  Rs 352.70 crore and total income of  Rs 157.12 crore. Profit after tax stood at  Rs 20.13 crore, while EBITDA was  Rs 30.79 crore. Net worth improved to  Rs 120.31 crore, supported by reserves of  Rs 98.44 crore, with total borrowings at  Rs 130.25 crore.

The company’s key performance indicators reflect stable profitability and efficiency. ROE stood at 18.3% and ROCE at 25.2%, indicating healthy capital utilisation. The debt-to-equity ratio was 1.10, suggesting moderate leverage. PAT margin came in at 12.85%, while EBITDA margin remained strong at 19.65%, highlighting improving operational performance.

Lead Manager & Registrar

The IPO registrar for the issue is Bigshare Services Pvt. Ltd., which will handle allotment and investor-related queries. The lead manager is Smart Horizon Capital Advisors Pvt. Ltd., responsible for managing the public offer process. Investors can review the lead manager’s past IPO performance and tracking reports for better insight into execution history and credibility.

• The strong brand legacy and promoter background enhance customer trust, reinforce credibility, and provide long-term operational stability, helping the company maintain a competitive edge in a highly trust-driven and relationship-oriented jewellery market.
• An experienced Board of Directors with expertise across finance, retail, business strategy, and jewellery supports informed decision-making, prudent risk management, and sustainable value creation through structured governance and strategic planning.
• Deep regional presence across Tier-1, Tier-2, and Tier-3 cities in Maharashtra, Gujarat, and Karnataka strengthens local market understanding, improves operational efficiency, and builds lasting community relationships and brand loyalty.
• A diversified product portfolio spanning multiple categories and price segments enables the company to address evolving consumer preferences, capture wider demographics, and remain competitive amid shifting fashion trends and buying patterns.

•  A substantial 96–97% of revenue comes from Maharashtra stores, creating geographic concentration risk. Any regional disruption could significantly impact performance, growth prospects, and overall financial stability.
• The business heavily relies on the “Reva” brand reputation. Any decline in brand perception or negative publicity may directly affect customer trust, sales momentum, and long-term financial performance.
• Dependence on the corporate promoter’s brand, P. N. Gadgil & Sons Limited, exposes the company to reputational spillover risks that could reduce footfall and revenue generation.
• Ineffective marketing strategies may weaken customer engagement and store traffic, ultimately impacting sales volumes, cash flows, and the company’s broader financial health.

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