PNGS Reva Diamond Jewellery IPO
PNGS Reva Diamond Jewellery Ltd. is launching a book-building IPO of Rs. 380.00 crore, comprising a fresh issue of Rs. 380.00 crore.
The IPO opens for subscription on Tuesday, February 24, 2026 and closes on Thursday, February 26, 2026. The allotment is expected to be finalised on Friday, February 27, 2026, and the shares are proposed to be listed on BSE and NSE with a tentative listing date of Wednesday, March 4, 2026.
🕗 Last Update: 13 February 2026, 6.00 AM
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PNGS Reva Diamond Jewellery IPO Details
| Parameter | Details |
|---|---|
| IPO Size | Rs. 380.00 crore |
| Business | Jewellery retail brand “Reva” (diamond & precious/semi-precious jewellery in gold/platinum) |
| Store Network (RHP) | 34 stores across 25 cities (Maharashtra, Gujarat, Karnataka) |
| Total Issue Size | 98,44,559 shares |
| FY25 PAT | Rs. 59.47 crore |
| Key Risk | Gold price volatility, discretionary demand cycles, premium valuation post issue |
| Chanakya View | Selective participation; track pricing comfort + subscription trend |
Final Subscription Tally
| Particulars | Details |
|---|---|
| Size | Rs. 380.00 Cr. |
| Open | 24/02 |
| Close | 26/02 |
| Al | 27/02 |
| List | 04/03 |
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | Tuesday, 24 Feb 2026 |
| IPO Closing Date | Thursday, 26 Feb 2026 |
| Listing Date (Tentative) | Wednesday, 4 Mar 2026 |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 367 – Rs. 386 |
| Lot Size | 32 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Capital |
| Total Issue Size | 98,44,559 Shares |
| Total Issue Amount | Rs. 380.00 crore |
| Fresh Issue | Rs. 380.00 crore |
| Offer for Sale | Nil |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,18,66,400 shares |
| Share Holding Post Issue | 3,17,10,959 shares |
| Market Cap (Pre-IPO) | Rs. 1,224.04 Cr |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Tue, Feb 24, 2026 |
| IPO Closes | Thu, Feb 26, 2026 |
| Allotment | Fri, Feb 27, 2026 |
| Refunds | Mon, Mar 2, 2026 |
| Credit of Shares | Mon, Mar 2, 2026 |
| Listing | Wed, Mar 4, 2026 |
Investor Reservation
| Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Net Issue |
| NII | Not more than 15% of the Net Issue |
| Retail | Not more than 10% of the Net Issue |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| 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 |
What Does PNGS Reva Diamond Jewellery Do?
| Particulars | Details |
|---|---|
| Incorporated | 2004 |
| Business | Jewellery made using diamonds and precious/semi-precious stones studded into gold and platinum |
| Brand | “Reva” |
| Key Products | Rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutra, nose rings, chains |
| Collections (as on Sep 30, 2025) | 13 jewellery collections |
| Design & Sourcing | In-house design team + curated selections from third-party manufacturers and Karigars |
| Store Network (RHP) | 34 stores across 25 cities (Maharashtra, Gujarat, Karnataka) |
| Store Models | FOCO, FOFO, COCO |
| Store Area (RHP) | 647.15 Running Feet |
Competitive Strengths
| Strength | Details |
|---|---|
| Promoter legacy | Brand value and legacy of promoters supports trust and stability |
| Board strength | Experienced directors across finance, business, retail and jewellery |
| Regional execution | Presence in Tier-1/2/3 cities supports efficiency and community trust |
| Portfolio | Diversified product range across categories and price points |
| Scalable model | FOCO/FOFO/COCO formats support expansion strategy |
Financials (Rs. crore – Restated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 352.70 | 226.84 | 158.33 | 123.93 |
| Total Income | 157.12 | 259.11 | 196.24 | 199.35 |
| EBITDA | 30.79 | 79.61 | 56.14 | 68.73 |
| PAT | 20.13 | 59.47 | 42.41 | 51.75 |
| Net Worth | 120.31 | 100.19 | -28.50 | -52.02 |
| Reserves and Surplus | 98.44 | 95.33 | -37.64 | -60.74 |
| Total Borrowings | 130.25 | 90.65 | – | – |
Key Performance Indicators (FY25)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 18.3% | 165.9% |
| ROCE | 25.2% | 79.8% |
| Debt/Equity | 1.10 | 0.90 |
| RoNW | 16.73% | 59.36% |
| PAT Margin | 12.85% | 23.04% |
| EBITDA Margin | 19.65% | 41.81% |
| Price to Book Value | – | 8.42 |
Objects of the Issue
| Purpose | Amount (Rs. crore) |
|---|---|
| Setting-up of 15 New Stores | 286.56 |
| Marketing & promotional expenses for launch of 15 New Stores | 35.40 |
| General corporate purposes | Balance |
Promoters & Shareholding
| Particulars | Details |
|---|---|
| Promoters | P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil, Renu Govind Gadgil |
| Promoter Holding (Pre IPO) | 87.45% |
| Promoter Holding (Post IPO) | 60.31% |
| EPS (Rs.) | 27.20 (Pre) / 12.70 (Post) |
| P/E (x) | 14.19 (Pre) / 30.4 (Post) |
| Market Cap | Rs. 1,224.04 Cr. |
PNGS Reva Diamond Jewellery IPO – Review
| Parameter | Review |
|---|---|
| Business positioning | Organised diamond jewellery retail brand with regional footprint and multi-format expansion model |
| Key growth trigger | IPO proceeds primarily for 15 new stores + launch marketing to build local visibility |
| Financial track | Profitable (FY25 PAT Rs. 59.47 Cr.); net worth turned positive; monitor margin normalisation vs inventory cycle |
| Key risks | Gold price volatility, discretionary demand, working capital intensity, valuation re-rating post issue |
| Who it suits | Medium-term investors tracking retail expansion execution; listing gains depend on demand/subscription and grey market cues |
Chanakya View
Selective participation. Track price band comfort, subscription trend and grey market signals. Medium-term outcome hinges on store rollout execution and sustained demand in focus markets.
About Chanakya IPO Analysis
Chanakya provides independent IPO analysis combining fundamentals, grey market intelligence and technical insights for retail and long-term investors
Disclaimer-
This IPO coverage is for informational purposes only. Investors are advised to read the RHP/DRHP carefully and consult a SEBI-registered investment advisor before investing.
Yes. FY25 PAT stood at Rs. 59.47 crore.
Diamond and precious jewellery retail under the “Reva” brand.
Investors sensitive to valuation, jewellery demand cycles and gold price volatility.
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