Updated on 15.02.2026|12:48 PM
PNGS Reva Diamond Jewellery Limited has announced its Initial Public Offering (IPO). It is a diamond and precious stone jewellery brand promoted by P. N. Gadgil & Sons.
The subscription will open on February 24, 2026 and close on February 26, 2026. You can track the details of all the upcoming and live IPOs of 2026 at our hub page which is updated regularly.
The company, established as a separate entity following a slump sale of the promoter's diamond business, operates 34 stores across Maharashtra, Gujarat, and Karnataka.
The 100% fresh issue aims to raise approximately ₹380 Crores, with proceeds primarily earmarked for setting up 15 new brand-exclusive stores and marketing expenses.
The company aims to raise the money with a price band of ₹367–₹386 per share.
In this article, you will find PNGS Reva IPO GMP today, price band, and a detailed review.
For subscription status of IPOs, you can check our IPO subscription hub page. And for allotment related details you can check our separate allotment status hub page.
Briefs of PNGS Reva IPO Details:
- Price Band: ₹367 – ₹386 per equity share
- IPO Open / Close Dates: February 24, 2026 – February 26, 2026
- Lot Size: 32 Shares (Note: Retail Minimum Application is 1 Lot / 32 Shares)
- Issue Size: 98,44,559 Equity Shares / ~₹380 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE, NSE
Check here the detailed step by step guide on allotment status checking at Bigshare which has all the information like credit of shares, allotments and refunds etc.
What Is The PNGS Reva IPO GMP Today?
You can check the GMP of this and other issues at our GMP today hub page.
Note: The Grey Market Premium (GMP) is an unofficial indicator and is not regulated by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
What Are The Important PNGS Reva IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, February 24, 2026
- IPO Close Date: Thursday, February 26, 2026
- Basis of Allotment Date: Friday, February 27, 2026
- Refund Initiation Date: Monday, March 2, 2026
- Credit of Shares: Monday, March 2, 2026
- Listing Date: Wednesday, March 4, 2026
What Are The Objectives of PNGS Reva IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Store Expansion: A significant portion of ₹286.56 Crores is allocated for setting up 15 New Stores. This marks a pivotal shift from the current SIS model to standalone brand-exclusive outlets.
- Marketing & Branding: Approximately ₹35.40 Crores will be invested in marketing activities to establish "Reva" as an independent brand identity distinct from its parent entity.
- General Corporate Purposes: To fund ongoing operational needs and strategic initiatives.
How is The Financial Performance of PNGS Reva?
The following table summarises the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | Period Ended 31 Mar 25 | Period Ended 31 Mar 24 | Period Ended 31 Mar 23 |
Total Income | 157.12 | 259.11 | 196.24 | 199.35 |
Profit After Tax (PAT) | 20.13 | 59.47 | 42.41 | 51.75 |
EBITDA (Adjusted) | 30.79 | 79.61 | 56.14 | 68.73 |
Total Borrowing | 130.25 | 90.65 | 0.00 | 0.00 |
Assets | 352.70 | 226.84 | 158.33 | 123.93 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹259.11 Crores in FY25, reflecting a growth of approximately 32% over FY24.
This momentum is driven by the expansion of its shop-in-shop network and the successful launch of new diamond collections which command higher price points.
Profit After Tax (PAT):
Profitability has been robust, with PAT reaching ₹59.47 Crores in FY25, showcasing a healthy growth trajectory.
However, the PAT margin for the half-year ended September 2025 moderated to 12.85% (from ~23% in FY25), likely due to the inclusion of lower-margin gold sales in the revenue mix.
EBITDA:
PNGS Reva maintains impressive operating margins, with Adjusted EBITDA standing at ₹79.61 Crores in FY25 (approx. 30.83% margin).
This high margin profile distinguishes it from traditional gold jewellers, as diamond and studded jewellery offer significantly better value addition.
Total Borrowing:
The company shifted from a debt-free status in FY23-24 to having total borrowings of ₹130.25 Crores by September 2025.
This increase is primarily attributed to working capital loans taken to fund the inventory buildup required for its independent retail operations and settlement of liabilities with the corporate promoter.
Assets:
The asset base nearly tripled to ₹352.70 Crores by September 2025. This expansion is largely driven by a significant increase in inventory (diamonds and precious stones), which is a prerequisite for the company's transition to an asset-heavy standalone store model.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹35.21, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 10.96x at the upper end of the price band (₹386).
P/E Ratio = ₹386(Price) / ₹35.21(Earnings Per Share)
P/E Ratio ≈ 10.96x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | EBITDA Margin (%) |
PNGS Reva | ~10.96 | 59.36 | 30.83 |
| TBZ | 15.74 | 10.41 | 6.60 |
| Senco Gold | 33.00 | 8.09 | 5.81 |
| Thangamayil Jewellery | 80.96 | 10.77 | 4.46 |
Analysis:
PNGS Reva is entering the market at a P/E multiple of approximately 10.96x. When compared to listed peers like Senco Gold (33x) and TBZ (15.7x), the issue appears to be priced very attractively.
Furthermore, PNGS Reva has a Return on Net Worth (RoNW) of over 59% and EBITDA margins exceeding 30%, highlighting the efficiency of its diamond-focused business model compared to the gold-heavy portfolios of its peers.
What are The Industry Outlook of the PNGS Reva?
Growth Potential:
The Indian gems and jewellery market is expected to reach $100 billion by 2027. The diamond jewellery segment is growing faster than plain gold, driven by changing consumer preferences among millennials and Gen-Z.
Market Trends:
There is a distinct shift from unorganised to organised retail. Brands with strong legacies and certified quality, like PNGS Reva, are gaining market share. The rise of lightweight, daily-wear diamond jewellery is a key growth driver.
What Are The Strengths and Risks of PNGS Reva IPO?
Strengths:
- Strong Legacy: Backed by the P. N. Gadgil & Sons brand, the company enjoys established trust and customer loyalty in Maharashtra.
- High Margins: Focusing on diamond and precious stone jewellery allows for superior margins compared to traditional gold retailers.
- Capital Efficiency: The historical ROE of nearly 60% indicates exceptional management of shareholder capital.
Risks:
- Geographic Concentration: Over 96% of revenue comes from Maharashtra. Reliance on a single state exposes the company to regional risks.
- Inventory Risk: The business is working capital intensive. Fluctuations in diamond and gold prices can impact the valuation of inventory and profitability.
- Promoter Dependency: The company still relies on its corporate promoter for certain operational aspects. Any change in this relationship could impact business continuity.
Key Considerations for Investors
This analysis is neutral and for informational purposes only.
- Valuation: At ~11x P/E, the IPO offers a significant discount to industry peers, providing a margin of safety.
- Growth Strategy: The pivot from SIS to standalone stores is capital intensive but necessary for brand building. Execution of this expansion plan is key.
- Competition: The diamond jewellery market faces competition from both legacy players and new-age lab-grown diamond brands.
Key Takeaways
- IPO Price: ₹386 per share (Upper Band).
- Min Investment: ₹12,352 (32 Shares).
- Allotment Date: February 27, 2026
- Listing: BSE & NSE on March 4, 2026.
FAQs on PNGS Reva IPO
What is PNGS Reva IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check gmp details at our gmp hub page which is updated regularly.
What is PNGS Reva IPO price band?
The price band is fixed at ₹367 to ₹386 per equity share.
What is PNGS Reva IPO allotment date?
The allotment status is expected to be finalized on Friday, February 27, 2026.
How to check PNGS Reva IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the BSE/NSE IPO allotment portals.
What is PNGS Reva IPO listing date?
The shares are tentatively scheduled to list on Wednesday, March 4, 2026.
Investment Perspective on PNGS Reva IPO
PNGS Reva offers a high-margin play in the diamond jewellery segment with a strong legacy backing. The valuation is compelling relative to peers, and the high return ratios make it an attractive proposition for investors looking for value in the consumer discretionary space. However, geographic concentration risks should be noted.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
