The Indian jewellery industry continues to sparkle with strong consumer demand, rising disposable income and increasing preference for branded diamond jewellery. Amid this backdrop, PNGS Reva Diamond Jewellery IPO is hitting the primary markets with a ₹380 Crore issue. But the big question for investors is – Should you subscribe or avoid this IPO? Is it good or bad for investment? In this detailed IPO review, we analyse issue details, dates, GMP trends, financials, valuation compared to peers, strengths, risks and our final recommendation.
About PNGS Reva Diamond Jewellery Limited
PNGS Reva Diamond Jewellery Limited was originally formed as a partnership firm in 2004 and later converted into a public limited company in December 2024. The company operates under the brand name “Reva”, focusing primarily on diamond jewellery.
The business was carved out from P.N. Gadgil & Sons Limited through a slump sale transaction, making it a focused diamond jewellery retail entity.
Business Model
The company offers:
- Rings, earrings, necklaces, pendants
- Solitaires, bangles, bracelets
- Mangalsutra, nose rings and chains
- Diamond jewellery studded with precious & semi-precious stones in gold & platinum
As of September 30, 2025:
- 34 stores across 25 cities
- Presence in Maharashtra, Gujarat and Karnataka
- Operates under COCO, FOCO and FOFO models
- 13 distinct jewellery collections
The company has a strong regional presence in Tier 1, 2 and 3 cities.
PNGS Reva Diamond Jewellery IPO Issue Details
| Particulars | Details |
|---|---|
| IPO Dates | 24 to 26 Feb 2026 |
| Listing Date (Tentative) | 4 March 2026 |
| Issue Size | ₹380 Crores |
| Issue Type | Book Building IPO |
| Fresh Issue | 0.98 Crore Shares |
| Price Band | ₹367 – ₹386 |
| Face Value | ₹10 |
| Lot Size | 32 Shares |
| Minimum Investment (Retail) | ₹12,352 |
| Listing At | BSE, NSE |
| Pre-IPO Market Cap | ₹1,224 Crores |
IPO Reservation
- QIB – Not less than 75%
- NII – Not more than 15%
- Retail – Not more than 10%
IPO Lot Size Details
| Category | Lots | Shares | Investment (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 32 | 12,352 |
| Retail (Max) | 16 | 512 | 1,97,632 |
| sNII (Min) | 17 | 544 | 2,09,984 |
| bNII (Min) | 81 | 2,592 | 10,00,512 |
Grey Market Premium (GMP)
As per market sources, the IPO is witnessing moderate grey market interest between ₹ 18 to 21.
Investors should avoid making decisions purely based on GMP and instead focus on fundamentals and valuation.
Financial Performance (Restated)
(₹ in Crores)
| Particulars | Sep 2025 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 352.70 | 226.84 | 158.33 | 123.93 |
| Total Income | 157.12 | 259.11 | 196.24 | 199.35 |
| PAT | 20.13 | 59.47 | 42.41 | 51.75 |
| EBITDA | 30.79 | 79.61 | 56.14 | 68.73 |
| Net Worth | 120.31 | 100.19 | -28.50 | -52.02 |
| Borrowings | 130.25 | 90.65 | – | – |
Key Observations
- Revenue growth is uneven but improving in FY25.
- PAT margins improved significantly in FY25.
- Net worth turned positive only recently after restructuring.
- Debt levels have increased.
Key Performance Indicators
- ROE (Sep 2025): 18.3%
- ROCE: 25.2%
- Debt/Equity: 1.10
- PAT Margin: 12.85%
- EBITDA Margin: 19.65%
- Price to Book: 8.42x
- EPS (Pre IPO): ₹35.21
- P/E (Pre IPO): 10.96x
P/E Ratio Compared to Peers as per RHP
- Thangamayil Jewellery Limited (High P/E 81x)
- Tribhovandas Bhimji Zaveri Limitedd (Lowest P/E 16x)
- Industry average P/E 16x
At upper price band (₹386), PNGS Reva trades at approx 11x earnings (pre-IPO basis) is attractively priced.
Objects of the IPO
| Purpose | Amount (₹ Cr) |
|---|---|
| Setting up 15 new stores | 286.56 |
| Marketing & brand promotion | 35.40 |
| General corporate purposes | Balance |
Major portion is for expansion, which indicates growth orientation.
Competitive Strengths
1. Strong Promoter Legacy
Backed by P.N. Gadgil group, which brings credibility and brand recall in Western India.
2. Regional Dominance
Strong penetration in Maharashtra & Gujarat, especially Tier 2 & Tier 3 cities.
3. Asset-Light Franchise Model
FOCO and FOFO models reduce capital intensity.
4. Focused Diamond Play
Unlike traditional gold-heavy jewellers, this is focused diamond segment which offers higher margins.
5. Improving Profitability
FY25 margins improved significantly indicating operational efficiency.
Reasons to Invest in PNGS Reva IPO
1. Attractive Valuation Compared to Peers
Trading at around 11x earnings, significantly lower than industry leaders.
2. Store Expansion Plan
15 new stores could drive revenue growth in next 2-3 years.
3. Rising Demand for Branded Jewellery
Shift from unorganised to organised sector benefits players like PNGS.
4. Improving Financial Track Record
Turnaround from negative net worth to positive position.
5. Diamond Segment Growth
Diamond jewellery demand rising among urban youth and wedding market.
Risk Factors – Deep Dive Analysis
1. High Competition
Competes with large players like Titan, Kalyan and regional jewellers.
2. Regional Concentration Risk
Major presence limited to 3 states. Any slowdown in these regions may impact revenue.
3. High Working Capital Requirement
Jewellery business requires significant inventory funding.
4. Debt Levels Increasing
Debt/Equity at 1.10 indicates moderate leverage.
5. Recent Corporate Restructuring
Business was recently carved out. Long-term independent performance yet to be established.
6. Volatility in Gold & Diamond Prices
Raw material price fluctuation impacts margins.
How to Buy PNGS Reva Diamond Jewellery IPO?
- Open Demat account (if not already).
- Login to broker app.
- Select IPO section.
- Choose PNGS Reva IPO.
- Enter lot size and price.
- Approve UPI mandate.
Allotment expected on 27 Feb 2026.
Should You Subscribe or Avoid?
Short Term Listing Gain View
Moderate GMP indicates potential for reasonable listing gains, subject to market sentiment.
Long Term Investment View
Positives:
- Attractive valuation
- Expansion plans
- Improving margins
Concerns:
- Limited geographic diversification
- Debt levels
- Competitive industry
Final Verdict
Investors with high risk appetite may consider subscribing for both listing gains and long-term perspective. Moderate to conservative investors may wait for post-listing performance clarity.
Frequently Asked Questions (FAQs)
1. What are PNGS Reva IPO dates?
24 to 26 February 2026.
2. What is the price band?
₹367 to ₹386 per share.
3. What is the minimum investment?
₹12,352 for retail investors.
4. What is the issue size?
₹380 Crores.
5. Is this IPO good or bad for investment?
Valuation appears reasonable, but risks exist. Suitable for high risk investors.
6. What is GMP today?
GMP fluctuates daily. Check live market sources.
7. When is listing date?
Tentatively 4 March 2026.
Disclaimer
Investments in equity and equity related securities involve risk. Investors should read the RHP carefully including risk factors before investing. IPO investments are subject to market risks. Please consult your financial advisor before making any investment decision.
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