PNGS Reva Diamond Jewellery
February 24, 2026 – February 26, 2026
| Price | ₹367 - ₹386 |
| GMP Rumors * | ₹16 |
|---|---|
| Lot size | 32 |
| Issue size | ₹380.00 cr |
| Allotment | Feb 27, 2026 |
| Listing | Mar 4, 2026 |
PNGS Reva Diamond Jewellery Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 32 | 12352 | 30733 |
| sHNI | 17 | 544 | 209984 | 904 |
| bHNI | 81 | 2592 | 1000512 | 1808 |
PNGS Reva Diamond Jewellery Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 7375920 | 75% |
| HNI | 1475184 | 15% |
| Retail | 983456 | 10% |
| Total | 9834560 | 100% |
PNGS Reva Diamond Jewellery About
IPO Details
| Total Issue Size | * shares (aggregating up to ₹380 Cr) |
| Fresh Issue | * shares (aggregating up to ₹380 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE,BSE |
| Share Holding Pre Issue | 21,866,400 Equity Shares |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Issue |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 7.85% | 34.08% | 52.09% |
| EPS (BASIC) | 9.21 | 35.21 | - |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 352.70 | 226.84 | 158.33 | 123.93 |
| Total Income | 157.11 | 259.11 | 196.24 | 199.35 |
| Profit After Tax | 20.13 | 59.81 | 42.4 | 51.75 |
| NET Worth | 266.45 | 246.34 | 102.65 | 60.19 |
| Total Borrowing | 130.24 | 90.65 | - | - |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| PNGS Reva Diamond Jewellery Ltd. | - | - | 10.00 |
| Tribhovandas Bhimji Zaveri Limited | 15.74 | 161.30 | 10.00 |
| Thangamayil Jewellery Limited | 80.96 | 3400.20 | 10.00 |
| Senco Gold Limited | 33.00 | 332.75 | 10.00 |
Source: RHP,P/E Ratio for the peer group has been computed based on the closing market price of equity shares on NSE as on February 6, 2026, divided by the diluted EPS for Fiscal 2025
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| PNGS Reva Diamond Jewellery Ltd. | 45.82 | 59.36 | 35.21 |
| Tribhovandas Bhimji Zaveri Limited | 98.49 | 10.41 | 10.25 |
| Thangamayil Jewellery Limited | 390.03 | 10.77 | 42.00 |
| Senco Gold Limited | 120.37 | 8.09 | 10.09 |
About Company
Incorporated in 2004, P N Gadgil & Sons Limited (PNGS) is engaged in the retail sale of diamond and precious stone-studded jewellery, crafted in hallmarked gold and platinum.
The company offers a wide portfolio of diamond rings, earrings, bracelets, pendants, and necklace sets, combining traditional craftsmanship with modern aesthetics.
In February 2025, PNGS launched its diamond-focused sub-brand “Reva”, targeting the affordable luxury segment, with prices starting from ₹10,000 and promotional offers such as waived making charges.
As of March 31, 2025, the company operated 33 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, covering 599.15 running feet of retail space.
IPO proceeds are proposed to be utilised for:
Setting up 15 new stores (₹286.56 Cr)
Marketing and promotional activities for the expansion and “Reva” brand (₹35.40 Cr)
General corporate purposes
Strength
Strong legacy brand value backed by established promoters, enhancing customer trust and credibility.
Experienced leadership team with expertise across retail, jewellery, finance, and operations.
Regional dominance in Western India, particularly across Tier-1, Tier-2, and Tier-3 cities, fostering strong local brand loyalty.
Weakness
High geographic concentration risk, with ~97% revenue derived from Maharashtra, making performance vulnerable to regional disruptions.
Brand dependency risk, as business success is closely tied to the market perception of the “Reva” brand.
Promoter brand reliance, where reputational damage to the corporate promoter could impact store footfall and revenues.
PNGS Reva Diamond Jewellery Lead Manager(s)
PNGS Reva Diamond Jewellery Address
Address
Abhiruchi Mall,
59/1 C,
Sinhgad Road, Wadgaon Budruk,
Pune, Maharashtra, 411041
+91 020-29980704
E-mail: investor@revabypng.com
Website: https://www.revabypng.com/
PNGS Reva Diamond Jewellery Registrar
PNGS Reva Diamond Jewellery Reviewers
| Reviewer | Recommendation | File |
|---|---|---|
| Marwadi Shares and Finance Ltd | Apply | |
| Lakshmishree Investment & Securities Ltd | Apply | |
| Adroit Financial Services Private Limited | Apply | |
| SBICAP Securities Limited | Not Rated | |
| Axis Capital Limited | Not Rated |