PNGS Reva Diamond Jewellery IPO
Bookbuilding IPO | ₹380.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Tue, Feb 24, 2026
IPO Close
Thu, Feb 26, 2026
Price Band
₹367.00 to ₹386.00
Market Cap (Pre-IPO)
₹1,224.04 Cr
IPO Details
| IPO Date | Feb 24, 2026 to Feb 26, 2026 |
| Listing Date | Tentative: Mar 04, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹367.00 to ₹386.00 |
| Lot Size | 32 Shares (Minimum: ₹12,352.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹380.00 Crores |
| Total Shares Offered | 9,844,559 shares |
| Offer For Sale | 9,844,559 shares |
PNGS Reva Diamond Jewellery 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 |
PNGS Reva Diamond Jewellery IPO Lot Size
Investors can bid for a minimum of 32 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹12,352 |
| Retail (Max) | 16 | 512 | ₹197,632 |
| S-HNI (Min) | 17 | 544 | ₹209,984 |
| S-HNI (Max) | 80 | 2,560 | ₹988,160 |
| B-HNI (Min) | 81 | 2,592 | ₹1,000,512 |
PNGS Reva Diamond Jewellery Financial Information (Restated Consolidated)
| 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 |
| Profit After Tax | 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 |
| Reserves and Surplus | 98.44 | 95.33 | -37.64 | -60.74 |
| Total Borrowing | 130.25 | 90.65 | - | - |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 165.90% |
| ROCE (Return on Capital Employed) | 79.80% |
| Debt/Equity | 0.90 |
| RoNW (Return on Net Worth) | 59.36% |
| PAT Margin (Profit After Tax Margin) | 23.04% |
| EBITDA Margin | 41.81% |
| Price to Book Value | 8.42 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 35.21 | - |
| P/E (x) | 10.96 | - |
| Promoter Holding | 87.45% | 60.31% |
Company Promoters
- P.N. Gadgil & Sons Limited
- Govind Vishwanath Gadgil and Renu Govind Gadgil are the promoters of the company.
Company Overview
PNGS Reva Diamond Jewellery Limited – Company Overview
- Incorporated in 2004, PNGS Reva Diamond Jewellery operates in the diamond and precious jewellery business, offering premium ornaments crafted with diamonds and semi-precious stones set in gold and platinum.
- The company markets all its jewellery under the “Reva” brand, focusing on modern, elegant, and occasion-based collections for diverse customer segments.
- Product portfolio includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutra, nose rings, and chains, catering to weddings, daily wear, and festive demand.
- As of September 30, 2025, the company had 13 distinct jewellery collections, combining in-house designs with curated selections from third-party manufacturers and skilled Karigars.
- Strong design capabilities supported by an in-house creative team, enabling regular product innovation and trend-based jewellery launches.
- Retail presence includes 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, with a total retail area of 647.15 running feet, strengthening regional brand visibility.
- Multi-model retail expansion strategy through FOCO (Franchise Owned Company Operated), FOFO (Franchise Owned Franchise Operated), and COCO (Company Owned Company Operated) formats to support scalable growth.
- Focus on expanding retail footprint, enhancing brand reach, and targeting premium as well as mid-range jewellery consumers across key Indian markets.
Company Strengths
- The brand value and the legacy of our Promoters contribute to our market position, customer trust, and operational stability.
- The experienced Board of Directors provides diverse expertise across finance, business, retail and jewellery, which contributes to decision-making and long-term value creation.
- Regional expertise across Tier-1, Tier-2 and Tier-3 cities in Maharashtra, Gujarat and Karnataka contributes to overall operational efficiency while also building community trust and loyalty, word-of-mouth advocacy and brand reputation in the region.
- Diversified product portfolio across categories and price points helps us to stay ahead of changing consumer preferences
Use of Proceeds
| 1) | Funding expenditure towards setting-up of 15 New Stores | 286.56 |
| 2) | Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of our flagship brand, “Reva”, in their respective areas | 35.40 |
| 3) | General corporate purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
PNGS Reva Diamond Jewellery IPO Peer Comparison
PNGS Reva Diamond Jewellery peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| PNGS REVA DIAMOND JEWELLERY LIMITED | 35.21 | 35.21 | 45.82 | - | 59.36 | - | Consolidated |
| Tribhovandas Bhimji Zaveri Ltd. | 10.25 | 10.25 | 98.49 | 15.74 | 10.41 | 1.64 | - |
| Thangamayil Jewellery Ltd | 42.00 | 42.00 | 390.03 | 80.96 | 10.77 | 8.72 | - |
| Senco Gold Limited | 10.09 | 10.08 | 120.37 | 33.00 | 8.09 | 2.77 | - |
Quick Info
| Sector | Gems, Jewellery, and Watches |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹1,224.04 Cr |
Important Dates
| IPO Open | Feb 24, 2026 |
| IPO Close | Feb 26, 2026 |
| Allotment Date | Feb 27, 2026 |
| Credit to Demat | Mar 02, 2026 |
| Listing Date | Tentative: Mar 04, 2026 |
Lead Manager(s)
Smart Horizon Capital Advisors Pvt.Ltd.
Registrar
Bigshare Services Pvt.Ltd.
+91-22-6263 8200
Description
- PNGS Reva Diamond Jewellery IPO is a book-built issue worth ₹380.00 crores, consisting entirely of a fresh issue of 0.98 crore equity shares, aimed at business growth and expansion.
- The IPO opens for subscription on February 24, 2026 and closes on February 26, 2026, offering investors an opportunity to participate in the company’s upcoming public listing.
- The allotment is expected on February 27, 2026, with shares proposed to be listed on BSE and NSE and a tentative listing date scheduled for March 4, 2026.
- The price band is set between ₹367 and ₹386 per share, providing flexibility for investors based on demand during the book-building process.
- The minimum lot size is 32 shares, making it accessible for retail investors seeking entry into the jewellery sector through a relatively small application size.
- The minimum retail investment amount is ₹12,352 based on the upper price band, suitable for individual investors exploring IPO opportunities.
- For sNII investors, the minimum application is 17 lots (544 shares) amounting to approximately ₹2,09,984, while bNII investors need 81 lots (2,592 shares) worth about ₹10,00,512.
- The IPO aims to enhance brand presence, expand operational capabilities, and strengthen the company’s position in the competitive diamond jewellery market.