PNGS Reva Diamond Jewellery Limited
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Mar 2026 | −₹20 | −5.18% | ₹0 | ₹366 | −₹640 |
| 03 Mar 2026 | −₹20 | −5.18% | ₹0 | ₹366 | −₹640 |
| 02 Mar 2026 | −₹21 | −5.44% | ₹0 | ₹365 | −₹672 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Feb 2026 – 26 Feb 2026
- Listing date
- 04 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹386 per share
- Lot size
- 32 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹380 Cr
- Market cap at offer price
- ₹1,224 Cr
- Promoter holding
- 87.45% → 60.31% pre-issue → post-issue
- ISIN
- INE1RDG01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 44,19,200 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 32 shares per lot, in multiples, at ₹386
| Application | Lots | Shares | Amount |
|---|---|---|---|
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹386 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 35.21 | — |
| P/E (×) | 10.96 | — |
| Price to book (×) | 8.42 | — |
| Market cap | — | ₹1,224 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 59.36%
- ROCE
- 79.80%
- Debt / equity
- 0.90
- PAT margin
- 23.04%
- EBITDA margin
- 41.81%
- NAV per share
- ₹45.82
- Price to book
- 8.42
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About PNGS Reva Diamond Jewellery Limited
PNGS Reva Diamond Jewellery Limited was originally formed as a partnership firm 'Gadgil Metals and Commodities' in July 2004 and converted into a public limited company on December 20, 2024. On January 31, 2025, the company acquired the diamond jewellery business from its corporate promoter P. N. Gadgil & Sons Limited through a slump sale via Business Transfer Agreement. The company operates through a retail network comprising one brand-exclusive store (company-owned and company-operated) and 33 shop-in-shop format stores within premises operated by its corporate promoter. As of the document date, it operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, aggregating 647.15 running feet. The company designs and sells jewellery across various price points starting at approximately ₹20,000 to high-value pieces, targeting both first-time buyers and seasoned jewellery enthusiasts. Revenue from operations was ₹2,581.83 million in Fiscal 2025 and ₹1,567.18 million in the six-months period ended September 30, 2025.
Company Analysis
from RHPPNGS Reva Diamond Jewellery Limited is a retail-focused jewellery brand selling diamond-studded gold, platinum, and plain platinum jewellery under the flagship brand 'Reva' across retail stores in western India.
PNGS Reva Diamond Jewellery Limited was originally formed as a partnership firm 'Gadgil Metals and Commodities' in July 2004 and converted into a public limited company on December 20, 2024. On January 31, 2025, the company acquired the diamond jewellery business from its corporate promoter P. N. Gadgil & Sons Limited through a slump sale via Business Transfer Agreement. The company operates through a retail network comprising one brand-exclusive store (company-owned and company-operated) and 33 shop-in-shop format stores within premises operated by its corporate promoter. As of the document date, it operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, aggregating 647.15 running feet. The company designs and sells jewellery across various price points starting at approximately ₹20,000 to high-value pieces, targeting both first-time buyers and seasoned jewellery enthusiasts. Revenue from operations was ₹2,581.83 million in Fiscal 2025 and ₹1,567.18 million in the six-months period ended September 30, 2025.
Objects of the Issue
- Funding expenditure towards setting-up of 15 New Stores ₹2,865.64 million p.26
- Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of flagship brand 'Reva' in their respective areas ₹354.00 million p.26
- General corporate purposes p.26
- Funding capex for launching 15 new brand-exclusive stores across India ₹2,865.64 million p.68
- Funding expenditure towards setting-up of 15 new brand-exclusive stores across India with a focus of targeting in Tier-1 cities and selectively exploring Tier-2 cities in Maharashtra and other metro cities in India ₹2,865.64 million p.117
- 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 ₹354.00 million p.117
- General corporate purposes p.117
- Funding capex for opening 15 brand-exclusive stores (New Stores) which will be owned and operated by the company ₹2,865.64 million p.233
- Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of the brand 'Reva' ₹354.00 million p.234
- General corporate purposes p.114
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹3,800 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹3,800 million
- Offer for Sale
- Not applicable
- Price Band
- [●] (Floor Price: ₹[●] per Equity Share to Cap Price: ₹[●] per Equity Share)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company earns revenue from retail sales of diamond and precious metal jewellery under the 'Reva' brand through its retail store network. The majority of stores (33 out of 34) operate under a shop-in-shop model within premises owned by corporate promoter P. N. Gadgil & Sons Limited, with one brand-exclusive company-owned store. The company leverages the corporate promoter's established infrastructure, customer footfall, and logistical support through a Franchise Agreement dated February 1, 2025. Products are sold across various price points and occasions including weddings, festivals (Akshay Tritiya, Dhanteras, Diwali), and special occasions.
Business Segments
SWOT Analysis
- • Established brand under legacy promoter with 190+ years history(p.45)
- • Leverage of established PNGS infrastructure and customer footfall(p.25)
- • Wide geographic presence across key states(p.25)
- • Accessible entry-level pricing driving broader market appeal(p.25)
- • Strong revenue growth trajectory(p.53)
- • Strong promoter legacy and regional expertise in Western India(p.119)
- • Established brand presence with growing revenue and profitability(p.129)
- • High operating efficiency with significant EBITDA margins(p.150)
- • Leverage of established infrastructure and customer footfall through parent company(p.119)
- • Diversified product portfolio across price points and categories(p.120)
- • Expertise in customized and high-value bridal jewellery(p.147)
- • Legacy and brand value of Promoters with 190+ years in jewellery industry(p.229)
- • Established retail infrastructure and logistics network through Corporate Promoter(p.230)
- • Regional expertise and concentrated footprint in western India for operational efficiency(p.230)
- • Diversified product portfolio across categories and price points(p.231)
- • Expert design team combining in-house creativity with third-party craftsmanship(p.231)
- • Strong quality control systems with international certifications(p.232)
- • Strong revenue growth and profitability metrics(p.234)
- • Experienced and diverse Board of Directors with retail and jewellery expertise(p.230)
- • Established presence in jewelry retail through promoter's long experience(p.249)
- • Acquisition of established diamond business from promoter group(p.246)
- • Profitable operations with growing revenue(p.280)
- • Access to established retail infrastructure through franchise agreement(p.247)
- • Legacy brand with 190+ years of heritage(p.333)
- • Established retail network across 25 cities(p.334)
- • Strong revenue growth trajectory(p.339)
- • Healthy profit margins and profitability(p.340)
- • Diversified product portfolio across price points(p.339)
- • Extreme geographic concentration with 97.54% revenue from Maharashtra(p.43)
- • Heavy dependence on top 3 suppliers for 26-30% of purchases(p.48)
- • Majority of business dependent on franchise arrangement with PNGS(p.50)
- • High working capital requirements and significant debt burden(p.51)
- • Limited online/omnichannel presence versus digital competitors(p.53)
- • Significant inventory holdings creating cash flow pressures(p.51)
- • Significant dependence on three key suppliers for 26-30% of purchases(p.45)
- • No long-term contracts with third-party manufacturers and Karigars(p.57)
- • Entire revenue concentrated in physical retail stores(p.58)
- • Recent incorporation with limited operating history(p.63)
- • High financial leverage with substantial borrowings(p.65)
- • Pending trademark applications for brand protection(p.64)
- • Moderate operating margins from higher gold jewellery sales(p.66)
- • Promoter litigation exposure(p.60)
- • Heavy dependence on Corporate Promoter for operational infrastructure(p.119)
- • Limited store expansion through existing shop-in-shop model(p.119)
- • Constrained product display due to limited floor space in current stores(p.120)
- • New store expansion introduces rental costs not previously incurred(p.120)
- • Limited execution history with brand-exclusive stores(p.119)
- • Heavy dependence on Corporate Promoter for infrastructure and retail space(p.220)
- • Limited geographic presence concentrated in three states only(p.220)
- • Small team size with limited in-house design capacity(p.228)
- • No in-house manufacturing capability(p.222)
- • Absence of e-commerce platform and online sales channels(p.222)
- • Limited retail footprint with only 34 stores as of RHP date(p.220)
- • Dependence on promoter group for retail space and infrastructure(p.247)
- • Significant related-party transactions creating potential conflicts of interest(p.58)
- • High inventory concentration as major current asset(p.279)
- • Recent company incorporation with limited operating history(p.245)
- • Significant borrowings relative to equity base(p.279)
- • High leverage and borrowing dependence(p.347)
- • Significant inventory concentration risk(p.289)
- • Dependence on corporate promoter for operational facilities(p.333)
- • Limited geographic presence outside Maharashtra(p.334)
- • High current borrowings concentration with short-tenor secured facilities(p.353)
- • Significant working capital facility dependence on limited bank relationships(p.354)
- • Financial covenants compliance risk on borrowings(p.355)
- • Promoter tax proceedings exposure(p.362)
- • Material creditor concentration risk(p.362)
- • Rapid growth in branded and contemporary diamond jewellery segment(p.44)
- • Expansion through 15 new brand-exclusive COCO stores planned(p.49)
- • Growing consumer preference for certified and branded jewellery(p.44)
- • Government initiatives supporting formal jewellery sector(p.25)
- • Diversification away from Pune concentration reducing regional risk(p.53)
- • Strong wedding season and festival-driven demand in India(p.50)
- • Expansion into brand-exclusive retail stores(p.68)
- • Growing investment demand for gold globally(p.57)
- • Shift in consumer preference from gold to higher-margin diamond jewellery(p.66)
- • Favorable macroeconomic environment with rising disposable income and urbanization(p.120)
- • Consumer preference for recognized brands and organized retail channels(p.120)
- • Strong industry trend toward specialized diamond jewellery brands(p.120)
- • Expansion into high-potential tier-1 and tier-2 cities across India(p.119)
- • Growing organized retail segment within diamond jewellery industry(p.120)
- • Potential to strengthen brand position through independent presence(p.120)
- • Planned expansion of 15 brand-exclusive stores to strengthen market position(p.233)
- • Growing demand for branded diamond and studded jewellery in organized retail(p.227)
- • Rising consumer preference for lightweight and contemporary designs(p.231)
- • Expanding middle class with rising disposable income driving luxury consumption(p.211)
- • Significant growth potential in Indian diamond-studded jewellery market(p.196)
- • Digital expansion strategy through own e-commerce platform(p.234)
- • Increasing penetration in Tier-2 and Tier-3 cities with growing purchasing power(p.199)
- • Strong government support for gems and jewellery sector exports and formalization(p.189)
- • Expansion through company-owned retail stores (COCO model)(p.245)
- • Geographic expansion across India via franchise model(p.247)
- • Industry tailwind from mandatory hallmarking regulations strengthening consumer confidence(p.238)
- • Access to Gems and Jewellery Trade Council of India network for industry insights(p.239)
- • Expansion into tier-1 and tier-2 cities across India(p.334)
- • Growing global demand for premium diamond jewellery(p.333)
- • Rising consumer discretionary spending and economic growth(p.334)
- • Projected industry market expansion(p.334)
- • Strategic leverage of ERP-based forecasting and inventory management(p.339)
- • Growth and acceptance of lab-grown and synthetic diamonds eroding natural diamond demand(p.30)
- • Intense competition from large national and regional players with superior resources(p.53)
- • Volatility in gold prices affecting consumer purchasing behavior and margins(p.50)
- • Strong seasonal concentration creating annual performance volatility(p.50)
- • Regulatory compliance burden including mandatory hallmarking requirements(p.25)
- • Reputational damage to promoter brand PNGS affecting store footfall(p.45)
- • High volatility in gold and diamond prices affecting inventory valuation and customer demand(p.57)
- • Absence of standardized pricing for precious and semi-precious stones(p.57)
- • Import duties and regulatory restrictions on bullion affecting raw material costs(p.70)
- • Discretionary nature of jewellery purchases vulnerable to economic downturns(p.66)
- • Intense competition from both domestic and multinational jewellery companies(p.69)
- • Risk of cyberattacks and data breaches affecting customer information(p.56)
- • Dependence on leased premises from corporate promoter for majority of stores(p.62)
- • Economic slowdown in India affecting consumer discretionary spending(p.72)
- • Volatility in gold and precious metal prices(p.180)
- • Competitive intensity from organized and unorganized players(p.120)
- • Dependence on consumer discretionary spending subject to economic cycles(p.179)
- • Geopolitical and macroeconomic uncertainties affecting consumer demand(p.167)
- • Potential cost overruns in new store setup and expansion(p.122)
- • Real estate availability and lease agreement execution risks(p.122)
- • Intense competition from organized and unorganized players(p.235)
- • Volatility in gold and diamond prices impacting demand and margins(p.213)
- • Global slowdown impacting exports to key international markets(p.213)
- • Dependency on imports for raw materials including diamonds and precious metals(p.213)
- • Shortage of skilled labour in jewellery manufacturing and retail(p.213)
- • Regulatory risks including import duties and customs regulations on precious metals(p.195)
- • Risk of short-lived fashion trends and changing consumer preferences(p.213)
- • Regulatory complexity with multiple hallmarking and quality standards(p.238)
- • Stringent compliance requirements for precious metal articles and diamonds(p.238)
- • Expanding mandatory hallmarking coverage reducing product flexibility(p.239)
- • Complex labor law compliance with multiple codes affecting operations(p.241)
- • Significant operational dependence on franchisee infrastructure creating vulnerability to lease termination(p.248)
- • Intense competition from organized and unorganized players(p.334)
- • Volatility in precious metal and diamond prices(p.316)
- • Macroeconomic sensitivity and consumer confidence dependency(p.333)
- • Seasonal demand fluctuations affecting cash flows(p.335)
- • Difficulty in sourcing quality inventory at competitive prices(p.334)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| P. N. Gadgil & Sons Limited | Corporate Promoter | 19.24% | — |
| Govind Vishwanath Gadgil | Individual Promoter | 31.90% | — |
| Renu Govind Gadgil | Individual Promoter | 31.90% | — |
| Govind Vishwanath Gadgil | Promoter | 31.90% | — |
| Renu Govind Gadgil | Promoter | 31.90% | — |
| P. N. Gadgil & Sons Limited | Promoter/Corporate Promoter | 19.24% | — |
| Govind Vishwanath Gadgil | Promoter | — | — |
| Renu Govind Gadgil | Promoter | — | — |
| P. N. Gadgil & Sons Limited | Corporate Promoter | — | — |
| Govind Gadgil | Individual Promoter | — | — |
| Renu Gadgil | Individual Promoter | — | — |
| Govind Vishwanath Gadgil | Individual Promoter | 31.90% | — |
| Renu Govind Gadgil | Individual Promoter | 31.90% | — |
| P. N. Gadgil & Sons Limited | Corporate Promoter | 19.24% | — |
| Govind Vishwanath Gadgil | Promoter | 31.90% | 31.90% |
| Renu Govind Gadgil | Promoter | 31.90% | 31.90% |
| P.N. Gadgil & Sons Limited | Promoter Group | 19.24% | 19.24% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.