PNGS Reva Diamond Jewellery IPO

About PNGS Reva Diamond IPO

The PNGS Reva Diamond IPO opens on Tuesday, Feb 24, 2026 and closes on Thu, Feb 26, 2026. The allotment of shares will take place on Friday, Feb 27, 2026. The credit of shares to the demat account will take place on Monday, Mar 2, 2026. The initiation of refunds will take place on Monday, Mar 2, 2026. The listing of shares will take place on Wednesday, Mar 4, 2026.

The offer consists of a fresh issue component. The fresh issue aggregates up to ₹380.00 crore. The total number of shares and aggregate amount are 98,44,559 shares (aggregating up to ₹380 crores).

PNGS Reva Diamond IPO’s price band is set at ₹367 to ₹386 per share. The lot size for an application is 32. The minimum amount of investment required by a retail investor is ₹12,352 (32 shares) (based on upper price). The lot size for sNII is 17 lots (544 shares), amounting to ₹2,09,984, and for bNII, it is 81 lots (2,592 shares), amounting to ₹10,00,512.

PNGS Reva Diamond Jewellery is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery made using diamond and precious and semi-precious stones which are studded into precious metals such as gold and platinum. The company also retails plain platinum jewellery including rings, bracelets and chains. Its products are sold under its flagship brand, “Reva”.

Objectives of PNGS Reva Diamond IPO

The company proposes to utilise the IPO proceeds for:

• 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.
• Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of its flagship brand, “Reva”, in their respective areas.
• General corporate purposes.

Industry Outlook

In CY24, the domestic gems and jewellery industry was valued at around ₹880900 crores, with a CAGR of 14.4% during CY20–CY24. Further, the gems and jewellery market is expected to grow at a CAGR of 11.7% between CY24 and CY29.

The long-term demand prospects for the sector are supported by a growing working population, higher disposable income, easier access to credit, and improved living standards. To cater to the changing consumer preferences and design trends, larger stores are offering more variety and a diverse range of jewellery. This continuous adaptation to consumer trends and behaviour is likely to further support the shift towards the organised jewellery segment.

PNGS Reva Diamond Jewellery Company Information

PNGS Reva Diamond Jewellery is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery made using diamond and precious and semi-precious stones which are studded into precious metals such as gold and platinum.

The company also retails plain platinum jewellery including rings, bracelets and chains. Its products are sold under its flagship brand, “Reva”. The Reva brand aims to blend traditional elegance with modern aesthetics, offering customisable diamond jewellery that appeals to a broad customer base.

Strengths of PNGS Reva Diamond Jewellery

• Brand value and the legacy of promoters contribute to market position, customer trust, and operational stability.
• Experienced Board of Directors provide diverse expertise across finance, business, retail and jewellery.
• Regional expertise across Tier-1, Tier-2 and Tier-3 cities in Maharashtra, Gujarat and Karnataka contributes to overall operational efficiency.
• Diversified product portfolio across categories and price points helps the company to stay ahead of changing consumer preferences.
• Expertise in customised jewellery and high-value jewellery enhances revenue and brand prestige
• Internal control and inventory processes and quality control assurance systems to support a growing organisation.

Risks of PNGS Reva Diamond Jewellery

• Any reputational damage to the brand, name or logo could have an adverse effect on financial condition, cash flows and results of operations.
• Inability to effectively market products.
• Pricing strategies may not be successful in competing with cost-efficient synthetic alternative products.
• Ability to sustain revenue growth and profitability is dependent on converting existing customers into repeat customers and acquiring new customers in a cost-effective manner.
• Failure to anticipate or respond effectively to changing trends.
• Inability to maintain an optimal level of inventory in stores.

*Pursuant to issue of 1,70,07,200 bonus equity shares on May 21, 2025, the number of equity shares as at year end, and consequently the Earnings per share, have been adjusted.
^ Including capital reserve and pursuant to issue of 1,70,07,200 bonus equity shares on May 21, 2025, the number of equity shares as at year end, and consequently the Net Asset Value per Equity share, have been adjusted.
#Including capital reserve.

Notes:

1. Source for Industry Peer information included above: The above information for listed industry peers is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the financial statements of the respective company for the year ended March 31, 2025, submitted to stock exchanges. Industry Peer are as identified by management of the company.
2. Net asset value per share (Including Capital Reserve)= Net worth as per restated financials (Including Capital Reserve) /Number of equity shares as at year end.
3. Return on Net Worth (%) = Net profit after tax, as per restated financials / Net worth as per restated financials as at year end.
4. Net worth (Including Capital Reserve) means the aggregate value of the paid up share capital and all reserves created out of profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per Restated Financial Statement.
5. 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.

Anchor Investor Bidding Date

Monday, February 23, 2026*

The company, in consultation with the Book Running Lead Manager, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/ Issue Opening Date.

IPO Registrar and Book Running Lead Managers

• IPO Registrar: Bigshare Services Private Limited
• Book Running Lead Manager: Smart Horizon Capital Advisors Private Limited

PNGS Reva Diamond Jewellery Business Model

PNGS Reva Diamond Jewellery focuses on designing and marketing a diverse range of diamond and precious and semi-precious stones jewellery, which is made in precious metals such as gold and platinum, catering to various customer segments. It also retails plain platinum jewellery including rings, bracelets and chains. The company covers a wide range of jewellery types, styles and designs to cover diverse needs.

PNGS Reva Diamond Jewellery Growth Trajectory

PNGS Reva Diamond Jewellery’s Total Income for FY25 was ₹259.106 crores, whereas in FY24 and FY23 it was ₹196.236 crores and ₹199.347 crores, respectively.

The Profit After Tax for FY25 was ₹59.474 crores, whereas in FY24 and FY23 it was ₹42.414 crores and ₹51.747 crores, respectively.

Their EBITDA for FY25 was ₹79.611 crores, whereas in FY24 and FY23 it was ₹56.139 crores and ₹68.731 crores, respectively.

PNGS Reva Diamond Jewellery Market Position

As of March 31, 2025, PNGS Reva Diamond Jewellery had 33 stores across 25 cities in the states of Maharashtra, Gujarat and Karnataka. Also, the company’s presence across Tier-1, Tier-2 and Tier-3 cities in Maharashtra, Gujarat and Karnataka gives it competitive advantages in western India

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹259.106 crores, ₹59.474 crores, and ₹79.611 crores, respectively.

How to apply for PNGS Reva Diamond IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.