India’s organised jewellery retail segment continues to expand as branded players scale their footprint across Tier 1, Tier 2 and Tier 3 cities. Rising disposable income, aspirational buying, and increased preference for diamond studded jewellery are driving growth in this space.
PNGS Reva Diamond Jewellery Limited has now launched its IPO. Here is a complete breakdown of IPO structure, financials, valuation and expansion plans.
IPO Snapshot
| Particular | Details |
|---|---|
| IPO Type | Bookbuilding Issue |
| Issue Size | ₹380 crore |
| Fresh Issue | 98,44,559 shares |
| Price Band | ₹367 to ₹386 |
| Lot Size | 32 shares |
| Face Value | ₹10 per share |
| Listing | BSE, NSE |
| Market Cap (Pre IPO) | ₹1,224.04 crore |
Important IPO Dates
| Event | Date |
|---|---|
| IPO Open | February 24, 2026 |
| IPO Close | February 26, 2026 |
| Allotment | February 27, 2026 |
| Refund Initiation | March 2, 2026 |
| Shares Credited | March 2, 2026 |
| Listing Date | March 4, 2026 |
Lot Size & Investment 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 |
| sNII (Max) | 80 | 2,560 | 9,88,160 |
| bNII (Min) | 81 | 2,592 | 10,00,512 |
IPO Reservation Breakup
| Category | Shares | Allocation % |
|---|---|---|
| QIB | 73,75,919 | 74.92% |
| Anchor | 44,19,200 | 44.89% |
| QIB (Ex Anchor) | 29,56,719 | 30.03% |
| NII | 14,75,184 | 14.98% |
| Retail | 9,83,456 | 9.99% |
| Employee | 10,000 | 0.10% |
| Total | 98,44,559 | 100% |
Anchor Investor Details
| Particular | Details |
|---|---|
| Anchor Bid Date | February 23, 2026 |
| Anchor Portion | ₹170.58 crore |
| Shares Allotted | 44,19,200 |
| 50% Lock in Ends | March 29, 2026 |
| Remaining Lock in Ends | May 28, 2026 |
About PNGS Reva Diamond Jewellery Ltd
Founded in 2004, PNGS Reva Diamond Jewellery Limited operates under the brand name “Reva”. The company designs and sells diamond studded jewellery set in gold and platinum.
Product Portfolio
• Rings
• Earrings
• Necklaces
• Pendants
• Solitaires
• Bangles
• Bracelets
• Mangalsutra
• Nose Rings
• Chains
Retail Presence
| Particular | Details |
|---|---|
| Total Stores | 34 |
| Cities | 25 |
| States | Maharashtra, Gujarat, Karnataka |
| Store Models | FOCO, FOFO, COCO |
| Total Retail Area | 647.15 Running Feet |
The company plans to expand by setting up 15 new stores using IPO proceeds.
Financial Performance (₹ Crore)
| Particular | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 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 |
| Total Borrowings | 130.25 | 90.65 | — | — |
Key Performance Metrics
| KPI | Sep 2025 | Mar 2025 |
|---|---|---|
| ROE | 18.3% | 165.9% |
| ROCE | 25.2% | 79.8% |
| Debt/Equity | 1.10 | 0.90 |
| PAT Margin | 12.85% | 23.04% |
| EBITDA Margin | 19.65% | 41.81% |
| Price to Book | — | 8.42 |
Valuation Metrics
| Metric | Value |
|---|---|
| EPS (Pre IPO) | ₹35.21 |
| P/E (Pre IPO) | 10.96x |
| Promoter Holding (Pre IPO) | 87.45% |
| Promoter Holding (Post IPO) | 60.31% |
IPO Objects
| Objective | Amount (₹ Crore) |
|---|---|
| Setting up 15 New Stores | 286.56 |
| Marketing & Brand Promotion | 35.40 |
| General Corporate Purposes | Balance |
| Total Planned Utilisation | 321.96 |
Industry Outlook
• Rising demand for branded diamond jewellery
• Increasing organised retail penetration
• Expansion across Tier 2 and Tier 3 cities
• Growing aspirational spending in jewellery
• Seasonal and occasion driven buying trends
Conclusion
PNGS Reva Diamond Jewellery Limited operates in the organised diamond jewellery retail segment with an expanding footprint across western India. The IPO proceeds will fund store expansion and brand visibility initiatives.
While the company has shown revenue growth and improved profitability, investors should evaluate valuation, expansion execution risks, and jewellery sector volatility before applying.
