PNGS Reva Diamond Jewellery IPO
PNGS Reva Diamond Jewellery Limited
Minimum Investment
About Company
Company Name: PNGS Reva Diamond Jewellery Limited
Industry / Sector: Jewellery / Diamond-Studded Gold & Solitaire Jewellery
Founded Year: 2004
Promoters: P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil, Renu Govind Gadgil
Incorporated in 2004, PNGS Reva Diamond Jewellery Limited is engaged in manufacturing, trading, and retailing diamond-studded gold jewellery, solitaire diamond jewellery, and other pieces using precious/semi-precious stones set in gold/platinum. All products are sold under the 'Reva' brand with a focus on lightweight, contemporary designs. The company has 13 distinct collections, in-house design team, and sources from third-party manufacturers/karigars. As of Sep 30, 2025, it operates 34 stores across 25 cities in Maharashtra, Gujarat, and Karnataka (total 647.15 running feet) under FOCO, FOFO, and COCO models.
IPO Basic Details
| Company Name | PNGS Reva Diamond Jewellery Limited |
| IPO Type | Mainboard IPO |
| Price Band | ₹367 – ₹386 |
| Lot Size | 32 |
| Total Issue Size | ₹379.52 Cr (98,32,000 shares) |
IPO Strengths & Risks
Strengths
- Strong brand legacy & trust from promoters (P.N. Gadgil group influence)
- Experienced board with expertise in retail/jewellery/finance
- Regional dominance in Tier-1/2/3 cities with community trust & word-of-mouth
- Diversified product portfolio across categories & price points
- In-house design & quality focus
Risks
- Gold/diamond price volatility impacting margins
- Intense competition in organised jewellery sector
- Regional concentration (Maharashtra/Gujarat/Karnataka)
- Working capital & inventory risks
- Fashion/trend dependency & economic sensitivity
IPO Important Dates
| IPO Open Date | 24 Feb 2026 |
| IPO Close Date | 26 Feb 2026 |
| Basis of Allotment | 27 Feb 2026 |
| Refund Initiation | 02 Mar 2026 |
| Demat Credit Date | 02 Mar 2026 |
| Listing Date | 04 Mar 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | 26 Feb 2026 |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – ₹27.16 Cr
Investor Reservation
| QIB Quota | 75.15% (73,88,800 shares; Anchor 44.95% / 44,19,200 shares; ex-anchor 30.20%) |
| Retail Quota | 9.94% (9,77,216 shares) |
| HNI Quota | 14.81% (14,56,000 shares; bNII 9.87%, sNII 4.94%) |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 lot | 32 | ₹12,352 |
| Retail Maximum | 16 lots | 512 | ₹1,97,632 |
| S-HNI Minimum | 17 lots | 544 | ₹2,09,984 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 81 lots | 2592 | ₹10,00,512 |
Key Performance Indicators (KPI)
| ROE | 18.3% (Sep 2025) / 165.9% (FY25) |
| ROCE | 25.2% (Sep 2025) / 79.8% (FY25) |
| RoNW | 16.73% (Sep 2025) / 59.36% (FY25) |
| PAT Margin | 12.85% (Sep 2025) / 23.04% (FY25) |
| EBITDA Margin | 19.65% (Sep 2025) / 41.81% (FY25) |
| EPS | - |
| NAV per share | - |
| Debt to Equity | 1.10 (Sep 2025) / 0.90 (FY25) |
| P/E Ratio | ≈20–25x (post-issue approx) |
| Industry P/E | 20–40x (organised jewellery) |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹123.93 Cr | ₹199.35 Cr | ₹51.75 Cr | ₹68.73 Cr | ₹-52.02 Cr | N/A |
| 31 Mar 2024 | ₹158.33 Cr | ₹196.24 Cr | ₹42.41 Cr | ₹56.14 Cr | ₹-28.50 Cr | N/A |
| 31 Mar 2025 | ₹226.84 Cr | ₹259.11 Cr | ₹59.47 Cr | ₹79.61 Cr | ₹100.19 Cr | ₹90.65 Cr |
| 30 Sep 2025 | ₹352.70 Cr | ₹157.12 Cr | ₹20.13 Cr | ₹30.79 Cr | ₹120.31 Cr | ₹130.25 Cr |
Grey Market Premium
| GMP Price | ₹0 (flat / muted pre-listing; some reports negative signals) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Mar 2026 |
| Estimated Listing Price | ₹375–386 (actual listed at ₹375 on NSE, -2.85% discount; settled ~₹411.7 later, +6.6% from issue) |
IPO Subscription Data
| Total Subscription | 1.30x (final on close) |
| QIB (Ex Anchor) | 1.10x |
| HNI Subscription | 1.62x (bNII 1.71x, sNII 1.44x) |
| Retail Subscription | 1.37x |
| Anchor | - |
IPO Intermediaries
Registrar: Bigshare Services Pvt. Ltd.
Registrar Website: https://ipo.bigshareonline.com
IPO Lead Manager(s)
Company Information
Address: Abhiruchi Mall,59/1 C,Sinhgad Road, Wadgaon Budruk,Pune, Maharashtra, 411041
Website: https://www.revajewels.com
Email: investor@revabypng.com
Phone: +91 020-29980704
IPO Documents
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