PNGS Reva Diamond Jewellery IPO opens February 24–26, 2026, raising ₹380 crore (fresh issue only) to fund 15 new stores and marketing for its affordable diamond jewellery brand backed by listed jeweller P.N. Gadgil & Sons.

PNGS Reva Diamond IPO – Key Details

Objective of the IPO: ₹286.5 Cr for 15 new brand-exclusive stores (Tier-1 + select Tier-2 cities), ₹35.4 Cr marketing Reva brand, balance general corporate.

Business & Financial Snapshot

PNGS Reva Diamond Jewellery Ltd – Diamond jewellery specialist (spun off from P.N. Gadgil & Sons via slump sale Jan 2025), focusing on affordable, stylish diamond pieces (₹10k–₹20k+ ASP) blending modern designs with customization.

• Operations: 34 stores (33 shop-in-shop in PNGs stores across MH, KA, GU; 1 COCO store); FOCO/FOFO model.
• Financials:

Reva brand launched Feb 2025 – certified natural/lab-grown diamonds, daily wear + occasion pieces, zero making charges promotions.

Strengths

• Established parent backing: Spin-off from listed P.N. Gadgil & Sons (market cap ₹10,000+ Cr) provides brand trust, supply chain, customer access.
• Strong growth trajectory: Revenue +32%, PAT +40% FY25; H1 FY26 revenue ₹157 Cr shows festive/wedding season momentum.
• Affordable diamond positioning: ₹10k+ ASP targets mass premium segment vs Tanishq/PCJ high-end; customization drives repeat buys.
• Aggressive expansion plan: ₹286 Cr funds 15 new exclusive stores in Tier-1/2 cities, transitioning from shop-in-shop to branded retail.
• Favourable Jewellery cycle: Rising gold/diamond demand, wedding season, premiumisation tailwinds support 20–30% sector growth.

Risks

• Store expansion execution: 15 new stores in 2–3 years carries capex overrun, ramp-up delays risks in competitive retail.
• Revenue concentration: Heavy reliance on Maharashtra (primary market); pan-India scaling unproven.
• Thin margins typical: Jewellery retail vulnerable to gold/diamond price volatility, making charges compression.
• Promoter ecosystem dependence: Shop-in-shop model tied to PNGs stores; any parent issues could impact.
• No dividend track record: New entity post-slump sale; profitability sustainability needs validation post-IPO.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

1. When does PNGS Reva IPO open?
24 Feb 2026 (Tue) to 26 Feb 2026 (Thu); anchor bids 23 Feb.

2. What is the issue size and structure?
₹380 Cr fresh issue only (no OFS); QIB 75%, NII 15%, Retail 10%.

3. Listing date?
4 March 2026 on BSE and NSE.

4. How will IPO proceeds be used?
₹286.5 Cr for 15 new Reva brand stores, ₹35.4 Cr marketing, balance corporate purposes.

5. FY25 financial performance?
Revenue ₹258.2 Cr (+32% YoY), PAT ₹59.5 Cr (+40% YoY); H1 FY26 revenue ₹156.7 Cr.

6. Who are the promoters?
P.N. Gadgil & Sons Ltd (listed jeweller) + individuals Govind & Renu Gadgil (87.45% pre-IPO stake).

7. Suitable for which investors?
Retail investors seeking regional jewellery growth story with expansion potential; moderate risk appetite.