PNGS Reva Diamond Jewellery Limited(PNGSREVA)

NSE: PNGSREVABSE: 544718

₹ 623.5-1.38%refreshed 26 Oct, 10:13 am ISTMarket cap: ₹ 1,976 crNext results: 26 Oct 2026Website: www.revabypng.comUpdated: 24 Oct 2026

About

PNGS Reva Diamond Jewellery Limited sells certified natural diamond-studded jewellery through a network of shop-in-shop (SIS) counters inside P.N. Gadgil & Sons stores and its own exclusive brand outlets (EBOs/COCO stores) across India. The company reported FY26 revenue from operations of ₹439 crores, with studded jewellery constituting essentially all of its top line. It operates under the 190-year-old PNG brand heritage and is expanding from a near-fully SIS-dependent model into company-owned standalone stores.^[1]

Business model and revenue mix

Studded (diamond) jewellery makes up essentially all revenue; plain gold and platinum together are less than 5% of the top line, as of Q3 FY26.^[2]
Customers who hand in old gold as part-payment create incidental gold sales; FY26 B2C jewellery revenue was ~₹390 crores, with ~₹55 crores of surplus gold sold in the open market.^[3]
As of Q3 FY26, ~95% of revenue came from Maharashtra and ~5% from Gujarat and Karnataka.^[2]

Products and brand

In FY26, rings were ~28% of the diamond jewellery sales mix, mangalsutras ~25 - 27%, earrings ~15 - 17% and necklaces ~10%; entry-level items were 60 - 70% of sales and high-ticket (>₹5 lakh) items 10 - 12%.^[3]
In Q1 FY27, ~97% of diamond inventory was smaller star-melee/minus-two stones, where the product-level price gap with lab-grown diamonds is only 10 - 15%.^[4]
The company sells under the PNG brand, which has 190+ years of history and no recorded store closure.^[2]

Store network and distribution

The network had 38 stores in Q2 FY27 (4 EBO/COCO and 34 SIS), up from 36 stores (2 EBO/COCO and 34 SIS) as of 30 June 2026.^[5]
Two COCO stores opened in Q2 FY27: Amanora Mall in Pune and Agora in Nashik.^[5]
SIS counters operated across 21 cities as of Q1 FY27; the first COCO store opened at Phoenix Mall, Pune Wakad in late September 2025.^[4]
The e-commerce site revadiamonds.com launched in Q2 FY27 to widen market reach and build the company's digital presence.^[5]

Key operating metrics

SIS same-store sales growth was ~50% in Q1 FY27, seen across all 21 cities; full-year FY26 SSSG was ~40%.^[4]
Average order value was ₹1,00,232 in Q1 FY27 (+8% YoY); FY26 AOV was ₹1,20,000, up 41% from FY25's ₹85,000.^[4]
Inventory turn was 1.29x in Q1 FY27 and 1.31x in FY26.^[4]
Diamond volume grew >50% by carat weight in Q1 FY27.^[4]

Revenue growth and seasonality

Q2 FY27 revenue excluding gold sales was Rs1,205.4 mn, up 46.25% YoY (17.46% including gold); H1 FY27 grew 75.75% YoY excluding gold (52.19% including gold).^[5]
Q2 FY27 had zero festive days, compared with 9 in Q2 FY26; Q3's wedding season, Dussehra and Diwali are expected to lift average order values.^[5]
Revenue from operations was ₹1,180 mn in Q1 FY27, up 119.5% YoY.^[4]
Akshaya Tritiya brought in ₹12.7 crores of revenue in Q1 FY27, compared with ₹3.5 crores a year earlier.^[4]

Expansion and capex plan

In Q2 FY27 the company reaffirmed its plan to open ~15 new COCO stores within 24 months of the IPO, focused on Tier 1 cities in Maharashtra and North India.^[5]
IPO proceeds for the 15 COCO stores: ~₹287 crores of capex for store infrastructure and inventory (₹15 - 30 crores per store), plus ₹35 crores for branding and marketing.^[2]
Plan as of the Q1 FY27 call: 9 new COCO stores in FY27 and 7 in FY28; breakeven expected within 12 months in Maharashtra and 15 - 18 months outside it.^[4]
About 40% of new COCO stores are planned outside Maharashtra, mainly in malls in North India Tier 1 cities, with ~60% in Maharashtra.^[2]
The SIS share of revenue is targeted to fall from ~95% to 20 - 25% over 2 - 3 years; expansion after FY30 is to be funded through borrowings.^[4]

Recent developments

The COCO store at Amanora Mall, Pune opened on 7 July 2026.^[4]
An exclusive brand store opened at Canada Corner, Nashik on 23 September 2026, taking the EBO count to 4 and the network to 38 stores.^[6]
Marketing spend was planned to rise from Q2 through Q4 FY27; brand ambassador talks were under way as of the Q1 FY27 call.^[4]

Market Cap

₹1,976 Cr

High / Low

₹738 / 328

Stock P/E

31.3

Price / Book

3.9

Book Value

₹163

EPS

₹20.4

No. of Shares

3.17 Cr

ROCE

14.1%

ROE

12.6%

OPM

21.8%

Debt / Equity

0.32

Sales

₹439 Cr

Net Profit

₹65 Cr

Promoter holding

64.8%

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