India loves two things unconditionally — cricket and gold jewellery. And now, PNGS Reva Diamond Jewellery Ltd. wants you to love its IPO too.
With a ₹380 crore fresh issue, price band of ₹367–₹386, and a pre-IPO market cap of ₹1,224.04 crore, the company is stepping onto Dalal Street like a bride entering a wedding hall — heavily decorated, slightly nervous, and hoping everyone approves.
Let’s decode whether this sparkle is real brilliance… or just showroom lighting.
1. At a Glance – Shine Bright or Too Polished?
PNGS Reva Diamond Jewellery IPO opens from Feb 24 to Feb 26, 2026, with listing expected on March 4, 2026. It’s a pure fresh issue of 98,44,559 shares, meaning the company is raising capital, not promoters cashing out.
At the upper band of ₹386, the issue implies:
- Pre-IPO Market Cap: ₹1,224.04 Cr
- Pre-IPO EPS: ₹35.21
- Pre-IPO P/E: 10.96x
- Price to Book: 8.42x
- PAT Margin (FY25): 23.04%
- PAT Margin (H1 FY26): 12.85%
Revenue for FY25 stood at ₹259.11 crore, PAT at ₹59.47 crore, and EBITDA at ₹79.61 crore.
But here’s the twist — margins have dropped sharply in the half year ended September 2025.
Jewellery business is all about shine. But can numbers sparkle consistently? Or are we looking at a seasonal glow?
Let’s open the velvet box.
2. Introduction – Diamonds Are Forever… But Margins?
Founded in 2004, PNGS Reva Diamond Jewellery operates under the brand “Reva”. It sells diamond-studded jewellery across Maharashtra, Gujarat and Karnataka.
The company runs 34 stores across 25 cities, and now wants to open 15 more stores using IPO funds. That’s aggressive expansion.
But here’s something interesting.
In FY23 and FY24, the company had negative net worth. Yes. Negative. Then suddenly in FY25, net worth jumped to ₹100.19 crore, and as of September 2025, it stands at ₹120.31 crore.
From negative to positive hero arc.
If this was a Bollywood movie, we’d clap.
But as investors, we ask: was this operational improvement or financial restructuring magic?
Revenue has been inconsistent:
- FY23: ₹199.35 Cr
- FY24: ₹196.24 Cr
- FY25: ₹259.11 Cr
- H1 FY26: ₹157.12 Cr
Profit too has seen fluctuations.
Jewellery is cyclical, festive-driven, and
