1. Business Overview: The Reva Strategy
PNGS Reva was born from a strategic restructuring where the parent group, P.N. Gadgil & Sons Limited, carved out its diamond-studded jewellery business into this pure-play entity.
The Brand: "Reva" targets the mass-premium segment with diamond jewellery starting at just ₹10,000.
Current Reach: Operates 34 stores across Maharashtra, Gujarat, and Karnataka. Interestingly, 33 of these are "shop-in-shop" formats within parent PNGS stores, keeping costs incredibly low.
The Pivot: The IPO funds will be used to transition from this "shop-in-shop" model to 15 brand-exclusive standalone stores in Tier-1 and Tier-2 cities.
2. IPO Timelines & Lot Details (Fresh Update)
The official dates are now confirmed. Note that since this is a Mainboard IPO, the investment threshold is much more accessible for retail investors than the SME segment.
| Event / Detail | Information |
|---|---|
| IPO Opening Date | Tuesday, February 24, 2026 |
| IPO Closing Date | Thursday, February 26, 2026 |
| Price Band | ₹367 to ₹386 per share |
| Minimum Lot Size | 32 Shares |
| Min. Retail Investment | ₹12,352 |
| Total Issue Size | ₹380 Crore (100% Fresh Issue) |
| Allotment Date | Friday, February 27, 2026 |
| Tentative Listing Date | Wednesday, March 4, 2026 |
3. Financial Health: High Margins, Higher Growth
Reva’s financials outshine many gold-heavy retailers because diamond jewellery typically commands much higher margins.
Revenue: Grew 32% to ₹258.18 crore in FY25.
Profitability (PAT): Surged by 40% to ₹59.47 crore in FY25.
Efficiency: Boasts a massive Return on Equity (ROE) of 59.36% and an EBITDA margin of ~30.8% for FY25.
Valuation: At the upper price band, the P/E ratio is roughly 11x (based on FY25 EPS), which looks significantly cheaper than peers like Senco Gold (~33x) or Thangamayil (~80x).
4. Grey Market Premium (GMP) Update (Feb 16, 2026)
Even though the IPO is over a week away, the unofficial market is already active:
Current GMP: ₹25 – ₹30.
Estimated Listing Gain: Approximately 7% to 8%.
Trend: The sentiment is positive because there is No Offer for Sale (OFS)—every rupee raised goes into growing the business, which investors generally love.
5. Strategic Use of Proceeds
The company isn't just raising money for general use; they have a clear roadmap:
₹286.56 Crore: Setting up 15 new exclusive "Reva" stores.
₹35.40 Crore: Massive marketing blitz to establish Reva as a standalone brand independent of the parent PNGS name.
6. Investor Analysis: Pros & Cons
Strengths:
Promoter Legacy: P.N. Gadgil is a household name in Western India, providing instant trust.
Pure Diamond Play: Focus on high-margin products avoids the volatility often seen in pure gold retailers.
Attractive Pricing: Valuation leaves "money on the table" for investors compared to industry averages.
Risks:
Geographic Concentration: ~97% of revenue comes from Maharashtra. Any regional economic shift is a risk.
Parent Reliance: Currently dependent on parent store footfall; the standalone store strategy is an unproven territory for them.
7. Conclusion
PNGS Reva is a high-growth play in the "affordable luxury" space. While it lacks geographic diversity for now, its financial metrics—specifically the 59% ROE—are hard to ignore. For retail investors looking for a "sparkling" entry into the jewellery sector at a reasonable P/E, this is one to watch closely.