PNGS Reva Diamond Jewellery Limited

PNGS Reva Diamond Jewellery Limited is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery made using diamond and precious and semi-precious stones which are studded into precious metals such as gold and platinum. They also retail plain platinum jewellery including rings, bracelets and chains. Their products are sold under their flagship brand, 'Reva'. The Reva brand aims to blend traditional elegance with modern aesthetics, offering customisable diamond jewellery that appeals to a broad customer base. Company's retail network comprises of brand-exclusive store owned and operated by the Company and shops-in-shop where they set up their brand in a dedicated space within the premises of the retail stores operated by their Corporate Promoter, P. N. Gadgil & Sons Limited ('Stores'). As per financial performance, PNGS Reva Diamond Jewellery Limited has posted total income / net profits of Rs 199.34 Cr / Rs 51.74 Cr (FY23), Rs 196.23 Cr / Rs 42.41 Cr (FY24), Rs 259.10 Cr / 59.47 Cr (FY25) and Rs 157.11 Cr / 20.13 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an an average RoNW of (36.51)% for last three fiscals. Issue is priced at a P/BV of 7.02 as per NAV of Rs 55.02/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 28.86, 20.58 and 30.40 respectively. As per RHP, comparison between listed peers is shown in above table. there are no listed peers in the Indian market. On BRLM's front, Smart Horizon Capital Advisors Private Limited is associated with this IPO, and has handled 19 IPOs ( 1 Mainboard and 18 SME) in last three fiscal years. ( As on 04.02.26 ) As per financials, PNGS Reva Diamond Jewellery Limited has shown good growth, RoNW is 59.36% and P/E is 28.86, 20.58 and 30.40 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is involved in the business of sale of jewellery made using diamond and precious and semi-precious stones with focus on retail, which is highly competitive and growing business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Govind Vishwanath Gadgil 
• 2 Renu Govind Gadgil
• 3 P. N. Gadgil & Sons Limited