PNGS Reva Diamond Jewellery Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹367 - ₹386
- Lot size
- 32 shares
- Issue amount
- ₹380 cr
- Total subscription
- 1.3×
- Opens
- 24 Feb 2026
- Closes
- 26 Feb 2026
- Allotment
- 27 Feb 2026
- Listing
- 4 Mar 2026
Offer at a glance
Issue overview
- Issue size
- 98,44,559 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹11,744
- Fresh issue
- ₹380 cr
- Offer for sale
- ₹0 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹12,352
- Issue type
- Bookbuilding IPO
- Shares before issue
- 2,18,66,400
- Shares after issue
- 3,17,10,959
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 32 | ₹12,352 |
| sHNI | 17 | 544 | ₹2,09,984 |
| bHNI | 81 | 2,592 | ₹10,00,512 |
Share reservation
Subscription & GMP
Subscription by category
Reported 26 Feb 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 30,733 | 31,750 |
| EMPLOYEES | 0 | 252 |
| HNIs(10L +) | 1,808 | 299 |
| HNIs (2-10L) | 904 | 1,224 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 114.13 | 125.15 |
| FIIs | 0 | 40 |
| Mutual Funds | 0 | 5 |
| Others | 0 | 80.16 |
| RETAIL | 37.96 | 51.35 |
| HNIs 2+ | 18.98 | 27.42 |
| HNIs 10+ | 37.96 | 64.77 |
| EMPLOYEES | 0.39 | 2.73 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 9.24 | 35.21 | 0 | 0 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 | 0 |
| RONW | 16.73 | 59.36 | -148.84 | -99.48 |
| PRE IPO(PE) | 0 | 10.96 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| PNGS Reva Diamond Jewellery Limited | 0 | 0 | 10.00 | 45.82 | 59.36 | 35.21 |
| Tribhovandas Bhimji Zaveri Limited | 15.74 | 161.30 | 10.00 | 98.49 | 10.41 | 10.25 |
| Thangamayil Jewellery Limited | 80.96 | 3400.20 | 10.00 | 390.03 | 10.77 | 42.00 |
| Senco Gold Limited | 33.00 | 332.75 | 10.00 | 120.37 | 8.09 | 10.09 |
Company information
Company profile
PNGS, short for P N Gadgil & Sons, was incorporated in 2004 and operates in the jewellery business. The company offers a wide range of jewellery made with diamonds, precious and semi-precious stones set in gold and platinum. In February 2025, it launched a new diamond-focused sub-brand called Reva, which provides stylish and affordable diamond jewellery starting from ₹10,000. The Reva collection includes modern, customizable pure diamond designs and was introduced just before Valentine’s Day 2025 with special offers like no making charges to attract customers. As of March 31, 2025, PNGS operates 33 stores across 25 cities in Maharashtra, Gujarat, and Karnataka, covering a total area of 599.15 running feet. Its product range includes diamond rings, earrings, bracelets, pendant sets, and necklace sets, all made in hallmarked gold.
Strengths
- Strong brand legacy in the jewellery segment: PNGS is a trusted and well-known jewellery brand with a strong presence in Maharashtra and nearby states, helping build customer loyalty and repeat business.
- Wide product portfolio: The company offers a variety of jewellery including gold, diamond, platinum, and stone-studded designs, attracting customers for weddings, festivals, gifting, and other occasions.
- Expansion into affordable diamond segment (Reva brand): The launch of the diamond-focused sub-brand “Reva” starting from ₹10,000 targets young and budget-conscious customers, while offers like no making charges help boost sales.
Risk factors
- Limited geographic presence: PNGS mainly operates in Maharashtra, Gujarat, and Karnataka, and limited expansion outside these states may slow national growth.
- High dependence on gold and diamond price fluctuations: Changes in gold and diamond prices directly affect margins and customer buying demand.
- Competitive industry pressure: The jewellery market is highly competitive with strong organized brands and local jewellers, and the new “Reva” brand may face tough competition in the affordable diamond segment.
Promoters
P.N. Gadgil & Sons Limited
Govind Vishwanath Gadgil
Renu Govind Gadgil
Registrar & documents
Lead manager
Smart Horizon Capital Advisors Private Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune, Maharashtra, 411041
+91 020-29980704
[email protected]Company website ↗Understanding PNGSREVA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.