PNGS Reva Diamond IPO
Market Sentiment
Market Lot Size
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 199.35 | 196.24 | 259.11 |
| Expense | 130.17 | 139.56 | 179.90 |
| Profit (PAT) | 51.75 | 42.40 | 59.81 |
| Total Assets | 123.93 | 158.33 | 226.84 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Tribhovandas Bhimji Zaveri Limited | 23.58 | 8.16 | 9 |
| Thangamayil Jewellery Limited | 41.24 | 44.91 | 25 |
| Senco Gold Limited | 14.48 | 24.06 | 13 |
Promoters: P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil And Renu Govind Gadgil
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 2,18,66,400 | 87.45% |
| Promoter Holding Post Issue | 3,17,10,959 | 60.31% |
Company Information
PNGS (P. N. Gadgil & Sons) Reva Diamond Jewellery, incorporated in 2004, operates in the jewellery business. The company is engaged in selling a wide range of jewellery crafted from diamonds and precious and semi-precious stone jewellery set in gold and platinum. To offer affordable yet stylish diamond jewellery, they also launched a diamond-focused sub-brand, Reva, in February 2025. Its product portfolio consists of Diamond rings, diamond earrings, Diamond bracelets, Diamond sets, and Diamond necklace sets. The firm decided to launch the Reva collection before Valentine’s Day in 2025 to tap into festive demand and attract customers for gift options. Its Reva collection is crafted with pure diamond prices and modern designs with starting priced from ₹10,000. The firm includes a total of 33 stores spanning 25 cities as of March 31, 2025.
| Purpose | Amount (Cr) |
|---|---|
| Funding expenditure towards setting-up of 15 New Stores | 286.56 |
| Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness and visibility of our flagship brand, “Reva”, in their respective areas | 35.40 |
| General Corporate Purpose | - |
Resources & Documents
PNGS Reva Diamond Jewellery Limited., Abhiruchi Mall, 59/1 C, Sinhgad Road,, Wadgaon Budruk,, Pune – 411041,, Maharashtra, India
PNGS Reva Diamond has set a price band of Rs 367–Rs 386 per share for an issue size of Rs 380 crore. The stock listed with a 2.85% discount versus its issue price on March 04, 2026.
PNGS (P. N. Gadgil & Sons) Reva Diamond Jewellery, incorporated in 2004, operates in the jewellery business. The company is engaged in selling a wide range of jewellery crafted from diamonds and precious and semi-precious stone jewellery set in gold and platinum. To offer affordable yet stylish diamond jewellery, they…
The issue is promoted by P.N. Gadgil & Sons Limited, Govind Vishwanath Gadgil And Renu Govind Gadgil with Smart Horizon Capital Advisors Private Limited acting as lead manager. Net proceeds will primarily be used towards Funding expenditure towards setting-up of 15 New Stores (Rs 287 crore) and Marketing and promotional expenses related to the launch of the 15 New Stores, aimed at enhancing local brand awareness… (Rs 35 crore).
Grey market is quoting a discount of Rs -1 (-0.3% over issue price), down Rs 21 from the previous session. Final subscription data records overall subscription at 1.23x, retail at 1.29x, QIB at 1.04x, NII at 1.54x.
On fundamentals, the company is posting revenue growth of 32.0%, a profit margin of 23.1%, return on equity of 59.4% in its most recent reported period. Listed peers in this segment include Thangamayil Jewellery Limited (P/E 41.24x, market cap Rs 25 crore) and Senco Gold Limited (P/E 14.48x, market cap Rs 13 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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