The Indian primary market is witnessing a brilliant start to 2026. Following the buzz of recent major issues, PNGS Reva Diamond Jewellery Limited is set to launch its IPO on February 24, 2026. Backed by the iconic legacy of P.N. Gadgil & Sons, this "pure-play" diamond retailer is aiming to capture the growing "affordable luxury" segment.

At IPO Ji, we believe in making complex financial data user-friendly. Here is your comprehensive 360-degree guide to the PNGS Reva Diamond Jewellery IPO.

PNGS Reva Diamond Jewellery IPO: Key Details at a Glance

The Business Model: "Parasitic" Growth Done Right

PNGS Reva doesn't just sell jewellery; it leverages a highly efficient Shop-in-Shop (SiS) model.

• The Strategy: 33 out of their 34 existing stores are located within the larger P.N. Gadgil & Sons (PNGS) outlets.
• The Benefit: This drastically reduces customer acquisition costs and capital expenditure on real estate, allowing them to focus purely on high-margin diamond and platinum collections.
• The Future: The IPO proceeds of ₹286.56 Cr are earmarked for establishing 15 new brand-exclusive stores in Tier-1 and Tier-2 cities, marking their transition from a shop-in-shop model to a standalone branded retail powerhouse.

Financial Snapshot: High Margins, Recent Pressure

PNGS Reva has historically boasted "extraordinary" PAT margins compared to gold-heavy retailers. Because diamond pricing is more flexible than gold, the company achieved a 23% PAT margin in FY25.

While revenue growth is strong (+32% YoY), keep an eye on the margin compression in H1 FY26 (dropping to 12.85%). This likely stems from inventory build-up and marketing costs for the upcoming store launches.

Investment Breakdown: Lot Sizes for All Categories

Whether you are a retail investor or an HNI, here is how much you need to bid:

• Retail (Min): 1 Lot (32 Shares) — ₹12,352
• Retail (Max): 16 Lots (512 Shares) — ₹1,97,632
• S-HNI (Min): 17 Lots (544 Shares) — ₹2,09,984
• B-HNI (Min): 81 Lots (2,592 Shares) — ₹10,00,512

PNGS Reva Diamond Jewellery IPO: Application Categories

The "Why" Behind the Buy: Strengths & Risks

✅ Why You Might Subscribe:

1. Fresh Issue Only: Zero "Offer for Sale" (OFS) means 100% of your money goes into the company's growth, not into the pockets of exiting promoters.
2. Promoter Legacy: The P.N. Gadgil brand carries immense trust in Maharashtra and beyond.
3. Sector Tailwinds: 2026 is seeing a shift toward "Daily Diamond" wear and lab-grown alternatives, where Reva is positioning its "affordable luxury" collections.

⚠️ Risks to Watch:

1. Geographic Concentration: Over 95% of revenue comes from Maharashtra. Any regional economic dip could impact sales.
2. Parent Dependency: Their success is closely tied to the footfall of the parent PNGS stores.
3. Competition: Intense rivalry from listed giants like Titan (Tanishq) and Kalyan Jewellers, as well as the rising popularity of lab-grown diamonds.

How to Apply for PNGS Reva IPO on the IPO Ji App

Applying for this IPO is seamless with IPO Ji. Follow these steps:

1. Open the IPO Ji App and log in to your dashboard.
2. Locate "PNGS Reva Diamond" in the "Live IPOs" section.
3. Check the Live GMP: View real-time Grey Market Premium for educational purpose and subscription data.
4. Enter Your Bid: Select your lot size and enter your UPI ID.
5. Approve Mandate: Confirm the payment request on your UPI app (like GPay or PhonePe) to complete your application.

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PNGS Reva is a high-growth, asset-light play in a high-margin sector. While the geographic concentration is a risk, the strong promoter backing and 100% fresh issue status make it a compelling watch.

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Disclaimer: IPO investments are subject to market risks. Please read the Red Herring Prospectus (RHP) carefully and consult your financial advisor before investing.