Date: October 05, 2026

Financial Results

Revenue from Operations (Excluding Gold Sales):

  • Q2FY27: ₹1,205.40 Million
  • Q2FY26: ₹824.19 Million
  • YoY Growth: 46.25%
  • H1FY27: ₹2,365.27 Million
  • H1FY26: ₹1,345.83 Million
  • YoY Growth: 75.75%

Revenue from Operations (Including Gold Sales):

  • Q2FY27: ₹1,205.40 Million (includes Gold Sales of ₹0)
  • Q2FY26: ₹1,029.69 Million (includes Gold Sales of ₹205.50 Million)
  • YoY Growth: 17.46%
  • H1FY27: ₹2,385.13 Million (includes Gold Sales of ₹19.86 Million)
  • H1FY26: ₹1,567.18 Million (includes Gold Sales of ₹221.35 Million)
  • YoY Growth: 52.19%

Note on Gold Sales: The gold sales mentioned relate to gold received from customers as part consideration for the purchase of diamond jewellery. In such transactions, customers provide their old gold, the value of which is adjusted against the price of the new jewellery purchased. The gold received is primarily used in manufacturing new jewellery. The sale represents only the excess gold remaining after consumption for manufacturing. The company does not engage in gold bullion or commodity trading. This sale is purely incidental and arises only from the disposal of excess gold received from customers in the normal course of sales operations.

The revenue figures for Q2FY27 and H1FY27 are subject to limited review/audit by the Statutory Auditors of the Company.

Store Expansion

  • Total store count as of October 05, 2026: 38 stores
  • Composition: 4 EBO/COCO stores and 34 SIS (Shop-in-Shop) stores
  • This represents an increase from 36 stores (2 EBO/COCO and 34 SIS) as of June 30, 2026
  • New store openings:
  • July 2026: COCO store at Amanora Mall, Pune
  • September 2026: COCO store at Agora Commercial Complex, Nashik
  • The COCO stores are performing in line with expectations
  • The company remains on track with its plan to open approximately 15 new COCO stores over the next 24 months from IPO date
  • Expansion focus: Primarily Tier 1 cities, with selective expansion into Tier 2 cities and metro markets across Maharashtra and key North India markets

Digital Expansion

  • Successfully launched a new E-Commerce Platform: https://revadiamonds.com/
  • The platform is aimed at enhancing customer experience, expanding market reach, and strengthening digital presence

Demand Outlook

  • Q2FY27 recorded zero festive days compared to 9 days of festive sales included in Q2FY26 revenue
  • Despite this calendar shift, the company delivered higher overall sales year-on-year, driven by healthy demand throughout the quarter
  • The 45-day Dussehra and Diwali festive season typically generates the largest share of annual revenue
  • Industry trends indicate a favourable outlook for India's diamond jewellery market driven by:
  • Evolving consumer preferences
  • Rising disposable incomes
  • Increasing acceptance of diamonds beyond traditional occasion-led purchases
  • Resilient festive and wedding demand continues to support category penetration and consumer engagement
  • The upcoming Q3 wedding season, Dussehra and Diwali festival is expected to support higher average order values due to greater share of larger-ticket purchases
  • This provides a supportive backdrop for PNGS Reva's planned EBO expansion

Company Background

PNGS Reva Diamond Jewellery Limited (CIN No. L32111PN2024PLC236494) is a focused diamond jewellery retail player backed by the strong legacy of the P N Gadgil & Sons Group, which brings over 194+ years of heritage in the jewellery industry. The Company currently operates across 38 locations, comprising a mix of SIS (Shop-in-Shop) formats and COCO stores, with a strong presence in Maharashtra and a growing footprint in select other markets.