Financial Performance Highlights

Quarterly Performance (Q2FY27 vs Q2FY26)

  • Revenue from Operations: ₹1,205 Mn vs ₹1,030 Mn (17% growth)
  • Gross Profit: ₹374 Mn vs ₹249 Mn (50% growth)
  • Gross Margin: 31% vs 24%
  • EBITDA: ₹287 Mn vs ₹192 Mn (49% growth)
  • EBITDA Margin: 24% vs 19%
  • Profit Before Tax: ₹310 Mn vs ₹170 Mn (83% growth)
  • Profit After Tax: ₹233 Mn vs ₹127 Mn (84% growth)
  • PAT Margin: 19% vs 12%

Half-Yearly Performance (H1FY27 vs H1FY26)

  • Revenue from Operations: ₹2,385 Mn vs ₹1,567 Mn (52% growth)
  • Gross Profit: ₹793 Mn vs ₹418 Mn (90% growth)
  • Gross Margin: 33% vs 27%
  • EBITDA: ₹626 Mn vs ₹308 Mn (103% growth)
  • EBITDA Margin: 26% vs 20%
  • Profit Before Tax: ₹674 Mn vs ₹268 Mn (151% growth)
  • Profit After Tax: ₹505 Mn vs ₹201 Mn (151% growth)
  • PAT Margin: 21% vs 13%

Revenue Composition Note

Revenue from Operations includes gold sales of:

  • Nil in Q2FY27
  • ₹205.50 Mn in Q2FY26
  • ₹19.86 Mn in Q1FY27
  • ₹19.86 Mn in H1FY27
  • ₹221.35 Mn in H1FY26

Excluding gold sales, revenue growth was 46.25% YoY in Q2FY27 and 75.75% in H1FY27.

Balance Sheet Position (as of September 2026)

Liabilities

  • Equity Share Capital: ₹317 Mn (unchanged from March 2026)
  • Other Equity: ₹5,289 Mn (vs ₹4,835 Mn in March 2026)
  • Total Equity: ₹5,606 Mn (vs ₹5,152 Mn)
  • Short Term Borrowings: ₹1,278 Mn (vs ₹1,659 Mn)
  • Trade Payables: ₹804 Mn (vs ₹202 Mn)
  • Total Liabilities: ₹7,908 Mn (vs ₹7,154 Mn)

Assets

  • Inventories: ₹4,604 Mn (vs ₹3,356 Mn)
  • Cash & Cash Equivalents: ₹2,326 Mn (vs ₹3,242 Mn)
  • Property, Plant & Equipment: ₹40 Mn (vs ₹24 Mn)
  • Right to Use Assets: ₹66 Mn (vs ₹36 Mn)
  • Total Assets: ₹7,908 Mn (vs ₹7,154 Mn)

Cash Flow Statement

  • Cash from Operating Activity: -₹52 Mn (vs -₹1,048 Mn in previous period)
  • Cash from Investing Activity: ₹171 Mn (vs -₹2,468 Mn)
  • Cash from Financing Activity: -₹540 Mn (vs ₹4,269 Mn)
  • Net decrease in cash: ₹422 Mn
  • Cash & cash equivalent at end: ₹721 Mn

Business and Operational Updates

E-commerce Launch

  • Successfully launched e-commerce platform www.revadiamonds.com on September 16, 2026
  • Establishes additional sales channel for natural diamond jewellery
  • Enhances customer convenience with category and collection browsing
  • Expands market reach beyond physical retail network
  • Strengthens digital visibility and accessibility

Retail Expansion

  • Three new COCO (Company Owned Company Operated) stores opened in FY27
  • First store launched in Jaipur at Pacific Mall
  • Current footprint: 39 stores across 26 cities in Maharashtra and Gujarat
  • Plan to expand with 15 exclusive stores (4 already launched) focusing on Tier-1 cities and selectively exploring Tier-2 and metro cities

Brand Ambassador

  • Onboarded Sharvari Wagh as brand ambassador
  • Reflects brand's vision of celebrating individuality and meaningful milestones

Awards

  • Received "Best Diamond Jewellery Brand" award at JewelX Global Business Awards 2026
  • Recognized for excellence in innovation, craftsmanship, retail execution, and customer experience

Management Commentary

From Amit Yeshwant Modak, Whole Time Director & Chief Executive Officer:

  • Strong performance despite Q2FY27 having no festive days compared to nine festive days in Q2FY26
  • Healthy consumer demand reflecting resilience of Reva brand
  • COCO stores performing in line with expectations
  • Upcoming festive and wedding season (Dussehra, Diwali, Q3 wedding season) expected to support demand
  • Larger-ticket purchases providing opportunity to improve average order values
  • Focus on disciplined expansion, enhanced customer engagement, and building scalable retail and digital platform

Business Strengths

  • Backed by P. N. Gadgil & Sons Group legacy with 194+ years in jewellery
  • All retail outlets of parent company achieved profitability from first year with no store closures
  • Leadership team with 85+ years combined experience
  • Strong regional presence across Western India
  • Wide product range: ₹15,000 to ₹25 lakh+
  • Superior quality: VVS EF/FG diamonds (above industry norms)
  • Competitive pricing through sourcing efficiencies
  • Customer assurance: 100% exchange & ~90% buyback policies
  • Asset-light, low capex model driving higher ROCE

Growth Strategy

  • Expand retail footprint through 15 new exclusive stores
  • Funded by ~₹2,866 Mn from net IPO proceeds
  • Product diversification into high-value, customized, and bridal segments
  • ERP-led inventory tracking and secure logistics
  • Marketing budget of ~₹354 Mn from IPO proceeds for hyper-local campaigns and omnichannel outreach

Industry Outlook

  • Indian G&J Industry valued at ₹8,809 Bn in CY24, growing at 10.6% CAGR since CY20
  • Projected to grow at 11.7% CAGR till CY29
  • India is largest diamond-cutting and polishing hub globally (90% of world's polished diamonds)
  • Structural shift from unorganized to organized retail
  • Rising preference for certified diamonds and transparent pricing
  • Increasing disposable income and consumer spending
  • Rising gold prices driving shift to diamond jewellery
  • Demographic tailwinds from younger consumers (Gen Z)