PNGS Reva Diamond Jewellery IPO: Latest GMP, Key Highlights, and Full Details
If you’re tracking the PNGS Reva Diamond Jewellery IPO, you’re likely looking for three things: the latest GMP (Grey Market Premium), company fundamentals, and whether the issue looks attractive.
PNGS Reva Diamond Jewellery IPO: Quick Overview
| Aspect | Details |
|---|---|
| IPO Name | PNGS Reva Diamond Jewellery IPO |
| Issue Type | Mainboard Fresh Issue Only (100% fresh issue) |
| Price Band | ₹367 – ₹386 per share |
| Lot Size | 32 shares per lot |
| Minimum Retail Investment | ~₹12,352 at upper price band (32 × ₹386) |
| Issue Size | Approx ₹380 crore |
| IPO Open Date | February 24, 2026 |
| IPO Close Date | February 26, 2026 |
| Allotment Date | February 27, 2026 |
| Tentative Listing Date | March 4, 2026 on NSE & BSE |
| Stock Exchanges | NSE & BSE (Mainboard) |
| Registrar | Bigshare Services Pvt. Ltd. |
| Lead Manager | Smart Horizon Capital Advisors |
PNGS Reva Diamond Jewellery IPO GMP (Grey Market Premium)
The Grey Market Premium (GMP) reflects unofficial market demand before listing.
| GMP (Grey Market Premium) | Value / Notes |
|---|---|
| Latest Unofficial GMP | ~₹9 per share (24 Feb 2026) |
| GMP % vs Upper Price Band | ~2.33% premium on ₹386 price band |
| Historical GMP Range | ₹5 – ₹35 observed in unofficial market before IPO |
| What This Suggests | Sentiment indicates modest expected listing premium-but GMP is unofficial and can change before listing. |
Important Reminder About GMP
GMP is:
- Unofficial and unregulated
- Highly volatile
- Not a guarantee of listing gains
Many SME IPOs see sharp movements in GMP just days before listing. Use it as a sentiment indicator-not an investment decision tool.
About PNGS Reva Diamond Jewellery
PNGS Reva Diamond Jewellery operates in the diamond and gold jewellery retail segment, catering to customers seeking bridal, festive, and everyday jewellery collections.
Business Model Highlights
- Focus on diamond-studded jewellery
- Retail-driven revenue model
- Likely strong presence in regional markets
- Exposure to wedding and festive demand cycles
Jewellery retail in India remains a strong long-term theme due to:
- Cultural demand
- Wedding-driven purchases
- Growing preference for branded jewellery
However, competition is intense from both local jewellers and large listed brands.
Financial Performance Snapshot
Key financial metrics to examine:
| Financial Metric | FY23 | FY24 | FY25 | 30 Sep 2025 (H1) |
|---|---|---|---|---|
| Revenue (₹ Cr) | ₹199.35 | ₹196.24 | ₹259.11 | ₹157.12 |
| Profit After Tax (PAT) (₹ Cr) | ₹51.75 | ₹42.40 | ₹59.47 | ₹20.13 |
| EBITDA (₹ Cr) | ₹68.73 | ₹56.14 | ₹79.61 | ₹30.79 |
| Assets (₹ Cr) | ₹123.93 | ₹158.33 | ₹226.84 | ₹352.70 |
| Total Debt (₹ Cr) | — | — | ₹90.65 | ₹130.25 |
| Net Worth (₹ Cr) | -52.02 | -28.50 | ₹100.91 | ₹120.31 |
| EBITDA Margin | ~34.8% | ~29.0% | ~31.3% | ~19.9% |
| PAT Margin | ~34.6% | ~28.7% | ~30.8% | ~12.9% |
Notes on Financials
- Revenue growth shows a rebound from FY24 to FY25 after a slight dip, rising ~32% year-on-year.
- Profit growth is strong, with PAT rising ~40% in FY25 vs FY24.
- Margins remain healthy historically, though H1 FY26 margins are lower due to seasonal/operational factors.
- Asset base expanding, showing the company is scaling operations ahead of IPO.
Key Strengths of the IPO
- Growing Organized Jewellery Market
Shift from unorganized to branded retail benefits structured players. - Rising Diamond Jewellery Demand
Younger buyers prefer lightweight and diamond-studded designs. - Brand Recall in Core Geography
Strong regional trust can drive repeat purchases.
Key Risks to Consider
Every jewellery IPO carries specific risks:
1. Gold & Diamond Price Volatility
Fluctuations directly impact margins.
2. High Working Capital Requirement
Jewellery retail requires heavy inventory funding.
3. Competition
Large brands like Titan (Tanishq), Kalyan Jewellers, and Malabar dominate organized retail.
4. SME IPO Liquidity Risk
If this is an SME issue, post-listing liquidity may be limited.
Should You Apply?
Here’s a simple way to evaluate:
Consider Applying If:
- Revenue and profit are consistently growing
- Debt levels are manageable
- Valuation (P/E) is reasonable compared to listed peers
- GMP shows stable positive sentiment
Avoid If:
- Margins are unstable
- Heavy debt burden
- Overpriced vs industry averages
- Business heavily dependent on one region
Remember: IPO investing is about valuation + fundamentals-not just hype.
Who Is This IPO Suitable For?
- Short-term listing gain investors (if GMP remains strong)
- High-risk investors comfortable with SME volatility
- Long-term investors bullish on organized jewellery retail
Not suitable for conservative investors seeking stable dividends.
Key Takeaways
- GMP indicates sentiment, not certainty.
- Jewellery businesses are inventory-heavy and sensitive to gold prices.
- Carefully review debt, margins, and valuation before applying.
- SME IPOs can be volatile post listing.
FAQs
Q. What is the lot size of PNGS Reva Diamond Jewellery IPO?
Lot size will be confirmed in the final RHP.
Q. Is PNGS Reva Diamond Jewellery IPO good for listing gains?
It depends on final GMP trends and subscription demand.
Q. Where will the IPO list?
Most likely on NSE SME or BSE SME platform (as applicable).
Disclaimer
The stocks mentioned in this article are not recommendations. Please conduct your own research and due diligence before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure documents carefully before investing in Equity Shares, Derivatives, Mutual fund, and/or other instruments traded on the Stock Exchanges. As investments are subject to market risks and price fluctuation risk, there is no assurance or guarantee that the investment objectives shall be achieved. Lemonn (Formerly known as NU Investors Technologies Pvt. Ltd) do not guarantee any assured returns on any investments. Past performance of securities/instruments is not indicative of their future performance.
