PNGS Reva Diamond Jewellery Limited, the diamond jewellery retailer backed by the P. N. Gadgil & Sons Group, reported a 46.25% year-on-year rise in revenue from operations, excluding gold sales, to Rs 120.54 crore for the September 2026 quarter (Q2 FY27). The figure compares with Rs 82.42 crore in the same quarter last year.
The growth comes in a quarter that had no festive days. The 45-day Dussehra–Diwali season is a key period for diamond jewellery purchases, and nine festive days fell in the July–September quarter last year, against none this year.
For the first half of FY27 (April–September 2026), revenue excluding gold sales rose 75.75% to Rs 236.53 crore, from Rs 134.58 crore a year earlier.
Including gold sales, Q2 revenue stood at Rs 120.54 crore, up 17.46% from Rs 102.97 crore. H1 revenue including gold sales rose 52.19% to Rs 238.51 crore from Rs 156.72 crore. The company said gold sales refer only to surplus old gold received from customers in exchange for new diamond jewellery and left over after use in manufacturing, and that it does not trade in gold bullion or commodities. The financial figures are subject to limited review by the statutory auditors.
Two new stores
Reva opened two company-owned, company-operated (COCO) stores during the quarter: one at Amanora Mall, Hadapsar, Pune, in July, and another at Agora Commercial Complex, Nashik, in September.
The company now has 38 points of sale, made up of four COCO stores and 34 shop-in-shop counters, up from 36 at the end of June 2026. It said the new stores are performing in line with expectations and that it remains on track to open about 15 new COCO stores within 24 months of its IPO. Expansion will be led by Tier 1 cities, with selective entry into Tier 2 and metro markets across Maharashtra and key North Indian markets.
Online launch
Reva also launched its e-commerce platform, revadiamonds.com, allowing customers to browse and buy certified natural diamond jewellery online. The company said the site extends the retail experience beyond physical stores and gives customers wider access to its collection.
Management comments
Amit Modak, CEO, Reva Diamonds by PNGS, said:
“Jewellery retail has traditionally been closely linked to the festive calendar, and this quarter gave us none of it. Last year, nine festive days fell within Q2; this year, there were none. Against that backdrop, our 46% revenue growth is particularly encouraging. It indicates that consumers are increasingly choosing diamonds for personal milestones, celebrations and self-expression, rather than limiting purchases to festive occasions.
“Our new stores in Pune and Nashik are performing as planned, while our COCO expansion remains on track. With the upcoming wedding season, Dussehra and Diwali, we enter the second half of the year well positioned to serve customers looking for larger and more significant jewellery purchases.”
Aditya Modak, Director, Reva Diamonds by PNGS, said:
“Reva was built around a simple proposition — certified natural diamond jewellery backed by a family name that customers have trusted for generations. During the quarter, we took this proposition to more customers through both our expanding retail network and our digital platform.
“The addition of Amanora and Nashik strengthens our presence in key customer markets, while revadiamonds.com gives customers the convenience of discovering and purchasing Reva jewellery online. As we expand across stores and digital channels, our focus remains on making natural diamond jewellery more accessible, relevant and effortless for today’s consumer.”
Outlook
The company said industry trends point to a favourable outlook for India’s diamond jewellery market, supported by changing consumer preferences, rising disposable incomes and growing acceptance of diamonds beyond traditional occasions. It expects the wedding season and the Dussehra–Diwali period in Q3 to support higher average order values and back its retail expansion plans.
PNGS Reva Diamond Jewellery Limited is a diamond jewellery retailer backed by the P. N. Gadgil & Sons Group, which has more than 194 years of heritage in jewellery. It sells certified natural diamond jewellery through 38 points of sale, with a strong presence in Maharashtra and a growing footprint in select markets. More information is available at www.revabypng.com.
