PNGS Reva Diamond Jewellery Limited reported a sharp jump in its third-quarter performance for FY26, with revenue from operations rising 40% quarter-on-quarter to Rs 144.18 crore and profit after tax surging 82% to Rs 23.11 crore, compared to Rs 102.97 crore and Rs 12.70 crore respectively in Q2 FY26.
EBITDA for the quarter stood at Rs 33.71 crore, up 74.47% from Rs 19.32 crore in the previous quarter. Footfall grew 66% over Q2, reflecting stronger consumer demand during the festive October–December period.
For the nine months ended December 31, 2025, the company reported revenue of Rs 300.90 crore, EBITDA of Rs 64.90 crore, and PAT of Rs 43.23 crore.
The company noted that year-on-year comparisons are not meaningful for Q3, as Reva Diamonds operated as a separate entity for only 12 days during the corresponding prior period, having been incorporated on December 20, 2024, as a carved-out entity from the PNGS Group — a jewellery business with over 193 years of heritage dating to Sangli in 1832.
Expansion Plans
The company currently operates 35 points of sale — 33 stores under the FOCO model, one FOFO store, and one company-owned, company-operated (COCO) store. With approximately Rs 380 crore raised through its IPO, Reva Diamonds has earmarked Rs 287 crore to open 15 new COCO stores over 24 months — approximately 9 in FY27 and 6 in FY28 — and Rs 35 crore toward marketing and brand-building.
Planned expansion will be concentrated 55–60% within Maharashtra, with the remainder targeting Tier 1 cities in North India, primarily through mall-based locations. Average capital expenditure per store is estimated at Rs 19–20 crore, with inventory accounting for roughly 70% of that investment. New Maharashtra stores are expected to break even within 12–18 months; stores outside the state within 18–24 months.
Margins and Product Mix
EBITDA margins have ranged between 19% and 23% across the first three quarters of FY26. The company said margins may dip by 100–300 basis points during its 24–30-month expansion phase due to marketing expenses being charged directly to the P&L under Ind AS, though absolute profitability is expected to continue growing.
Geographically, 95% of revenue currently comes from Maharashtra, with the remaining 5% from Gujarat and Karnataka.
On product mix, the company said over 95% of its offering comprises small and melee diamonds used in design-led jewellery, which it said insulates the business from pressure from lab-grown diamonds — a trend it noted primarily affects solitaire and pointer categories. Its product range spans nose pins priced at Rs 10,000 to bridal necklaces at Rs 12–15 lakh.
Management Commentary
Speaking at the earnings call, Amit Modak, Whole Time Director and CEO, said, “Our maiden earnings call is a milestone moment for the Reva Diamonds story — one that marks not just our debut as a listed entity, but our commitment to transparent, consistent dialogue with the investor community. The Q3 numbers reflect the inherent strength of the festive season tailwinds, and we are pleased with the quality of growth we have delivered. A 40% revenue jump and 82% surge in PAT over the previous quarter are encouraging indicators as we continue to scale. The enthusiastic response to our IPO has given us the capital firepower to pursue our expansion strategy with confidence, and we remain focused on converting that capital into sustainable, profitable growth.”
Aditya Modak, Non-Executive Director, PNGS Reva Diamond Jewellery Limited, added, “These results affirm that we have built a business with strong operational discipline and real consumer resonance. A 66% jump in footfall this quarter is not a number we take lightly — it reflects growing brand trust and a deepening connection with our customers across Maharashtra. Our revenue mix of traditional buyers, Gen Z, and working women gives us a diversified demand base that positions us well for the next phase. As we deploy IPO proceeds into 15 new COCO stores, we are doing so with clarity on unit economics and brand-building. Because scale without profitability is not a trade-off we are willing to make. The opportunity ahead is significant, and we are committed to delivering it responsibly.”
PNGS Reva Diamond Jewellery Limited is a leading diamond jewellery retailer anchored in the 190-year legacy of the PNGS Group, one of Maharashtra’s most trusted jewellery institutions. Incorporated in December 2024 as an independent entity, Reva Diamonds operates 35 points of sale — primarily across Maharashtra — and has raised approximately ₹380 crore through its IPO to fund an aggressive COCO expansion across key markets in Maharashtra and North India. The company caters to a diverse consumer base, including traditional buyers, Gen Z, and working women, with a product range spanning ₹10,000 to ₹15 lakh, and is committed to building a brand synonymous with quality, trust, and contemporary design.
