Jewellery retailer sees robust festive demand and footfall surge; charts expansion with Rs 380 crore IPO funds
PNGS Reva Diamond Jewellery reported a strong financial performance for the third quarter of FY26, with revenue and profit witnessing sharp quarter-on-quarter growth driven by festive demand and rising consumer traction.
The company posted revenue from operations of Rs 144.18 crore in Q3 FY26 (October–December 2025), marking a 40 per cent increase over Rs 102.97 crore in the previous quarter. Profit after tax (PAT) surged 82 per cent to Rs 23.11 crore, while Ebitda rose 74 per cent to Rs 33.71 crore.
Footfall surge reflects demand momentum
The retailer also recorded a 66 per cent increase in footfall compared to Q2, indicating strong consumer demand during the festive and wedding season.
The jewellery business remains highly seasonal, with the second half of the financial year accounting for nearly 65–70 per cent of annual revenues, driven by key occasions such as Navratri, Diwali and the wedding season.
Strong nine-month performance
For the nine months ended December 31, 2025, Reva Diamonds reported revenue of Rs 300.90 crore, Ebitda of Rs 64.90 crore and PAT of Rs 43.23 crore, reflecting steady growth as the company scales operations following its listing.
Expansion roadmap in focus
Backed by IPO proceeds of around Rs 380 crore, the company has outlined an aggressive expansion strategy, with Rs 287 crore earmarked for setting up 15 new company-owned, company-operated (COCO) stores over the next two financial years.
Expansion will be focused largely in Maharashtra, which currently contributes about 95 per cent of revenue, alongside entry into Tier 1 cities in North India through mall-based formats.
The company currently operates 35 points of sale across formats, including franchisee-owned and company-operated outlets.
Margin outlook and product positioning
Ebitda margins have ranged between 19 per cent and 23 per cent across the first three quarters of FY26. Management indicated that margins may see a temporary dip of 100–300 basis points during the expansion phase due to higher marketing and brand-building expenses.
However, operating leverage from mature stores is expected to support margin recovery over time.
The company noted that its focus on design-led jewellery using small and melee diamonds—accounting for over 95 per cent of its portfolio—provides insulation from competitive pressures posed by lab-grown diamonds, which are more prominent in the solitaire segment.
Management commentary
Amit Modak, Whole Time Director and CEO, said the company’s first earnings call marks a key milestone following its listing.
“Our maiden earnings call is a milestone moment… A 40 per cent revenue jump and 82 per cent surge in PAT over the previous quarter are encouraging indicators as we continue to scale,” he said, adding that the company remains focused on translating IPO capital into sustainable growth.
Aditya Modak, Non-Executive Director, highlighted the importance of disciplined expansion. “A 66 per cent jump in footfall reflects growing brand trust… As we deploy IPO proceeds into new stores, we are doing so with clarity on unit economics. Scale without profitability is not a trade-off we are willing to make,” he said.
Legacy backing
Reva Diamonds was carved out as an independent entity in December 2024 from the PNGS Group, a legacy jewellery business with origins dating back to 1832 in Sangli.
The company caters to a wide consumer base—from entry-level buyers to bridal customers—with product prices ranging from Rs 10,000 to Rs 15 lakh.
