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P N Gadgil & Sons is a name that carries weight in Maharashtra’s jewellery circles. But in February 2025, it tried something different. It launched ‘Reva’; a diamond-first sub-brand with modern designs, customisable sets, and pricing that starts at ₹10,000. The launch was timed around Valentine’s Day, supported by waived making charges and digital ads.
Now, PNGS Reva Diamonds Ltd is heading to the public markets, riding on this new brand momentum and a plan to add 15 more stores.
IPO snapshot
About the company
Incorporated in 2004, PNGS Reva Diamonds Ltd is a diamond-focused retail jewellery company. It operates under the flagship brand “Reva” and offers diamond rings, earrings, bracelets, and necklaces made with hallmarked gold and precious stones. The brand focuses on lightweight, customisable designs across different price tiers.
As of March 31, 2025, the company operated 33 retail outlets across 25 cities in Maharashtra, Gujarat, and Karnataka, with a total display area of approximately 599 running feet. All products are sold through these company-managed stores; there’s no franchise or e-commerce component as of now.
Financial performance
PNGS Reva Diamonds has posted consistent growth in the past two years. Revenue grew 32% between FY24 and FY25, while net profit rose 41% in the same period. The company also reported an EBITDA margin of nearly 42% in FY25, unusually high for the retail jewellery segment. Net worth more than doubled year-on-year, supported by strong earnings and capital infusion.
It’s worth noting that total borrowings increased to ₹90.6 crore as of March 2025, where earlier debt was negligible. Still, the company maintains a low debt-to-equity ratio of 0.37 and a high return on net worth of 59.36%.
Backers and buyers
The promoters: P. N. Gadgil & Sons Ltd, Govind Vishwanath Gadgil, and Renu Govind Gadgil hold 87.45% pre-issue. The business serves individual consumers across walk-in stores in Tier 1–3 cities. It does not sell online or through franchisees.
The IPO funds will be used for:
- ₹286.56 crore for setting up 15 new Reva stores
- ₹35.40 crore for marketing and promotional expenses
- Remaining amount for general corporate purposes
The expansion is focused on strengthening Reva’s reach in its existing states, rather than pan-India rollout.
Risk factors
PNGS Reva Diamonds relies entirely on one brand, one business line (retail jewellery), and one region. It has no online presence, no B2B sales, and limited geographic diversity. Any dip in discretionary spending or local competition could impact growth. Also, the recent surge in profits and margins may not be sustainable once new store capex kicks in.
Why to consider this IPO
PNGS Reva Diamonds has several things going for it. It’s backed by the trusted P. N. Gadgil brand, with deep local recall across western India. The company has grown profitably in the last two years, with strong return metrics and low leverage. The Reva sub-brand gives it a differentiated, design-led identity in the affordable diamond jewellery segment; a category that’s seeing rising aspirational demand. Its focus on company-owned outlets also gives it tighter control over margins, inventory, and customer experience.
Final take
PNGS Reva Diamonds Ltd is not your typical pan-India luxury jeweller. It’s a legacy-backed, regionally strong brand that’s going modern one Reva store at a time. The IPO is essentially a growth bet on execution, margins, and the expanding appeal of mid-range diamond jewellery in western India.
FAQs
What does PNGS Rive Diamonds Ltd do?
PNGS Rive Diamonds Ltd runs a retail jewellery business under the ‘Reva’ brand, offering diamond jewellery through company-owned stores in Maharashtra, Gujarat, and Karnataka.
Is PNGS Rive Diamonds a new company?
No. It was incorporated in 2004. The Reva sub-brand, focused on affordable diamond jewellery, was launched in February 2025.
What is the total size of the PNGS Rive IPO?
The IPO is a fresh issue of shares worth ₹450 crore, with no Offer for Sale component.
Who are the promoters of PNGS Rive Diamonds Ltd?
P. N. Gadgil & Sons Ltd, Govind Vishwanath Gadgil, and Renu Govind Gadgil are the promoters.
How will the IPO funds be used?
Funds will go toward opening 15 new stores, brand marketing, and general corporate purposes.
How has the company performed financially?
Between FY23 and FY25, revenue and profits have grown steadily, with high margins and improved net worth.
Where will PNGS Rive shares be listed?
The shares will be listed on both BSE and NSE after the IPO.
What are the risks involved in this IPO?
High dependence on one region and brand, lack of online presence, and rising debt post-expansion are key risks.
Does PNGS Rive sell online?
No. All sales are through company-owned physical stores. There is no online or franchise channel currently.
What is the brand positioning of Reva?
Reva targets mid-range customers looking for modern, lightweight, and customisable diamond jewellery.
