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Incorporated in 2004, PNGS, an abbreviation for P N Gadgil & Sons is a jewellery business. Company focused jewellery brand dealing in the business of sale of varied variety of jewellery prepared by using diamond and precious and semi-precious stones which are studded in precious metals including gold and platinum. All products are available under the brand name: 'Reva'. The wide range of products offered by the company also includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets, mangalsutras, nosepins, and chains, etc., which cater to various kinds of customers and their needs. The company has offered 13 different kinds of jewelry collections till September 30, 2025, which include their own design team as well as third-party design teams. It had, as on Feb 2026, 34 stores across 25 cities in the states of Maharashtra, Gujarat, and Karnataka.
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| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Kratikal Tech SME | 30th Jun 2026 - 2nd Jul 2026 | 39.69 Cr | 1000 Shares | ₹ 128.00 | |
Atharva Polyplast SME | 30th Jun 2026 - 2nd Jul 2026 | 27.00 Cr | 2000 Shares | ₹ 55.00 | |
Seemax Resources SME | 30th Jun 2026 - 2nd Jul 2026 | 19.74 Cr | 1000 Shares | ₹ 134.00 | |
Sampark India Logistics SME | 30th Jun 2026 - 2nd Jul 2026 | 27.22 Cr | 1600 Shares | ₹ 80.00 | |
Vinit Mobile SME | 30th Jun 2026 - 2nd Jul 2026 | 34.13 Cr | 800 Shares | ₹ 150.00 | |
Teja Engineering Industries SME | 30th Jun 2026 - 2nd Jul 2026 | 27.36 Cr | 600 Shares | ₹ 220.00 | |
Knack Packaging Mainboard | 1st Jul 2026 - 3rd Jul 2026 | 439.50 Cr | 88 Shares | ₹ 161.00 |

Open Date
Feb 24, 2026
Close Date
Feb 26, 2026
Min Investment
₹12,352
Lot Size
32 Shares
Issue Size
₹380 Cr
Price Range
₹367 - ₹367
Listing Date
Mar 4, 2026
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Earning Expansion
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The company will use approximately ₹286.56 crore for setting-up of 15 new stores. The company will spend ₹35.40 crore on marketing and promotions for its 15 new stores. Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Capital expenditure
75.41%
Marketing and promotional expenses
9.32%
General corporate purposes
15.27%
The company will use approximately ₹286.56 crore for setting-up of 15 new stores.
The company will spend ₹35.40 crore on marketing and promotions for its 15 new stores.
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
In Cr.
Revenue: ₹157.12
EBITDA: ₹30.79
Profit: ₹20.13
| Key Performance Indicator | 30-Sep-25 (In Cr.) | 31-Mar-25 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|
| Revenue | 157.12 | 259.11 | 196.24 | 199.35 |
| EBITDA | 30.79 | 79.61 | 56.14 | 68.73 |
| Expenses | ||||
| Profit After Tax | 20.13 | 59.81 | 42.40 | 51.75 |
| Assets | 352.70 | 226.84 | 158.33 | 123.93 |
| Net Worth | 120.31 | 100.19 | -28.50 | -52.02 |
| Reserves | 98.44 | 95.33 | -37.64 | -60.74 |
| Borrowing | 130.25 | 90.65 |
P.N. Gadgil & Sons Limited
Govind Vishwanath Gadgil
Renu Govind Gadgil
87.45%
60.31%
PNGS Reva Diamond Jewellery
Abhiruchi Mall, 59/1 C, Sinhgad Road, Wadgaon Budruk, Pune, Maharashtra, 411041
Bigshare Services Pvt.Ltd
All jewellery is crafted in hallmarked gold in line with BIS purity norms, with diamonds predominantly in E–F and F–G colour grades and VVS clarity, certified by IGI. Solitaire diamonds are certified by GIA, and the company uses specialised tools to assess clarity, cut, colour, carat and metal purity. Regular supply‑chain audits and customer‑facing documentation (certificates and care instructions) reinforce trust, crucial in a category where 99.64–99.75% of FY23–FY25 income comes from diamond‑studded ornaments
Reva is well placed to tap the rising demand for personalised, high-value jewellery. Customers can customise everything from metals and diamonds to gemstones and engravings. The brand also offers handcrafted bridal sets designed for once-in-a-lifetime occasions, which typically carry higher ticket sizes and help foster long-term customer relationships.
The LGD jewellery market in India grew from ₹2,158.8 crore in CY22 to ₹2855.8 crore in CY24 on 0% import duty on LGD seeds. This could create a downside to natural diamonds and gemstones demand, hurting Reva sales, headcount and market share.
Inventory days are high at 316 in FY23, 364 in FY24 and 360 in FY25, indicating inventory cycles of almost a year. The top three LGD suppliers made up 30.74%, 30.14% and 26.45% of stock-in-trade purchases in FY24, FY25 and H1FY26 respectively. A demand miss or supply disruption with these vendors could pressure working capital, availability and gross margins.
Sales are highly seasonal on Akshay Tritiya, Dhanteras, Diwali, regional new years, Valentine’s Day and the wedding season. A weak festive or wedding cycle could adversely impact FY earnings/cash flows disproportionately. Seasonality also creates challenges in inventory and liquidity management. Interim earnings are therefore difficult to correlate with steady-state earnings.