PNGS Reva Diamond Jewellery share price movement

PNGS Reva Diamond Jewellery's share price hit a record high of ₹738.40, soaring 16 per cent on the BSE in Thursday’s intraday deals amid heavy volume in an otherwise weak market.

In the past two trading days, the market price of the gems & jewellery company zoomed 35 per cent after it reported strong operational performance for the second quarter ended September 2026 (Q2FY27).

Currently, PNGS Reva Diamond Jewellery quoted 91 per cent higher against its issue price of ₹386 per share. It has more than doubled or skyrocketed 125 per cent from its 52-week low of ₹328 on March 30, 2026. The company made its stock market debut March 4, 2026.

At 02:07 PM, PNGS Reva Diamond Jewellery quoted 11 per cent higher at ₹704, as compared to 1.53 per cent decline in the BSE Sensex. The average trading volume at the counter jumped over 15-fold, with a combined 12.92 million shares changing hands on the NSE and BSE.

PNGS Reva Diamond Jewellery – Q2 business update

PNGS Reva Diamond Jewellery, is a branded Certified Natural diamond jewellery retailer backed by the P. N. Gadgil & Sons Group (PNGS), with a strong presence in Western India & an expanding retail footprint across key markets.

The company does not engage in gold bullion or commodity trading. The sale of gold is purely incidental and arises only from the disposal of excess gold received from customers in the normal course of the company’s sales operations, PNGS said in the Q2 business update.

PNGS Reva Diamond Jewellery - Outlook

Compared to other festive season sales, the 45-day Dussehra and Diwali festive season generates the largest share of annual revenue. Q2FY27 recorded zero festive days compared to 9 days of festive sales included in the revenue from operations of Q2FY26. Despite this shift in festive calendar, the company delivered higher overall sales year-on-year, driven by healthy demand throughout the quarter.

Industry trends indicate a favourable outlook for India’s diamond jewellery market, driven by evolving consumer preferences, rising disposable incomes and increasing acceptance of diamonds beyond traditional occasion-led purchases. Resilient festive and wedding demand continues to support category penetration and consumer engagement, while the upcoming Q3 wedding season, Dussehra and Diwali festival is expected to support higher average order values, given the greater share of larger-ticket purchases. This provides a supportive backdrop for PNGS Reva’s planned EBO (exclusive brand outlet) expansion.

CARE Ratings view on PNGS Reva Diamond Jewellery

PNGS Reva Diamond Jewellery operates on an asset-light business model with a predominantly variable cost structure, providing operational flexibility and limiting fixed costs. Raw material remains the major cost component, followed by selling commissions paid to PNGS and other operating expenses. 

Going forward, the planned launch of exclusive stores is expected to increase the fixed cost base and may exert some pressure on margins; however, profitability is expected to remain healthy in the medium term, CARE Ratings said.

However, the Indian gems & jewellery industry remains highly fragmented, characterised by the presence of numerous unorganised participants alongside large integrated manufacturers and organised retailers, resulting in intense competition. However, in the last decade, there has been a gradual shift in consumer preference towards organised retailers, leading to the emergence of several pan-India retail chains.

PNGS faces direct competition from other entities operating under the ‘PNG’ brand. PNGS Reva Diamond Jewellery sales remain concentrated across a few cities in Maharashtra, and its ability to expand its presence into new regions will be crucial for further scaling up its operations. PNGS Reva Diamond Jewellery’s business profile is also influenced by the rising consumer acceptance of lab-grown diamonds (LGDS) and the Government of India’s favourable policy push for the segment, while the company remains exposed to associated changes in consumer preferences and regulatory environment, CARE Ratings said. Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.