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What is the story about?
Shares of PNGS Reva Diamond Jewellery fell over 13% on the NSE after the company announced its second-quarter results, despite reporting a 78% year-on-year jump in net profit to ₹23.2 crore.
Revenue rose 17% YoY to ₹120.5 crore from ₹103 crore a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 49% to ₹28.6 crore from ₹19.2 crore.
The EBITDA margin expanded to 23.7% from 18.6% in the year-ago period, indicating an improvement of 5.1 percentage points.
According to the company's exchange filing, revenue from the sale of diamond-studded jewellery, including precious stones, stood at ₹120.5 crore, compared with ₹82.4 crore in the corresponding period last year.
The stock has gained 13.5% over the past month and risen 44.7% so far this year.
Festive sales grow during Navratri, Dussehra
PNGS Reva Diamond Jewellery recorded Dussehra sales of ₹12.19 crore on October 21, registering year-on-year growth of 62.4%, the company said in its exchange filing.
During the Navratri and Dussehra festive period in 2026, sales stood at ₹38.53 crore, marking a 35.01% increase over the previous year.
The company said customer preference for natural diamond jewellery over traditional gold jewellery continued to increase during the festive period, with sales figures reflecting the trend.
Festive calendar shift impacts quarterly comparison
In a business update dated October 5, PNGS Reva said the 45-day Dussehra and Diwali festive period generates the largest share of its annual revenue compared with other festive seasons.
The company noted that Q2 FY27 had no festive days, compared with nine days of festive sales included in revenue from operations in Q2 FY26. Despite this shift in the festive calendar, the company recorded higher overall sales year-on-year, which it attributed to healthy demand throughout the quarter.
Industry trends indicate a favourable outlook for India's diamond jewellery market, supported by evolving consumer preferences, rising disposable incomes and increasing acceptance of diamonds beyond traditional occasion-led purchases, the company said.
It added that festive and wedding demand continues to support category growth and consumer engagement. The upcoming Q3 wedding season, along with Dussehra and Diwali, is expected to support higher average order values, given the greater share of larger-ticket purchases. The company said this provides a supportive backdrop for its planned expansion of exclusive brand outlets (EBOs).
Store expansion plans
PNGS Reva said its total store count had increased to 38 as of the date of the business update, from 36 as of June 30, 2026.
The network comprises four company-owned, company-operated (COCO) or EBO stores and 34 shop-in-shop (SIS) stores. The company opened a COCO store at Amanora Mall in Pune in July 2026 and another at Agora Commercial Complex in Nashik in September 2026.
The company said its COCO stores were performing in line with expectations and that it remained on track to open around 15 new COCO stores over the 24 months from its IPO date, which was listed in March this year.
The expansion will focus primarily on Tier 1 cities, alongside selective entry into Tier 2 cities and metro markets across Maharashtra and key markets in North India, stated the exchange filing.
Also Read: Silver down over 50% from peak: What to know before buying this Dhanteras
Revenue rose 17% YoY to ₹120.5 crore from ₹103 crore a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 49% to ₹28.6 crore from ₹19.2 crore.
The EBITDA margin expanded to 23.7% from 18.6% in the year-ago period, indicating an improvement of 5.1 percentage points.
According to the company's exchange filing, revenue from the sale of diamond-studded jewellery, including precious stones, stood at ₹120.5 crore, compared with ₹82.4 crore in the corresponding period last year.
PNGS Reva Diamond Jewellery
The stock has gained 13.5% over the past month and risen 44.7% so far this year.
Festive sales grow during Navratri, Dussehra
PNGS Reva Diamond Jewellery recorded Dussehra sales of ₹12.19 crore on October 21, registering year-on-year growth of 62.4%, the company said in its exchange filing.
During the Navratri and Dussehra festive period in 2026, sales stood at ₹38.53 crore, marking a 35.01% increase over the previous year.
The company said customer preference for natural diamond jewellery over traditional gold jewellery continued to increase during the festive period, with sales figures reflecting the trend.
Festive calendar shift impacts quarterly comparison
In a business update dated October 5, PNGS Reva said the 45-day Dussehra and Diwali festive period generates the largest share of its annual revenue compared with other festive seasons.
The company noted that Q2 FY27 had no festive days, compared with nine days of festive sales included in revenue from operations in Q2 FY26. Despite this shift in the festive calendar, the company recorded higher overall sales year-on-year, which it attributed to healthy demand throughout the quarter.
Industry trends indicate a favourable outlook for India's diamond jewellery market, supported by evolving consumer preferences, rising disposable incomes and increasing acceptance of diamonds beyond traditional occasion-led purchases, the company said.
It added that festive and wedding demand continues to support category growth and consumer engagement. The upcoming Q3 wedding season, along with Dussehra and Diwali, is expected to support higher average order values, given the greater share of larger-ticket purchases. The company said this provides a supportive backdrop for its planned expansion of exclusive brand outlets (EBOs).
Store expansion plans
PNGS Reva said its total store count had increased to 38 as of the date of the business update, from 36 as of June 30, 2026.
The network comprises four company-owned, company-operated (COCO) or EBO stores and 34 shop-in-shop (SIS) stores. The company opened a COCO store at Amanora Mall in Pune in July 2026 and another at Agora Commercial Complex in Nashik in September 2026.
The company said its COCO stores were performing in line with expectations and that it remained on track to open around 15 new COCO stores over the 24 months from its IPO date, which was listed in March this year.
The expansion will focus primarily on Tier 1 cities, alongside selective entry into Tier 2 cities and metro markets across Maharashtra and key markets in North India, stated the exchange filing.
Also Read: Silver down over 50% from peak: What to know before buying this Dhanteras
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