Reva Diamonds by PNGS records 46% Q2 revenue growth despite absence of festive days

PNGS Reva Diamond Jewellery Limited (NSE: PNGSREVA | BSE: 544718), a certified natural diamond jewellery retailer backed by the 194-year heritage of the P. N. Gadgil & Sons Group, recorded a 46.25% year-on-year growth in revenue from operations (excluding gold sales) for the second quarter ended September 30, 2026 (Q2 FY27). Revenue for the quarter reached ₹120.54 crore, up from ₹82.42 crore in the corresponding period last fiscal year.

Total revenue from operations, including gold sales, stood at ₹120.54 crore for Q2 FY27 compared to ₹102.97 crore in Q2 FY26, marking a 17.46% year-on-year increase. The company noted that gold sales represent only surplus old gold received in exchange for diamond jewellery and are not part of trading operations.

Strong H1 Performance Beyond Festive Season

For the first half of FY27 (H1 FY27), operations revenue excluding gold sales surged 75.75% year-on-year to ₹236.53 crore from ₹134.58 crore in H1 FY26. Total operational revenue including gold sales for the half-year period grew 52.19% to ₹238.51 crore against ₹156.72 crore in H1 FY26.

The quarterly growth came despite the absence of festive shopping days during the July–September period. While Q2 FY26 included nine days of the Dussehra–Diwali festive window, Q2 FY27 contained none. The sustained momentum highlights an expanding consumer shift toward natural diamond jewellery for personal milestones and non-festive occasions.

Retail Network Expansion & Omnichannel Launch

Reva expanded its physical presence during the quarter by launching two new company-owned, company-operated (COCO) stores—one at Amanora Mall in Hadapsar, Pune (July 2026) and another at Agora Commercial Complex in Nashik (September 2026).

With these openings, the brand’s presence increased to 38 points of sale, including 4 exclusive COCO outlets and 34 shop-in-shop counters. Reva remains on track to establish approximately 15 COCO stores within 24 months post-IPO, targeting Tier 1, metro, and key Tier 2 markets across Maharashtra and North India.

In addition to physical expansion, the company launched its official e-commerce platform, revadiamonds.com, enabling digital discovery and direct purchasing of certified natural diamond jewellery.

Leadership Outlook

Commenting on the financial results, Amit Modak, CEO of Reva Diamonds by PNGS, highlighted that the performance underscores growing consumer demand independent of seasonal trends. He noted that the company enters the second half of the fiscal year—supported by the upcoming wedding season and major festivals—positioned to capture higher average order values.

Aditya Modak, Director of Reva Diamonds by PNGS, added that the brand's focus remains on expanding reach through omnichannel touchpoints while leveraging the trust built over generations by the P. N. Gadgil & Sons Group.