PNGS Reva Diamond Jewellery Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PNGS Reva Diamond Jewellery Ltd filed with BSE on 14 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
PNGS Reva Diamond Jewellery reported Q4 FY26 revenue of Rs 138 crore, up 139% year-on-year, with EBITDA of Rs 31 crore and PAT of Rs 21 crore. For full year FY26, revenue was Rs 439 crore compared to Rs 258 crore in restated FY25, with EBITDA of Rs 95 crore and PAT of Rs 65 crore. Management discussed store economics for its Shop-in-Shop and Exclusive Brand Outlet formats, an ongoing 15-store expansion funded partly by IPO proceeds, and answered questions on margins, gold price sensitivity, and competitive positioning versus lab-grown diamonds and its sister company Gargi.
Numbers mentioned
Revenue from operations: INR138 crores (Q4 FY26)
p. 5
“Revenue from operations stood at INR138 crores registering growth of 139% Y-o-Y.”
Amit Modak, page 5 of the filed PDF · View the filing
Gross profit: INR38 crores (Q4 FY26)
p. 5
“Gross profit for quarter stood at INR38 crores reflecting growth of 195% Y-o-Y with gross profit margin at 28%.”
Amit Modak, page 5 of the filed PDF · View the filing
EBITDA: INR31 crores (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR31 crores recording growth of 278% Y-o-Y while EBITDA margin stood at 22%.”
Amit Modak, page 5 of the filed PDF · View the filing
Profit after tax: INR21 crores (Q4 FY26)
p. 5
“Profit after tax stood at INR21 crores growing by 350% Y-o-Y while PAT margin stood at 16%.”
Amit Modak, page 5 of the filed PDF · View the filing
Revenue from operations: INR439 crores (FY26)
p. 5
“So coming to FY26, we will be comparing it to the FY25 restated financial, starting with revenue from operations which stood at INR439 crores compared to INR258 crores reflecting growth of 70%.”
Amit Modak, page 5 of the filed PDF · View the filing
Gross profit: INR122 crores (FY26)
p. 5
“Gross profit stood at INR122 crores with a gross profit margin of 28%.”
Amit Modak, page 5 of the filed PDF · View the filing
EBITDA: INR95 crores (FY26)
p. 5
“EBITDA FY26 stood at INR95 crores registering growth of 19% Y-o-Y while EBITDA margin stood at 22%.”
Amit Modak, page 5 of the filed PDF · View the filing
Profit after tax: INR65 crores (FY26)
p. 5
“Profit after tax for FY26 stood at INR65 crores reflecting growth of 9% Y-o-Y”
Amit Modak, page 5 of the filed PDF · View the filing
Inventory turn: 1.31 times (FY26)
p. 5
“Our inventory turn are at 1.31 times in FY26 as our store network continues to mature.”
Amit Modak, page 5 of the filed PDF · View the filing
Average order value: INR1,20,000 (FY26)
p. 5
“As far as current year ending for which we are referring the results, that is FY26, the average bill size value or average order value is INR1,20,000.”
Amit Modak, page 5 of the filed PDF · View the filing
IPO proceeds raised: INR380 crores
p. 4
“Supporting this next phase of growth, capital is raised through the IPO wherein company raised INR380 crores.”
Amit Modak, page 4 of the filed PDF · View the filing
Store count: 36 stores (2 COCO, 34 SIS)
p. 3
“With the current store count of 36 stores, out of which two are the COCO stores and 34 are SIS, we are evolving aspirations of modern consumers through a well-curated portfolio of natural diamond jewellery across price points.”
Amit Modak, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Number of new EBO stores — 15 stores · 24-month period
stated firmly by Amit Modak
p. 4
“Company has got plan to add 15 new stores which is mentioned, very well mentioned in DRHP, RHP, and prospectus, out of which one store is already established and overall this expansion of 15 stores will take place in a 24-month period.”
Amit Modak, page 4 of the filed PDF · View the filing
New EBO stores opening — 6 to 7 stores · FY27
stated firmly by Amit Modak
p. 11
“Out of these 14, 6 to 7 will take place in current financial year and remaining will be in next financial year.”
Amit Modak, page 11 of the filed PDF · View the filing
Same store sales growth — 25% to 30% · FY27
stated conditionally by Amit Modak
p. 12
“SSG, I am expecting around 25% to 30%, it will not be less than 25% to 30%.”
Amit Modak, page 12 of the filed PDF · View the filing
Top-line revenue growth — 25% to 30% · FY27, FY28
stated conditionally by Amit Modak
p. 12
“So I expect top-line growth also to get maintained around 25% to 30%.”
Amit Modak, page 12 of the filed PDF · View the filing
Gross margin
stated as an aspiration by Amit Modak
p. 9
“Gross margin may improve in future because right now we are not charging any brand value in the diamond pricing, which is valued or the priced just like a family jeweller price them, like 35% gross margin loading.”
Amit Modak, page 9 of the filed PDF · View the filing
Store economics breakeven (Maharashtra EBO) — 0.75 stock turn · 9 to 12 months
stated conditionally by Amit Modak
p. 7
“When EBOs are within Maharashtra, we are expecting this kind of working to achieve that 0.75 kind of stock turn in 9 to 12 months.”
Amit Modak, page 7 of the filed PDF · View the filing
Store economics breakeven (outside Maharashtra EBO) — 0.75 stock turn · 18 to 24 months
stated conditionally by Amit Modak
p. 7
“When it will be outside Maharashtra, we are expecting it within first 18 to 24 months.”
Amit Modak, page 7 of the filed PDF · View the filing
Equity dilution — next 2 years
stated firmly by Amit Modak
p. 15
“So I don't primarily expect any dilution of the equity, but after getting settled by 2030, I will be expanding out of the borrowings in future.”
Amit Modak, page 15 of the filed PDF · View the filing
Marketing spend per EBO — around INR2 crores · 12 to 18 months
stated firmly by Amit Modak
p. 17
“No, for every location, whether it will be in Maharashtra or outside Maharashtra, for every EBO we are planning to spend around INR2 crores and that will be spend between 12 to 18 months together, not at a stretch.”
Amit Modak, page 17 of the filed PDF · View the filing
Brand marketing spend — 3% to 4% of top-line · every year
stated firmly by Amit Modak
p. 17
“And brand as such we will be spending around 3% to 4% every year on the top-line.”
Amit Modak, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained SIS commission structure and gave detailed EBO unit economics including rent, employee costs, expected top-line and EBITDA per store.
Answered by Amit Modak
Asked by Harsh Shah: What are the store economics and expected revenue per store for SIS and EBO formats?
p. 6
“Store economics for the EBOs, there is a store economics like around INR6 lakhs of rent, INR3.5 lakhs of employees cost, INR1 lakhs of hospitality cost, INR1 lakhs of infrastructure running cost, expecting around INR9 crores top-line per store”
Amit Modak, page 6 of the filed PDF · View the filing
Management attributed the decline to new standalone costs like premises rent, logistics, and CEO/CFO/compliance functions that were not borne separately before.
Answered by Amit Modak
Asked by Rushabh Doshi: Why did EBITDA margin fall from around 30-32% to 22% versus restated numbers?
p. 9
“So all these costs have gone up because of the separation.”
Amit Modak, page 9 of the filed PDF · View the filing
Management said margin percentage may contract but absolute rupee margin would be maintained or grow, as they focus on absolute value.
Answered by Amit Modak
Asked by Rushabh Doshi: If gold prices rise sharply, will gross margins contract?
p. 9
“Gross margin percentage basis it may contract, but in absolute value, it will get maintained.”
Amit Modak, page 9 of the filed PDF · View the filing
Management explained the two brands target different price points and diamond quality grades, positioning Reva as premium and Gargi as daily-wear.
Answered by Amit Modak
Asked by Rushabh Doshi: Does selling both Reva (18k/22k) and sister company Gargi (14k) diamond jewellery create a conflict of interest?
p. 10
“So Reva is a premium thing, Gargi is a daily use -- daily wear and pocket friendly.”
Amit Modak, page 10 of the filed PDF · View the filing
Management said natural diamonds retain resale/buyback value unlike lab-grown diamonds, and expects continued preference from higher-income millennials.
Answered by Amit Modak
Asked by Priyanshu Maheshwari: Is lab-grown diamond growth a long-term competitive threat given Gen Z preferences?
p. 8
“So it is very much clear in the market that there is no resale value or buyback value for the lab-grown diamond.”
Amit Modak, page 8 of the filed PDF · View the filing
Management pointed to internal accruals of about Rs 64 crore this year plus unused bank sanction limits of Rs 150-200 crore, expecting to rely on borrowings rather than equity.
Answered by Amit Modak
Asked by Rahul Kumar Paliwal: How will the company fund growth capex over the next 2-3 years without equity dilution?
p. 15
“This year we are adding almost INR64 crores out of the earnings.”
Amit Modak, page 15 of the filed PDF · View the filing
Management said higher duty may raise gold prices but would not defer discretionary purchases by target customers.
Answered by Amit Modak
Asked by Harsh Shah: Will a potential increase in gold import duty pressure the company's top-line?
p. 13
“It cannot put pressure or it cannot defer the decision of the buyers.”
Amit Modak, page 13 of the filed PDF · View the filing
Management said hedging via banks is not feasible given the gold's origin from slum sale, and MCX hedging has high costs and low liquidity, relying instead on natural hedging by matching sale and purchase pricing.
Answered by Amit Modak
Asked by Priyansh Miri: Does the company hedge its gold inventory?
p. 17
“Hedging through MCX is possible, but there is no liquidity and cost of hedging is very high on the MCX.”
Amit Modak, page 17 of the filed PDF · View the filing
Risks flagged
Lab-grown diamonds lack resale value which management sees as a competitive differentiator but implies market confusion around diamond value
p. 8
“there is no resale value to the lab-grown diamond and there is a only resale value to the gold content in that ornament”
Amit Modak, page 8 of the filed PDF · View the filing
Rising gold prices could compress gross margin percentage even if absolute margin is maintained
p. 9
“Gross margin percentage basis it may contract, but in absolute value, it will get maintained.”
Amit Modak, page 9 of the filed PDF · View the filing
New EBO stores will initially have lower inventory turn than existing SIS stores
p. 11
“These new EBOs will have comparatively lower inventory content as compared to the present INR330 crores inventory which is already in the system.”
Amit Modak, page 11 of the filed PDF · View the filing
Parent company P.N. Gadgil & Sons' SIS expansion is constrained by reliance on internal accruals rather than borrowing, limiting passive store growth
p. 13
“So it depends on their internal accruals.”
Amit Modak, page 13 of the filed PDF · View the filing
Potential increase in gold import duty could raise product prices
p. 13
“if import duty is increased, then it may increase the gold prices in Indian context.”
Amit Modak, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.