PNGS Reva Diamond Jewellery Limited — Investor Meet, 17-03-2026: Analysts/Institutional Investor Meet/Con. Call Updates

PNGS Reva Diamond Jewellery Limited held an earnings conference call to discuss Q3 and 9-month FY'25 performance. Management provided insights into the company's business model, growth strategy, and financial highlights.

**Financial Performance:**

* Q3 FY'25 Revenue: INR144.18 Cr, EBITDA: INR33.71 Cr, PAT: INR23.11 Cr.

* QoQ Growth: Revenue up 40%, EBITDA up 74%, PAT up 82% from Q2 FY'25.

* 9-month FY'25 Revenue: INR300.90 Cr, EBITDA: INR64.90 Cr, PAT: INR43.23 Cr.

* EBITDA margins for Q3 FY'25 stood at approximately 23%.

**Management Commentary and Outlook:**

* Company plans to expand by 15 COCO (Company Owned, Company Operated) stores in the next 24 months, with 6-8 planned for FY'27 and the rest for FY'28.

* Capex per COCO store is estimated at INR15-30 Cr, with INR2 Cr allocated for marketing per store over 8-18 months.

* Approximately 60% of new stores will be in Maharashtra, with the rest in North India and Tier 1 cities.

* Break-even for stores within Maharashtra is expected in 12-18 months, and 18-24 months outside Maharashtra.

* Management anticipates a slight dip of 100-200 basis points in EBITDA margins initially due to marketing expenses, with absolute profits expected to rise.

* The company focuses on studded diamond jewellery and sees limited impact from lab-grown diamonds due to its product mix of smaller stones.

* H2 is expected to be stronger due to festivals like Navratri, Diwali, Christmas, and Valentine's Day.

**Investor Angle:**

The company is focusing on expanding its asset-light COCO model for faster growth, leveraging its established brand legacy. Management appears confident in its expansion plans and product strategy.