PNGS Reva Diamond Jewellery Limited — Investor Meet, 14-05-2026: Analysts/Institutional Investor Meet/Con. Call Updates

PNGS Reva Diamond Jewellery Limited held an earnings conference call to discuss the financial and operational highlights for Q4 and FY26. Management provided insights into the company's business model, retail expansion plans, industry dynamics, and financial performance. The call also included a Q&A session addressing investor queries on store economics, growth strategies, and product mix.

**Financial Performance:**

For Q4 FY26, revenue from operations reached INR 138 Cr, a 139% YoY increase. Gross profit grew 195% YoY to INR 38 Cr (28% margin), EBITDA surged 278% YoY to INR 31 Cr (22% margin), and PAT rose 350% YoY to INR 21 Cr (16% margin). For FY26, revenue was INR 439 Cr, up 70% YoY from restated FY25 figures. Gross profit stood at INR 122 Cr (28% margin), EBITDA at INR 95 Cr (22% margin), and PAT at INR 65 Cr (15% margin). Average order value increased 41% YoY to INR 1,20,000 in FY26.

**Management Commentary and Outlook:**

Management highlighted the company's strong legacy, a differentiated retail model, and a focus on natural diamonds as key growth drivers. They plan to expand by adding 15 new stores over 24 months, funded by the IPO proceeds. The company sees a shift towards organized, branded players in the Indian gems and jewellery market. They anticipate SSG growth of 25-30% and are confident in maintaining this growth trajectory.

**Order Book & Operational Updates:**

The company currently operates 36 stores, comprising COCO and SIS formats. They are expanding with a focus on Tier 1 and metro cities. Store economics for SIS stores involve commission-based sales, while EBOs have detailed cost structures and revenue targets aiming for profitability within 9-24 months depending on location.

**Analyst Q&A Highlights:**

Discussions covered store economics, break-even timelines for new stores (8-12 months in Maharashtra, 18-24 months outside), and the strategy to counter the threat from lab-grown diamonds by emphasizing the resale value and inherited wealth aspect of natural diamonds. Management clarified accounting differences between current and restated financials due to entity separation. They also discussed the raw material breakup and the impact of gold price fluctuations on margins, focusing on absolute value growth.

**Investor Angle:**

Management conveyed confidence in the company's growth prospects, driven by strategic expansion, a strong brand, and favorable industry tailwinds. The focus on natural diamonds and a value-driven approach aims to build long-term customer relationships and shareholder value.