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From carving out a distinct identity in the fast-growing diamond jewellery segment to building a profitable, expansion-led retail model, PNGS Reva has emerged as a focused player backed by the legacy of P. N. Gadgil & Sons. In this conversation, Aditya Modak, Non-Executive Director, Reva Diamonds by PNGS, shares the strategic thinking behind the brand’s formation, its growth journey, IPO plans and how it aims to scale through an experience-led retail approach while staying aligned with evolving consumer preferences.
PNGS Reva Diamond Jewellery emerged after the diamond jewellery business of P. N. Gadgil & Sons was transferred through a slump sale. What was the strategic thinking behind creating a separate identity for PNGS Reva Diamond Jewellery?
The Indian diamond-studded jewellery segment is currently growing at a faster pace than the plain gold jewellery market, reflecting a clear shift in consumer preferences. To capitalise on this trend, it was important for us to build a focused, category-specific brand that could cater exclusively to this growing demand. That led to the creation of PNGS Reva as a dedicated diamond jewellery brand.
By carving out a separate identity, we are able to design a sharper brand proposition, create exclusive retail formats such as exclusive brand outlets (EBOs), and execute a more targeted expansion strategy. Structurally, the slump sale enabled a cost-effective and efficient transition, allowing Reva to operate with greater agility while benefiting from the legacy and trust of P N Gadgil & Sons. This separation ultimately positions Reva to scale faster and align more closely with evolving market dynamics.
Since its inception, PNGS Reva has built a strong retail presence with 33 stores across multiple cities. What have been the key milestones that have shaped the brand's growth journey so far?
PNGS Reva has built a strong and focused retail footprint, currently operating 34 outlets across India, with a dominant presence in Pune and an emerging presence beyond. A significant milestone has been the launch of exclusive brand outlets, including two EBOs in Pune, which mark our transition toward a more independent and experience-led retail approach.
From a performance standpoint, the brand has demonstrated consistent growth, achieving approximately ₹250 crores in sales along with a strong profit after tax (PAT) of approximately ₹50 crores, while maintaining profitability since inception. Our cost-optimised and concentrated business model has been a key driver of this success.
Another important milestone is the steady expansion of our retail network while maintaining operational efficiency. The strong financial performance, including recent quarterly results, reflects the robustness of our strategy and execution, reinforcing Reva’s position as a fast-growing player in the diamond jewellery segment
The company recently raised nearly ₹171 crores from anchor investors ahead of its IPO. What does this strong participation from institutional investors signal for the brand and its future plans?
Strong participation from anchor investors reflects their trust in the overall planning and direction of the company, especially since this is a fresh issue. These institutions are essentially backing the management’s conviction and its ability to execute the stated objectives, particularly the rollout of new exclusive brand outlets as outlined in the issue.
The anchor book, therefore, serves as a strong validation of the management’s credentials and execution capabilities. It reinforces confidence in the promoter group behind P N Gadgil & Sonsas well as Gargi Fashion Jewellery which has already demonstrated consistent and effective execution through its flagship business.
Overall, this level of institutional participation indicates that investors expect the same disciplined and high-quality execution from Reva and it reassures the market about the company’s ability to deliver on its growth plans.
With the IPO being a fresh issue of equity shares, how do you plan to strategically deploy the funds to accelerate growth and strengthen market presence?
Since the IPO is entirely a fresh issue, the proceeds will be directly deployed into the business to accelerate growth. A significant portion will be invested in setting up 15 exclusive brand outlets (EBOs) across India. Approximately 60–70% of these stores will be established in Maharashtra, while the remaining will be focused on key metro cities in North India, primarily within premium mall environments.
Alongside store expansion, we are allocating dedicated marketing investments to support each new outlet—approximately ₹2 crores per store over the first 12 to 24 months, depending on market requirements. This ensures that every store is not only launched but also well-positioned to build strong local brand recall and customer engagement. Overall, the capital deployment is tightly aligned with a scalable, experience-led retail strategy designed to drive sustainable growth.
The company plans to invest around ₹287 crores to establish 15 new retail stores by FY2028. What factors influence your decision when selecting new markets and locations for expansion?
Store expansion decisions are driven by a combination of market potential and on-ground retail understanding. At a macro level, we prioritise cities that demonstrate strong demand for organised, branded jewellery and where both national and regional players have already seen success. These markets validate consumer readiness and reduce entry risk.
Within each city, location selection is equally critical. We focus on areas with strong retail ecosystems, premium catchments and customer profiles that align with our target segment. Given our deep-rooted legacy through P N Gadgil & Sons, we have a strong understanding of consumer behaviour—especially in Maharashtra—which makes expansion within the state more predictable and efficient.
At the same time, our approach is balanced. While leveraging our home-market strength, we are also targeting proven high-potential cities across India, ensuring that every new store is backed by both data and practical market insights.
A significant portion of the planned expansion will be in Maharashtra. What makes this region particularly important for the brand's growth strategy?
Maharashtra plays a central role in our expansion strategy due to both legacy strength and market fundamentals. With a presence of over 190 years through P N Gadgil & Sons, we have developed a deep understanding of the region’s consumer behaviour, preference and purchase patterns.
It is also one of India’s leading economic states, with strong GDP contribution and high consumption levels, particularly in the jewellery segment. This makes it a highly attractive market not just for us, but for most national and regional retail brands that continue to see strong performance here.
Given our deep-rooted presence and market insights, Maharashtra naturally serves as our home ground. This familiarity allows us to execute more effectively and confidently, with a strong expectation of generating healthy returns on investment as we expand further within the state.
PNGS Reva reported strong financial performance with revenue and profit growth in FY25. What operational or strategic factors have driven this impressive growth?
The strong financial performance in FY25 is the result of a combination of legacy strength, disciplined execution, and operational efficiency. The biggest advantage we have is the trust and legacy of P N Gadgil & Sons, which provides a solid foundation for customer confidence and brand acceptance.
Equally important has been the strength of our internal teams, from management to operational heads and their ability to consistently execute the strategies we set. There has been a strong focus on internal controls, ensuring that every aspect of the business is monitored and aligned with our growth objectives.
Another key factor has been our highly optimised approach to spending, particularly in marketing. We have consciously avoided unnecessary cash burn and instead focused on effective utilisation of resources, ensuring that every rupee spent delivers measurable value. This disciplined and execution-driven approach has directly translated into the strong revenue and profit growth we have achieved.
In today's competitive jewellery market, branding and visibility play a crucial role. What marketing and promotional initiatives are planned to strengthen the visibility of the Reva brand as you expand?
Marketing strategy for a jewellery brand is not simply about reach — it is about resonance. You can put a brand in front of a million people, but if the imagery, the language, and the context are wrong, you have spent money without building equity.
For Reva, our marketing approach as we expand will be deeply localised at the store level and consistently branded at the national level. When we open in a new city, we invest in building local awareness, through community events, retail partnerships and targeted digital campaigns that speak to that city's buyers in their language, at their occasion moments.
At the same time, we are allocating Rs 35-40 crore specifically to marketing for our new store launches — a meaningful commitment that reflects how seriously we take this. We are not expecting new stores to find their own footing through organic discovery. We are actively introducing Reva to new markets.
Digitally, we are investing in building Reva's presence as a discovery platform, not just a transactional one. A buyer who finds Reva online, explores our collections, understands our design philosophy and then walks into the store already knows us. That informed walk-in is significantly more likely to convert and to return.
Celebrity endorsements and influencer collaborations are becoming increasingly common in jewellery retail. Is PNGS Reva exploring brand ambassadors or partnerships to build stronger consumer connect?
The question of endorsements and influencer partnerships is one we approach with intentionality rather than instinct. In the jewellery category, the risk of a poorly chosen face is very real, a brand ambassador who feels inconsistent with the brand's values or aesthetic can confuse customers more than she attracts them.
What I will say is this: Reva's positioning is built around natural diamonds, design-led collections, and a relationship-first retail experience. Any partnership, whether with a celebrity, a designer, or a content creator, needs to amplify that story, not override it authentically. We are not looking for the loudest voice; we are looking for the most credible one.
We have seen, through the PNGS Group's experience with Gargi, where Mithila Palkar has been a genuinely resonant brand voice, that when the fit between brand and face is right, it can meaningfully accelerate awareness, particularly among younger buyers. Reva is actively exploring partnerships that meet that bar. The right ambassador for us will be someone who wears diamonds as a natural expression of who she is, not as a performance.
As the company scales up its retail footprint, do you see franchising or strategic partnerships playing a role in your expansion model going forward?
This is an important structural consideration, and our current approach is very deliberate. Under our existing expansion plan, particularly the 15 stores funded through IPO proceeds, all outlets will be company-owned and company-operated (COCO). At this stage, maintaining complete control over operations and customer experience is critical as we build the brand in new markets.
That said, we do have experience with both FOCO and FOFO models within the broader ecosystem of P N Gadgil & Sons, so franchising is not new to us. However, in the immediate term, specifically over the next two to three years, our focus will remain firmly on COCO expansion to ensure consistency, quality, and strong brand establishment across the 15 EBOs and our shop-in-shop (SIS) network.
Once this phase is complete and the brand is more firmly established across these markets, we will strategically evaluate franchising or partnership opportunities. At that stage, identifying the right partners who can deliver the Reva experience with complete fidelity will be key.
