Reva Diamonds Posts 46% Q2 Growth, Expands Retail Footprint

PNGS Reva Diamond Jewellery Limited (NSE: PNGSREVA | BSE: 544718), the certified natural diamond jewellery brand backed by the 194-year legacy of the P. N. Gadgil & Sons Group, has reported a 46.25% year-on-year increase in revenue from operations, excluding gold sales, to ₹120.54 crore for the quarter ended September 30, 2026 (Q2 FY27), compared with ₹82.42 crore in Q2 FY26.

The growth is particularly notable given the timing of the quarter. The 45-day Dussehra–Diwali festive season is traditionally one of the key periods for diamond jewellery purchases. While nine festive days fell within the July–September quarter last year, there were none this year. Despite this, Reva delivered strong growth, reflecting sustained consumer demand for natural diamond jewellery beyond the traditional festive calendar.

For the first half of FY27 (April–September 2026), revenue from operations, excluding gold sales, increased 75.75% to ₹236.53 crore, compared with ₹134.58 crore in H1 FY26.

Revenue Performance

Gold sales refer only to surplus old gold received from customers in exchange for new diamond jewellery and remaining after its use in manufacturing. Reva does not trade in gold bullion or commodities. The financial figures are subject to limited review by the Company's Statutory Auditors.

Two New COCO Stores Strengthen Reva's Retail Presence

During the quarter, Reva expanded its retail network with the opening of two company-owned, company-operated (COCO) stores: Amanora Mall, Hadapsar, Pune, in July 2026, and Agora Commercial Complex, Nashik, in September 2026.

With these additions, Reva now has 38 points of sale, comprising 4 exclusive COCO stores and 34 shop-in-shop counters, compared with 36 points of sale at the end of June 2026.

The new COCO stores are performing in line with expectations. The company remains on track to open approximately 15 new COCO stores within 24 months of its IPO, with expansion led by Tier 1 cities and supported by selective entry into Tier 2 and metro markets across Maharashtra and key North Indian markets.

Reva Goes Online with revadiamonds.com

During the quarter, Reva also launched its e-commerce platform, revadiamonds.com, enabling customers to explore and purchase certified natural diamond jewellery online.

The platform extends Reva's retail experience beyond physical stores, giving customers greater convenience and access to the brand's collection across markets.

Management Commentary

Amit Modak, CEO, Reva Diamonds by PNGS, said:

“Jewellery retail has traditionally been closely linked to the festive calendar, and this quarter gave us none of it. Last year, nine festive days fell within Q2; this year, there were none. Against that backdrop, our 46% revenue growth is particularly encouraging. It indicates that consumers are increasingly choosing diamonds for personal milestones, celebrations and self-expression, rather than limiting purchases to festive occasions.

“Our new stores in Pune and Nashik are performing as planned, while our COCO expansion remains on track. With the upcoming wedding season, Dussehra and Diwali, we enter the second half of the year well positioned to serve customers looking for larger and more significant jewellery purchases.”

Aditya Modak, Director, Reva Diamonds by PNGS, said:

“Reva was built around a simple proposition — certified natural diamond jewellery backed by a family name that customers have trusted for generations. During the quarter, we took this proposition to more customers through both our expanding retail network and our digital platform.

“The addition of Amanora and Nashik strengthens our presence in key customer markets, while revadiamonds.com gives customers the convenience of discovering and purchasing Reva jewellery online. As we expand across stores and digital channels, our focus remains on making natural diamond jewellery more accessible, relevant and effortless for today's consumer.”

Outlook

Industry trends continue to indicate a favourable outlook for India's diamond jewellery market, supported by evolving consumer preferences, rising disposable incomes and growing acceptance of diamonds beyond traditional occasion-led purchases.

Reva expects the upcoming wedding season and the Dussehra–Diwali festive period in Q3 to support higher average order values and provide a favourable backdrop for its planned retail expansion.