Leading brokerage firms like Adroit Financial, Choice Equity Broking, Lakshmishree and Marwadi Shares and Finance have given their “Subscribe” recommendation to PNGS Reva Diamond Jewellery, which is a retail focused jewellery brand involved in the business of sale of a wide range of jewellery made using diamond and precious and semi-precious stones, that are studded into precious metals such as gold and platinum.

The Company has fixed the price band of ₹367/- to ₹386 /- per Equity Share of face value ₹10 /- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Tuesday, February 24, 2026, for subscription and close on Thursday, February 26, 2026. Investors can bid for a minimum of 32 Equity Shares and in multiples of 32 Equity Shares thereafter.

Brokerage house reports have highlighted strong fundamentals of the company.

Adroit Financial highlights the company leverages the 190-year legacy of its corporate promoter, P. N. Gadgil & Sons Limited, which provides a strong foundation of customer trust and immediate brand recognition in the jewellery sector. This association grants the company access to established sales channels and the deep industry experience of its individual promoters, such as Govind Vishwanath Gadgil, who has over 45 years of experience in the industry.

On the valuation front, at the upper price band, the company is valued at a P/E of 20.6, and that is lower than other leading rivals.  Recommend Subscribe for the long term.

Choice Equity Broking highlights the company launched four collections in Fiscal 2025, six collections in Fiscal 2024 and three collections in Fiscal 2023. These collections are typically introduced during peak demand periods, particularly festive seasons, which contribute significantly to revenue.

On the valuation front, at the upper price band, the issue is valued at a P/E multiple of 20.6x based on FY25 EPS of Rs. 18.8. To accelerate growth and strengthen the Reva brand, the company plans to open 15 new stores under company-owned and company operated (COCO) model.  The company’s focused positioning in the real diamond jewellery segment, and planned expansion strategy, recommend a Subscribe for long term rating for this issue.

Lakshmishree highlights the company concentrates on the “affordable luxury” diamond and gemstone segment, which offers superior margins (EBITDA of approximately30%) compared to traditional gold-heavy retailers.

The company is utilizing its IPO proceeds of ₹380 crore to fund an aggressive pivot from a dependent shop-in-shop format to 15 new brand-exclusive showrooms, aiming to diversify its 97% revenue concentration in Maharashtra. Recommend a Subscribe rating for investors seeking high-growth exposure to the premiumization of India’s jewellery market.

Marwadi Shares and Finance highlights the company’s products are sold under its flagship brand, Reva. The Reva brand aims to blend traditional elegance with modern aesthetics, offering customizable diamond jewellery that appeals to a broad customer base.

On the valuation front, considering the FY25 EPS of Rs 18.76 on a post-issue basis, the company is set to list at a P/E of approximately 21 times, whereas its peers namely Tribhovandas Bhimji Zaveri Limited, Thangamayil Jewellery Limited, and Senco Gold Limited are trading at P/E ratios of approximately 7 times, 47 times, and 12 times. Respectively.

Recommend a Subscribe rating to this IPO given the company’s diversified product portfolio across categories and price points, along with its expertise in customised and high-value jewellery, which supports revenue growth and brand premiumisation. Also, it is available at reasonable valuation considering the growth potential of the company.