Announced Tue, 17 Mar · 17:21 IST

PNGS Reva Diamond Jewellery Limited has informed the Exchange about Transcript

Mgmt Guided Margin PressureMgmt Evaded Key QuestionInvestor Communications View source PDF

PNGSREVA · price

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Price reaction · full curve 14 horizons · vs prior close
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₹367.00
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₹367.25
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AI summary

PNGS Reva Diamond Jewellery held its maiden post-listing earnings call. Q3 FY26 revenue came in at INR 144.18 cr, up 40% quarter-on-quarter, with EBITDA of INR 33.71 cr (up 74%) and PAT of INR 23.11 cr (up 82%). For 9M FY26, revenue stood at INR 300.90 cr, EBITDA at INR 64.90 cr, and PAT at INR 43.23 cr, driven by a 66% jump in footfalls and growth across 33 existing SIS locations. The company is using IPO proceeds (~INR 287 cr for stores and INR 35 cr for marketing) to roll out 15 new COCO (company-owned, company-operated) stores over the next 24 months, with 8 targeted in FY27 and 6-7 in FY28. Store-level capex will range from INR 15-30 cr (around 70% for inventory), and break-even is expected within 12-18 months in Maharashtra and 18-24 months in other states. Management flagged 100-300 bps margin pressure in the initial years from the new-store marketing spend under Ind AS accounting rules.

Likely market impact

Strong Q3 beat and a clear COCO-led expansion roadmap are positive, but management's own guidance of 100-300 bps margin compression during the store-rollout phase, combined with limited visibility on FY27/FY28 revenue growth and store locations, may keep near-term valuations range-bound. Existing SIS profitability provides a cushion while growth investments play out.