PNGS Reva Diamond Jewellery Q2 Revenue Excluding Gold Jumps 46% YoY

Revenue (ex-gold) hit Rs 120.54 crore for Q2 FY27; total store count reached 38.

Reader Takeaway: Robust demand growth despite fewer festive days; expansion strategy remains on track for future growth.

What just happened

PNGS Reva Diamond Jewellery announced its financial performance for the quarter ended September 30, 2026. Revenue excluding gold sales climbed to Rs 120.54 crore, marking a 46.25% increase from Rs 82.42 crore in the same quarter last year. For the first half of the fiscal year, revenue excluding gold reached Rs 236.53 crore, significantly outpacing the Rs 134.58 crore reported in H1 FY26.

Why this matters

The growth is particularly notable given the absence of festive days in Q2 FY27, compared to nine festive days in Q2 FY26. Management notes that this performance confirms healthy underlying demand for diamond jewellery. The company clarified that its gold sales are incidental, resulting from customer exchanges during diamond purchases, and it does not participate in bullion trading.

What changes now

The company has expanded its retail presence to 38 stores, adding two new Company Owned, Company Operated (COCO) locations in Pune and Nashik during the quarter. Furthermore, the launch of their dedicated e-commerce platform, revadiamonds.com, signals an effort to capture a wider digital audience. The company maintains its target to open 15 new COCO stores over the next two years.

What to track next

Investors should monitor the company's ability to maintain high average order values as it moves into the Q3 wedding and festive season (Dussehra and Diwali). Execution of the store expansion roadmap remains the primary long-term driver.