PNGS Reva Diamond Jewellery shares reached a record high of ₹738.40 on October 8, driven by a 46% jump in Q2 revenue despite a quiet festive calendar. The company’s shift to a company-owned store model is attracting investor attention, though market analysts are monitoring the impact of this expansion on profit margins and regional competition.
Shares of PNGS Reva Diamond Jewellery climbed to a fresh record high of ₹738.40 on Thursday, reflecting a strong market response to the company’s recent performance update. This rally follows a sharp increase in trading activity, with the stock gaining roughly 35% over the past two sessions. Investors are reacting to the company's financial results for the second quarter of the 2027 fiscal year, which showed notable growth despite the absence of major festive days that typically drive jewellery sales in India.
The company reported revenue of ₹120.54 crore for the second quarter, excluding gold sales, representing a 46.25% increase compared to the same period last year. For the first half of the fiscal year, revenue growth stood at 75.75%, reaching ₹236.53 crore. Management has highlighted that gold sales are incidental to their primary business model, which focuses on diamond and other jewellery, and these transactions accounted for a negligible portion of the revenue in the recent quarter.
As the company moves toward the upcoming wedding season and major festivals like Dussehra and Diwali, the focus remains on its retail expansion strategy. PNGS Reva is transitioning to a model where it directly owns and operates its stores, known as the COCO (Company-Owned, Company-Operated) model. While this strategy offers the company greater control over the customer experience and brand presence, it also increases fixed costs such as rent and staff salaries. Investors are monitoring whether this higher cost structure will put pressure on profit margins in the near term, especially as the retail network expands to 38 points of sale.
Despite the growth, the business faces specific challenges that are important for shareholders to track. The Indian gems and jewellery sector is highly fragmented, with intense competition from both well-established national players and unorganized local shops. Furthermore, the company has a regional concentration risk, as its operations are heavily focused on Maharashtra. Future performance will depend on the brand's ability to maintain its growth trajectory as it expands into new territories and manages the working capital required to support a larger retail footprint.
Financial stability remains a key monitorable. In September 2026, CARE Ratings reaffirmed the company’s bank facilities at CARE BBB+ (Positive) and CARE A2, indicating a stable credit view. The company, which listed on the stock exchanges in March 2026 at an IPO price of ₹386, has seen its stock price climb significantly since its debut. The next important updates for investors will be the company’s ability to sustain revenue growth during the upcoming festive season and the impact of the new store openings on overall profitability.