Reva Diamonds Reports 46.25% Q2 Revenue Growth; Retail Network Reaches 38 Locations
Natural diamond jewellery brand records ₹236.53 crore revenue in H1 FY27 and launches e-commerce platform
PNGS Reva Diamond Jewellery Limited (NSE: PNGSREVA | BSE: 544718) 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 company, which operates Reva Diamonds by PNGS, also reported a 75.75% increase in revenue to ₹236.53 crore for the first half of FY27, compared with ₹134.58 crore during H1 FY26.
Q2 Growth Despite No Festive Days
The company said the Q2 performance came despite the absence of festive days during the July–September quarter this year.
The 45-day Dussehra–Diwali period is traditionally an important period for diamond jewellery purchases. Nine festive days fell within Q2 last year, while none fell within the quarter this year.
Reva said the Q2 performance reflected demand for natural diamond jewellery outside the traditional festive calendar.
Revenue Performance
Revenue from Operations | Q2 FY27 | Q2 FY26 | YoY Growth | H1 FY27 | H1 FY26 | YoY Growth |
|---|---|---|---|---|---|---|
Excluding gold sales (₹ crore) | 120.54 | 82.42 | 46.25% | 236.53 | 134.58 | 75.75% |
Including gold sales (₹ crore) | 120.54 | 102.97 | 17.46% | 238.51 | 156.72 | 52.19% |
The company stated that 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.
Retail Network Expands to 38 Locations
During Q2 FY27, Reva opened two company-owned, company-operated (COCO) stores.
The first opened at Amanora Mall, Hadapsar, Pune, in July 2026, followed by a store at Agora Commercial Complex, Nashik, in September 2026.
With these additions, the company's retail network increased to 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 company said the two new COCO stores are performing in line with expectations. It remains on track to open approximately 15 new COCO stores within 24 months of its IPO, with expansion focused on Tier 1 cities and selective entry into Tier 2 and metro markets across Maharashtra and key North Indian markets.
Reva Launches E-Commerce Platform
During the quarter, Reva also launched its e-commerce platform, revadiamonds.com, allowing customers to explore and purchase certified natural diamond jewellery online.
The company said the platform extends its retail presence beyond physical stores and provides customers with access to its jewellery collection through a digital channel.
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.”
He added that the company's new stores in Pune and Nashik were performing as planned and that its COCO expansion remained on track. He also pointed to the upcoming wedding season, Dussehra and Diwali as factors expected to support jewellery purchases during the second half of the year.
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.”
He added that the Amanora and Nashik stores would strengthen the company's presence in key customer markets, while revadiamonds.com would provide customers with an online channel for discovering and purchasing Reva jewellery.
Outlook for the Diamond Jewellery Market
The company said industry trends indicate a favourable outlook for India's diamond jewellery market, supported by changing consumer preferences, rising disposable incomes and increasing acceptance of diamonds beyond traditional occasions.
Reva expects the upcoming wedding season and the Dussehra–Diwali festive period in Q3 to support higher average order values and provide a favourable environment for its planned retail expansion.