PNGS Reva Diamond Jewellery reported its financial performance for Q3 FY26 (October–December 2025), recording revenue from operations of Rs 144.18 crore, up 40.03% quarter-on-quarter. Profit after tax (PAT) stood at Rs 23.11 crore, reflecting an 82.01% increase over Q2 FY26.

EBITDA for the quarter rose to Rs 33.71 crore from Rs 19.32 crore in the previous quarter, marking a 74.47% increase. The company also reported a 66% rise in footfall compared to Q2, indicating stronger consumer demand during the festive period.

For the nine months ended December 31, 2025, revenue from operations stood at Rs 300.90 crore, with EBITDA of Rs 64.90 crore and PAT of Rs 43.23 crore. The company noted that year-on-year comparisons are not meaningful due to its recent incorporation as a separate entity in December 2024.

Currently, PNGS Reva operates 35 points of sale, including 33 FOCO stores, one FOFO store, and one COCO store. Following its IPO, the company raised approximately Rs 380 crore, of which Rs 287 crore is allocated to open 15 COCO stores over the next 24 months. Expansion will focus primarily on Maharashtra, with additional presence in Tier 1 cities in North India.

The company estimates capex of Rs 19–20 crore per store, with inventory accounting for around 70%. New stores in Maharashtra are expected to break even within 12–18 months, while those outside the state may take 18–24 months.

EBITDA margins ranged between 19% and 23% across the first three quarters of FY26. Management indicated that margins may decline by 100–300 basis points during the expansion phase due to marketing and brand-building expenses, though absolute profitability is expected to grow.

Commenting on the results, Amit Modak of PNGS Reva Diamond Jewellery said “The Q3 numbers reflect the inherent strength of the festive season tailwinds… A 40% revenue jump and 82% surge in PAT over the previous quarter are encouraging indicators as we continue to scale.”

Aditya Modak of PNGS Reva Diamond Jewellery added, “A 66% jump in footfall… reflects growing brand trust… As we deploy IPO proceeds into 15 new COCO stores, we are doing so with clarity on unit economics and brand-building.”

The company stated that over 95% of its product mix comprises small and melee diamonds, limiting exposure to pricing pressures from lab-grown diamonds.