Reva Diamonds Records Strong Q2 Revenue Growth
PNGS Reva Diamond Jewellery Limited has reported a 46.25% year-on-year increase in revenue from operations, excluding gold sales, for Q2 FY27.
Revenue reached ₹120.54 crore for the quarter ended 30 September 2026, compared with ₹82.42 crore in Q2 FY26.
The growth comes despite the absence of festive days during the July to September quarter. Last year, nine days from the Dussehra to Diwali festive period fell within Q2.
This year, however, none of the festive days fell within the quarter. Despite this timing difference, Reva Diamonds continued to record strong consumer demand for natural diamond jewellery.
H1 FY27 Revenue Rises 75.75%
Reva also reported strong growth for the first half of FY27.
From April to September 2026, revenue from operations excluding gold sales rose 75.75% to ₹236.53 crore. The company reported ₹134.58 crore during the corresponding period in H1 FY26.
Revenue including gold sales also increased during the periods.
| Revenue | Q2 FY27 | Q2 FY26 | YoY Growth | H1 FY27 | H1 FY26 | YoY Growth |
|---|---|---|---|---|---|---|
| Excluding gold sales | ₹120.54 cr | ₹82.42 cr | 46.25% | ₹236.53 cr | ₹134.58 cr | 75.75% |
| Including gold sales | ₹120.54 cr | ₹102.97 cr | 17.46% | ₹238.51 cr | ₹156.72 cr | 52.19% |
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 company noted that the financial figures are subject to limited review by its statutory auditors.
Reva Expands Retail Network in Pune and Nashik
During the quarter, Reva expanded its retail presence with two new company-owned, company-operated COCO stores.
The brand opened its store at Amanora Mall, Hadapsar, Pune, in July 2026. It then opened another outlet at Agora Commercial Complex, Nashik, in September 2026.
With these additions, Reva now has 38 points of sale. The network includes four exclusive COCO stores and 34 shop-in-shop counters.
The company had 36 points of sale at the end of June 2026.
Reva said the new COCO stores are performing in line with expectations. The company also remains on track to open around 15 new COCO stores within 24 months of its IPO.
The expansion will focus mainly on Tier 1 cities. At the same time, Reva plans selective expansion into Tier 2 and metro markets across Maharashtra and key North Indian markets.
Reva Launches Online Jewellery Platform
Reva also entered e-commerce during the quarter with the launch of revadiamonds.com.
The platform allows customers to explore and purchase certified natural diamond jewellery online. Therefore, the new digital channel extends Reva’s retail presence beyond physical stores.
It also gives customers greater convenience and wider access to the brand’s collections across markets.
Reva Sees Growing Demand Beyond Festive Purchases
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.
“Our new stores in Pune and Nashik are performing as planned, while our COCO expansion remains on track. With the upcoming wedding season, Dussehra and Diwali, we enter the second half of the year well positioned to serve customers looking for larger and more significant jewellery purchases.”
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.
“The addition of Amanora and Nashik strengthens our presence in key customer markets, while revadiamonds.com gives customers the convenience of discovering and purchasing Reva jewellery online. As we expand across stores and digital channels, our focus remains on making natural diamond jewellery more accessible, relevant and effortless for today’s consumer.”
Wedding and Festive Seasons Support Outlook
Industry trends continue to point towards a favourable outlook for India’s diamond jewellery market.
The company expects changing consumer preferences, rising disposable incomes and growing acceptance of diamonds beyond traditional occasions to support market growth.
Looking ahead, Reva expects the upcoming wedding season and the Dussehra-Diwali festive period in Q3 to support higher average order values.
The company also expects the festive period to provide a favourable environment for its planned retail expansion.
