Q2FY27 business update: revenue from operations excluding gold sales up 46.25% YoY, store count at 38

Business update for the quarter ended September 30, 2026.

Mon 5 Oct 2026

Q2FY27 revenue from operations (excl. gold sales)

Rs 1,205.40 Millions vs Rs 824.19 Millions in Q2FY26, up 46.25% YoY

H1FY27 revenue from operations (excl. gold sales)

Rs 2,365.27 Millions vs Rs 1,345.83 Millions, up 75.75% YoY

Total store count as on date

38 stores

Growth including gold sales

Q2FY27 growth is 17.46% YoY and H1FY27 growth is 52.19% YoY

New e-commerce platform launched

revadiamonds.com

PNGS Reva Diamond Jewellery Limited has shared its business update for the quarter ended September 30, 2026 (Q2 FY 26-27), along with its store count as on date.

Revenue from operations (excluding gold sales)

• Q2FY27: 1,205.40 Millions, against 824.19 Millions in Q2FY26, a rise of 46.25% year on year.
• H1FY27: 2,365.27 Millions, against 1,345.83 Millions in H1FY26, a rise of 75.75% year on year.

The company states that the Q2FY27 and H1FY27 revenue figures are subject to limited review / audit by its statutory auditors.

Revenue including gold sales

The update explains that the gold sold is not bullion or commodity trading. It is the excess old gold received from customers as part consideration for diamond jewellery purchases, remaining after the gold has been used in manufacturing new jewellery.

• H1FY27 total revenue from operations: 2,385.13 Millions, which includes gold sales of 19.86 Millions.
• On this basis, the company reports growth of 17.46% YoY in Q2FY27 and 52.19% YoY in H1FY27.
• Q2FY27 total revenue from operations was 1,205.40 Millions, with no gold sales, while the year-ago quarter included gold sales of 205.50 Millions. That difference in the gold-sales base is why growth including gold sales is lower than growth excluding gold sales.

The company says the revenue growth came on healthy demand through the quarter.

Festive calendar

The company says the Dussehra and Diwali festive season generates the largest share of annual revenue, and that Q2FY27 recorded no festive days, whereas the year-ago quarter's revenue included festive sales. Despite this shift in the festive calendar, it says overall sales were higher year on year.

Store network

• Total store count as on date: 38 stores, a mix of EBO / COCO and SIS formats.
• COCO store openings during the period included Amanora Mall, Pune (July 2026) and Agora Commercial Complex, Nashik (September 2026).
• The company says the COCO stores are performing in line with expectations and that it remains on track with its plan to open new COCO stores from its IPO date, focused primarily on Tier 1 cities, with selective expansion into Tier 2 cities and metros across Maharashtra and key North India markets.

Digital

The company launched a new e-commerce platform at revadiamonds.com, aimed at enhancing customer experience, expanding market reach and strengthening its digital presence.

Outlook

The company says industry trends indicate a favourable outlook for India's diamond jewellery market, supported by evolving consumer preferences, rising disposable incomes and wider acceptance of diamonds beyond occasion-led purchases. It adds that the upcoming Q3 wedding season and the Dussehra and Diwali festivals are expected to support higher average order values, given a greater share of larger-ticket purchases, and that this provides a supportive backdrop for its planned store expansion.

Points to note

• The headline growth figures exclude gold sales; including gold sales, growth is 17.46% YoY for the quarter and 52.19% for the half year.
• The Q2FY27 and H1FY27 revenue figures are subject to limited review / audit by the statutory auditors.

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