PNGS Reva Diamond Jewellery Limited

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

PNGS Reva Diamond Jewellery Limited trades at ₹406, building a base and 4 weeks into that stage. That is +1.5% against its own 200-day average. It sits at 38% of a 52-week range of ₹375 to ₹456. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is building a base — week 4 of stage 1, confirmed. At ₹406 it trades +1.5% versus its 200-day average and sits at 38% of its 52-week range (₹375–₹456).

Against the market, two honest reads. Cumulative: over the last 4 months the stock moved +7% while the NIFTY 500 moved +0% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 26th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

PNGS Reva Diamond Jewellery Limited trades at 19.9× P/E, near the bottom of its own range — cheaper only 26% of the time. Its long-run median P/E is 27.1×, measured across 0.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 19.9× is near the bottom of its own range — cheaper only 26% of the time, against a long-run median of 27.1× measured over 0.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

PNGS Reva Diamond Jewellery Limited reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

58.1/100 — rank 25 of 26 in Diamond, Gems & Jewellery · 38% evidence confidence · provisional, ranked below fully-evidenced peers

PNGS Reva Diamond Jewellery Limited scores 58.1 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 25. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 21.8 + 16.3 + 10 + 10 = 58.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

PNGS Reva Diamond Jewellery Limited reported ₹138 Cr of revenue in the Mar 26 quarter, +137.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 3 years it has compounded at 30.2% a year. The last full year, FY26, came in at ₹439 Cr. The last four reported quarters add to ₹443 Cr.

PNGS Reva Diamond Jewellery Limited reported ₹138 Cr of revenue in the Mar 26 quarter, +137.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 3 years it has compounded at 30.2% a year. The last full year, FY26, came in at ₹439 Cr. The last four reported quarters add to ₹443 Cr.

FY26 revenue came in at ₹439 Cr (+585.9% on the year), capping 3 years at 30.2% compound. The latest quarter (Mar 26) printed ₹138 Cr, +137.9% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +1,047.5% growth against the decade's 30.2% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 22.0% this quarter (+8.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

PNGS Reva Diamond Jewellery Limited's operating margin is 22.0% in the Mar 26 quarter, +8.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −5.0 percentage points. Across 4 fiscal years the operating margin has ranged 15.0% to 35.0%. The current quarter sits inside that band.

PNGS Reva Diamond Jewellery Limited's operating margin is 22.0% in the Mar 26 quarter, +8.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −5.0 percentage points. Across 4 fiscal years the operating margin has ranged 15.0% to 35.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 22.0%, +8.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 15.0%–35.0%.

🚨 Why the margin moved: operating margin went −5.3 pp year on year while gross margin went −5.9 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +320.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

PNGS Reva Diamond Jewellery Limited earned ₹21.0 Cr of net profit in the Mar 26 quarter, +320.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The 3-year compound rate is 7.7%. That is 15.2% of the quarter's revenue. The same quarter a year earlier earned ₹2.0 Cr.

PNGS Reva Diamond Jewellery Limited earned ₹21.0 Cr of net profit in the Mar 26 quarter, +320.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The 3-year compound rate is 7.7%. That is 15.2% of the quarter's revenue. The same quarter a year earlier earned ₹2.0 Cr.

Mar 26 profit was ₹21.0 Cr, +320.0% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹65.0 Cr (+828.6%), and the 3-year compound rate is 7.7%.

→ Profit rose — but did the cash follow? Next: −58% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −58% of PNGS Reva Diamond Jewellery Limited's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−105 Cr of operating cash against ₹65.0 Cr of profit. After ₹6.0 Cr of capital spending, ₹−111 Cr was left as free cash.

FY26: operating cash of ₹−105 Cr against reported profit of ₹65.0 Cr, leaving free cash of ₹−111 Cr after ₹6.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −58% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −58%: the cash cycle stretched 49 days between FY23 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 49 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 364-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

PNGS Reva Diamond Jewellery Limited's cash conversion cycle runs 364 days in FY26, up from 315 days in FY23. Capital spending ran ₹7.0 Cr over the last 3 years. At FY26 sales of ₹439 Cr each day of that cycle holds about ₹1.2 Cr, so roughly ₹438 Cr sits inside the business at any moment.

FY26: debtors at 2 days, inventory at 386 days — roughly 12.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 364 days, looser than FY23's 315.

The full loop: cash goes out to suppliers and production on day 0; stock waits 386 days to sell; customers pay about 2 days after that; and suppliers themselves are paid at 23 days — netting out to the 364-day cycle.

In money terms: at FY26 sales of ₹439 Cr, each day of the cycle holds about ₹1.2 Cr — so the 364-day loop keeps roughly ₹438 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹7.0 Cr over the last 3 fiscal years against ₹1.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 22% and the ROIC − WACC spread is +12.9 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

PNGS Reva Diamond Jewellery Limited earns a ROCE of 22% in FY26. Return on invested capital clears the cost of that capital by +12.9 percentage points, so growth here adds value rather than only size. The wiring behind it is 14.8% net margin on 0.61× asset turns.

FY26 ROCE is 22%.

Why the return is what it is — the wiring (FY26): 14.8% net margin × 0.61× asset turns × 1.39× balance-sheet leverage ≈ 12.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 24.9% − 12.0% = a +12.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.33.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

PNGS Reva Diamond Jewellery Limited carries total debt of ₹170 Cr against shareholder equity of ₹515 Cr as of Mar 26, a debt-to-equity of 0.33. On the annual view that ratio went from 0.91 in FY25 to 0.33 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹170 Cr against shareholder equity of ₹515 Cr — a debt-to-equity of 0.33. On the annual view, debt-to-equity went from 0.91 (FY25) to 0.33 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of PNGS Reva Diamond Jewellery Limited moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

PNGS Reva Diamond Jewellery Limited: the Z-score reads 5.58. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 5.58 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 5.58.

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