PNGS Reva Q2 FY27: Standalone PAT +84% YoY to ₹23.3 Cr as NPM expands to 18.5%

PNGS Reva Diamond Jewellery posted standalone revenue from operations of ₹120.54 Cr (+17.1% YoY, +2.2% QoQ) and PAT of ₹23.29 Cr (+83.7% YoY, -14.4% QoQ from Q1's ₹27.21 Cr) for Q2 FY27. The headline revenue growth understates the underlying business: core diamond-jewellery sales (excluding the incidental resale of customer-exchanged gold) rose 46.25% YoY to ₹120.54 Cr from ₹82.42 Cr, while the gold-resale line itself fell from ₹20.55 Cr a year ago to nil this quarter — a mix effect, not a demand slowdown, and notable given Q2 FY27 had no festive selling days versus nine in the year-ago quarter. There is no analyst consensus on record for this recently listed micro-cap (no brokerage estimates turned up in search), so vsStreet is unknown. Net profit margin expanded YoY to 18.52% from 12.31%, but a meaningful share of that is quality-light: other income jumped to ₹5.24 Cr from ₹0.11 Cr, almost entirely interest earned on the ~₹283.6 Cr of still-unutilised IPO proceeds (of ₹349.1 Cr raised) parked in fixed deposits per the filing's Note 6. Stripping that out, core PBT (ex other income) grew a more moderate ~53% YoY. Sequentially, NPM compressed from Q1's 22.02% to 18.52% and EBITDA margin fell to 27.0% from 31.98% (about 500 bps), a steeper step-down than the 200-300 bps management had guided from the Q1 peak for H2 marketing spend — though the 27.0% level is still at the top of the 25-27% FY EBITDA-margin band guided in the prior concall. PAT margin at 18.52% (20.26% on an H1 blended basis) is running below the 22-23% FY PAT-margin guidance, so on margins the quarter is tracking at-to-slightly-below the guided range rather than a clean beat. Finance costs (+15.0% YoY to ₹2.50 Cr) and other expenses (+71.4% YoY to ₹6.49 Cr) both rose on store-expansion and marketing spend, consistent with the guided drivers. On revenue, the H1 FY27 run-rate (+52.2% YoY) is well ahead of the 25-30% full-year growth guided, so overall this reads as guidance met-to-slightly-ahead on revenue, roughly on-plan on EBITDA margin, and trailing on PAT margin. Store rollout trails the IPO commitment: the company had 5 company-run exclusive brand stores as of October 26, 2026 versus 2 at FY26-end (34 SIS counters with P.N. Gadgil & Sons unchanged) — only 3 added against the 9-store Year-1 target. Management's own commentary flags no reportable segments, flat SIS count, and ₹10 Cr of advance tax paid for the current tax year; it also separately disclosed a 62.4% YoY jump in Dussehra-period sales to ₹12.19 Cr in October, outside this quarter but setting up a seasonally stronger Q3 on management's own framing of wedding/festive demand.