Future
What could await..?
In many stories, the antagonist never gets a second chance at life; their death is the end to their tragic stories. For Valgarv, however, things turn out somewhat differently. When Lina, Filia and the others confront Valgarv for the final time, they know that he isn't a true villain. He's misguided, hurt and confused. This raises many moral and ethical questions for our heroes and Gourry even asks Lina, "Who is the real bad guy?" The situation is no longer black and white but to save the world, Valgarv must be defeated. And so, he was.
Victory should have been sweet but everyone who participated in the battle felt a certain melancholy over the loss of life. As Lina, Gourry, Amellia, Zelgadiss and Filia hold a vigil for the fallen golden ryuzoku, something miraculous happens: the spirit of either Vorpheed or the Lord of Nightmares appears, presenting a tiny egg that gently falls into Filia's hands.
The egg contained an infant ancient ryuzoku: Valgarv, reborn in his original form. Some great power took pity on him and gave him a second chance at living a normal, peaceful life. Filia, determined to atone for the golden ryuzoku's sins against the ancients, adopts Valgarv as her own. In the ending cinematic for the series, we see that Filia has started her own pottery shop and has welcomed Gravos and Jiras to work there with her. Valgarv's egg is laying in a basket next to his clacker toy, clearly well cared for.
Valgarv's new life likely won't be completely without problems but with Filia there to guide and protect him, I think he will finally be able to live a life of peace and happiness. Will he learn about his past life? Maybe... though I imagine Filia, Gravos and Jiras would want to prevent him from learning about what happened to him simply to prevent him from getting hurt. Anything that happens beyond this is anyone's guess!