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No, they can't make the referendum undone. Of course they can just revoke the A50 notification, but that doesn't 'revoke' the referendum.
Oliver Schick-
but that doesn't 'revoke' the referendum.
It does in the sense that the referendum was advisory and that advice is being rejected. What reasons are given for that rejection are up to them, but the first one would be "Our recent victory in the GE shows that the will of the people is clearly to remain in the EU."
ffm
They absolutely can. In the extremely unlikely circumstance of them getting a majority, they can just revoke.