Reliance Retail posts record revenue as profit inches up 0.5% in March quarter
MUMBAI/ BENGALURU: Reliance Retail, the retail arm of Reliance Industries Ltd, reported net profit on Friday ₹3,563 crore for the March quarter (QFY26), up 0.5% year on year, according to an exchange filing. Revenues increased by 10.8 percent annually ₹98,232 crore marks the highest quarterly revenue ever.
“Reliance Retail has recorded steady growth throughout the year. I am confident that Reliance Retail’s deep omni-channel presence and strong understanding of the Indian consumer will continue to drive sustainable growth,” Reliance Industries chairman and managing director Mukesh D. Ambani said in a press release.
Reliance Retail operates in grocery, consumer electronics, fashion and lifestyle and online commerce.
EBITDA, i.e. earnings before interest, taxes, depreciation and amortization ₹6,921 crore, up 3.1% year-on-year, while margins in the quarter were 7.9%, down 60 basis points from the previous year.
The retail business added 333 new stores during the quarter, bringing its total footprint to 20,160 stores and increasing its operational area to 78.3 million sq ft. Jiomart saw faster customer acquisition, adding 5.8 million new users and expanding its registered customer base by 98% on a year-on-year basis. Hyperlocal trade’s average daily orders increased by 29% quarter-over-quarter and over 300% year-on-year.
“Hyper-local commerce orders have increased more than four times on a year-on-year basis,” Isha Ambani, managing director of Reliance Retail Ventures Ltd, said in a press release.
The jewelery business reported 53% annual growth in average invoice value, driven by rising gold prices.
According to Reliance Retail, Ajio Luxe recorded 24% year-on-year growth in the March quarter, while Ajio Rush expanded its four-hour delivery service to over 600 cities.
“Revenue growth, margin loss; that’s the clearest way to read Reliance Retail’s Q4,” said Sandeep Abhange, Consumer and Midcaps research analyst at LKP Securities. “What will be critical in FY27 is whether EBITDA growth outpaces revenue growth, because until that happens, as the numbers suggest, scaling without operating leverage is a promise, not a performance,” he added.
The FMCG business under Reliance Consumer Products Ltd (RCPL) reported the following revenue: ₹Full-year revenue at ₹7,350 crore in the March quarter of FY26, nearly twice as high as a year ago. ₹22,000 crore.
“Now operating within an independent and focused organizational structure, the consumer products industry is gaining meaningful traction with its expanding FMCG brand portfolio,” said Mukesh D. Ambani. “India’s consumption story has many years of growth ahead, and our businesses are built to be at the heart of this opportunity,” he said.
RCPL’s daily essentials brand Independence announced the following revenue: ₹2,600 crore in FY26, an increase of 1.6 times over the previous year, supported by acquisition of southern brands such as Manna and Udhayam.
The gross sales of the company’s soft drink brand Campa have been recorded so far: ₹4,700 crore in FY26, making it the country’s fourth largest aerated beverage brand after established companies like Varun Beverages and Hindustan Coca-Cola Beverages.
“In terms of the Campa brand, we have generated revenue so far: ₹4,700 crore, making it the fourth largest carbonated soft drink brand in the country in a very short period of time,” Ashutosh Goyal, chief financial officer, RCPL, said during the earnings call.
Goyal said beverages grew 3.2 times during the year, driven by wider distribution and stronger supply chain practices. He said RCPL’s packaged drinking water business is also growing rapidly and the company is now the country’s third largest player in the segment.
“None of this scale could have been delivered without depth of distribution. We currently serve the Indian market through over 5,000 distributors and nearly 3 million outlets,” Goyal said.
To support future growth, RCPL has expanded its manufacturing footprint to around 12 factories across India and is investing in integrated food parks to improve efficiency. The company has also expanded abroad and now operates in 40 countries, creating newer categories beyond non-alcoholic beverages, including packaged water, sports drinks and functional drinks.
As part of this strategy, RCPL acquired a majority stake in Australia-based Goodness Group Global in the quarter and also acquired brands such as Nexba in the gut health and functional hydration drinks space.
