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, on Friday reported a net profit of ₹3,563 crore for the March quarter (Q4FY26), up 0.5% year-on-year, according to an exchange filing. Revenue rose 10.8% year-on-year to ₹98,232 crore, marking its highest-ever quarterly revenue.

“Reliance Retail delivered steady growth through the year. I am confident that Reliance Retail’s deep omnichannel presence and its strong understanding of the Indian consumer will continue to underpin sustained growth,” said Mukesh D. Ambani, chairman and managing director, Reliance Industries, in a press statement.

Reliance Retail operates across grocery, consumer electronics, fashion and lifestyle, and online commerce.

Ebitda, or earnings before interest, taxes, depreciation and amortization, stood at ₹6,921 crore, up 3.1% year-on-year, while margins came in at 7.9% for the quarter, down 60 basis points from a year earlier.

The retail business added 333 new stores during the quarter, taking its total footprint to 20,160 stores, with operational area rising to 78.3 million sq. ft. Jiomart saw faster customer acquisition, adding 5.8 million new users, expanding its registered customer base by 98% year-on-year. Hyperlocal commerce average daily orders rose 29% quarter-on-quarter and over 300% year-on-year.

“Hyper-local commerce orders grew more than fourfold year-on-year,” said Isha Ambani, executive director, Reliance Retail Ventures Ltd, in a press statement.

The jewellery business reported 53% year-on-year growth in average bill value, driven by rising gold prices.

Ajio Luxe recorded 24% year-on-year growth in the March quarter, while Ajio Rush expanded its four-hour delivery service to more than 600 cities, according to Reliance Retail.

“Revenue beat, margin miss—that’s the cleanest way to read Reliance Retail’s Q4,” said Sandeep Abhange, research analyst, Consumer & Midcaps at LKP Securities. “The critical watch in FY27 is whether Ebitda growth begins to outpace revenue growth, because until that happens, as the numbers themselves suggest, scale without operating leverage is a promise, not a performance,” he added.

The FMCG business under Reliance Consumer Products Ltd (RCPL) reported revenue of ₹7,350 crore in the March quarter of FY26, about two times higher than a year earlier, taking full-year revenue to ₹22,000 crore.

“The consumer products vertical, now operating within an independent and focused organisational structure, is gaining meaningful traction with an expanding portfolio of FMCG brands,” said Mukesh D. Ambani. “India’s consumption story has many years of growth ahead of it, and our businesses are built to be at the centre of this opportunity,” he said.

RCPL’s daily essentials brand Independence posted revenue of ₹2,600 crore in FY26, up 1.6 times from the previous year, supported by acquisitions of southern brands such as Manna and Udhayam.

The company’s soft drinks brand Campa recorded gross sales of ₹4,700 crore in FY26, making it the country’s fourth-largest carbonated beverage brand behind incumbents such as Varun Beverages and Hindustan Coca-Cola Beverages.

“In terms of the Campa brand, we delivered revenue of ₹4,700 crore, making it the fourth-largest carbonated soft drink brand in the country in a very short span of time,” said Ashutosh Goyal, chief financial officer of RCPL, during the earnings call.

Goyal said beverages grew 3.2 times during the year, driven by wider distribution and stronger supply-chain execution. RCPL’s packaged drinking water business is also scaling rapidly, with the company now the country’s third-largest player in the segment, he said.

“None of this scale would have been delivered without distribution depth. We are now servicing the Indian market through 5,000-plus distributors and about 3 million outlets,” Goyal said.

To support future growth, RCPL has expanded its manufacturing footprint to nearly 12 plants across India and is investing in integrated food parks to improve efficiency. The company has also expanded overseas and now operates in 40 countries as it builds newer categories beyond soft drinks, including packaged water, sports beverages and functional drinks.

As part of that strategy, RCPL acquired a majority stake in Australia-based Goodness Group Global during the quarter, adding brands such as Nexba in gut-health and functional hydration beverages.