In the 48th Annual General Meeting (AGM) of Reliance Industries (RIL), Isha Ambani announced that Reliance Retail has reinforced its position as one of the fastest-growing retailers globally, posting strong financial results and setting the stage for its next phase of expansion. With unmatched scale, digital strength, and consumer reach, the company is gearing up to accelerate growth across multiple verticals. However, there was no IPO announcement, which was awaited by the investors.
Financial Strength Backed by Scale
Isha Ambani, Director of Reliance Retail, described the company as a “national movement” that aims to benefit both consumers and producers while boosting India’s economy. Reliance Retail’s gross revenue rose 8 percent to ₹3,30,943 crore ($38.7 billion) in FY24, while EBITDA increased 8.6 percent to ₹25,094 crore ($2.9 billion). These results reflect not only the scale of operations but also the underlying strength and resilience of its business model.
FMCG Arm Achieves Record-Breaking Growth
Chairman Mukesh Ambani underscored the stellar performance of Reliance Consumer Products, which recorded a turnover of ₹11,500 crore ($1.4 billion) in its very first year of operations. This makes it the fastest-growing FMCG company ever, highlighting Reliance’s ability to disrupt and capture market share at scale.
Digital Expansion and Quick Commerce Leadership
A key pillar of Reliance Retail’s future growth is its strong digital backbone. Online channels currently contribute a high single-digit share of revenue, but the company expects this to exceed 20 percent within the next three years. The retailer has also taken a commanding position in hyperlocal quick commerce by using its vast store network, strategically located dark stores, and consumer data to provide faster and more reliable deliveries than rivals.
Expanding Customer Base and Transaction Scale
Reliance Retail’s reach continues to deepen, with its registered customer base growing 15 percent year-on-year to 349 million. During the year, the company processed nearly 1.4 billion transactions — almost equal to India’s population — showcasing its vast footprint and ability to sustain profitable growth. Stores remain the backbone of revenues, contributing nearly 70 percent, and the company plans to continue its aggressive store expansion with 2,000–3,000 new stores annually, alongside high single-digit like-for-like sales growth, said Isha Ambani.
Eight Growth Enablers Driving Future Expansion
Isha Ambani outlined the company’s roadmap for sustaining a 20 percent CAGR, driven by eight key growth enablers:
Data-Driven Insights: Reliance Retail leverages unmatched customer insights through scientific data mining of billions of real transactions.
Product Development and Own Brands: The company is building powerful in-house brands such as Independence in grocery, Avaasa in fashion, and Kelvinator in electronics.
Superior Sourcing Ecosystem: A robust supply network ensures scale efficiency and quality.
Omni-Channel Integration: The seamless blending of digital and physical retail maximises customer delight and convenience.
Unmatched Market Reach: Nearly 20,000 stores supported by India’s largest tech-enabled supply chain drive its retail dominance.
Empowering Merchants: Through B2B formats like Metro and JioMart Digital, Reliance Retail empowers over 42 lakh kiranas, traders, and HoReCa businesses by providing access to products, technology, and financing.
Tech-Led Capabilities: From AI-driven demand forecasting to robotics-enabled warehouses, Reliance is building precision-driven systems to scale efficiently while maintaining profitability.
Skilled Workforce: With an employee base of 2.5 lakh, the company is focused on training, empowering, and motivating its staff to deliver consistently across operations.
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