MANAGEMENT DISCUSSION AND ANALYSIS → BUSINESS OVERVIEW

Retail

Reliance Retail, the largest and most successful retailer in India, has adopted a multichannel strategy through an integrated network of physical stores, digital commerce, and new commerce platforms to serve its customers across diverse consumption baskets. This ensures that Reliance Retail operates at an unparalleled and unmatched scale in the Indian retail industry. Enriching the quality of lives of millions of Indians everyday, Reliance Retail is ranked 40th in Deloitte’s Global Powers of Retailing and the only Indian retailer in the Top 100.

Strategic Objective
Transform the retail landscape through synergistic partnerships creating shared wins for all stakeholders across the retail value chain. Guided by innovation and relentless focus on customer-centricity, Reliance Retail will continue to deliver exceptional value and a differentiated experience to Indian consumers across key categories and omnichannel platforms—shaping the future of retail in India.

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Retail stores

~0 Billion

Transactions

0 Million sq. ft.

Retail area

>0 Million

Registered customer base

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People

Industry Overview

India’s retail industry has evolved into one of the most dynamic and rapidly expanding sectors, contributing immensely to the development of our country.

According to a recent report by the Boston Consulting Group and the Retailers Association of India, India’s retail sector is projected to reach an impressive ` 190 lakh crore by 2034, growing at a compounded annual growth rate (CAGR) of 9%. The share of organised retail constitutes 18% of the total retail market, while the unorganised segment, characterised by presence of millions of small kiranas, constitutes the remaining 82%.

India remains one of the world’s fastest-growing retail markets and is poised to become the thirdlargest retail market by 2030.

Business Performance

FINANCIAL PERFORMANCE

(` Crore) FY 2024-25 FY 2023-24 Y-o-Y Change
Value of sales and services 3,30,943 3,06,848 7.9%
Revenue from operations 2,91,043 2,73,131 6.6%
EBITDA 25,094 23,108 8.6%
EBITDA margin* 8.6% 8.5% 10 bps

*EBITDA margin is calculated on Revenue from operations

Reliance Retail recorded Gross Revenue of ` 3,30,943 crore for the year, a growth of 7.9% over last year.

The business continued its strong track record of profit growth registering an EBITDA of ` 25,094 crore, higher by 8.6% Y-o-Y.

The business opened 2,659 stores during the year, taking the total store count to 19,340 stores, the largest store footprint for any retailer in the country. The registered customer base crossed 349 million.

Consumer Electronics
Reliance Retail is India’s leading consumer electronics retailer, operating Reliance Digital and MyJio Stores. The business follows a solution-selling approach, offering a unique value proposition, an enhanced in-store experience, and a comprehensive yet curated product range. This is further supported by resQ, the in-house after-sales service organisation and India’s first multi-brand multi-category service provider that ensures seamless customer support and satisfaction.

Strategic Progress

  • Offline business experienced robust growth, driven by new product and brand launches and curated product assortment leading to higher transactions and improved conversions.
  • resQ continued to expand its reach, enhancing service availability through the launch of newer plans and categories
  • The Own Brands business strengthened its portfolio with new offerings and a growing merchant network.
  • JioMart Digital sustained its growth trajectory, driven by strong product demand and deeper engagement with merchant partners.

Fashion and Lifestyle
Reliance Retail is India’s largest fashion and lifestyle retailer. It operates multiple retail formats tailored to meet varied consumer preferences across segments, providing a world-class shopping experience.

Strategic Progress

  • Apparel & Footwear business delivered a steady performance supported by improved store experience and enhanced product assortment. The business continued to invest in developing fast fashion ecosystem with ‘design-to-shelf’ cycle of 30 days.
  • AJIO maintained steady performance, supported by an expanding product catalogue and introduction of new brands.
  • The Premium Brands business enriched its portfolio with new brand partnerships while focusing on global expansion of owned intellectual properties.
  • The Jewellery business delivered steady growth, supported by highervalue transactions and new product designs catering to special occasions.

Grocery
Reliance Retail is India’s largest grocery retailer. Through innovative store concepts coupled with integrated digital and new commerce platforms, it provides a broad selection of fresh produce, daily essentials, and general merchandise in a modern shopping environment, delivering superior value to customers.

Strategic Progress

  • Grocery business sustained strong growth, driven by the expansion of large-format stores and scale up of hyperlocal deliveries.
  • Growth across categories remained strong, with a particular focus on catalogue expansion in non-food segments. Enhanced offerings in General Merchandise, Home & Personal Care, and Value Apparel drove customer engagement and contributed to sustained growth.
  • Metro business continued strong growth through targeted initiatives for HoReCa and Trader channels.

Consumer Brands
Consumer Brands has emerged to become one of the fastest growing FMCG companies in India. The business continues to expand its portfolio, building a strong lineup of accessible and affordable brands across key categories of Beverages, Staples, Packaged Foods and Home & Personal Care.

Strategic Progress

  • Consumer brands continued to show strong growth across categories, driven by expanding product offerings and increasing market presence.
  • Flagship brands such as Campa and Independence are gaining momentum across regions, strengthening their position in key categories and showing promising growth potential.
  • Campa continued to gain traction across markets, registering >10% market share in sparkling beverage category in select states.
  • The business deepened its presence in General Trade by enhancing availability and reach across merchant outlets nationwide.
  • Product innovation remained a key focus, with strategic acquisitions of Tagz Foods and the launch of new variants under Campa, Independence, Alan’s, Enzo, Ravalgaon etc. to cater to evolving consumer preferences.

JioMart and Milkbasket
JioMart is a multi-category digital commerce platform offering a seamless, fast, and convenient shopping experience. Milkbasket operates as a subscription-based service, allowing households to schedule daily deliveries of essential products with ease.

Strategic Progress

  • JioMart expanded its product catalogue and seller network, enhancing customer offerings across diverse categories.
  • The platform continued to scale its quick commerce delivery capability, evolving to meet consumer expectations while also ensuring efficient operations.
  • Milkbasket maintained strong growth momentum, driven by increasing customer adoption and consistent improvement in service offerings.

Connectivity
Reliance Retail serves as a master distributor for Jio’s connectivity services, offering a wide array of products and solutions to consumers across India through a network of MyJio and Digital stores, and in collaborations with retailers nationwide.

SCOT Analysis

S
STRENGTHS
  • Largest omni-channel retailer with seamless integration of stores, digital, and new commerce platforms
  • Expansive customer base with >349 million registered customers
  • Deep insights into evolving consumer behaviour and shopping preferences
  • Strong product design and innovation capabilities across diverse categories
  • Robust sourcing network encompassing MSMEs, national, and international suppliers
  • Preferred partner for global brands, offering the widest portfolio of international labels
  • Extensive supply chain enabling nationwide product delivery within 24–48 hours
C
CHALLENGES
  • Upward pressure on rentals due to demand-supply mismatch for high quality real estate
  • Availability of trained manpower to support rapid expansion
O
OPPORTUNITIES
  • Rising consumer aspirations and growing disposable incomes present significant growth potential
  • Accelerating the growth of own brands and exclusive brand partnerships
  • Leveraging AI and data analytics for personalised customer engagement and operational efficiency
  • Expanding into emerging segments and scale up regional brands
T
THREATS
  • Macroeconomic factors affecting consumer spending patterns
OUTLOOK

India’s retail sector has been one of the fastest growing consumer markets in the world. Government initiatives, including tax relief and supportive economic policies are expected to boost disposable incomes and stimulate consumption.

With strong rural demand and projected GDP growth, the retail sector is poised for sustained growth.

Overall, the outlook is positive for India’s retail industry, characterised by technological progress, market expansion, greater consumer engagement, and launch of innovative products.