Reliance Industries, in its annual report for FY25, emphasizes the strong momentum and promising outlook of India’s retail sector, perceiving it as one of the fastest growing consumer base worldwide. This increase in growth is due to supportive government policies, rising disposable incomes, and an increase in rural demand.
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Strong Growth in Retail Revenue and Store Expansion
Reliance’s retail business, which comprises consumer electronics, groceries, fashion, lifestyle, and private labels, reported a gross revenue of Rs. 3, 30,943 crore (US$ 37.84 billion), marking a 7.9% year-on-year increase. The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by 8.6% to Rs. 25,094 crore (US$ 2.87 billion) compared to FY24. Over the year, the company added 2,659 new stores, escalating its footprint to 19,340 locations, the largest of any retailer in India. The registered customer base also grew significantly, surpassing 349 million.
Future Opportunities and Market Outlook
Reliance highlighted key growth drivers including technological innovation, deep consumer engagement, and regional market expansion. It plans to scale private labels, foster exclusive brand partnerships, and leverage artificial intelligence and data analytics to boost customer engagement and operational efficiency. The company cited a report by Boston Consulting Group and Retailers Association of India projecting India’s retail market to reach Rs. 1, 90, 00,000 crore (US$ 2.17 trillion) by 2034, growing at a CAGR of 9%. Currently, organized retail makes up 18% of the market, while unorganized players like Kirana stores dominate the remaining 82%. Reliance reaffirmed that India is on course to become the world’s third-largest retail market by 2030.
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