In its latest earnings report for the quarter ended December 31, 2025, Reliance Retail demonstrated its dominance in the Indian market, serving millions of customers through a record-breaking festive period. Despite a high base effect and structural changes—including the demerger of its consumer products vertical—the retailer maintained a steady growth trajectory.
Financial Snapshot: Scale Over Margins
While the top line grew by 8%, the company faced slight margin compression due to aggressive investments in hyper-local commerce and festive promotions.
| Key Metric | Q3 FY26 (Actual) | YoY Growth |
| Gross Revenue | ₹97,605 Crore | +8.1% |
| Revenue from Operations | ₹86,951 Crore | +9.2% |
| Net Profit (PAT) | ₹3,551 Crore | +2.7% |
| EBITDA | ₹6,915 Crore | +1.3% |
| EBITDA Margin | 8.0% | -60 bps |
Segment Highlights: From Groceries to Electronics
The quarter was defined by an “eventful” product mix, with premium categories seeing the highest traction.
1. Grocery & JioMart
The grocery business delivered consistent performance, with specialized gifting categories like Namkeen (+40%) and Chocolates (+32%) leading the way.
- JioMart Hyper-local: Established itself as a leader in quick delivery, crossing 1.6 million exit daily orders.
- Merchant Network: The B2B merchant base grew 22% YoY, strengthening its supply chain depth.
2. Consumer Electronics
Reliance Digital stores saw double-digit growth across the board, fueled by the “Festival of Electronics” campaign:
- Laptops: +46% YoY
- Mobiles: +38% YoY
- Televisions: +25% YoY
3. Fashion, Lifestyle & Jewels15
Despite festive demand being split between Q2 and Q3, the segment remained steady. The Jewels business was a standout performer, recording a 73% YoY increase in average bill value due to high-value wedding season purchases.
Operational Milestones
- Store Network: Reliance opened 431 new stores during the quarter, bringing its total count to 19,979—just shy of the 20,000-store milestone.
- Customer Base: The registered customer base expanded to 378 million, up nearly 12% from the previous year.
- FMCG Demerger: The demerger of Reliance Consumer Products (RCPL) was completed, making it a direct subsidiary of RIL. RCPL reported gross revenues of ₹5,065 crore for the quarter.
“By prioritising trend-focused assortments and seamless omni-channel experiences, we continue to foster strong customer engagement and loyalty. As we navigate a shifting consumer landscape, we remain steadfast in our vision to redefine Indian retail.” — Isha M. Ambani, Executive Director, RRVL
Conclusion
Reliance Retail’s Q3 FY26 performance underscores its ability to leverage “scale” as a defensive moat. While the margin pressure indicates a competitive landscape in quick commerce and discount-led retail, the company’s expansion into 5,000+ pin codes and its nearly 20,000-strong store network position it as the clear leader in India’s omnichannel future.
