Reliance Industries AGM: Reliance Retail to grow at a CAGR of 20% in the next three years, says Isha Ambani

Reliance Retail is targeting over 20% compound annual growth in revenues over the next three years, Isha Ambani, Executive Director of Reliance Retail Ventures Limited (RRVL), told shareholders at the company’s annual general meeting on Friday (August 29).

Ambani said gross revenue for the year rose 8% to ₹3,30,943 crore ($38.7 billion), while EBITDA increased 8.6% to ₹25,094 crore ($2.9 billion). “These are not just financial milestones; they are proof that ambition, discipline, innovation, and execution can work hand-in-hand to create long-term, sustainable value,” she said.

The company added 2,659 new stores during the year, taking its total to 19,340 outlets spread across 7,000 towns with 77 million square feet of retail space. Stores contribute around 70% of revenues and are expected to grow further through high single-digit like-for-like sales and the addition of 2,000–3,000 new outlets annually.

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"In many locations, we have been the first modern trade retailer to enter, securing a first-mover advantage and locking in consumer loyalty. When a Reliance Retail store opens in a small town, it creates immense excitement and pride, as people feel they have entered India's urban mainstream," Isha Ambani said.

"Our unmatched digital strength is another accelerator of our retail business. Our online channels currently contribute a high single-digit share of retail revenues but will grow to over 20% within three years.

We also lead in hyperlocal quick commerce, using our incomparable store network, strategically located dark stores, and deep consumer data to offer faster, more reliable deliveries than any competitor," Ambani said.

The retailer’s registered customer base increased 15% year-on-year to 349 million, and it processed around 1.4 billion transactions during the year, nearly matching India’s population.

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"In grocery, we sold 18 crore litres of milk, 14 crore litres of cold beverages, 11 lakh metric tonnes of staples, and 3.8 lakh metric tonnes of fruits and vegetables last year. The category will grow through large-format expansion, hyperlocal quick commerce, and subscription services," she said.

Further, Amabni said, "In fashion & lifestyle, AJIO has grown 7x in five years. New formats like Yousta and Azorte are capturing younger audiences. Our much-anticipated Shein partnership brings global fashion to India at affordable prices.

Tira is not just redefining beauty in India; it is inspiring confidence, creativity, and self-expression for an entire generation. Swadesh connects thousands of artisans to mainstream retail, turning heritage into opportunity."

Further, Ambani said, "In Consumer Electronics, we grew 3x faster than the market. Our resQ after-sales service now operates in over 300 cities. Acquiring the Kelvinator IP strengthens our consumer durables range. JioMart continues to expand across quick commerce, scheduled delivery, and subscriptions, while JioMart Digital helps small retailers match the service levels of modern trade."

Ambani added that Reliance Consumer Products Limited (RCPL) is set to become a direct subsidiary of Reliance Industries Limited, consolidating all consumer brands into a single entity.

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