Reliance Retail IPO Likely by 2028, Expands Store Network and Reduces Debt

Reliance Retail, a subsidiary of Reliance Industries, is planning a phased expansion of its retail presence and aims for an initial public offering (IPO) by 2028, as per The Economic Times report.  

The company is focusing on financial restructuring and improving profitability before its listing. 

Store Expansion and Focus on Profitability 

Reliance Retail is adding around 2,000 stores annually on a net basis, aiming for a more profitable and strategically located network. The measure follows a rationalisation phase that saw the closure of non-performing outlets over the last 2 financial years.  

In FY23, the company added 2,844 stores. However, due to a correction phase, the numbers declined to 796 in FY24 and 504 in FY25. By September 2025, its store count reached 19,821, including 412 additions in the quarter. 

These expansion efforts are largely concentrated in high-growth segments and cities, with a substantial push into quick commerce through dark stores. The initiative already facilitates 10,00,000 daily transactions, with 90% delivered within 30 minutes. 

Debt Reduction and Financial Realignment 

As part of preparing for its IPO, Reliance Retail has undertaken significant debt restructuring. Non-current borrowings decreased from ₹53,546 crore in FY24 to ₹20,464 crore in FY25.  

Of this, loans from related parties like inter-corporate deposits declined from ₹40,164 crore to ₹5,655 crore. This financial clean-up is aimed at enhancing its valuation metrics ahead of the listing. 

The retail arm has also spun off its fast-moving consumer goods (FMCG) division into a direct subsidiary under Reliance Industries, effective December 2025. This adds operational clarity and aligns with ongoing restructuring. 

Read More: Reliance Industries Share Price Surges 27% in 2025, Set for Its Best Year Since 2020! 

Revenue and Profit Growth in FY25 

In the September 2025 quarter, Reliance Retail reported a gross revenue of ₹90,018 crore, reflecting an 18% year-on-year growth.  

Profit after tax rose by 17% to ₹3,439 crore. These results are part of the company’s strategy to demonstrate consistent profitability ahead of its IPO timeline. 

Conclusion 

Reliance Retail is moving forward with a structured expansion plan and financial optimisation in preparation for a publicly listed future. With debt levels reduced and store networks realigned, the company is positioning itself for higher market valuation by 2028. 

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