Reliance Industries, led by Mukesh Ambani, is preparing for a phased listing of its major businesses. After announcing plans to list its telecom arm, Reliance Jio, in 2026, the group is now expected to bring Reliance Retail to the stock market by 2028. This step is part of a broader strategy to unlock value from its fast-growing consumer businesses.
Reliance Retail is already the biggest retailer in India by scale. As of the September quarter, it operated 19,821 stores across the country. During this period, the business reported gross revenue of ₹90,018 crore and a profit of ₹3,439 crore. These numbers highlight the company’s strong presence across grocery, fashion, electronics, and daily essentials.
In recent years, Reliance Retail has changed how it expands. Instead of aggressive store additions, the focus is now on profitability. The company plans to add around 2,000 stores each year, but only where new outlets can improve overall earnings. Many loss-making stores have already been shut, and further closures are expected to be routine rather than large-scale.
This change is clear in the data. Net store additions have steadily declined, showing a move towards disciplined growth rather than expansion at any cost.
Reliance Retail is also strengthening its quick commerce operations. It currently handles about one million orders every day, with most deliveries completed within 30 minutes. To support this, several Smart Point grocery stores in major cities are being converted into dark stores. At the same time, the company is pushing an omni-channel model that blends physical stores with digital platforms.
As part of its preparation for the IPO, Reliance Industries has restructured the retail business. The FMCG arm has been carved out as a direct subsidiary. The group is also cleaning up its balance sheet. Non-current borrowings have fallen sharply in FY25, mainly due to reduced funding from the parent company, leaving bank loans as the main source of remaining debt.
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The planned Reliance Retail IPO by 2028 reflects a clear shift towards stable, profitable growth. With a strong store network, rising focus on quick commerce, and improved financial discipline, the company appears to be positioning itself carefully ahead of its market debut.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Dec 15, 2025, 11:30 AM IST
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