Reliance Industries has crossed an important milestone in its consumer goods journey. Its fast-moving consumer goods (FMCG) business has turned EBITDA-positive for the first time, signalling that the business is beginning to generate operating profits even as the company continues to invest heavily in expansion.
The achievement comes as Reliance Consumer Products Ltd. (RCPL), the arm behind brands like Campa Cola, pushes ahead with its ambitious goal of becoming a major player in India's FMCG market. While profitability has started improving, the company's immediate priority remains gaining market share and expanding its distribution network.
As per news reports, RCPL Executive Director Ketan Mody has stated the FMCG business has already achieved EBITDA break-even. Margins are expected to improve further as investments in manufacturing facilities and supply-chain infrastructure are completed, allowing the business to benefit from higher volumes and operating leverage.
Reliance has set a long-term goal of building a ₹1 lakh crore FMCG business by FY30, making it one of the country's largest consumer goods companies.
To achieve this target, RCPL is investing ₹30,000 crore in manufacturing capacity and supply-chain infrastructure. Of this, around ₹10,000 crore has already been invested.
The company reported gross revenue of ₹8,600 crore in the June quarter, more than double the year-ago period. While Reliance did not disclose the FMCG business's quarterly EBITDA or net profit, RCPL had reported a net loss of ₹125 crore for the four months ended March 2026, its first reporting period after being demerged in December.
Alongside its FMCG push, Reliance Retail is expanding its online business by increasing the number of dark stores over the next 9 to 12 months.
As per news reports, company's CFO Dinesh Taluja said the company will expand selectively, focusing only on markets where demand justifies investment. Since most dark stores will operate from existing retail outlets, the expansion is expected to require limited additional capital expenditure.
The strategy reflects changing consumer preferences, with more shoppers choosing online ordering over store visits. Reliance has reported over 100% growth in online order volumes for the past three to four quarters.
Today, online channels contribute more than 13% of grocery sales and 27% of apparel and footwear sales, highlighting the growing role of digital commerce in the company's retail business.
Reliance acknowledged that continued investments in e-commerce and quick commerce are weighing on retail margins in the near term. However, management believes that as order volumes rise and fixed costs are spread over a larger business, operating leverage will improve significantly.
The company also expects its digital commerce business to become a key earnings driver over the next few years.
Read more: Ethanol May Soon Replace LPG in Some Indian Kitchens; Govt Eyes New Policy by September.
Turning EBITDA-positive marks a significant milestone for Reliance's FMCG business, especially at a time when it is investing aggressively to build scale. With a ₹30,000 crore infrastructure plan, a ₹1 lakh crore revenue target by FY30, and strong momentum in online retail, Reliance is laying the foundation for long-term growth while positioning itself as a formidable challenger in India's FMCG market.
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Published on: Jul 20, 2026, 1:48 PM IST
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