Reliance Retail delivered steady performance in the third quarter with profit after tax rising 2.70% year-on-year to ₹3,551 crore, while revenue from operations increased 9.20% to ₹86,951 crore. The retail giant expanded its physical presence with 431 new store openings during the quarter, taking the total store count to 19,979 with area under operation at 78.10 million square feet.

Financial Performance Overview

The company's financial metrics reflected consistent growth momentum across key parameters, though EBITDA margins faced some pressure during the quarter.

The registered customer base expanded to 378 million, reinforcing Reliance Retail's position as one of the most preferred retailers in the country.

Grocery Business Maintains Growth Trajectory

The grocery segment delivered consistent performance supported by festive demand across key categories. Dairy, Frozen & Bakery products recorded robust 23% growth, while Staples expanded by 19% and Packaged Foods grew by 15% on a year-on-year basis.

Festive momentum was sustained through focused gifting strategies in food categories, with high-traction segments showing strong double-digit growth.

JioMart Achieves Milestone Growth

JioMart crossed exit daily orders of 1.60 million, recording exceptional growth of 53% quarter-on-quarter and over 360% year-on-year in average daily orders. The platform established itself as the fastest-growing player in hyper-local commerce with accelerated customer acquisition of 5.90 million new customers during the quarter. The total customer base expanded by 43% year-on-year, demonstrating strong market penetration.

Fashion and Consumer Electronics Show Resilience

The Fashion and Lifestyle business maintained steady performance despite festive demand being spread across quarters. Ajio delivered consistent growth with average basket value increasing 21% year-on-year, while Shein booking revenue continued scaling with app installs exceeding 6.50 million. The Jewels business recorded strong performance with a 73% year-on-year increase in average bill value driven by festive and wedding-related demand.

The resQ service arm expanded its network to 1,611 locations, representing 9.40% year-on-year growth in service coverage.

Management Outlook

Executive Director Isha Ambani highlighted the company's steady quarterly performance in serving millions of customers across diverse shopping needs. "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 through innovation and excellence," she stated.

Reliance Industries faces a complex operating environment in its refining business, with both positive and challenging factors influencing margin prospects.

Capacity Expansion and Operational Changes

The company's refining operations are expected to benefit from strategic capacity additions and unplanned facility closures across the industry. These developments could create favorable conditions for margin improvement in the refining segment.

Regional Market Dynamics

Despite potential operational advantages, the broader Asian refining market presents challenges. Overcapacity issues across the region are anticipated to create competitive pressures that may impact near-term margin performance for refiners operating in the Asian market.

Market Outlook

The analysis suggests a balanced perspective on Reliance Industries' refining business, where company-specific operational improvements may be tempered by broader regional market conditions. The interplay between these factors will likely determine the overall trajectory of the company's refining margins in the coming period.