Reliance Industries has accelerated its new energy manufacturing capabilities, with the company on track to commission its fully integrated solar manufacturing giga factory and advance battery production facilities. According to its latest earnings release, the Mukesh Ambani-led conglomerate is making significant progress across its renewable energy value chain.

Solar Manufacturing Progress

The company is advancing its solar manufacturing giga factory with an initial annual capacity of 10 GWp, with plans to scale up to 20 GWp annually. The solar module manufacturing unit has already been commissioned, while solar cell manufacturing focused on heterojunction (HJT) technology was commissioned last quarter and is being ramped up to full capacity.

The HJT cells being manufactured are among the largest utility-scale cells globally and offer industry-leading efficiency, positioning the company to compete with global solar majors on both scale and technology.

Upstream Integration Development

Reliance Industries has commissioned a pilot line for ingots and wafers and will bring its giga factory online in phases throughout the year. The commissioning of polysilicon and solar glass facilities is also planned within the year, with construction progressing at a rapid pace.

Battery Manufacturing Expansion

In parallel with solar manufacturing, the company is building Battery Energy Storage System (BESS) and battery cell manufacturing giga factories with a combined planned capacity of 40 GWh annually. Construction is in full swing and commissioning will take place in phases during the year.

All critical production line equipment has already been received at the site, and the company plans to further scale battery manufacturing capacity to 100 GWh annually over time.

Renewable Energy Project Development

On the generation side, Reliance Industries is developing one of the world's largest renewable energy projects in Kutch, Gujarat. Land development, site infrastructure, engineering works and transmission infrastructure are all progressing simultaneously. Key contracts for the Kutch project have either been awarded or are in the process of being finalized, signaling a move from planning to execution across its new energy portfolio.

This aggressive build-out reflects Reliance's broader strategy to become a fully integrated clean energy player spanning manufacturing, storage and generation, as it positions itself for long-term growth in the global energy transition.

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.