Reliance Retail posts record revenue in festive Q3

MUMBAI: When shoppers splurged this festive season, Reliance Retail clearly cashed in. That was the message from Reliance Retail CFO and head of corporate development Dinesh Taluja as he walked analysts through the company’s performance during the earnings call following the unaudited financial results for the quarter and nine months ended December 31, 2025.

Speaking in the transcripted call, Taluja said the retail arm posted its highest-ever quarterly revenue of Rs.97,600 crore, up 8.1 per cent year-on-year, despite a shifting festive calendar and the impact of GST rate rationalisation from late September. EBITDA for the quarter stood at Rs.6,915 crore, translating into an 8 per cent margin, while profit after tax rose to nearly Rs.3,600 crore. Margins, he noted, were influenced by festive promotions, rapid investments in hyperlocal commerce and a one-time impact from the new labour code.

Hyperlocal commerce emerged as a standout growth lever. Reliance Retail ended the quarter with 1.6 million orders, clocking 53 per cent quarter-on-quarter growth and a striking 360 per cent rise year-on-year. The business now spans 5,000-plus pin codes across 1,000-plus cities, supported by over 3,000 stores, including a growing network of dark stores. Customer momentum remained strong, with 5.9 million new customers added during the quarter, pushing the base 43 per cent higher year-on-year.

Across categories, growth was broad-based. Grocery big-box formats delivered healthy like-for-like growth, while festive gifting drove record volumes. The B2B Metro business saw rising footfalls, aided by loyalty and engagement programmes for kirana partners. In fashion and lifestyle, Reliance continued to leverage its 1,300-plus city omnichannel network, enabling delivery windows ranging from 30 minutes to next day, a capability Taluja said competitors would struggle to replicate at scale.

Digital fashion platform Ajio also posted solid gains, with average order values up 21 per cent year-on-year, a live catalogue of 2.8 million options, and rapid expansion of services such as Ajio Rush, now live across 420 pin codes in 10 cities. Meanwhile, jewellery recorded strong value-led growth, with average bill values up 73 per cent, driven largely by higher gold prices and a surge in exchange-led purchases during Dhanteras.

Summing up his remarks on the call, Taluja pointed to scale, supply-chain depth and a dense store footprint as Reliance Retail’s key advantages. As he framed it, the quarter underscored how breadth across formats physical, digital and hyperlocal is steadily turning into a durable growth engine for the retail business.