Reliance Retail targets 20% revenue CAGR over next three years: Mukesh Ambani

Reliance Retail is eyeing a revenue growth of over 20% CAGR in the next three years, Chairman and Managing Director Mukesh Ambani announced at Reliance Industries Limited’s Annual General Meeting on Friday (August 29).Calling it one of the most “impactful growth journeys in modern India,” Ambani said Reliance Retail has built the country’s most advanced and inclusive retail ecosystem and is now poised for its “next chapter of super growth.”

The company reported an 8% rise in gross revenue to ₹3,30,943 crore ($38.7 billion) and an 8.6% jump in EBITDA to ₹25,094 crore ($2.9 billion) in FY24. Reliance Consumer Products Limited, its FMCG arm, clocked a turnover of ₹11,500 crore ($1.4 billion) in its first year of operations, making it the fastest-growing FMCG company ever, according to Ambani.

Reliance Retail added 2,659 new stores during the year, taking its total count to 19,340 outlets across 7,000 towns. Stores continue to account for about 70% of revenues, while online channels, which currently contribute a high single-digit share, are expected to grow to over 20% within three years.Ambani highlighted growth drivers, including expansion across grocery, fashion, and consumer electronics, omni-channel integration, scaling of quick commerce, and empowering over 42 lakh kiranas and small merchants through its B2B platforms. He said that Reliance Retail had a customer base of 349 million and 1.4 billion transactions processed last year.

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