Reliance Retail Q2 results: Net profit falls 24% to ₹2,611 crore; revenue rises 6%

Mumbai/Bengaluru: Reliance Retail Ltd's net profit fell 24.3% year-on-year to ₹2,611 crore in the September quarter, as higher costs and a shift in the festive calendar weighed on margins. Revenue from operations, however, rose 5.8% to ₹80,220 crore, according to an exchange filing.

On a sequential basis, net profit declined 6.9% from ₹2,805 crore in the June quarter. The figures are adjusted for the restructuring and demerger of the fast-moving consumer goods (FMCG) and consumer brands business in December 2025. Reliance Retail operates across grocery, consumer electronics, fashion and lifestyle and online commerce.

“Reliance Retail had a steady quarter, with growth sustained across all formats and channels,” Mukesh D. Ambani, chairman and managing director of Reliance Industries Ltd, said in a statement. “Consumer demand stayed healthy, supported by our extensive physical and digital presence and our continued focus on serving the diverse needs of Indian consumers.”

The company flagged several challenges during the quarter, including inflation at a two-year high, a weaker rupee and a deficient monsoon across key agricultural states. Consumer price inflation stood at 5.5% and food inflation at 7.7% in September, adding to input, freight and packaging costs. The rupee's weakness also raised the landed cost of imported goods, particularly electronics and fashion products. Meanwhile, the monsoon deficit put further pressure on food prices and made rural demand uneven.

The festive calendar also shifted this year, with major festivals such as Navratri and Diwali falling in the third quarter, unlike last year.

Reliance Retail's Ebitda, or earnings before interest, tax, depreciation and amortization, stood at ₹6,228 crore before a one-time charge. Its Ebitda margin was 7.8%, down 120 basis points from a year earlier.

The company also reported a one-time impairment charge of ₹108 crore on 7-Eleven during the quarter. The retailer had shut all its stores in India by the end of September.

Reliance Retail said its Ebitda margin reflected planned investments in digital commerce, input-cost inflation absorbed by the company, and the shift in the festive season to the third quarter.

However, average order values in its quick-commerce operations, including JioMart and Ajio Rush, increased during the quarter, while average delivery times declined substantially over the past four quarters, according to Reliance Retail chief financial officer Dinesh Taluja.

The company does not plan to raise prices to improve margins. “Prices are how the market determines where competition is. But we will sweat our assets more and leverage our scale to improve our margins,” Taluja said, referring to Reliance Retail's network of 19,947 stores.

Reliance Consumer Products Ltd (RCPL) reported a 1.6-fold increase in gross revenue in the September quarter, supported by its Independence staples brand and Campa beverages business.

Gross revenue rose to ₹8,266 crore in the three months ended September, while revenue for the first half of FY27 reached ₹16,900 crore, about 1.8 times the year-earlier figure, according to Reliance Industries' quarterly presentation. RCPL said it had achieved about 80% of its total sales for the previous financial year in the first six months of FY27.

Daily essentials, led by Independence, generated about ₹7,000 crore in sales in the first half, growing 1.7 times from a year earlier. Campa-led beverages recorded sales of more than ₹5,250 crore during the same period, crossing 90% of the brand-led category's sales for the whole of FY26 in just six months, the company said.

The beverages business grew 2.1 times year-on-year. RCPL reported double-digit market share across several states as it expanded Campa's presence in domestic and overseas markets.

Campa's international expansion is gathering pace. In Australia, the brand has entered major supermarket chains. It has also launched in Kenya, adding to its presence in Ghana, Nigeria and other markets. RCPL said it had expanded its presence in the United Arab Emirates, Oman and Malaysia.

RCPL is also widening its portfolio beyond beverages and staples. Its home and personal care categories recorded strong growth following product-range extensions and a nationwide expansion, with Glimmer gaining early consumer traction.

The company has also entered the dairy category with ice creams, which it describes as an accessible premium offering.

Neethi Lisa Rojan is a senior correspondent focusing on the consumer goods and retail sector working from Mumbai for Mint since 2026. She has been a journalist for a little over two years with Moneycontrol and The Morning Context. She has covered the consumer and healthcare sectors in earlier roles. She was a double gold medallist during her bachelor’s from Mahatma Gandhi University Kerala and post-graduation from Pondicherry University. With a background in commerce and journalism, she brings a sharp analytical lens to stories on India’s fast-evolving consumer goods and retail sector.<br><br>With an academic background in business administration and a keen eye for financial statement analysis, she bridges the gap between corporate data and compelling narrative journalism. Her reporting is characterized by a focus on how evolving consumer behaviours and regulatory changes impact India's largest mass-market brands. She is a keen learner with diplomas in international business, human rights and journalism. She specialized in business journalism at the Asian College of Journalism, Chennai. When she is not looking into shopping carts, you can find her explaining the latest conspiracy theory.

Vaeshnavi reports on the business of consumption from Bengaluru, tracking how India shops, eats, and clicks. As a correspondent with Mint’s consumer economy team, she covers sectors ranging from retail and food and beverage to the rapid rise of quick commerce. She is a 2025 graduate of the Asian College of Journalism’s Bloomberg Business and Finance programme. She joined the Mint newsroom in May 2025 and this is her first stint in journalism. She holds a bachelor's degree in accounting and finance from the University of Madras. Vaeshnavi loves storytelling and breaking down complex jargon and numbers to bring out insightful yet simple-to-understand narratives. She is a Malayali but has spent most of her life living in Chennai. During her school days, she was an avid debater and loved participating in anything that involved holding a mic and standing on stage talking to a room filled with people. A diehard SRK fan, she can be found vibing to Indie music and Bollywood songs in her free time. She is a self-confessed cold coffee addict who won’t let a day pass without one, and is always café-hopping in search of the city’s best brew.

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