Reliance Industries Ltd said its investments in quick commerce and fast-moving consumer goods (FMCG) have begun delivering returns, with both businesses turning profitable on key operating metrics, supported by scale-driven sourcing efficiencies and a focus on higher-margin categories.
Speaking during the company’s third-quarter earnings call on Friday, senior executives said Reliance’s quick commerce operations have become contribution margin positive, while its FMCG business has turned earnings before interest, taxes, depreciation and amortisation (Ebitda) positive. The company did not disclose financial details.
Reliance launched its quick commerce business in October 2024 and has since expanded it rapidly. Reliance Retail Group Chief Financial Officer Dinesh Taluja stated that the company’s extensive grocery retail footprint—among the largest buyers for FMCG companies—has enabled efficient sourcing and stronger margins.
“One of the biggest drivers is the category mix, with food and beverages (F&B) offering the highest margins. In quick commerce, one in every three orders is F&B, which is margin accretive,” Taluja said. He added that wastage in F&B, which can reach 30–35% for kirana stores, has been significantly reduced through Reliance’s supply chain efficiencies, allowing competitive pricing while protecting margins.
Reliance’s quick commerce network is linked to around 3,000 outlets, including grocery stores, of which nearly 800 are dark stores. While the model involves additional delivery and infrastructure costs, the company said it can offset these by leveraging its fixed network of stores.
Quick commerce for Reliance extends beyond groceries into electronics and fashion, both of which are seeing strong growth. “We want to maximise the wallet share of the customer. As of now, we are adding rupee margin to our bottom line,” Taluja said.
During the quarter ended December 2025, Reliance recorded a daily run rate of 1.6 million quick commerce orders, with average daily orders growing 53% quarter-on-quarter. The company said it is on track to become India’s second-largest quick commerce player and plans to continue adding dark stores to reduce average delivery distances.
In comparison, major quick commerce rivals such as Blinkit and Swiggy are yet to achieve profitability at an aggregate level, though both have reported narrowing losses and improving margins in recent quarters.
Reliance Retail also said its FMCG business, which it entered three years ago, has turned Ebitda positive. The full impact of the FMCG demerger is expected to be reflected in Reliance Retail Ventures’ financials from the next quarter.
“The underlying retail business is growing and, on an aggregate basis, continues to deliver double-digit revenue growth,” Taluja said.
The company added that its fashion business was impacted in the previous quarter due to festive sales shifting to the September quarter, and that it incurred capital expenditure of about ₹4,000 crore on the retail business during the period.