Reliance Industries Chairman Mukesh Ambani refrained from offering any timeline on the much-awaited Reliance Retail IPO at the company's annual general meeting on Friday, choosing instead to highlight the business' scale, profitability and growth ambitions.
While investors were hoping for an update on a potential listing, Ambani focused on the retail business's operating performance and its expanding role in India's consumption story.
"Reliance Retail walked into the lives of every Indian family. You deserve products of better quality, better choice, better value, with consistent innovation, across offline and online channels, every single day. That was the founding philosophy of our Retail Business," Ambani said.
The absence of any IPO commentary comes even as Reliance is preparing to launch the proposed listing of Jio Platforms, which is expected to be India's biggest public issue.
Also read: Reliance Jio IPO: DRHP filed with Sebi to raise around $3 billion
Retail business continues to grow
Ambani highlighted another year of steady growth for Reliance Retail, with the business reporting gross revenue of Rs 3.7 lakh crore in FY26, up 11.8% from the previous year.
EBITDA rose to Rs 27,033 crore, while profit after tax increased 12% to Rs 13,838 crore. The company's registered customer base expanded 11% year-on-year to 387 million, reflecting continued growth across its physical stores and digital channels.
Reliance Retail has emerged as one of the group's largest consumer businesses, spanning grocery, fashion, electronics, jewellery, pharmacy and quick commerce.
IPO expectations remain alive
The lack of any IPO announcement is unlikely to end market speculation around a future listing. Analysts continue to view Reliance Retail as one of India's most valuable unlisted businesses and expect it to eventually come to the public markets. However, recent reports suggest Reliance is prioritising the proposed Jio IPO before taking the retail business public.
Reliance Retail remains one of the group's biggest long-term value drivers, supported by its expanding omnichannel presence, growing portfolio of private labels and increasing customer base.
Brokerage CLSA, in a recent note, said the retail business continued to deliver healthy revenue growth during FY26, although margins came under pressure due to higher operating costs and investments. The brokerage retained its "Outperform" rating on Reliance Industries, saying the retail business remains a key contributor to the group's long-term growth.
Also read: Jio IPO explained: What a fresh issue and no OFS in India's biggest public offer means for investors
For now, investors will have to wait longer for clarity on the IPO. Ambani's address reaffirmed Reliance Retail's growth trajectory but stopped short of providing any indication on when shareholders may finally get an opportunity to own the country's largest retailer directly.
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