Reliance Retail adds 303 stores, eyes better margins next year

The retailer reported customer transactions up 7 percent despite major festivals shifting into the December quarter. JioMart digital commerce grew 42 percent year-on-year on higher average order values and 24 percent more units per order. Dark-store upgrades aim at faster delivery across grocery, electronics and fashion.

On the shop floor this means more till pressure from couponing and acquisition spends that still drag margins. A kirana competing with a nearby Smart Bazaar or JioMart dark store already sees basket sizes shrink when free delivery hits. Reliance is adapting retail spaces for click-and-collect to protect footfall.

EBITDA margins will improve from next fiscal as ecommerce investments begin to pay off.

The push squeezes pure-play quick-commerce players on grocery share while helping electronics and fashion suppliers who gain omni-channel reach. DMart and regional value chains face denser competition in the same catchments.

Watch the December quarter festive window and any early FY28 margin guidance in the next filing. Store-addition pace and dark-store density will signal whether the online bet turns cash-positive before next Diwali.