Isha Ambani at RIL AGM: Eight growth pillars fuel Reliance Retail’s 20%+ CAGR ambition

Isha Ambani , executive director at Reliance Retail Ventures, identified eight growth pillars that fuel the company’s aspiration to grow at a CAGR of more than 20%. Before her address began, Mukesh Ambani, chairman of Reliance Industries, hailed Reliance Retail Ventures as one of the fastest-growing retailers globally, with a scale and depth unparalleled in the world.

“Our confidence in achieving more than 20% CAGR is grounded in eight growth enablers, each with measurable proof of performance,” said Isha Ambani. According to her, Reliance Retail Ventures knows the Indian consumer better than its competitors, with insights drawn from scientific data mining of billions of real transactions.

Ambani also highlighted that the unsurpassed market reach of Reliance Retail Ventures, with nearly 20,000 stores, is also an enabler of growth, supported by India’s largest tech-enabled supply chain. “Our superior sourcing ecosystem is a strategic advantage, and our omni-channel architecture integrates the best of digital and physical retail, maximising customer delight,” she added. Reliance Retail Ventures’ growth is coming from funding through strong internal cash flows.

Reliance Retail Ventures’ tech-led capabilities—from AI-driven demand forecasting to robotics-enabled warehouses—allow the company to scale with precision and efficiency. “This ensures profitability even in aggressive growth phases.” Another important pillar, according to Ambani, is its 2.5 lakh workforce. “They are trained, empowered, motivated, and mandated to deliver.”

Apart from its growth pillars, Ambani also stated that the retail business is on a growth runway because it operates in categories where, according to Ambani, growth is continuous and non-cyclical. “(The grocery) category will grow through large-format expansion, hyperlocal quick commerce, and subscription services.”

The company is also making significant inroads in the fashion and lifestyle sectors, with the AJIO brand experiencing a sevenfold growth in five years. “Our Shein partnership brings global fashion to India at affordable prices. Tira is not just redefining beauty in India; it is inspiring confidence, creativity, and self-expression for an entire generation.”

In consumer electronics, Reliance Retail has grown three times faster than the market, according to Ambani. “JioMart continues to expand across quick commerce, scheduled delivery, and subscriptions, while JioMart Digital helps small retailers match the service levels of modern trade,” she said.

Ambani also told shareholders that Reliance Consumer Products Limited, the consumer products business, is set to become a direct subsidiary of Reliance Industries. “This will consolidate all our consumer brands into a single, sharply focused company,” she said.

She also talked about the breakneck speed at which the RCPL is growing. “In just three years, RCPL has achieved what took other companies decades. Last year alone, we had revenues of ₹11,500 crore, making us the fastest-growing FMCG player in India,” she said.

Campa Cola now has a double-digit market share across many states, which, as Ambani points out, has broken a three-decade-old MNC monopoly. Independence, the daily essentials brand, has crossed ₹1,000 crore in revenue. “We started in India, have entered West Asia, Sri Lanka, and Nepal, and are now exporting to West Africa. Our target is to enter at least 25 countries in the next 12 months,” Ambani said.

Isha Ambani also stated that the near-term vision of RCPL is to become the fastest consumer brand company to reach ₹1 lakh crore in revenue within five years. The company’s long-term ambition is to become India’s largest FMCG company with a global presence. “This will make RCPL a big new value-creating engine for Reliance, comparable to our Retail business in size and profitability,” she added.