Reliance Retail, India’s largest retail company and a subsidiary of Reliance Industries Limited (RIL), is reportedly planning to launch its initial public offering (IPO) by 2028. This move is seen as a major step toward unlocking shareholder value and reinforcing its dominance in India’s fast-growing consumer market. The IPO will follow the planned listing of Reliance Jio in 2026, making retail the next big vertical to enter the public markets. Industry experts view this as a strong vote of confidence in India’s retail growth story and the long-term potential of organized commerce.
Expansion Strategy
Reliance Retail has been expanding aggressively across India. As of late 2025, the company operates nearly 19,821 outlets nationwide, covering formats such as supermarkets, fashion stores, electronics chains, and digital commerce platforms. The company plans to add around 2,000 new stores annually, ensuring deeper penetration into urban and rural markets.
In addition to physical expansion, Reliance Retail is strengthening its presence in quick commerce, focusing on 30-minute delivery models through JioMart and partnerships with over 20 lakh kirana stores. This hybrid approach of modern retail and traditional networks positions the company uniquely against rivals like Blinkit, Zepto, and Swiggy Instamart.
Financial Performance
Reliance Retail reported gross revenue of ₹90,018 crore and a profit of ₹3,439 crore in the September 2025 quarter. Ahead of the IPO, the company has been restructuring its balance sheet, reducing non-current borrowings from ₹53,546 crore in FY24 to ₹20,464 crore in FY25. This debt reduction signals a focus on profitability and financial discipline, which will be critical in attracting investors during the IPO.
Significance of the IPO
The planned IPO is expected to:
- Unlock shareholder value by allowing public investors to participate in India’s largest retail network.
- Strengthen Reliance’s leadership in the consumer market, where organized retail is still growing rapidly.
- Support future expansion, including investments in technology, logistics, and sustainability.
- Boost investor confidence in India’s retail sector, which is projected to reach trillions of dollars in value over the next decade.
Analysts believe the IPO could be one of the largest in India’s history, given Reliance Retail’s scale and profitability.
Broader Context
Reliance Industries has already announced plans to list Reliance Jio in 2026, and the retail IPO will follow two years later. Together, these listings reflect Mukesh Ambani’s strategy of unlocking value across different verticals—telecom, retail, and energy—while maintaining leadership in each sector.
The timing also aligns with India’s booming consumer economy, driven by rising incomes, urbanization, and digital adoption. Reliance Retail’s IPO will likely attract global investors eager to tap into this growth story.
Reliance Retail’s plan to go public by 2028 marks a turning point in India’s retail landscape. With aggressive expansion, strong financial performance, and a clear strategy for debt reduction, the company is positioning itself for one of the most significant IPOs in Indian history. As Reliance continues to reshape the consumer market, the IPO will not only unlock value for shareholders but also reinforce India’s position as a global retail powerhouse.
