Mukesh Ambani-led Reliance Industries in its Q2 earning results have revealed an addition of 600 dark stores in addition to its existing network of over 3,000 physical stores. BNP Paribas in its report highlighted that Reliance Industries’ bet on retail and dark stores will drive the growth in future. “Reliance Retail is the largest retailer in India and is banking on competitive prices and larger assortments to drive Quick Commerce,” the report noted.
Quick commerce gives strong push to sales
Reliance Retail’s revenue grew 19% year-on-year in the September quarter (Q2FY26). BNP Paribas noted that the company’s focus on quick commerce has started paying off. “Retail sales growth (19% YoY) hit a seven-quarter high aided by a pivot from scheduled deliveries to quick commerce (QC),” the report noted. The retail business saw robust demand across categories — grocery sales rose 23%, fashion and lifestyle 22%, and consumer electronics 18%.
Quick commerce orders surge 200% year-on-year
Reliance Retail’s quick commerce business saw rapid expansion, with average daily orders up 42% sequentially and 200% year-on-year in Q2FY26. The company’s delivery network now covers over 5,000 pin codes, with most orders reaching customers within half an hour.
The strategy is aimed at giving Reliance a strong foothold in tier-2 and tier-3 cities, where rivals such as Blinkit and Swiggy Instamart have limited reach. “Reliance sees itself as uniquely positioned in large-assortment categories such as fashion and electronics, and in smaller towns where other quick commerce players do not have a presence,” the report said.
Reliance adds 412 new stores; customer base rises to 369 million
Reliance Consumer Products (RCPL) reported Rs 5,400 crore in quarterly gross revenue, doubling from a year ago. The growth was led by new brand launches such as Velvette and wider distribution for Campa and Independence. Consumer electronics sales also benefited from GST rate cuts and event-led demand during the Independence Day sales.
Reliance added 412 new stores during the quarter, with a net addition of 229 after network optimisation. The company now operates 19,821 stores nationwide, with a registered customer base of 369 million.
“New energy, data centers, and consumer products should help broad-base growth beyond retail and telecom,” BNP Paribas noted.