After growing 5x over FY16-FY20, RIL’s core retail revenue growth has taken a pause in FY21 (April 2020 to March 2021) due to Covid related macro headwinds including lower footfalls. 

The oil-to-telecom conglomerate run by billionaire Mukesh Ambani used the period to build strong digital capabilities of the retail business while continuing to expand its physical reach. 

“We believe retail business (including e-commerce) is set to be the next growth engine for RIL, with potential for retail EBITDA to grow 10x over the next 10 years,” it said. 

During the macro downturn, RIL has focused on building strong digital capabilities and the scale-up in omnichannel offering is driving sizeable market share wins. “We see a six-fold increase in grocery organised retail penetration in India by FY30, coupled with 15 per cent market share gain for RIL.“We expect RIL core retail revenue to grow at a 36 per cent CAGR over the next four years to $44 billion.”