Reliance FMCG rises to eighth largest in India, surpasses Marico and Tata Consumer

INDIA – Reliance Industries Ltd’s (RIL) fast-moving consumer goods (FMCG) business has become the eighth-largest in India within just two years of operation, overtaking established players like Marico and Tata Consumer Products’ India business, according to brokerage CLSA and company disclosures. 

The FMCG division, operating under Reliance Retail, reported Rs 11,500 crore (US$1.4B) in revenue for FY25. This rapid growth was driven by strong demand for brands such as Independence and Campa, positioning the business nearly at par with Dabur’s domestic sales.  

Brokerage reports and fourth-quarter data confirm that Reliance Consumer Products is currently the fastest-growing FMCG company in the country. 

Reliance’s FMCG unit has achieved scale through an expansive retail footprint and robust general trade strategy. The company reported a 3.5x year-on-year increase in sales, attributing the growth to aggressive product rollouts and widened market access.  

During its Q4 earnings call, Reliance Retail highlighted that its consumer brands are now distributed through over 3,200 distributors and are available in more than one million retail outlets. 

Flagship products, including Campa and Independence, are experiencing “very, very rapid” growth, according to Reliance Retail CFO Dinesh Taluja. Campa, in particular, has captured a double-digit market share in several regions.  

The portfolio has also expanded with the introduction of Campa Energy and Spinner, a sports drink endorsed by cricketer Muttiah Muralidharan. 

In FY25, Reliance Retail recalibrated its store strategy, closing 2,155 outlets while opening 2,659 new ones. Net store additions stood at approximately 500, bringing the total to 19,340.  

The retail division now contributes 15% to Reliance Industries’ consolidated EBITDA, a rise from 10% four years ago. 

Despite subdued demand in parts of urban and rural India, the retail segment reported a 16% year-on-year increase in sales and a 30% rise in net profit for Q4FY25. The operating EBITDA margin improved by 20 basis points to 9%. 

Reliance is also extending its consumer product reach internationally. Taluja stated that distribution channels are being established in select overseas markets where their brands have appeal.  

The FMCG growth complements Reliance’s broader retail strategy, including the expansion of quick commerce and subscription services under JioMart, which now provides sub-30-minute deliveries across 4,000 pin codes. 

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