Brokerages back digital as RIL's growth engine; retail revenue seen at ~11% CAGR through FY29
Motilal Oswal projects Reliance Retail net revenue CAGR of ~11% over FY26-29 on store expansion, productivity gains and JioMart scale-up, though Ebitda CAGR lags at ~9% as lower-margin hyperlocal and quick-commerce ramp pressures margins. Jio remains the standout with subscribers at 533M and Ebitda up 15.1%, even as consolidated net profit fell 22.4% YoY.
Brokerages see digital services driving RIL's growth, but Motilal Oswal projects Reliance Retail net revenue CAGR ~11% over FY26-29 via store expansion, productivity and JioMart scale-up, with margins pressured by lower-margin hyperlocal/quick-commerce ramp-up.