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Avenue Supermarts vs. Reliance Retail: Key Differences for Investors

Reliance Retail is much larger by revenue and store count, while Avenue Supermarts reported faster FY2025-26 revenue-from-operations growth. Here is how investors can compare their business models and metrics without confusing scale, profitability or listed-share exposure.

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Reliance Retail is much larger by reported revenue and store count, while Avenue Supermarts reported faster consolidated revenue-from-operations growth in FY2025-26. They are not direct like-for-like businesses: Avenue runs the value-focused DMart supermarket chain, while Reliance Retail spans grocery, electronics, fashion and lifestyle, pharma, physical stores and digital commerce. For investors, the useful comparison is therefore about business focus, growth, profitability, operating measures and what each listed share represents—not simply which company has the bigger headline number.

The financial figures below are for the fiscal year ended 31 March 2026. Reliance Retail’s separate operating-footprint update is dated 30 June 2026 and is identified as such. Amounts are in Indian rupees; crore is the unit used in the companies’ disclosures.

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At a glance: what differs between Avenue Supermarts and Reliance Retail?

Investor question Avenue Supermarts / DMart Reliance Retail How to read it
Business focus Value-led supermarkets selling food, non-food FMCG, and general merchandise and apparel. The company describes its operating principle as Everyday Low Cost/Everyday Low Price (EDLC/EDLP). Avenue Supermarts FY2025-26 Annual Report Multi-category retail across grocery, consumer electronics, fashion and lifestyle, and pharma, with physical stores, digital commerce and distribution. Named channels and formats include Reliance Digital, MyJio Store, Netmeds, Tira, AJIO and JioMart. Reliance Retail: Our Business Avenue is the more focused retail proposition; Reliance Retail has broader category and channel exposure.
Stores at 31 March 2026 500 20,160 Store counts cover different formats and category mixes, so they do not measure supermarket reach on an equivalent basis. Avenue Supermarts FY2025-26 Annual Report; Reliance Industries FY2025-26 retail report
FY2025-26 revenue from operations ₹68,820.74 crore, consolidated; up 15.94% year on year ₹3,28,202 crore; up 12.8% year on year These are the named revenue-from-operations measures and show Reliance Retail’s greater reported scale and Avenue’s higher growth rate for this fiscal year. Avenue Supermarts FY2025-26 Annual Report; Reliance Industries FY2025-26 retail report
Other reported FY2025-26 earnings figures Consolidated profit after tax (PAT): ₹2,969.86 crore, up 9.69%. Separately, the annual report gives standalone operating profit margin of 6.64% and standalone net profit margin of 4.81%. EBITDA: ₹27,034 crore, up 7.7%; EBITDA margin: 8.2% of revenue from operations. PAT and EBITDA are different measures, and the Avenue margins cited are standalone. Do not treat these as directly comparable profitability figures. Avenue Supermarts FY2025-26 Annual Report; Reliance Industries FY2025-26 retail report
Digital and fulfilment indicators DMart Ready operated in 18 cities in FY2025-26. Its subsidiary reported ₹4,093.61 crore in revenue from operations and a loss of ₹306.53 crore for the year. JioMart’s hyper-local network of more than 3,100 stores served over 5,100 pincodes in more than 1,200 cities, according to the FY2025-26 report. These are different indicators and reporting perimeters, not a like-for-like measure of digital reach or profitability. Avenue Supermarts FY2025-26 Annual Report; Reliance Industries FY2025-26 retail report

Reliance Retail also reported ₹3,71,085 crore in value of sales and services for FY2025-26, up 12.1%. This is a separate reported measure from its ₹3,28,202 crore of revenue from operations. Compare Avenue’s revenue from operations with Reliance Retail’s revenue from operations, not with Reliance’s value-of-sales figure.

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What each company does—and what that means for an investor

Avenue Supermarts: a focused value-retail model

Avenue Supermarts operates DMart, which it describes as a national supermarket chain focused on value retail. Its stated product categories are Foods, Non-Foods (FMCG), and General Merchandise & Apparel. The company says its approach is based on offering good-quality products at value through the EDLC/EDLP principle. Avenue Supermarts FY2025-26 Annual Report

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The focus makes Avenue’s operating story comparatively concentrated: investors can follow store openings, the performance of the supermarket business, sales productivity and the development of its digital extension. That concentration does not, by itself, establish superior execution or future returns. It does mean that the company’s results are tied more directly to its core retail proposition than a group spanning many more categories and channels.

Reliance Retail: a broader portfolio of categories and channels

Reliance Retail’s reported scope includes grocery, consumer electronics, fashion and lifestyle, and pharma. Its formats and channels include physical stores and digital services such as JioMart and AJIO, alongside names including Reliance Digital, MyJio Store, Netmeds and Tira. Reliance Industries characterizes the business as an integrated retail ecosystem combining physical stores, digital commerce and distribution platforms. Reliance Retail: Our Business; Reliance Industries FY2025-26 retail report

That breadth offers exposure to more retail categories and ways of serving customers, but it also makes the business harder to evaluate with one store count or one growth rate. Category mix, channel economics and the contribution of newer or faster-growing activities can influence aggregate results. Breadth is a business characteristic, not proof that the overall portfolio is more resilient or more profitable.

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Which is bigger: DMart or Reliance Retail?

By the disclosed FY2025-26 revenue-from-operations figures and store counts, Reliance Retail is much larger. Its ₹3,28,202 crore of revenue from operations is several times Avenue Supermarts’ consolidated ₹68,820.74 crore, and it reported 20,160 stores at 31 March 2026 versus Avenue’s 500. These comparisons establish scale, not equivalent retail productivity: Reliance Retail operates across more categories and formats, while DMart is centered on supermarkets.

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The store numbers also have a later Reliance update. Reliance Retail’s business page reports 20,169 stores and more than 78.4 million square feet of retail area as of 30 June 2026, as well as more than 396 million registered customers. Those figures should not be combined with the FY2025-26 figures as though they share the same date. At 31 March 2026, Reliance Industries’ annual report reported 20,160 stores, 387 million registered customers and more than 1.9 billion transactions for the year. Reliance Industries FY2025-26 retail report; Reliance Retail: Our Business

A store-count comparison alone also says little about average store size, category mix, revenue per location or the capital invested to support the network. Those require compatible definitions and periods. Reliance Retail’s reported network size is useful context for scale, but it should not be used as a proxy for DMart’s addressable market or store-level performance.

Growth: Avenue reported the faster FY2025-26 revenue increase

Avenue Supermarts’ consolidated revenue from operations rose 15.94% in FY2025-26 to ₹68,820.74 crore. Reliance Retail reported revenue from operations of ₹3,28,202 crore, up 12.8%. On this shared metric and fiscal-year period, Avenue posted the higher percentage growth rate; Reliance Retail remained far larger in absolute revenue. Avenue Supermarts FY2025-26 Annual Report; Reliance Industries FY2025-26 retail report

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One year does not establish a lasting growth advantage. Growth can reflect different starting scales, store additions, category and channel mix, or other operating factors. The figures here do not establish how much came from existing stores versus expansion, nor do they provide a matched same-store-growth comparison. Investors assessing durability should examine several years of comparable growth data and consider investment needs and cash generation alongside sales expansion.

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Reliance also reported value of sales and services growth of 12.1%, a different measure from the 12.8% rise in revenue from operations. Keeping the label attached matters: substituting one measure for the other can produce a misleading growth comparison with Avenue.

Profitability: compare like with like, not headline margins

Avenue Supermarts reported consolidated PAT of ₹2,969.86 crore for FY2025-26, up 9.69%. Its annual report separately provides standalone operating profit margin of 6.64% and standalone net profit margin of 4.81%. Because those two margins are standalone while the revenue and PAT figures above are consolidated, do not combine them as if they describe one identical reporting perimeter. Avenue Supermarts FY2025-26 Annual Report

Reliance Retail reported FY2025-26 EBITDA of ₹27,034 crore, up 7.7%, with an EBITDA margin of 8.2% calculated on revenue from operations. The prior-year margin was 8.6%. Reliance Industries says the moderation reflected a growing contribution from hyper-local commerce. Reliance Industries FY2025-26 retail report

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These figures do not support a simple declaration that one company is more profitable. EBITDA is measured before depreciation, interest and tax; PAT is after those items. The available Avenue margin figures are standalone ratios, while Reliance’s cited EBITDA margin is for its retail business. A meaningful margin comparison requires the same profit measure, period and business perimeter. Likewise, a larger absolute earnings number can partly reflect a larger business and is not a margin comparison.

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Store productivity and operating infrastructure

At 31 March 2026, Avenue Supermarts reported 500 stores and 20.58 million square feet of retail business area, supported by 84 distribution centres and 12 packing centres. For FY2025-26, it reported annualised sales revenue of ₹33,422 per retail business area square foot, compared with ₹33,896 in FY2024-25. This is Avenue’s company-reported productivity measure, tied to its definition of retail business area and its reporting period. Avenue Supermarts FY2025-26 Annual Report

The change from ₹33,896 to ₹33,422 is a decline in that reported measure, but it should not be read alone as proof of weakening store economics. Interpretation would require more detail about the calculation, the effect of new area entering the base and other drivers. The cited material does not establish a directly comparable Reliance Retail sales-per-square-foot figure using the same area definition and revenue basis. Do not divide unlike revenue totals by area figures and present the result as a standardized productivity ranking.

Reliance Retail reported more than 78.4 million square feet of retail area on its business page as of 30 June 2026, later than the FY2025-26 financial period. It is useful as a scale indicator, but it does not convert the Avenue productivity figure into a like-for-like comparison. Reliance Retail: Our Business

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Digital retail: footprint is not the same as digital profitability

DMart Ready

DMart Ready operated in 18 cities in FY2025-26. Its subsidiary reported revenue from operations of ₹4,093.61 crore and a loss of ₹306.53 crore for that fiscal year. These are subsidiary figures, not a replacement for Avenue Supermarts’ consolidated results. They make the digital business’s reach and financial contribution relevant monitoring points, but the figures alone do not show unit economics, fulfilment cost per order, or a path to profitability. Avenue Supermarts FY2025-26 Annual Report

JioMart and hyper-local fulfilment

Reliance Industries’ FY2025-26 report describes JioMart as a multi-category platform supported by hyper-local fulfilment. It says a network of more than 3,100 stores served over 5,100 pincodes in more than 1,200 cities. These are company-reported operating claims, not independently audited comparative benchmarks. They should not be treated as equivalent to DMart Ready’s city count: the measures differ, and the report does not supply a matched set of digital revenue, contribution or profitability figures for comparison. Reliance Industries FY2025-26 retail report

When weighing digital operations, customer, transaction, city or pincode counts describe reach, not financial returns. Useful additional evidence would include the digital channel’s share of sales, order economics, fulfilment costs and contribution to operating profit, measured on a consistent basis.

How investors can make a fair comparison

  1. Start with the business perimeter. Avenue Supermarts is the company that operates DMart and is itself listed. The Reliance Retail disclosures cited here describe the retail business within Reliance Industries, not a standalone listed share being compared directly with Avenue.
  2. Match the metric. Compare revenue from operations with revenue from operations, and keep value of sales and services separate. Compare margins only when the profit measure and reporting perimeter align.
  3. Match the period and date. FY2025-26 financial figures refer to the year ended 31 March 2026. Reliance’s 30 June 2026 store and area figures are a later snapshot, not part of that fiscal-year-end comparison.
  4. Separate scale from performance. Revenue and store count show that Reliance Retail is larger on the reported figures. They do not, by themselves, establish better productivity, returns on capital or investment merit.
  5. Test growth quality across multiple years. The one-year revenue growth comparison favors Avenue by percentage, but assessing durability requires more than one period and consideration of expansion, margins and cash generation.
  6. Examine digital economics separately. Treat footprint numbers as reach indicators. Look for comparable evidence on fulfilment costs, contribution and profitability before drawing conclusions about the digital channel.
  7. Consider the listed-share exposure and valuation. An Avenue investor is assessing Avenue Supermarts. An investor in Reliance Industries is exposed to its broader parent-company businesses as well as retail. The cited disclosures do not provide matched-date share prices, market capitalisations or valuation multiples, so they cannot establish which share is cheaper or more attractive.

What the available numbers do—and do not—establish

The disclosures support a business and operating comparison: DMart is a focused value-led supermarket chain; Reliance Retail is a larger, more diversified retail business; and Avenue recorded the higher consolidated revenue-from-operations growth rate in FY2025-26. They also show why investors should keep reporting basis, metric and date visible when quoting figures.

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They do not establish future returns, which company has the better long-term growth prospects, or which stock offers better value. Those judgments would require further evidence, including a matched-date valuation comparison and a longer-period analysis of growth, margins, investment and cash generation. Reliance Retail’s retail metrics should also not be mistaken for the financial profile of Reliance Industries as a whole.

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