Whalesbook
Dekho, ye jo daily use wale samaan aur drinks hain na, inhone RCPL ki jeb bhar di. FY26 mein inhi products se 40% matlab ₹8,800 crore ka revenue aaya. Aur overall FMCG sales bhi ₹22,000 crore ke paas pahunchi, jo pichhle saal se lagbhag double hai! Company ka flagship drink Campa toh kamaal kar gaya, ₹4,700 crore ki sales dekar desh ka chautha bada carbonated brand ban gaya. Aur unka staples brand 'Independence' bhi pichhe nahi, ₹2,600 crore ki sales laya. Reliance bas yehi nahi ruk raha, sab categories mein apni reach badha raha hai.
Par bhai, itni tezi se growth karne ka ek side effect bhi hai. Reliance Retail Ventures ke CFO ne saaf bol diya hai ki quick commerce ke expansion ki wajah se retail margins par pressure bana rahega. Ye jo jaldi delivery waala business hai na, iski wajah se company ka Ebitda margin Q4 FY25 mein gir kar 7.9% ho gaya, jo pichhle saal 8.5% tha. Poore FY26 ki baat karein toh margin 8.3% raha, jo pichhle saal 8.6% tha. Matlab, share badhaane ke liye profit thoda kam ho raha hai.
Indian FMCG market waise bhi 6-8% grow hone ki ummeed hai FY26 mein. RCPL ki performance zaroor impressive hai, par market mein toh bade players hain. Jaise Hindustan Unilever (HUL) ka FY24 ka turnover ₹59,579 crore tha aur unka EBITDA margin tha 23.8%. ITC ka bhi segment EBITDA margin 10% ke aas-paas hai. Ye sab figures dikhate hain ki alag-alag companies ka profit manage karne ka style alag hai.
Aur haan, Reliance Retail Ventures ne Q3 FY25 mein revenue growth toh 18% dikhaya, par margin 8.5% raha. Wahi, Avenue Supermarts (DMart) jaise players ka P/E ratio 101-105 ke aas-paas hai, jo market ki unke kaam karne ke tareeke par bharosa dikhata hai. Tata Consumer Products ka P/E 75-80 hai.
Asal mein, ye jo quick commerce ka system hai na, jisme grocery se lekar sab kuch ghanton mein pahuncha dete hain, ye sales toh badha raha hai, par logistics aur delivery ka kharcha badha raha hai. Isi wajah se overall retail Ebitda margins kam ho rahe hain. Ye unke strategy ka hissa hai jisme market share pehle, profit baad mein.
Reliance Retail ab 4 million se zyada merchant partners banane ki soch raha hai aur Metro Cash and Carry India ko bhi acquire kiya hai. Lekin ye jo margin par pressure dikh raha hai, wo bata raha hai ki customer jaldi pane aur delivery infrastructure par bahut kharcha ho raha hai, jisse immediate earnings kam ho rahe hain. Ye wohi e-commerce wala trend hai jisme market share ke liye profit sacrifice karte hain.
Reliance ka stock is saal 14% gir bhi chuka hai 2026 mein, jo dikhata hai ki investors is baat ko dekh rahe hain ki growth kaise profitability par asar daal rahi hai. Analysts ka opinion bhi mix hai, kuch 'Hold' keh rahe hain. Aage dekhna hoga ki company kaise growth aur profit dono ko balance kar paati hai, khaas kar quick commerce aur digital investments ke baad.