Reliance Industries Limited has mastered scale like few others. With a market value of ₹18 trillion and a retail network that pulls in over a billion footfalls annually, Mukesh Ambani’s conglomerate towers over India’s corporate landscape. Yet as growth slows and complexity rises, Reliance’s DNA of ruthless efficiency may not be enough. To power its next decade, it must master a different skill: intimacy.The January-March numbers showed the pivot in motion. Retail and digital businesses now account for nearly half of group EBITDA. Jio’s monthly average revenue per user climbed to ₹206, and Reliance Retail reported a 14.4% year-on-year EBITDA growth. Yet, customer churn at Jio ticked higher after recent tariff hikes, while retail margins in newer segments like quick commerce remain razor-thin.
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