India retail sales jump 10% YoY in March 2026, led by apparel, food and jewellery
RAI survey shows broad-based growth with food, apparel, QSR and jewellery outperforming while consumer durables lag. Rising input costs squeeze retailer margins. Reliance Brands moves to exit Replay and G-Star.
What happened
Retailers Association of India (RAI) · RAI survey shows Indian retail sales rose 10% YoY in March 2026, with food, apparel, QSR and jewellery strong while
Key facts
- 10% YoY March 2026
- 6% March
- 5% January 2025
- 5% December
Why this matters
Reliance Brands' exit from Replay and G-Star alongside category divergence opens portfolio-rationalization and acquisition opportunities in outperforming apparel and jewellery segments.
What to watch
- April-May 2026 RAI same-store sales prints (confirmation vs reversion of the 10% pace)
- Q4 FY26 retailer gross/EBITDA margin commentary and discount intensity
- Gold price trajectory and its effect on jewellery volume vs value growth
- Consumer durables financing and credit-card spend data
- Further brand-license exits or M&A from Reliance Brands, ABFRL, Trent
- Retailers accelerate private-label and premium SKU mix to defend gross margins against input cost inflation
- Listed retail names guide cautiously on margins despite strong revenue prints in Q4 FY26 results
- Reliance Brands and peers reallocate capex from weak international licenses to high-growth jewellery and QSR formats
- Jewellery and QSR chains push store expansion into tier-2/3 cities on demonstrated outperformance