Reliance Retail's FY26 profit jump engineered by ₹40,000 cr loan-to-OFCD swap ahead of IPO
Nearly all of Reliance Retail's ₹3,503 cr profit lift in FY26 came from converting ₹40,000 cr of parent loans into zero-coupon OFCDs, cutting finance costs by ₹4,725 cr to ₹1,510 cr. Profit reached ₹13,476 cr on ₹3.27 trillion revenue, dressing up the operating entity before its eventual listing.
Reliance Retail's FY26 profit jump of ₹3,503 cr came almost entirely from converting ₹40,000 cr of parent loans into zero-coupon OFCDs, slashing finance costs and shoring up the operating entity's financials ahead of an eventual retail listing.