Retail & e-commerce.

Retail trade is the activity that turns household consumption into value added at the point of sale, adding an estimated ₹14.0 lakh crore in FY26 (4.4% of national GVA) on ₹85–90 lakh crore of goods moved from producers to households, roughly nine-tenths of which still flows through some 13 million unincorporated shops, fuel pumps, pharmacies and dealerships. Nominal GVA has compounded at 9–12% a year with organised retail (~18% of sales) and e-commerce/quick commerce (~9%) growing two to three times faster than the whole market, as formalisation lifts measured productivity as well as volumes. The base case takes organised share to 24% by FY30 and 30% by FY35, and e-commerce to 14% and 18%, lifting GVA to ₹21.8 lakh crore by FY30 and ₹37.0 lakh crore by FY35, driven by rising goods consumption, GST simplification narrowing the kirana's tax-arbitrage advantage, and chains/marketplaces compounding store and dark-store roll-outs. Despite its size, listed retailing handles only about 4% of sales and 6% of GVA yet is valued at ₹11.9 lakh crore against ₹0.02 lakh crore of FY26 profit (506x PE), because the market is pricing formalisation and platform growth options (Eternal, Swiggy) rather than today's earnings.

Retail sales (gross market value)

85–90 ₹ lakh crore · FY26

Organised / e-commerce share of retail sales

18% / 9% % of retail sales · FY26

Employment

~48 million workers (7.7% of workforce) · FY26

Listed retailing market cap

11.9 ₹ lakh crore · Jul–Sep 2026

Listed retailing PAT and PE

₹0.02 LC (₹2,354 cr); PE 506x; 10-yr avg PE 169x ₹ lakh crore / multiple · FY26

Largest company (Reliance Retail) revenue

3.3 ₹ lakh crore · FY25

GVA per worker

2.9 ₹ lakh, ~40% of economy-wide average of ~₹5 lakh · FY26

Industry capex

0.6 ₹ lakh crore · FY26