Retail sales in India grew 10% year-on-year in March 2026, according to Round 69 of the Retailers Association of India’s (RAI) monthly Business Survey – closing FY2026 on a steady note. Retail has been growing at 9% to 10% since about 6 months.
Regional performance was broad-based. West and North India led at 11% each, South at 10%, and East at 9%.
Food and grocery topped the category chart at 14%, followed by apparel at 13%, jewellery at 12%, and QSRs at 11% – the latter having sustained strong growth throughout the full year. Consumer durables remained under pressure, with like-for-like growth of just 1%, as consumers continued to defer big-ticket purchases.
Cost pressures are shaping the outlook for FY2027. Rising energy costs, logistics expenses, and real estate rentals are compressing margins even as top lines grow. Physical footfalls have moderated, but conversion is improving – walk-ins are more purposeful, and retailers are responding with localised assortment strategies and sharper value positioning.
Kumar Rajagopalan, Executive Director and CEO, RAI: “March 2026 closed FY2026 on a stable, moderately strong note. Food, apparel, QSR, and jewellery led the way; consumer durables lagged amid big-ticket caution. Global uncertainty and rising input costs – energy, logistics, real estate – created moderate pricing pressure across categories. The consumer is more purposeful today than two years ago. Retailers who match that shift with the right product at the right value will grow. FY2027 will reward precision over scale.”
Retail sales in India grew 10% year-on-year in March 2026, according to Round 69 of the Retailers Association of India’s (RAI) monthly Business Survey – closing FY2026 on a steady note. Retail has been growing at 9% to 10% since about 6 months.
