Avenue Supermarts, which runs the DMart supermarket chain, reported standalone total revenue of Rs 19,206 crore for the quarter ended 30 September 2026, up 18.4% from Rs 16,219 crore a year earlier. Net profit rose 7.6% to Rs 804 crore from Rs 747 crore, according to the results press release the company filed with BSE and NSE on 10 October 2026.

Profit grew more slowly than sales. Standalone EBITDA rose 14.1% to Rs 1,403 crore from Rs 1,230 crore, and the EBITDA margin narrowed to 7.3% from 7.6%. The PAT margin fell to 4.2% from 4.6%. Anshul Asawa, Managing Director and CEO, pointed to labour costs.

Wage inflation at entry-level has led to a marginal increase in operating expenses.

Anshul Asawa, Managing Director and CEO, Avenue Supermarts

For the half year to 30 September, standalone total revenue was Rs 37,550 crore, up 16.8% from Rs 32,151 crore, and net profit was Rs 1,739 crore, up 10.3%. The half-year EBITDA margin was 7.8%, against 7.9% a year earlier.

Stores and same-store growth

DMart opened 15 stores in the quarter and 18 in the half year, taking its count to 518 at 30 September 2026. That includes one store in Navi Mumbai that is closed to customers for reconstruction. The company reported a retail business area of 21.4 million sq ft across states and territories including Maharashtra, Gujarat, Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Madhya Pradesh, Rajasthan, Punjab, NCR and Uttar Pradesh.

Stores that are two years old or more grew 9.5% in the quarter, against 6.8% in the same quarter a year earlier. Asawa said DMart’s pricing proposition remains strong in an inflationary environment. The company describes its approach as everyday low cost, everyday low price: buying goods at competitive prices and using operating and distribution efficiency to sell at competitive prices.

Kotak Neo reported the standalone revenue and store figures on 4 October, before the full results, and said the company had 503 stores at the end of June.

The group and DMart Ready

On a consolidated basis, total revenue was Rs 19,644 crore against Rs 16,676 crore. Consolidated EBITDA was Rs 1,393 crore, a 7.1% margin against 7.3%, and consolidated net profit was Rs 743 crore against Rs 685 crore. Consolidated profit was below standalone profit in both periods.

Vikram Dasu, Whole Time Director and CEO of Avenue E-Commerce Limited, commented on the DMart Ready e-commerce business but gave no figures for it. He said the business is focused on driving greater operational efficiencies and strengthening customer experience in the cities where it currently operates.

The press release does not give a split of sales by category, revenue or losses for DMart Ready, order volumes, capital expenditure, or a store opening target for the rest of the financial year.

F&B Today’s reading

  • Analysis, for food and FMCG suppliers: under an everyday low cost, everyday low price model, cost increases inside the store, now wages, tend to be recovered through tighter buying rather than higher shelf prices. Suppliers negotiating terms for the festive quarter should prepare for pressure on cost prices and trade margins.
  • Analysis, for brands weighing channels: 9.5% growth in stores two years old or more, up from 6.8%, suggests large-format value grocery is still adding sales from its existing estate. Channel plans that assume modern trade will cede share to quick commerce in every city should be tested against figures like these.
  • Analysis, on DMart Ready: the online arm’s stated focus on efficiency and customer experience in the cities where it already operates suggests consolidation rather than expansion for now. Brands should plan for DMart as a store-led, price-led account for now.