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Avenue Supermarts DMart
SectorConsumer Services
Avenue Supermarts Limited is an Indian company that operates the DMart supermarket chain. Founded in 2000, DMart focuses on value-retailing, offering a wide range of products including foods, non-foods FMCG, general merchandise, and apparel. As of March 31, 2023, the company operates 324 stores across multiple states in India, with a total retail business area of 11.5 million sq. ft. DMart stores stock home utility products, including food, toiletries, beauty products, garments, kitchenware, and home appliances. The company aims to provide customers with good products at competitive prices. Avenue Supermarts Limited is headquartered in Mumbai and owns brands such as D Mart, D Mart Minimax, D Mart Premia, D Homes, and Dutch Harbour. The company went public in 2017 and has a subsidiary, Avenue E-Commerce Limited, for its e-commerce operations.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
DMart demand recovered as store expansion and bill volumes lifted Q2 FY27, but sales per sq ft softened.
Like-for-like growth rebounded from 5.6% in Q3 FY26 to 9.5% in Q2 FY27 — demand recovered
Sales per sq ft eased from ₹9,290 in Q3 FY26 to ₹8,741 in Q2 FY27 — productivity softened
Retail area grew from 18.3 Mn sq ft in Q3 FY26 to 21.4 Mn sq ft in Q2 FY27 — footprint expanded
Store count rose from 424 in Q1 FY26 to 503 in Q1 FY27 — network expanded
Bills cut rose from 9.7 Mn in Q1 FY26 to 11.1 Mn in Q2 FY27 — transaction volume increased
Company insights, generated from the most recent coverage.
Management set a 'North Star' of ~15% gross margin and ~5% net margin and refuses to expand margins at the customer's cost — DMart will absorb cost inflation through efficiencies, not price, capping near-term margin recovery.
Q2 FY27 PAT margin fell 32 bps to 3.78% on 17.8% revenue growth — expenses rose 18.0%, slightly ahead of sales, explaining about 19 bps of the contraction. Growth is being bought, not earned.
About 13 bps of DMart's Q2 FY27 PAT margin loss sits below EBITDA — the EBITDA-to-PAT gap widened from 3.18 to 3.31 percentage points, pointing to depreciation, finance cost or tax rather than store economics.