DMart Reports 14.9% Revenue Growth in Q3FY26, Expands Store Network to 442 Outlets

Avenue Supermarts Limited has demonstrated strong financial performance in its Q3FY26 results, with the retail giant reporting significant growth across key operational and financial metrics. The company released its comprehensive investor presentation covering the quarter and nine months ended December 31, 2025, highlighting sustained expansion and improved market presence.

Financial Performance Overview

The company's financial results for the nine-month period showcase robust growth momentum. Revenue from operations reached ₹49,764.00 crores for 9M FY26, marking a substantial 14.9% increase from ₹43,327.00 crores recorded in the corresponding period of the previous year.

Financial Metric	9M FY26	9M FY25	Growth
Revenue from Operations	₹49,764 crores	₹43,327 crores	+14.9%
EBITDA	₹4,024 crores	₹3,561 crores	+13.0%
EBITDA Margin	8.1%	8.2%	-10 bps
PAT	₹2,499 crores	₹2,307 crores	+8.3%
PAT Margin	5.0%	5.3%	-30 bps

Operational Metrics and Store Expansion

The company's operational performance reflects strong customer engagement and strategic expansion. Total bill cuts reached 10.3 crores in Q3FY26, representing growth from 9.2 crores in Q3FY25. However, like-for-like growth for stores operational for more than 24 months moderated to 5.6% in Q3FY26 from 8.3% in Q3FY25.

Operational Parameter	Q3FY26	Q3FY25	Change
Total Bill Cuts	10.3 crores	9.2 crores	+12.0%
Like-for-Like Growth	5.6%	8.3%	-270 bps
Retail Business Area	18.3 mn sqft	16.1 mn sqft	+13.7%
Revenue per sqft	₹9,290	₹9,317	-0.3%

Geographic Expansion Strategy

Avenue Supermarts continues its cluster-based expansion approach, operating 442 stores across 12 states as of 9M FY26, compared to 387 stores in the previous year. The company added 27 new stores during the nine-month period, with significant presence in key markets including Maharashtra (120 stores), Gujarat (71 stores), and Telangana (45 stores).

Product Portfolio Performance

The company maintains a diversified product mix across three main categories. Foods segment accounts for 57.19% of revenue share in 9M FY26, slightly up from 57.01% in the previous year. Non-Foods (FMCG) segment represents 19.83% of revenue, while General Merchandise & Apparel contributes 22.98% to the overall revenue mix.

Digital Initiative - DMart Ready

The company's online delivery service, DMart Ready, operates across 19 cities as of 9M FY26, focusing on key large towns and metropolitan areas. This represents a strategic approach to capture the growing digital commerce opportunity while leveraging the company's existing supply chain and inventory management capabilities.

The presentation demonstrates Avenue Supermarts' continued focus on sustainable growth through strategic store expansion, operational efficiency improvements, and maintaining its value proposition of daily discounts across diverse product categories.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.30%	+2.29%	-1.71%	-9.77%	-1.09%	+28.10%

Avenue Supermarts Limited, one of India's largest food and grocery retailers operating DMart stores, delivered strong financial performance for the quarter ended December 31, 2025. The company reported standalone revenue growth of 13.2% and significant improvement in profitability metrics, demonstrating resilience despite challenges in the staples segment.

Quarterly Financial Performance

The company's standalone results for Q3FY26 showed robust growth across key financial metrics. Revenue performance was supported by store expansion and operational efficiency, while profitability margins expanded year-on-year.

Financial Metric	Q3FY26	Q3FY25	Growth (%)
Total Revenue	₹17,613 crores	₹15,565 crores	+13.2%
EBITDA	₹1,481 crores	₹1,235 crores	+19.9%
PAT	₹923 crores	₹785 crores	+17.6%
Basic EPS	₹14.19	₹12.06	+17.7%

EBITDA margin improved to 8.4% in Q3FY26 compared to 7.9% in the corresponding quarter last year, while PAT margin expanded to 5.2% from 5.0% in Q3FY25.

Nine-Month Performance Overview

For the nine-month period ended December 31, 2025, Avenue Supermarts maintained strong revenue momentum while facing margin pressures. The company's performance reflected both growth opportunities and operational challenges in the retail environment.

Nine-Month Metrics	9MFY26	9MFY25	Growth (%)
Total Revenue	₹49,764 crores	₹43,327 crores	+14.9%
EBITDA	₹4,024 crores	₹3,561 crores	+13.0%
PAT	₹2,499 crores	₹2,307 crores	+8.3%
Basic EPS	₹38.41	₹35.47	+8.3%

EBITDA margin for the nine-month period stood at 8.1% compared to 8.2% in 9MFY25, while PAT margin was 5.0% versus 5.3% in the previous year.

Consolidated Results and Store Expansion

On a consolidated basis, the company reported total revenue of ₹18,101 crores for Q3FY26, representing growth of 13.3% over Q3FY25. Consolidated PAT reached ₹856 crores, up 18.2% year-on-year, with PAT margin improving to 4.7% from 4.5%.

The company continued its expansion strategy by adding 10 stores during Q3FY26, bringing the total store count to 442 as of December 31, 2025. For the nine-month period, 27 new stores were added to the network.

Management Commentary and Business Strategy

CEO-Designate Anshul Asawa highlighted the company's performance amid market challenges, noting that revenue growth was partially impacted by deflation in staples. He emphasized that stores aged two years and older achieved 5.6% growth in Q3FY26 compared to the same period last year.

The company continues to follow its Everyday Low Cost - Everyday Low Price (EDLC-EDLP) strategy, focusing on competitive procurement, operational efficiency, and delivering value to customers through competitive pricing. Avenue Supermarts operates across 13 states and union territories with a retail business area of 18.3 million square feet, offering a comprehensive range of products including grocery, FMCG, general merchandise, and apparel categories.