DMART ( Avenue Supermart)
🏬 New Store Additions
Year-wise Store Additions (Historical)
Period New Stores Added Total Stores at Period End
FY22 50 284
FY23 40 324
FY24 41 365
FY25 50 415
FY26 85 🚀 500
Q1 FY27 (Jul'25-Jun'26) 3 503
Key highlights:
The company significantly accelerated store additions in FY26, adding 85 stores — a jump from 50 in FY25. This was the highest ever annual store addition.
As of Q1 FY27 (June 2026), DMart operates 503 stores across 14 states/UTs.
Cluster-based expansion strategy continues — Maharashtra (128), Gujarat (76), Karnataka (50), Telangana (48), Andhra Pradesh (47), Tamil Nadu (36), Madhya Pradesh (29), Rajasthan (28), Punjab (24), NCR (21), plus others.
The company entered Uttar Pradesh (Agra) and Odisha as new states in the recent period.
📈 Sales Growth
Revenue Growth (Standalone, ₹ in Crores)
Period Revenue YoY Growth
FY22 ₹30,353 —
FY23 ₹41,833 ~38%
FY24 ₹49,533 ~18%
FY25 ₹57,790 ~17%
FY26 ₹66,968 ~16%
Q1 FY27 ₹18,343 ~15% (vs Q1 FY26)
Like-for-Like (LFL) Growth (>24 months old stores)
Period LFL Growth
FY22 16.7%
FY23 24.2%
FY24 9.9%
FY25 8.4%
FY26 8.1%
Q1 FY27 5.5%
Quarterly Revenue Trend (LTM)
Quarter Revenue (₹ Cr) LFL Growth
Q1 FY26 ₹15,932 7.1%
Q2 FY26 ₹16,219 6.8%
Q3 FY26 ₹17,613 5.6%
Q4 FY26 ₹17,205 10.8%
Q1 FY27 ₹18,343 5.5%
Other Key Operating Metrics
Metric FY25 FY26
Total Bills Cuts 35.3 Cr 39.8 Cr
Retail Business Area 17.2 mn sq.ft 20.6 mn sq.ft
Revenue per sq.ft (annualized) ₹33,896 ₹33,422
EBITDA Margin 7.9% 7.8%
PAT Margin 5.1% 4.8%
Consolidated Revenue
FY24: ₹50,789 Cr → FY25: ₹59,358 Cr → FY26: ₹66,968 Cr (standalone)
DMart Ready (e-commerce) grew ~21% in FY25 to ₹3,502 Cr (loss of ₹247 Cr)
🔮 Forecast and Guidance (as per Management)
Store Expansion Guidance
In the July 2025 analyst concall, management provided the following key forward-looking statements:
"We hope to continue the acceleration and actually try and open as many more than we have opened in the past."
"The right method of expansion in the offline space is to open on an average every year at least 10% to 15% or maybe 10% to 20% of your base stores – every year."
"It won't be less than 50 [stores per year]."
"We will double down on our investments on store additions."
Neville Noronha (then MD) candidly stated: "The only thing I could have done better is probably accelerate store expansion more. We should have been maybe 600 stores by now or maybe 650 stores by now."
He also noted that he will personally focus on North India real estate to drive acceleration, and said: "I'm very confident that we'll have a significantly larger number of store openings in the time there."
ICRA Credit Rating Report (April 2026)
The rating agency noted: "ASL is expected to continue the accelerated store opening over the near-to-medium term. In the offline space, it plans to open 10-20% of the base number of stores every year, which is anticipated to drive healthy revenue growth."
ICRA estimates capex of ₹3,000-3,300 crore each in the next two years, with cash flows from operations expected at ₹3,800-4,000 crore per annum.
Long-term Addressable Market
Neville Noronha indicated the total addressable market is approximately 1,800 more stores (total ~2,200 stores across India), based on a conservative outlook.
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1July 23, 2026 3.8K 1
