Avenue Supermarts Limited, the listed entity that operates the DMart supermarket chain, delivered double-digit top-line growth for the second quarter of the financial year. According to regulatory disclosures submitted to the National Stock Exchange of India (NSE) and BSE Limited, standalone revenue from operations reached ₹19,206.18 crore for the quarter ended September 30, 2026.
The performance represents an 18.41% year-on-year expansion compared to the ₹16,218.79 crore generated during the same quarter in 2025.
The update underscores the durability of the retailer’s cluster-based physical store expansion model. Amid persistent competition from quick-commerce dark stores in tier-1 metro areas, DMart continues to generate strong footfalls by adhering to its Everyday Low Price (EDLP) procurement framework and expanding its retail real estate footprint across suburban and tier-2 markets.
Multi-Year Revenue Progression: The Q2 Trajectory
The September quarter has historically served as a critical operational barometer for Avenue Supermarts, capturing the transition from monsoon inventory stocking to early pre-festive channel filling across food, non-food FMCG, and general merchandise categories.
[ DMART SEPTEMBER QUARTER REVENUE PROGRESSION ]
Period Ended Standalone Revenue (₹ Crore) YoY Growth (%)
───────────────────────────────────────────────────────────────────────
September 30, 2023 ₹12,307.72 —
September 30, 2024 ₹14,050.32 +14.16%
September 30, 2025 ₹16,218.79 +15.43%
September 30, 2026 ₹19,206.18 +18.41%
───────────────────────────────────────────────────────────────────────
3-Year Revenue Growth: +56.05% across the September quarter baseline.
The 18.41% expansion marks an acceleration over the 15.43% rate reported in the prior fiscal period, reflecting larger store floor plans, accelerated store openings in late August and September, and steady same-store sales growth (SSSG) in older, mature clusters.
Store Network Dynamics: Hitting 518 Outlets
Avenue Supermarts continued to execute its real estate strategy, which emphasizes outright ownership of land parcels or long-term 30-to-99-year leases to minimize rental volatility and protect operating margins.
[ STORE EXPANSION PIPELINE ]
August 2026 Baseline September Openings Total as of Sep 30, 2026
┌───────────────────────┐ ┌────────────────────────┐ ┌───────────────────────┐
│ Active Store Base │ ───► │ Added 7+ New Locations │ ───► │ 518 Total Outlets │
│ (~510 Outlets) │ │ (Ludhiana, Bengaluru, │ │ (Includes Sanpada │
│ │ │ Ahmedabad, Parbhani) │ │ under reconstruction)
└───────────────────────┘ └────────────────────────┘ └───────────────────────┘
By the close of September 2026, the chain operated across 518 locations, supported by regional distribution centers that service localized hubs.
Recent retail additions leading up to the quarter-end included new openings in Ludhiana (Punjab), Narmadapuram (Madhya Pradesh), Parbhani (Maharashtra), Bengaluru (Karnataka), and Ahmedabad (Gujarat). In its statutory filing, the company clarified that its 518-store tally includes its store in Sanpada, Navi Mumbai, which remains shuttered while undergoing complete site reconstruction and capacity modernization.
Operating Mechanics: Value Retail vs. Quick-Commerce
The 18.4% top-line acceleration provides empirical clarity regarding the shifting dynamics within India’s consumer retail sector:
+─────────────────────────────────+─────────────────────────────────+─────────────────────────────────+
| Operational Vector | DMart Large-Format Model | Quick-Commerce Dark Stores |
+─────────────────────────────────+─────────────────────────────────+─────────────────────────────────+
| Core Value Proposition | Lowest basket cost; high volume | 10-to-15 minute delivery speed |
| Operating Margins | Lean OpEx; low rental overhead | Higher last-mile delivery costs |
| Target Basket Composition | Monthly bulk groceries & staples| High-frequency impulse top-ups |
| Consumer Segment Alignment | Value-conscious family units | Urban time-constrained cohorts |
+─────────────────────────────────+─────────────────────────────────+─────────────────────────────────+
- Defending the Monthly Grocery Cart: While instant delivery platforms (such as Blinkit, Zepto, and Instamart) have captured high-margin urban impulse purchases, DMart continues to anchor planned, large-basket monthly family provisions due to its pricing differentials on essential staples and consumer goods.
- General Merchandise Expansion: By adding newer stores with larger carpet areas, the retailer allocates expanded shelf space to higher-margin apparel, kitchenware, and home furnishings, supporting consolidated gross margins even when basic FMCG margins tighten.
- Liquidity and Working Capital Discipline: To fund working capital requirements ahead of the peak festive cycle, Avenue Supermarts recently allotted ₹500 crore of unsecured commercial paper at a competitive 6.12% coupon, backed by top-tier ICRA A1+ ratings that keep its capital financing costs among the lowest in the retail sector.
What Happens Next: Comprehensive Board Results
While the Q2 operational update outlines strong top-line momentum, equity analysts will focus on underlying margin metrics when the full financial statement is released:
- EBITDA Margins & Product Mix: Investors will assess whether operating margins maintained the trajectory seen in Q1 (7.97% vs. 7.94% YoY) or if heightened promotional discounting and regional logistics costs compressed operating spreads.
- DMart Ready (E-Commerce) Metrics: Details on the operational losses and delivery route economics of DMart’s direct-to-consumer digital arm, DMart Ready, across tier-1 cities.
- H2 Expansion Pace: The rollout schedule for the second half of the fiscal year, with institutional targets aiming for an additional 40 to 45 new store completions before the close of Q4.
Frequently Asked Questions
What was Avenue Supermarts’ standalone revenue in Q2?
Avenue Supermarts reported standalone revenue from operations of ₹19,206.18 crore for the quarter ended September 30, 2026, marking an 18.41% increase compared to ₹16,218.79 crore in Q2 of the previous fiscal year.
How many stores does DMart operate?
As of September 30, 2026, the company operated a total of 518 stores across India. This total includes one location in Sanpada, Navi Mumbai, which is temporarily closed to shoppers due to reconstruction work.
Are these Q2 numbers finalized?
The disclosed figures are preliminary business updates issued to stock exchanges. The final, comprehensive quarterly results—including net profit, EBITDA margins, and consolidated figures—remain subject to a limited review by statutory auditors and approval by the board of directors.
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