🏪 DMart Q1 FY26 Financial Results: Stable Growth Amid Margin Pressures
📅 CMP: ₹4063
📆 Period: Quarter Ended June 30, 2025
🏢 Company: Avenue Supermarts Ltd (DMart)
📌 1. Key Insights from Management
“Revenue in Q1 FY26 grew by 16.2% YoY. Profit after tax grew by 2.1%. Like-for-like growth for 24+ months stores was 7.1%.”
— Neville Noronha, CEO & MD
Highlights:
🔺 Opened 9 new stores, total at 424 stores across 14 states.
🧺 Revenue growth was impacted by deflation in staples & non-food products.
📉 Gross margins under pressure due to higher competition in FMCG.
👥 Higher operating costs from wage inflation and service improvement efforts.
📊 2. Consolidated Financial Performance
🛒 3. Retail Operations & KPIs
📈 4. Profitability & Valuation Metrics (at CMP ₹4063)
🛍️ 5. Industry-Specific Metrics: Retail
📦 Volume trends were affected by pricing deflation in staples.
🛍️ Cluster-based expansion model continues—focused on dense urban consumption hubs.
🌆 DMart Ready is now present in 24 cities, increasing online + offline synergy.
🔮 6. Outlook: Near-Term vs Long-Term
✅ Near-Term (Q2 & Q3 FY26)
Margin recovery will depend on inflation trends and competitive pricing.
Operating leverage to improve with festive season approaching.
🚀 Long-Term (FY26–FY30)
Urban consumption growth and shift from unorganized retail continues to favor DMart.
Store expansion, tech integration (via DMart Ready), and operational efficiencies remain growth drivers.
🧭 7. Conclusion: Long-Term Investment View
✅ Positives:
Robust revenue and store expansion
Consistent profitability even in margin-pressure environment
Scalable and cost-efficient business model
⚠️ Risks:
Margin pressure due to deflation and competitive FMCG pricing
Valuation concerns at ~90x P/E
🎯 Verdict: Hold with long-term positive bias. Investors looking for consistent compounders in the retail space may consider accumulating on corrections.
📢 Disclaimer
This analysis is provided solely for informational purposes and does not constitute investment advice. Investors should perform their own due diligence before making investment decisions.
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