🧾 DMart Q4 FY25 & FY25 Result Highlights – Resilient Growth Amid Operational Pressures

🧾 DMart Q4 FY25 & FY25 Result Highlights – Resilient Growth Amid Operational Pressures

📌 Key Performance Highlights

✅ Like-to-Like (LTL) Growth – Q4 FY25

• Estimated LTL revenue growth stands moderately positive as store additions continue to weigh, indicating robust demand in mature clusters while new stores stabilize.
  
  

• Growth compared to Q4 FY24 (₹12,726.55 Cr) to Q4 FY25 (₹14,871.86 Cr): ~16.9% YoY growth in consolidated revenue suggests moderate LTL expansion.
  
  

✅ Consolidated Sales Growth

🏬 Store Network Growth

• Continued capex and higher inventories (₹5,044 Cr vs ₹3,927 Cr) signal expansion in physical retail footprint.
  
  

• Online channels via Avenue E-commerce also contributed modestly to topline.
  
  

📊 Profitability Overview

✅ Net Profit Growth

• 
  Q4 saw margin compression owing to inventory adjustments and muted festive spillover vs Q3.
  
  

✅ Profit Margins

*Margins impacted by higher Opex and backend logistics costs.

💼 Financial Ratios @ CMP ₹4,060

📈 Cashflow and Capex Trends

• Cash Flow from Operations (FY25): ₹2,462.97 Cr (↓ from ₹2,745.84 Cr)
  
  

• Capex: ₹3,423.04 Cr – major store and backend infra expansion
  
  

• Despite cash outflows, the company maintained healthy cash & equivalents of ₹355.48 Cr
  
  

🧭 Industry KPIs & Macro Trends

🔮 Outlook – Strategic Perspective

⏳ Near-Term Outlook (FY26)

• Cautious optimism expected as operational leverage stabilizes.
  
  

• Focus on enhancing productivity per store & e-commerce efficiency.
  
  

🌐 Long-Term Outlook (FY25–FY30)

• Structural story intact: value retail model, deep supply chain, cost focus.
  
  

• Earnings CAGR expected at 14–16% with margin normalization and network expansion.
  
  

• Potential PE re-rating unlikely due to high base; growth-led returns more probable.
  
  

⚠️ Disclosure

This analysis is intended for educational purposes only. Investors are advised to perform their own due diligence before making investment decisions.