๐Ÿงพ DMart Q4 FY25 & FY25 Result Highlights โ€“ Resilient Growth Amid Operational Pressures | Profit From It
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๐Ÿงพ DMart Q4 FY25 & FY25 Result Highlights โ€“ Resilient Growth Amid Operational Pressures

Lesson 121/151 | Study Time: 10 Min
๐Ÿงพ DMart Q4 FY25 & FY25 Result Highlights โ€“ Resilient Growth Amid Operational Pressures

๐Ÿงพ DMart Q4 FY25 & FY25 Result Highlights โ€“ Resilient Growth Amid Operational Pressures

๐Ÿ“Œ Key Performance Highlights

โœ… Like-to-Like (LTL) Growth โ€“ 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 (โ‚น12,726.55 Cr) to Q4 FY25 (โ‚น14,871.86 Cr): ~16.9% YoY growth in consolidated revenue suggests moderate LTL expansion.

โœ… Consolidated Sales Growth

Period

Revenue from Operations (โ‚น Cr)

YoY Growth

Q4 FY25

โ‚น14,871.86 Cr

+16.9%

FY25

โ‚น59,358.05 Cr

+16.9% (vs โ‚น50,788.83 Cr in FY24)

๐Ÿฌ Store Network Growth

  • Continued capex and higher inventories (โ‚น5,044 Cr vs โ‚น3,927 Cr) signal expansion in physical retail footprint.

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


๐Ÿ“Š Profitability Overview

โœ… Net Profit Growth

Period

PAT (โ‚น Cr)

YoY Growth

Q4 FY25

โ‚น550.79 Cr

-2.2% YoY

FY25

โ‚น2,707.45 Cr

+6.8% YoY


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

โœ… Profit Margins

Margin Type

Q4 FY25

Q3 FY25

Q4 FY24

EBITDA Margin* (Implied)

~6.4%

~7.0%

~6.9%

Net Profit Margin

3.7%

4.5%

4.4%

*Margins impacted by higher Opex and backend logistics costs.


๐Ÿ’ผ Financial Ratios @ CMP โ‚น4,060

Metric

Value

Interpretation

EPS (TTM)

โ‚น41.61

Solid earnings base

P/E Ratio

~97.5x

Premium valuation

Book Value

โ‚น319.14 (Est.)

Based on Equity โ‚น20,777 Cr

P/B Ratio

~12.7x

Reflects brand strength & growth expectation

Debt/Equity

~0.03x

Highly solvent balance sheet

Current Ratio

~3.0x

Strong liquidity buffer

ROE (FY25)

~13.0%

Scope for improvement with margin uptick


๐Ÿ“ˆ Cashflow and Capex Trends

  • Cash Flow from Operations (FY25): โ‚น2,462.97 Cr (โ†“ from โ‚น2,745.84 Cr)

  • Capex: โ‚น3,423.04 Cr โ€“ major store and backend infra expansion

  • Despite cash outflows, the company maintained healthy cash & equivalents of โ‚น355.48 Cr


๐Ÿงญ Industry KPIs & Macro Trends

KPI

Trend

Retail consumption (urban)

Stable to rising

Organized grocery retail

15โ€“18% CAGR expected

E-commerce penetration in groceries

Still <3%, offering hybrid players like DMart Ready room to grow

Inflation

Moderating commodity prices to support margin restoration ahead


๐Ÿ”ฎ Outlook โ€“ Strategic Perspective

โณ Near-Term Outlook (FY26)

  • Cautious optimism expected as operational leverage stabilizes.

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

๐ŸŒ Long-Term Outlook (FY25โ€“FY30)

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

  • Earnings CAGR expected at 14โ€“16% with margin normalization and network expansion.

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


โš ๏ธ Disclosure

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

Piyush Patel

Piyush Patel

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