Avenue Supermarts (DMART) Q3 25/26 earnings summary

Executive summary

• Achieved significant expansion, reaching 442 stores by 9M FY26, up from 387 stores in 9M FY25.

• DMart Ready expanded to 25 cities by 9M FY26, up from 19 cities in 9M FY25.

• Approved unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025.

• Board announced the conclusion of Mr. Ignatius Navil Noronha’s term as Managing Director & CEO effective 31st January 2026, with Mr. Anshul Asawa appointed as CEO from 1st February 2026 and as Managing Director from 1st April 2026, pending shareholder approval.

• Senior management restructuring with new designations for key personnel effective 1st February 2026.

Financial highlights

• Revenue from operations for 9M FY26 was ₹57,790 Cr, up from ₹49,764 Cr in 9M FY25.

• EBITDA for 9M FY26 stood at ₹4,024 Cr with an EBITDA margin of 7.0%, compared to ₹4,543 Cr and 9.1% in 9M FY25.

• PAT for 9M FY26 was ₹2,499 Cr, with a PAT margin of 4.3%, down from ₹2,556 Cr and 5.1% in 9M FY25.

• Standalone revenue from operations for Q3 FY26 was ₹17,612.62 crore, up from ₹15,565.23 crore in Q3 FY25; nine-month revenue reached ₹49,763.53 crore.

• Consolidated revenue from operations for Q3 FY26 was ₹18,100.88 crore, up from ₹15,972.55 crore in Q3 FY25; nine-month consolidated revenue was ₹51,136.88 crore.

Segment performance

• Foods contributed 57.01% of revenue in 9M FY26, nearly unchanged from 57.19% in 9M FY25.

• Non-foods (FMCG) accounted for 20.00% of revenue in 9M FY26, up slightly from 19.83% in 9M FY25.

• General Merchandise & Apparel contributed 22.98% in 9M FY26, stable compared to 22.99% in 9M FY25.