DMart keeps same-store growth at 8.1% as quick commerce bites
Despite adding 85 stores and crossing 500, DMart's FY27 guidance matches FY26's 8.1% same-store growth. First-ever debt programme of ₹1,000 crore funds the expansion while e-commerce losses narrow to ₹307 crore.
— 3 earlier stories on Avenue Supermarts Ltd. →What's new
- DMart guided FY27 same-store sales growth at 8.1%, unchanged from FY26, citing quick commerce and metro saturation.
- Approved its first NCD issue of ₹1,000 crore to fund a record 85-store expansion, crossing 500 stores.
- DMart Ready narrowed to 11 cities, exiting 7 markets, with a loss of ₹307 crore.
Why this matters
DMart's same-store growth stuck at 8.1% despite aggressive expansion signals that quick commerce is structurally denting its metro store performance. The decision to raise debt for the first time breaks a long-standing debt-free balance sheet, showing management's willingness to invest at the cost of historical prudence. Meanwhile, DMart Ready's losses persist but the smaller footprint suggests a more focused path to profitability.
What we're watching
- Whether quick-commerce competition intensifies further in FY27, pressuring same-store growth below 8%.
- How the ₹1,000 cr NCD issuance impacts DMart's debt-to-equity ratio and cost of capital.
- Pace of store additions and whether DMart Ready losses narrow as guided.
The full read
A record year. Avenue Supermarts added 85 stores, crossed 500, and took its first ever debt programme — a ₹1,000 crore NCD that breaks a long debt-free history. Yet FY27 same-store growth guidance stays at 8.1%, unchanged from FY26. Quick commerce is structurally denting metro-store performance, and the new towns have not yet made up the slack, leaving the core metric flat despite aggressive expansion. DMart Ready is now down to 11 cities after exiting seven low-contribution markets, with a ₹307 crore loss that management expects to narrow. The open question: can a debt-funded store blitz reignite growth when the key growth metric is stalled? Hardly.
Questions answered
- Why is same-store sales growth stuck at 8.1%?
- DMart cited persistent quick-commerce competition and metro saturation as the main drags. The company expects FY27 same-store growth to remain near FY26's 8.1% level.
- What is the scale of the debt programme relative to DMart's balance sheet?
- The ₹1,000 crore NCD issue is DMart's first material debt programme, marking a shift from its historical debt-free balance sheet. The company's trailing debt-to-equity ratio was 0.00 prior to this.
- How many stores did DMart add in FY26, and what is the target for FY27?
- DMart added a record 85 stores in FY26, taking its network past 500. Management targets adding stores at roughly 15% of the opening base annually.
- What cities does DMart Ready operate in now?
- DMart Ready narrowed its operations to 11 cities after exiting seven low-contribution markets. Its loss for FY26 was ₹307 crore, which management expects to narrow.
- How much did DMart earn in FY26?
- DMart reported standalone revenue of ₹76,700 crore and net profit of ₹3,224 crore for FY26.
- Why did DMart exit certain DMart Ready cities?
- The company exited seven low-contribution markets as part of a reset of its e-commerce strategy to focus on 11 key cities where it sees better potential.
Avenue Supermarts Ltd.
Latest quarter · Jun 2026
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All notes on DMART →- 28 Jul 2026 · 1:50 PM IST DMart keeps same-store growth at 8.1% as quick commerce bites
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