Company Update : Avenue Supermarts by Motilal Oswal Financial Services Ltd
Weak 1QFY27 revenue print (+15% YoY, vs. our est. ~19% YoY) DMart released its pre-quarter business update for 1QFY27. Here are the key highlights:
* Standalone revenue at INR183b grew 15% YoY (+7% QoQ), weaker than both our last published estimate of ~19% YoY and pre-quarter expectations of ~17-18%.
* Revenue growth is weak considering the large number of store openings in Mar’26 and support from inflationary trends even after normalizing for the surge in Mar’26 amid the war.
* After opening 58 stores in 4QFY26, DMart’s store additions were muted in 1Q, with just three openings.
* Productivity remains weak
* Annualized revenue per store declined ~4% YoY to INR1.46b, partially due to a larger number of store openings.
* Annualized revenue/sqft. (calculated) also declined 3% YoY to INR35.5k.
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