D-Mart’s revenue growth accelerated in the September quarter after a softer June-quarter showing. Avenue Supermarts reported standalone revenue of ₹19,206.18 crore for the September quarter, up 18.4% year on year and well above the 15.1% growth it reported for April-June. After the June-quarter business update, Avenue Supermarts shares fell as much as 4.87% in early trade on July 3. But the filing is silent on profit, and the store network grew faster than sales, so the quality of this growth stays an open question until full results arrive.
D-Mart Q2 FY27 Revenue: What the Filing Shows
According to Avenue Supermarts‘ October 3 exchange filing, standalone revenue from operations for the quarter ended September 30, 2026 was ₹19,206.18 crore, against ₹16,218.79 crore in the same quarter last year. That is incremental revenue of ₹2,987.39 crore, about 38% more than the ₹2,168.47 crore added in Q2 FY26, and works out to roughly ₹209 crore for every day of the quarter (NiftyTrader calculation).
Revenue rose 4.7% from ₹18,343.49 crore in the June quarter, compared with a sequential gain of just 1.8% a year earlier (NiftyTrader calculation). Together with Q1, first-half FY27 standalone revenue stands at ₹37,549.67 crore, up 16.8% from ₹32,150.91 crore in H1 FY26 (NiftyTrader calculation from company filings). Standalone figures exclude subsidiaries such as Avenue E-Commerce, which runs DMart Ready, so consolidated numbers will only come with full results.
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Fastest September-Quarter Growth Since FY24
The 18.4% rise is the fastest September-quarter growth since Q2 FY24, when revenue grew 18.51%. Growth was 14.2% in Q2 FY25 and 15.4% in Q2 FY26. September-quarter revenue has gone from ₹12,307.72 crore in 2023 to ₹14,050.32 crore in 2024, ₹16,218.79 crore in 2025 and ₹19,206.18 crore in 2026, a rise of about 56% in three years.
The turnaround matters because June was soft. Morgan Stanley called the Q1 growth a weak print. When full results followed on July 11, stores open two years or more grew 5.5%, down from 7.1% a year earlier, with older large-metro stores flat, according to CEO Anshul Asawa. Goldman Sachs linked the flat metro performance to likely quick-commerce competition. The Q2 filing does not break out same-store growth, so it does not show whether the pickup came from existing stores, new ones or both.
D-Mart Store Count Hits 518, but the Network Grew Faster Than Sales
D-Mart ended September with 518 stores, including the Sanpada, Navi Mumbai, outlet, which is closed to customers for reconstruction. That is 15 more than the 503 at the end of June and 86 more than the 432 a year ago. Net additions of 15 compare with eight in Q2 FY26 and three in Q1 FY27.
The store count rose 19.9% year on year, slightly faster than the 18.4% revenue growth (NiftyTrader calculation). Quarterly revenue per period-end store was about ₹37.1 crore, against about ₹37.5 crore a year earlier. That is a crude measure that ignores opening dates, which is why same-store growth in the full results will matter more.
Profit Is the Missing Piece in D-Mart’s Q2 Update
The filing is a business update, and the revenue figure is subject to limited review by the statutory auditors. It carries no EBITDA, net profit, margin or earnings-per-share data.
The benchmarks are on record. For Q2 FY26, D-Mart reported standalone EBITDA of ₹1,230 crore at a 7.6% margin and standalone PAT of ₹747 crore at a 4.6% margin. For Q1 FY27, standalone EBITDA was ₹1,527 crore, a margin of 8.3% against 8.2% a year earlier, and standalone net profit was ₹935.77 crore, up 12.78%. Last year the standalone margin slipped from 8.2% in Q1 FY26 to 7.6% in Q2 FY26, a gap worth remembering when Q2 FY27 margins arrive.
Profit has also trailed revenue lately. Citi noted that profit growth lagged revenue growth in 10 of the 13 quarters up to Q1 FY27, citing quick-commerce competition, lower other income and higher interest costs.
What Happens Next: Market Reopening and Results Date
Markets were shut on October 2 for Gandhi Jayanti, with regular trading resuming Monday, October 5, which is when D-Mart shares can first react. The stock last closed at ₹3,830 on October 1, up 0.75% on the day. Per the company’s board-meeting intimation, the board meets on October 10 to approve Q2 and half-year results.
Key items to track on results day are same-store growth against 5.5% in Q1, metro versus non-metro trends, EBITDA margin against 7.6% a year ago and 8.3% in Q1, whether profit growth keeps pace with revenue, and consolidated numbers including DMart Ready. For daily FII and DII activity around the session, see NiftyTrader’s FII-DII Tracker at niftytrader.in/fii-dii-data.
Bottom Line
D-Mart has answered the June-quarter question on sales: revenue is growing faster at 18.4%, and the store base now stands at 518. What remains unanswered is quality. With stores up 19.9% against revenue up 18.4%, same-store growth and margins on results day will show whether this acceleration reflects stronger productivity or mainly a bigger footprint.
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Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy, sell or hold any security. Investments in securities markets are subject to market risks. Read all related documents carefully and consult a SEBI-registered investment adviser before investing. Figures are sourced from company filings and the media reports named above.
