Avenue Supermarts (DMART) Investor update summary

Business performance and growth strategy

• Maintained resilience and consistent growth despite increased competition in both offline and online retail spaces.

• Store additions have been evenly distributed across states, with a focus on expanding in North India, particularly Uttar Pradesh.

• Opened 50 new stores in FY25, reaching 415 stores, with a steady pace of expansion and cluster-based strategy.

• DMart Ready e-commerce business pivoted to home delivery, now present in 25 cities, with plans for further expansion.

• Remain bullish on both offline and online retail, with significant headroom for growth across all regions and customer segments.

Financial and operational highlights

• Achieved revenue from operations of ₹57,790 crore (standalone), with EBITDA margin at 7.86% and PAT margin at 5.05% in FY25.

• PAT increased 8.6% YoY to ₹2,927 crore (standalone); consolidated revenue reached ₹59,358 crore.

• Net cash from operations exceeded ₹3,700 crore; inventory days improved to 29.2, payables at 7.2 days.

• Debt-equity ratio remains negligible, with fixed asset turnover at 3.4 and inventory turnover at 13.6 times.

• Like-for-like growth over 24 months was 8.4% in FY25, down from 9.9% in FY24.

Subsidiary performance

• Avenue E-Commerce Limited reported a 20.8% increase in sales to ₹3,502 crore but posted a loss of ₹247 crore in FY25.

• Align Retail Trades Private Limited saw sales rise 18.8% to ₹3,322 crore, with PAT up 13.1% to ₹38 crore.

• Avenue Food Plaza Private Limited grew sales by 27.9% to ₹226 crore but reported a loss of ₹3 crore.

• Avenue E-commerce sales grew 21%, though losses widened; subsidiary Align Retail grew over 19% in sales.