DMart Q1: Speedbump or structural slowdown?

Avenue Supermarts (DMart) reported Q1FY27 standalone revenue of Rs 18,340 crore, up 15.1% year-on-year, with net profit rising 12.8% to Rs 936 crore. Like-for-like growth in mature stores slowed sharply to 5.5% from 10.8% in Q4, and store productivity declined about 5% as metro stores faced heat from aggressive quick-commerce competition from Blinkit, Zepto, Swiggy, Amazon and Flipkart. Ebitda margin expanded only 10bps to 8.3% despite 50bps gross margin gains, with the company raising about Rs 1,000 crore via NCDs to accelerate store additions in H2.