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Avenue Supermarts Q2 FY27 results: net profit up 8.5% to ₹742.98 crore, revenue up 17.8%
Avenue Supermarts Limited reported consolidated revenue of ₹19,644 crore for Q2 FY27, up 17.8% from Q2 FY26, while net profit rose 8.5% to ₹742.98 crore. EBITDA increased 14.8% to ₹1,393 crore, but the margin fell 0.2 percentage points to 7.1%, and basic EPS was ₹11.4.
Key points
- Consolidated Q2 FY27 revenue was ₹19,644 crore, up 17.8% from ₹16,676 crore in Q2 FY26.
- EBITDA rose 14.8% to ₹1,393 crore, while the margin declined from 7.3% to 7.1%.
- Net profit increased 8.5% to ₹742.98 crore and basic EPS rose 8.3% to ₹11.4.
- Against Q1 FY27, revenue rose 4.5% to ₹19,644 crore, but net profit fell 13.7% and the EBITDA margin declined 0.9 percentage points.
- H1 FY27 revenue rose 16.4% to ₹38,438.54 crore and net profit rose 10.0% to ₹1,603.42 crore.
How did Avenue Supermarts perform in Q2 FY27?
Avenue Supermarts reported consolidated Q2 FY27 revenue of ₹19,644 crore, up 17.8% from ₹16,676 crore in Q2 FY26. Total income rose 17.7% to ₹19,657.54 crore, EBITDA increased 14.8% to ₹1,393 crore, and the EBITDA margin was 7.1%, compared with 7.3% a year earlier. Profit before tax rose 8.5% to ₹1,025 crore.
Net profit for the quarter rose 8.5% to ₹742.98 crore from ₹684.85 crore, while basic EPS increased 8.3% to ₹11.4 from ₹10.53. The PAT margin was 3.8%, compared with 4.1% in Q2 FY26. On a standalone basis, the company reported revenue of ₹19,206 crore and PAT of ₹803.60 crore.
Compared with Q1 FY27, consolidated revenue rose 4.5% to ₹19,644 crore and total income increased 4.4% to ₹19,657.54 crore. EBITDA fell 7.1% to ₹1,393 crore, the margin declined 0.9 percentage points to 7.1%, and PAT fell 13.7% to ₹742.98 crore. Basic EPS was ₹11.4, compared with ₹13.2 in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 19,644 | 18,795 | 16,676 | +17.8% | +4.5% |
| Other income | 13.53 | 25.78 | 19.57 | −30.9% | −47.5% |
| Total expenses | 18,633 | 17,637 | 15,751 | +18.3% | +5.6% |
| EBITDA | 1,393 | 1,499 | 1,214 | +14.8% | −7.1% |
| EBITDA margin | 7.1% | 8.0% | 7.3% | −0.2 pp | −0.9 pp |
| Profit before tax | 1,025 | 1,183 | 944.79 | +8.5% | −13.4% |
| Tax | 281.86 | 322.70 | 259.94 | +8.4% | −12.7% |
| Net profit | 742.98 | 860.44 | 684.85 | +8.5% | −13.7% |
| EPS (₹) | 11.40 | 13.20 | 10.53 | +8.3% | −13.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Avenue Supermarts' costs and profit?
Total expenses rose 18.3% year on year to ₹18,633 crore from ₹15,751 crore in Q2 FY26. Employee costs increased 18.7% by ₹70.31 crore to ₹447.14 crore, finance costs rose 82.8% by ₹28.94 crore to ₹63.90 crore, depreciation rose 25.4% by ₹64.28 crore to ₹317.75 crore, and other expenses increased 18.3% by ₹169.03 crore to ₹1,091.83 crore. Cost of materials was unchanged at ₹0 crore.
Other income fell 30.9% year on year, by ₹6.04 crore, to ₹13.53 crore from ₹19.57 crore. The company reported no exceptional item in either quarter. Tax expense rose 8.4% by ₹21.92 crore to ₹281.86 crore. Against Q1 FY27, employee costs fell 1.1% by ₹4.79 crore, while finance costs rose 17.7% by ₹9.62 crore.
Management said entry-level wage inflation had led to a marginal increase in operating expenses. The filing did not state reasons for the year-on-year changes in finance costs, depreciation, other expenses, other income or tax.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 447.14 | 376.83 | +70.31 | +18.7% |
| Finance costs | 63.90 | 34.96 | +28.94 | +82.8% |
| Depreciation | 317.75 | 253.47 | +64.28 | +25.4% |
| Other expenses | 1,092 | 922.80 | +169.03 | +18.3% |
| Total expenses | 18,633 | 15,751 | +2,882 | +18.3% |
| Other income | 13.53 | 19.57 | −6.04 | −30.9% |
| Tax | 281.86 | 259.94 | +21.92 | +8.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Avenue Supermarts reported consolidated revenue of ₹38,438.54 crore, up 16.4% from ₹33,036.0 crore in H1 FY26. Total income rose 16.3% to ₹38,477.85 crore, profit before tax increased 10.3% to ₹2,207.98 crore, and PAT rose 10.0% to ₹1,603.42 crore. Basic EPS increased 9.8% to 24.6 from 22.41.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 38,439 | 33,036 | +16.4% |
| Profit before tax | 2,208 | 2,002 | +10.3% |
| Net profit | 1,603 | 1,458 | +10.0% |
| EPS (₹) | 24.60 | 22.41 | +9.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹32,802.73 crore, compared with ₹29,524.26 crore at 31 March 2026, while total equity rose to ₹26,096.32 crore from ₹24,462.36 crore. Borrowings increased to ₹4,263.61 crore from ₹2,424.99 crore, and cash fell to ₹156.87 crore from ₹283.71 crore. Inventories were ₹7,287.15 crore, compared with ₹5,900.64 crore.
H1 FY27 operating cash flow was ₹552.57 crore, compared with ₹1,398.17 crore in H1 FY26. Investing cash flow was negative ₹2,128.42 crore against negative ₹1,854.61 crore, financing cash flow was ₹1,640.63 crore against ₹107.13 crore, and capital expenditure was ₹2,139.18 crore compared with ₹1,752.66 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 32,803 | 29,524 |
| Total equity | 26,096 | 24,462 |
| Borrowings | 4,264 | 2,425 |
| Cash and equivalents | 156.87 | 283.71 |
| Inventories | 7,287 | 5,901 |
| Trade receivables | 118.06 | 149.34 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 552.57 | 1,398 |
| Cash from investing | −2,128 | −1,855 |
| Cash from financing | 1,641 | 107.13 |
| Capital expenditure | 2,139 | 1,753 |
Source: Company's results filing (XBRL).
How has Avenue Supermarts done over the last 8 quarters?
Revenue rose year on year in each of the last 8 quarters, while profit rose year on year in each of the last 5 quarters. Revenue reached ₹19,644.01 crore in Q2 FY27, the highest in the eight-quarter series, while PAT was ₹742.98 crore, below Q1 FY27’s ₹860.44 crore. The EBITDA margin was 7.1% in Q2 FY27, down from 8.0% in the preceding quarter. Over the series, the EBITDA margin peaked at 8.1% in Q3 FY26 and bottomed at 6.4% in Q4 FY25.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial statements for the quarter and half year ended 30 September 2026, together with the limited review report of S R B C & Co LLP. The company also filed its Q2 and H1 FY27 investor presentation with the exchanges on 10 October 2026.
A same-day filing said ICRA reaffirmed and assigned its A1+ rating for an enhanced commercial paper limit of ₹1,500 crore, raised from ₹1,300 crore. The filing did not report a dividend, fund raise or appointment.
What did Avenue Supermarts' management say?
Management said the revenue mix remained broadly stable in H1 FY27, with Foods at ~57%, Non-Foods FMCG at ~24%, and General Merchandise & Apparel at ~20%. The company continued its cluster-based store expansion across existing states, while DMart Ready expanded from 11 to 19 cities in large towns. The presentation did not provide formal guidance.
Management identified sustained margin compression, a rise in total debt, and longer inventory days as risks. The presentation showed EBITDA margin at 7.8% and PAT margin at 4.6% for H1/27, against FY23 levels of 8.7% and 6.1%. It also showed total debt of ₹4,079 crore and days inventory of 36.1 days for H1/27. The Sanpada store in Navi Mumbai was closed for reconstruction.
Management said DMart Ready was focused on greater operational efficiency and strengthening customer experience in the cities where it operated. The presentation did not include analyst questions.
How did Avenue Supermarts shares react?
The filing appeared after market hours. DMART fell 0.3% after five minutes, 0.2% after 15 minutes and 1.0% after 30 minutes. On the reaction day, the stock closed 4.3% below its pre-results close; by the next day’s close it was also 4.3% lower, and by the fifth session it was 6.1% lower.
On the reaction day, the median move for other Diversified Retail stocks was negative 0.7%, while DMART’s excess move was negative 3.7 percentage points. By the fifth session, the industry median was negative 7.4%, against DMART’s negative 6.1%, leaving the stock 1.4 percentage points ahead of the median on a cumulative basis. Earlier reaction-day moves were negative 2.0% on 11 July 2026, negative 5.4% on 2 May 2026, positive 0.6% on 10 January 2026 and negative 3.0% on 11 October 2025.
| After the filing | Stock | Diversified Retail median |
|---|---|---|
| 5 minutes | −0.3% | |
| 15 minutes | −0.2% | |
| 30 minutes | −1.0% | |
| Reaction day | −4.3% | −0.7% |
| Next day | −4.3% | −0.9% |
| 5 days | −6.1% | −7.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 July 2026 | −2.0% |
| 2 May 2026 | −5.4% |
| 10 January 2026 | +0.6% |
| 11 October 2025 | −3.0% |
| 11 July 2025 | −1.4% |
| 3 May 2025 | −0.9% |
| 11 January 2025 | −5.5% |
| 12 October 2024 | −8.3% |
Source: MarketPing price-reaction measurement.
How did other Diversified Retail companies do?
Five other Diversified Retail companies that filed for the quarter were compared with Avenue Supermarts. Their median revenue growth was 14.0%. Three peers grew more slowly than Avenue Supermarts and two grew faster than the company. Among the four peers for which profit was compared, two reported higher profit.
| Avenue Supermarts revenue growth (YoY) | +17.8% |
|---|---|
| Median of 5 other Diversified Retail companies | +14.0% |
| Companies with slower revenue growth than Avenue Supermarts | 3 of 5 |
| Companies with faster revenue growth than Avenue Supermarts | 2 of 5 |
| Companies whose net profit rose | 2 of 4 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Avenue Supermarts' revenue in Q2 FY27?
Revenue from operations was ₹19,644 crore, up 17.8% from ₹16,676 crore in Q2 FY26 (consolidated).
Did Avenue Supermarts make a profit in Q2 FY27?
Yes. Net profit was ₹742.98 crore, against a net profit of ₹684.85 crore in Q2 FY26.
What was Avenue Supermarts' EPS in Q2 FY27?
Basic earnings per share were ₹11.40, against ₹10.53 in Q2 FY26.
How did Avenue Supermarts shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.3% from the previous close; the median Diversified Retail stock moved −0.7%.
When did Avenue Supermarts announce its Q2 FY27 results?
On 10 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration Of Financial Results (BSE, 1 October 2026) · PDF
- Outcome of Board Meeting (NSE, 10 October 2026) · PDF
- Press Release (NSE, 10 October 2026) · PDF
- The investor presentation (10 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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