DMart Q4 FY26 revenue jumps 19% as stores hit 500

Stock rises after revenue update

Avenue Supermarts Ltd, which operates the DMart retail chain, saw its shares move higher after it reported stronger-than-expected revenue for the March quarter. On the BSE, the stock rose 3.4% during trade and hit an intra-day high of ₹4,512.6 per share. At 9:28 AM, the share price was 1.05% higher at ₹4,406 on the BSE. On the NSE, the stock opened at ₹4,450 and rose to an intraday high of ₹4,518.10. At 10:40 AM, it was trading at ₹4,410.30, up 1.10%.

What the company reported for Q4 FY26

In a business update filed on 3 April, Avenue Supermarts reported that its standalone revenue from operations for the quarter ended March 31, 2026, stood at ₹17,204.5 crore. This compares with ₹14,462.39 crore in the same quarter a year ago, translating into about 19% year-on-year growth. The update was focused on revenue and store network changes, and the company had not yet reported profit numbers for the quarter. The market reaction, therefore, was largely driven by the revenue beat versus estimates cited in the report.

Store additions hit a record in the quarter

Store expansion accelerated sharply in Q4 FY26. Avenue Supermarts added 58 stores in the quarter, the highest it has added in any single quarter. This took the total additions for FY26 to 85 stores, also the highest for any year based on the information provided. As of March 31, 2026, the total number of stores stood at 500.

The company also disclosed an operational detail relevant for footfall: one store at Sanpada, Navi Mumbai, Maharashtra, is currently closed for customers due to reconstruction. The headline store count of 500 includes this location.

Revenue trend in recent March quarters

The March-quarter revenue number continues an upward trend over the last three financial years for which figures were cited. Q4 FY26 revenue of ₹17,204.5 crore was above Q4 FY25 and Q4 FY24, indicating scale-up alongside a faster store rollout. While the company has not provided profitability numbers in this update, the revenue trajectory is a key datapoint for tracking operating leverage and growth consistency.

How brokerages read the update

A brokerage note cited in the material said the Q4 FY26 revenue update implies a sharp acceleration in same store sales growth (SSSG) to 10%, compared with 6% to 7% SSSG in the preceding two quarters. It also highlighted that revenue growth in Q4 accelerated to 19% after a weaker 13% growth in Q3 FY26. The note described the quarterly volatility as unusual based on the company’s prior history.

The same note pointed out that the newly opened stores would not have materially contributed to Q4 revenue, given the timing of openings, implying that the higher growth rate likely reflects better performance of the existing network alongside ongoing expansion.

Expansion plans and long-term store opportunity

The cited brokerage expectations build in a compound annual growth rate (CAGR) of 19% in consolidated revenue, 20% in EBITDA, and 16% in PAT over FY26 to FY28. This is linked to an estimated 16% CAGR in retail store count or area, along with mid-to-high-single-digit like-for-like growth.

Separately, management commentary referenced in the material indicated the company plans to expand its store network by 10% to 15% annually, with an ambition to accelerate growth to 15% to 20% year-on-year. Management also pegged the long-term store potential at about 2,000 to 2,200 full-fledged DMart stores.

Recent quarterly context: Q3 FY26 results

For the quarter ended December 2025 (Q3 FY26), the report cited consolidated net profit of ₹856 crore, up 17% year-on-year from ₹733 crore. Consolidated revenue from operations for Q3 FY26 was ₹18,101 crore, up 13.3% year-on-year from ₹15,972 crore. The company had earlier reported a standalone revenue figure of ₹17,612 crore in its Q3 business update, marking a 13% year-on-year increase, broadly in line with the final reported numbers.

This context matters because the Q4 FY26 update shows a faster revenue growth rate than the immediately preceding quarter, alongside a step-up in store additions.

Market impact: what changed for investors

The immediate trigger for the stock move was the revenue print and the pace of expansion. Q4 FY26 standalone revenue of ₹17,204.5 crore signalled a stronger top-line performance than estimates referenced in the brokerage note, while the record 58 store additions in the quarter reinforced the view that execution on openings improved during FY26.

At the same time, the material flags two investor watchpoints. First, the brokerage note called out sharp quarter-to-quarter volatility in performance, including the swing from 13% growth in Q3 FY26 to 19% in Q4 FY26. Second, rapid store opening can bring upfront costs, which becomes relevant once the company reports Q4 profit and margin numbers.

Conclusion

Avenue Supermarts’ Q4 FY26 business update combined a 19% year-on-year revenue rise to ₹17,204.5 crore with record store additions, taking the network to 500 stores as of March 31, 2026. The next market catalyst will be the company’s detailed quarterly results, including profit and margin disclosures, after this revenue-focused update.