DMART

Q1FY26: Steady

's Q1FY26 results tell a story of steady growth without the usual margin magic. Revenue grew a healthy 16.3% to ₹16,359 crores, while EBITDA rose around 9% to ₹1,289 crores. But here's where things get interesting—profits stayed completely flat at ₹773 crores, translating to earnings per share of ₹11.88 versus ₹11.89 last year. The margin pressure is evident. Gross margins appear softer, likely squeezed by inflation and intensifying competition from quick commerce and other retail players. Operating expenses climbed across categories, with other expenses jumping 21.6% year-on-year. This isn't the DMart investors are used to seeing. Traditionally, the company has been a margin expansion story, but competitive dynamics seem to be forcing trade-offs between growth and profitability. The key questions going forward: Is this margin pressure temporary or structural? How is store productivity holding up as competition heats up? And can DMart maintain its value proposition without sacrificing the profitability that made it a retail darling?