DMart Q3 Results – Steady Growth with Margin Expansion

Avenue Supermarts (DMart) reported a healthy Q3 performance, supported by operating leverage and margin improvement despite price deflation in staples. Q3 Financial Highlights (YoY) Net Profit: ₹856 crore, up 17% vs ₹733 crore Revenue: ₹18,101 crore, up 13.3% vs ₹15,972 crore EBITDA: ₹1,463 crore, up 20.2% vs ₹1,217.5 crore EBITDA Margin: 8.1% vs 7.7% Operational Updates 10 new stores opened during the quarter Total store count: 442 stores as of 31 December 2025 Management Commentary Revenue growth was partially impacted by deflation in staples, which weighed on topline growth despite healthy volumes Why this matters Margin expansion indicates operating efficiency and cost control Continued store additions support long-term growth visibility Staples deflation impacted revenue but may aid value-led volume growth Investor takeaway DMart delivered consistent earnings growth and margin improvement, even in a deflationary environment. Store expansion and execution efficiency remain key drivers of long-term performance. If you found this post helpful, do follow me for more such insights!