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Avenue Supermarts (DMart) | The discount supermarket that bought its stores and removed rent

2026.09.19

Article summary

DMart, operated by Avenue Supermarts, is the most profitable food supermarket chain in India. Because it buys rather than leases most of its stores, selling prices are not dragged along by rising rents, and by narrowing the number of items and concentrating on fast-moving goods it improves both purchase prices and inventory efficiency. Consolidated revenue for FY2026 (fiscal year ended March 2026) was ₹68,821 crore (1 crore = 10 million rupees), up 16% from ₹59,358 crore the previous year, and the store count at the end of FY2026 was 500. It answers quick commerce with a price gap and is also expanding DMart Ready (online). If you sell consumer goods, getting onto the shelf translates straight into sales, but DMart does not stock slow-moving items and drives a hard bargain on price.

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

DMart, operated by Avenue Supermarts, is the most profitable chain among India's food supermarkets. It buys rather than leases most of its stores, and taking rent out of the cost structure is the foundation of its low prices.

Company profile

Item	Details
Legal name	Avenue Supermarts Limited (store name DMart)
Headquarters	Mumbai (Maharashtra)
Consolidated revenue	₹68,821 crore (FY2026 = fiscal year ended March 2026, approx. 1.20 trillion yen). FY2025 was ₹59,358 crore
Number of stores	500 stores (FY2026 = end of the fiscal year ended March 2026)
Products handled	Food, household goods (FMCG), general merchandise and apparel
Listing	Listed on the BSE and NSE

The way low prices are made is built into the structure

Under the banner of "every day low cost, every day low price," the company passes cost savings from procurement, operations, and logistics through to prices. Real estate is the biggest factor of all: it owns many of its stores outright or secures them on ultra-long-term leases, so selling prices are less exposed to rent increases. Commercial rents keep rising in urban India, and this gap compounds year after year. The ratio of owned to leased stores is not disclosed.

The number of items is also kept narrow. Instead of lining up dozens of options in the same category, it concentrates on fast-moving goods. Order volumes per item grow larger, so purchase prices come down and inventory efficiency rises. The sales floor is plain, with fixtures and decoration kept to a minimum.

Consolidated revenue for FY2026 (fiscal year ended March 2026) was ₹68,821 crore, up 16% from ₹59,358 crore in FY2025. The store count at the end of FY2026 was 500. With quick commerce growing, the company is also expanding DMart Ready (online).

The relationship with quick commerce

As 10-minute delivery spreads, the number of trips consumers make for bulk shopping is heading down. DMart answers this with a price gap. Quick commerce has no choice but to load delivery costs and the cost of its dark stores into the price, so the same product is cheaper at DMart.

The question is whether a split settles in where people buy in bulk at DMart on weekends and turn to quick commerce when they run out of something and need it now. The company is going after online as well with DMart Ready, but its where the business is won remains the physical store.

Points for Japanese companies

If you sell consumer goods in India, whether you get onto DMart's shelves translates straight into sales. More than the figure of 500 stores, what matters is that it is a place price-sensitive shoppers return to again and again.

Its terms are demanding, however. It does not stock slow-moving items and pushes hard on price. Japanese products tend to carry a high unit price because of their quality, and as they are, the terms do not line up. If you want to bring a product in, decide first whether you will earn through unit price or through turnover, and for products that cannot compete on turnover it is more realistic to start with sales floors other than DMart, such as higher-priced supermarkets, quick commerce, and e-commerce.