DMart follows a cluster-based expansion approach, focusing on deepening penetration in areas where it is already present before expanding to newer regions. The company is debt-free with a strong balance sheet enabling stable earnings growth across business cycles, with 444 total stores as of January 22, 2026.
Cyborg Score Rationale
Q3 FY26 showed 13.15% revenue growth to Rs 17,612.62 crore with EBITDA margins improving to 8.4% from 7.9% year-over-year. However, like-for-like sales growth slowed to 5.6%, its slowest in five quarters, reflecting consumer demand headwinds.
Top Insights
FY2025 revenue was Rs 593.58 billion, up 16.87% year-over-year
Anshul Asawa appointed as CEO effective February 1, 2026, marking leadership transition
Company acquired Health and Glow, a Bangalore-based beauty and personal care brand, in 2023
DMart shows ROCE of 16%, well above the Consumer Retailing industry average of 10%
Named Competitors
Reliance Retail — Leading retail chain with hypermarkets and supermarkets in India
Amazon Fresh — Online grocery and retail delivery service
Flipkart Supermart — E-commerce platform with grocery delivery services