Avenue Supermarts Q2 FY27 Results: Consolidated Net Profit ₹743 Crore on Total Income of ₹19,658 Crore

Earnings
Retail

Blacklitt Research10 October 20263 min read

Supermarket shelves stacked with egg cartons and dairy products — Raysonho, via Wikimedia Commons (CC0 1.0). Illustrative image.

Avenue Supermarts reported consolidated total income of ₹19,657.54 crore and net profit of ₹742.98 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹19,229.45 crore and net profit was ₹803.60 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹19,658 crore, up 17.7% YoY, up 4.4% QoQ
Net profit: ₹743 crore, up 8.5% YoY, down 13.7% QoQ
EPS: ₹11.40, against ₹10.53 in Q2 FY26
Depreciation: ₹317.75 crore, up 25.4% YoY; finance costs ₹63.90 crore, up 82.8%

Standalone

The company on its own, without its subsidiaries

Total income: ₹19,229 crore, up 18.3% YoY, up 4.6% QoQ
Net profit: ₹804 crore, up 7.6% YoY, down 14.1% QoQ
EPS: ₹12.32, against ₹11.47 in Q2 FY26
Net profit: ₹803.60 crore, down 14.1% QoQ from ₹935.77 crore

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	19,657.54	16,695.87	+17.7%	18,820.31	+4.4%
Revenue from operations	19,644.01	16,676.30	+17.8%	18,794.53	+4.5%
Other income	13.53	19.57	-30.9%	25.78	-47.5%
	742.98	684.85	+8.5%	860.44	-13.7%
Finance costs	63.90	34.96	+82.8%	54.28	+17.7%
Depreciation	317.75	253.47	+25.4%	287.70	+10.4%
Tax expense	281.86	259.94	+8.4%	322.70	-12.7%
Net profit margin	3.78%	4.10%	-0.32 pp	4.57%	-0.79 pp
Tax as share of profit before tax	27.5%	27.5%	-0.01 pp	27.3%	+0.23 pp
EPS, basic (₹)	11.40	10.53	+8.3%	13.20	-13.6%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Profit grew at under half the pace of revenue, because depreciation, interest and staff costs grew faster than sales. Revenue from operations rose 17.8% to ₹19,644.01 crore and net profit 8.5% to ₹742.98 crore, a margin of 3.78% against 4.10%. Depreciation rose 25.4% to ₹317.75 crore, finance costs 82.8% to ₹63.90 crore and employee benefits expense 18.7% to ₹447.14 crore, and the filing does not explain what the larger borrowing and asset base relate to. Tax was 27.5% of profit before tax in both years.

The operating margin, the company's measure of earnings before finance costs, taxes and depreciation as a share of revenue, was 7.09% in the quarter against 7.98% in June. Against June revenue rose 4.5% but profit fell 13.7% from ₹860.44 crore. For H1 FY27 revenue from operations is ₹38,438.54 crore against ₹33,036.00 crore (+16.4%) and net profit ₹1,603.42 crore against ₹1,457.66 crore (+10.0%). Earnings per share were ₹11.40 against ₹10.53.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	19,229.45	16,251.71	+18.3%	18,381.25	+4.6%
Revenue from operations	19,206.18	16,218.79	+18.4%	18,343.49	+4.7%
Other income	23.27	32.92	-29.3%	37.76	-38.4%
	803.60	746.55	+7.6%	935.77	-14.1%
Finance costs	59.55	31.84	+87.0%	50.60	+17.7%
Depreciation	287.04	228.22	+25.8%	262.07	+9.5%
Tax expense	276.27	256.27	+7.8%	316.23	-12.6%
Net profit margin	4.18%	4.59%	-0.41 pp	5.09%	-0.91 pp
Tax as share of profit before tax	25.6%	25.6%	+0.03 pp	25.3%	+0.33 pp
EPS, basic (₹)	12.32	11.47	+7.4%	14.35	-14.1%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The standalone company earns more than the group, as it did a year ago. Standalone net profit of ₹803.60 crore is ₹60.6 crore above the consolidated profit (derived), against about ₹61.7 crore a year ago, so the subsidiaries together lose about the same amount as last year. Standalone revenue from operations rose 18.4% to ₹19,206.18 crore, and the profit rose 7.6%.

Standalone finance costs rose 87.0% to ₹59.55 crore and depreciation 25.8% to ₹287.04 crore. The company says it is primarily in retail trade through offline channels and has no separate reportable segment. The filing gives no breakdown of revenue by store or region.

Inference

DMart's sales are growing about 18% while profit grows 8%, because costs of the larger store base and its financing are growing faster than sales.

The filing does not break down revenue by store or give an outlook, so whether the margin recovers toward June's is not known from it.

Reference: Original filing (PDF)

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