DMart Q1 earnings preview: Net profit, EBITDA may grow in double digits; demand outlook among key things to track 

Retail chain major DMart (listed as Avenue Supermarts) will announce its Q1 or June 2026 quarter earnings on Saturday (July 11). The retail major will announce its earnings eight days after the business updates for the June quarter. Key monitorables to watch out for during the Q1 earnings are demand outlook - metros/Tier 2/3 towns, store expansion guidance, according to brokerage Axis Securities.

Any commentary on business momentum amid rising quick-commerce  competition, same-store sales and store productivity will also be tracked closely. Axis expects consolidated revenue to grow at 15% YoY, led by slower growth and muted store additions. Revenue is seen rising to Rs 18,814 crore in Q1 against Rs 16,360 crore a year ago.

EBITDA is likely to rise 11.4% to Rs 1,448 crore in Q1 against Rs 1299 crore on a YoY basis. The retail chain is likely to post a 9% rise in profit after tax (PAT) of Rs 839 crore in Q1 against Rs 773 crore a year ago.

However, EBITDA margins are likely to fall 25bps on the back of higher operating expenditure. EBITDA margins are expected at 7.7% in the last quarter against 7.9% on a year on a year basis.

Antique Stock Broking expects revenue to rise 15% to Rs 18,343.5 crore in Q1 against a profit of Rs 879 crore, up 8.1% on a year on year basis.

EBITDA may rise 11.6% to Rs 1466 crore on a year-on-year basis and 19.1% on a quarter in quarter basis.

On the retail sector Q1 earnings preview, Antique said profit margins are broadly expected to be stable YoY, or slightly improve from operating leverage. "QSR growth momentum has improved sequentially, we expect low to mid-single digit SSSG for most players. However, pressure on EBITDA margin is expected on account of inflation across operating expenses"

Kotak Equities expects consolidated revenue growth of 15.1% yoy in 1QFY27 (in line with the company update indicating 15.1% yoy standalone revenue growth) led by mid-to-high single digit SSSG and scale-up of newly added stores.

"We believe revenue growth is impacted by competition from QC as well as advance purchases by customers made in 4QFY26. We expect gross merchandise (GM) of 15.4% (an expansion of 10 bps yoy) and EBITDA margin of 7.9% (flat yoy). 1Q is a seasonally strong quarter for gross margins. We expect EBITDA margin to remain flat despite slightly higher GM on account of drag from large store addition in 4QFY26," said the brokerage.

The retail chain is likely to post a 13.9% rise in profit after tax (PAT) at Rs 880.2 in Q1 against Rs 772.8 crore crore a year ago, according to Kotak.

EBITDA may rise by 14.5% to Rs 1487.9 crore on a year-on-year basis and 22.9% on a quarter in quarter basis.

Q1 business updates 

The retailer logged a 15% rise in standalone revenue of Rs 18,343.49 crore for the quarter ended June 2026 against Rs 15,932.12 crore in the corresponding period last year. During the quarter, Avenue Supermarts added three new stores, taking its total store count to 503.

The company's business update for the June quarter indicated that growth moderated during the period, with expansion in operations and sales falling short of some analysts' expectations. Although the retailer continued to strengthen its presence by adding new stores, the pace of revenue growth was softer than anticipated, raising concerns over near-term demand trends and overall business momentum.