New Delhi, May 4 -- Avenue Supermarts, which owns and operates D-Mart stores, fared well on growth and margin in the March quarter (Q4FY26). Standalone revenue increased 19% year-on-year to Rs.17,204 crore, and Ebitda margin expanded for the second straight quarter, rising by 37 basis points in Q4 to 7.16%. D-Mart stores that are two years old or older grew 10.8% in Q4FY26 versus 8.1% in Q4FY25.

But it's on a rough road now. Q4FY26 benefitted from a spike in consumer buying following geopolitical tensions in March, but it normalized towards the end of the month. With this benefit fading, revenue growth may be relatively slower ahead, hurting operating leverage and making it tough to sustain the improving margin trend.

Intense competitio...