• Event Type: Annual Analyst/Institutional Investors Meet (Conference Call)

• Date and Time: July 28, 2026 (time not specified in transcript)

• Purpose: Discussion of FY26 performance, strategic updates, and future outlook following the transition to new CEO Anshul Asawa.

• Management Participants:

  • Mr. Anshul Asawa – Managing Director and Chief Executive Officer
  • Mr. Ramakant Baheti – Group Chief Financial Officer
  • Mr. Niladri Deb – Chief Financial Officer
  • Mr. Vikram Dasu – Chief Executive Officer, Avenue E-commerce Limited
  • Mr. Rushabh Ghiya – Investor Relations

• Presentation Availability: A presentation was uploaded to exchanges and the company website the week prior to the call.

• Transcript Availability: The full transcript of the conference call is available on the company website at https://www.dmartindia.com/investor-relationship.

• UPSI Statement: The call included standard safe harbor statements, but no explicit statement about unpublished price sensitive information was mentioned in the provided transcript.

• Financial Period Discussed: FY26 (Year ended March 2026)

• Key Financial Highlights (FY26):

  • Turnover: ~INR67,000 crores (16% growth)
  • EBITDA Margin: 7.8%
  • Profit After Tax: INR3,224 crores (4.8% margin)
  • Cash from Operations: INR4,168 crores
  • Inventory Days: 33.2 (increased due to new warehouses)
  • Days Payables: 7.2 (flat)
  • Total Debt: INR2,267 crores (includes AS 116 adjustment; net borrowing ~INR965 crores)
  • Fixed Asset Turnover: 3.2x
  • Inventory Turnover: 12.8x
  • Return on Net Worth: 13.5%
  • ROCE: 17.1%
  • Retail Business Area: 20.6 million square feet
  • Revenue per Square Foot: INR33,422 (flat)
  • Bill Cuts: ~40 crore
  • Like-for-Like Store Growth (stores >2 years old): 8.1%

• Subsidiaries Performance:

  • Avenue E-commerce (online grocery): Sales grew 17%, EBITDA declined 43% (84 bps drain), net loss of INR307 crore
  • Align Retail (grocery packing): Sales grew 16.5%, PAT grew 24%
  • Avenue Food Plaza (fast food): Sales grew 35.5%, returned to profitability with 9% PAT (from loss last year)

• Strategic Themes and Forward-Looking Statements:

  • Store Expansion: Internal target of ~15% annual store growth on base (85 stores added in FY26; 500+ total stores). Focus on cluster-based approach, entering 5 new states in FY26. Open to long-term leasing (68 leased stores currently, 15 added in FY26).
  • E-commerce Strategy: Consolidating DMart Ready to 11 key cities to prove sustainable, profitable model. Focus on improving assortment tailored for online, delivery within 6 hours, and user experience. No plans for quick commerce (10-30 min delivery) or omnichannel integration with physical stores.
  • Technology & Capabilities: Investing in modernizing technology and data stack across operations, supply chain, and categories. Building management bandwidth for larger footprint.
  • Competition: Acknowledged impact of quick commerce on metro stores, but emphasized enduring value proposition of EDLP for large basket shoppers. No significant change in vendor relationships or FMCG focus.
  • Margins: Target gross margin range of 14-15% and net margin around 5% remains unchanged.
  • Private Labels: 20-20-20 strategy unchanged. No conscious effort to drive shelf space; customer choice driven.
  • Category Mix: Stable with slight dip in non-food, marginal increase in food. GMA expected to remain in 22-23% range.
  • Metro Slowdown: Attributed to store saturation, high throughput, capacity constraints, and competition. Addressing through new store openings in same areas.
  • Employee Cost: Increased significantly (33% in standalone) due to investment in capabilities, service levels, and wage code implementation.
  • Funding: Approved INR1,000 crore NCD issuance for capex flexibility and reducing borrowing costs.

Additional Notes Section

• Attachments: The regulatory filing intimates the exchange that the transcript of the conference call is enclosed.

• Financial Data: Extensive financial data for FY26 was disclosed and discussed during the call.

• Logistical Details: Dial-in numbers and access codes were not included in the provided transcript.