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Built on 10 of our verified reports and 34 web sources

Defend value fashion against Trent; open grocery stores selectively.

Zudio and V-Mart tied in H1 FY27 net store additions, ahead of DMart and Westside
  • Zudio — H1 FY27 net store additions36 net store additions
  • V-Mart — H1 FY27 net store additions36 net additions
  • DMart — H1 FY27 net store additions18 net store additions
  • Westside — H1 FY27 net store additions11 net store additions
Sources [23] [25] [32] [33]
Trent’s reported standalone EBITDA margin exceeded V-Mart’s in Q1 FY27
  • Trent Q1 FY27 standalone EBITDA margin19.6%
  • V-Mart Q1 FY27 standalone EBITDA margin14.8%
Sources [14] [15]
Trent and V-Mart revenue growth outpaced DMart in H1 FY27
  • Trent standalone revenue growth, H1 FY2721%
  • V-Mart provisional revenue growth, H1 FY2721%
  • DMart consolidated revenue growth, H1 FY2716.4%
Sources [19] [20] [21]
V-Mart gross store openings were higher in Q2 than Q1 FY27
  • V-Mart Q1 FY27 gross store openings15 gross openings
  • V-Mart Q2 FY27 gross store openings23 gross store openings
Sources [27] [28]
On this page · 8 sections
  1. What it means for your next decision
  2. Worked example
  3. Comparable growth and profitability
  4. Expansion and catchment overlap
  5. Category share gains
  6. Inventory and pricing pressure
  7. Our FY27 operating choices
  8. What to watch
  9. Sources
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Trent’s Q2 FY27 standalone revenue grew 23%, making value-fashion catchments a defensive priority—but its latest existing-store growth was much weaker than its headline expansion. [1] Trent · Trent jumps 12.64% to Rs 2,906 on 23% Q2 standalone revenue growth as Avenue Supermarts hits a 52-week low [2] source 2, dsijpub.s3.ap-south-1.amazonaws.com DMart’s Q2 FY27 EBITDA margin fell to 7.3%, so grocery openings need a stronger catchment-demand case, not simply confidence in the format’s scale. [3] DMart · DMart parent Avenue Supermarts' Q2 EBITDA margin slips to 7.3%, below 7.7% poll estimate; shares fall 4%

What it means for your next decision

Worked example

What could selective apparel repricing mean for sales?

Our arithmetic on the cited figures, with your assumption. Not a reported number.

Puts a number on: Protect food prices, not every aisle

Cited
Lifestyle India's expected eventual apparel price increase, September update6–8% [44] Lifestyle India · Resurfaced September read: retailers confident for festive, Trent up 23%, but 54% absorb costs via thinner margins
Your annual apparel sales at current prices and unchanged volumescroreOur default. Type your own; the arithmetic updates.
Our arithmetic · not a reported number
Additional annual apparel sales value at Lifestyle's pricing benchmark₹120–160 crore6–8% of ₹2,000 crore = ₹120–160 crore

Treat this as a full-year pricing scenario, not guaranteed revenue, and test demand before repricing apparel while protecting food value.

Zudio and V-Mart tied in H1 FY27 net store additions, ahead of DMart and Westside
  • Zudio — H1 FY27 net store additions36 net store additions
  • V-Mart — H1 FY27 net store additions36 net additions
  • DMart — H1 FY27 net store additions18 net store additions
  • Westside — H1 FY27 net store additions11 net store additions
Sources [23] [25] [32] [33]
Trent’s reported standalone EBITDA margin exceeded V-Mart’s in Q1 FY27
  • Trent Q1 FY27 standalone EBITDA margin19.6%
  • V-Mart Q1 FY27 standalone EBITDA margin14.8%
Sources [14] [15]
Trent and V-Mart revenue growth outpaced DMart in H1 FY27
  • Trent standalone revenue growth, H1 FY2721%
  • V-Mart provisional revenue growth, H1 FY2721%
  • DMart consolidated revenue growth, H1 FY2716.4%
Sources [19] [20] [21]
V-Mart gross store openings were higher in Q2 than Q1 FY27
  • V-Mart Q1 FY27 gross store openings15 gross openings
  • V-Mart Q2 FY27 gross store openings23 gross store openings
Sources [27] [28]

Comparable growth and profitability

Trent’s September-quarter sales lead is real, but it is not yet a same-period profitability lead: its Q2 FY27 standalone revenue reached ₹5,788 crore, up 23%, while its financial-results board meeting is scheduled for 29 October 2026. [1] Trent · Trent jumps 12.64% to Rs 2,906 on 23% Q2 standalone revenue growth as Avenue Supermarts hits a 52-week low [8] source 8, economictimes.indiatimes.com [9] source 9, moneycontrol.com V-Mart’s Q2 FY27 revenue was provisional at ₹953 crore, up 18%, whereas DMart had released financial results showing Q2 FY27 revenue of ₹19,644 crore, up 17.8%. [10] source 10, sahi.com [11] source 11, sahi.com [12] DMart · DMart Q2 net profit rises 8.5% to ₹743.5 crore as revenue climbs 17.8% to ₹19,644 crore These are different-sized businesses and different reporting stages; the sales ranking favours Trent, but the September-quarter profit ranking remains premature. [3] DMart · DMart parent Avenue Supermarts' Q2 EBITDA margin slips to 7.3%, below 7.7% poll estimate; shares fall 4% [9] source 9, moneycontrol.com [10] source 10, sahi.com

DMart’s profit lag is the clearest completed-quarter finding: RetailIntel’s 10 October 2026 report gave Q2 FY27 net profit as ₹742.98 crore, while its 12 October report gave ₹743.5 crore; both reported 8.5% growth, below revenue growth. [12] DMart · DMart Q2 net profit rises 8.5% to ₹743.5 crore as revenue climbs 17.8% to ₹19,644 crore [13] DMart · DMart parent Avenue Supermarts Q2 net profit rises 8.5% to ₹742.98 crore as total income grows nearly 18% Its Q2 FY27 EBITDA margin was 7.3%, against 7.6% in Q2 FY26, as of September 2025. [3] DMart · DMart parent Avenue Supermarts' Q2 EBITDA margin slips to 7.3%, below 7.7% poll estimate; shares fall 4% Trent’s latest disclosed standalone EBITDA margin was 19.6% in Q1 FY27; V-Mart’s was 14.8% on its Q1 FY27 standalone reporting basis, but 7.6% before Ind AS 116. [14] source 14, dsijpub.s3.ap-south-1.amazonaws.com [15] source 15, simplehai.axisdirect.in [16] source 16, investing.com That lease-accounting difference makes the raw margin spread unsuitable as a store-format profitability ranking, before allowing for apparel versus grocery economics. [6] source 6, api.dmartindia.com [15] source 15, simplehai.axisdirect.in [16] source 16, investing.com [17] source 17, investing.com

DMart’s Q2 FY27 like-for-like growth of 9.5% gives it a stronger disclosed existing-store signal than Trent’s low-single-digit Q1 FY27 growth, although the periods differ. [2] source 2, dsijpub.s3.ap-south-1.amazonaws.com [4] DMart · DMart adds 15 stores in 2Q to reach 518; Motilal Oswal stays Neutral, trims target to Rs 3,925 after profit miss V-Mart’s Q2 FY27 same-store growth was 3%, or 11% after its adjustment for a 19-day festive-calendar shift; the adjusted figure is not interchangeable with unadjusted demand. [5] source 5, sahi.com [18] source 18, sahi.com Across H1 FY27, Trent’s standalone revenue grew 21%, V-Mart’s provisional revenue grew 21%, and DMart’s consolidated revenue grew 16.4%. [19] source 19, economictimes.indiatimes.com [20] source 20, retail.economictimes.indiatimes.com [21] source 21, m.economictimes.com The useful distinction is therefore expansion-led apparel growth versus stronger measured grocery like-for-like growth—not a clean, common-basis league table. [2] source 2, dsijpub.s3.ap-south-1.amazonaws.com [4] DMart · DMart adds 15 stores in 2Q to reach 518; Motilal Oswal stays Neutral, trims target to Rs 3,925 after profit miss [5] source 5, sahi.com [18] source 18, sahi.com

Expansion and catchment overlap

DMart reached a reported network of 518 stores at September 2026 after 18 net additions in H1 FY27, including 15 additions in Q2 FY27. [4] DMart · DMart adds 15 stores in 2Q to reach 518; Motilal Oswal stays Neutral, trims target to Rs 3,925 after profit miss [22] DMart · Avenue Supermarts H1 FY2027 deck (filed October): DMart store count 518, incl. Sanpada outlet shut for reconstruction [23] source 23, economictimes.indiatimes.com That count includes Sanpada in Navi Mumbai, temporarily closed for reconstruction; it is not a count of simultaneously trading outlets, nor does Sanpada represent a permanent catchment exit. [22] DMart · Avenue Supermarts H1 FY2027 deck (filed October): DMart store count 518, incl. Sanpada outlet shut for reconstruction DMart’s September 2026 retail business area reached 21.4 million sq. ft., up 19.6% year-on-year, giving area growth a larger role than the store tally alone suggests. [24] source 24, thehindubusinessline.com

V-Mart’s H1 FY27 expansion comprised 38 gross openings, 2 closures and 36 net additions, ending September with 613 operational stores; its Q2 FY27 gross openings were 23. [25] source 25, retail.economictimes.indiatimes.com [26] source 26, groww.in [27] source 27, sahi.com Its Q1 FY27 openings comprised 3 Tier-1, 6 Tier-2, 4 Tier-3 and 2 Tier-4 locations, while Unlimited had 101 operating stores at June 2026. [28] source 28, investing.com [29] source 29, investing.com V-Mart’s June 2026 retail area was 50 lakh sq. ft.; that earlier date and different measurement unit make a direct September-area productivity comparison with DMart misleading. [24] source 24, thehindubusinessline.com [30] source 30, economictimes.indiatimes.com Management’s FY27 target remained 90-plus new store additions, indicating continued competitive pressure beyond the openings already completed. [31] source 31, simplehai.axisdirect.in

Trent added 11 Westside stores net and 36 Zudio stores net in H1 FY27; within Q2 FY27, the respective additions were 10 and 17. [32] source 32, economictimes.indiatimes.com [33] source 33, economictimes.indiatimes.com [34] source 34, economictimes.indiatimes.com [35] source 35, economictimes.indiatimes.com Its portfolio reached 1,342 stores at September 2026, while approximately 70% of Zudio’s existing stores were in Tier-2 and Tier-3 markets at FY26 year-end. [7] Trent · Offline still drives 83% of India's apparel sales as digital-first brands like Nykaa and Neeman's open stores [36] source 36, economictimes.indiatimes.com [37] source 37, tata.com Agenty counts 59 Zudio stores in Hyderabad, 55 in Bengaluru and 33 in Pune in October 2026, making those cities defensive value-fashion territories rather than obvious vacant markets. [38] source 38, agenty.com Smaller cities are not automatic alternatives either: Zudio’s tier mix and V-Mart’s opening distribution put both competitors squarely into that next-location contest. [28] source 28, investing.com [37] source 37, tata.com

Category share gains

V-Mart’s Q1 FY27 sales mix was 81% apparel, 10% FMCG and 9% non-apparel, making it a much closer category comparator for value fashion than DMart’s total revenue. [17] source 17, investing.com DMart’s FY26 mix was 57.90% foods, 19.82% non-food FMCG and 22.28% general merchandise/apparel. [6] source 6, api.dmartindia.com DMart’s headline growth therefore cannot demonstrate apparel-share gains, just as Trent’s growth cannot establish who is winning grocery spending. [1] Trent · Trent jumps 12.64% to Rs 2,906 on 23% Q2 standalone revenue growth as Avenue Supermarts hits a 52-week low [6] source 6, api.dmartindia.com [12] DMart · DMart Q2 net profit rises 8.5% to ₹743.5 crore as revenue climbs 17.8% to ₹19,644 crore [17] source 17, investing.com

CareEdge estimates India’s FY25 apparel market at ₹9.30 lakh crore, as of March 2025, with organised retail accounting for 41%; it estimates the top seven apparel retailers’ organised-market share at 16% for FY25, as of March 2025. [39] source 39, careratings.com [40] source 40, careratings.com Its value-fashion forecast runs from ₹3.5 lakh crore as of March 2024 to ₹5 lakh crore in FY30, at approximately 7% CAGR. [41] source 41, careratings.com Trent’s and V-Mart’s Q2 FY27 revenue growth exceeds that long-run category-growth forecast, making them credible candidates for share capture through network expansion, but not establishing how much comparable-store share each gained. [1] Trent · Trent jumps 12.64% to Rs 2,906 on 23% Q2 standalone revenue growth as Avenue Supermarts hits a 52-week low [11] source 11, sahi.com [41] source 41, careratings.com

DMart’s Q2 FY27 like-for-like growth of 9.5% is the stronger signal of demand within an established estate, while Trent’s latest low-single-digit same-store growth points to a greater expansion contribution. [2] source 2, dsijpub.s3.ap-south-1.amazonaws.com [4] DMart · DMart adds 15 stores in 2Q to reach 518; Motilal Oswal stays Neutral, trims target to Rs 3,925 after profit miss V-Mart’s Q2 FY27 calendar-adjusted growth strengthens its apparel-demand case, but the difference between 3% reported and 11% adjusted makes timing material to that interpretation. [5] source 5, sahi.com [18] source 18, sahi.com September 2026 retail inflation of 5.54% also means nominal sales growth is not equivalent to volume or market-share growth. [42] DMart · DMart Q2 margins come under pressure despite strong sales growth as India retail inflation rises to 5.54% The defensible category conclusion is stronger organised-fashion reach and healthy DMart existing-store sales—not a quantified transfer of share between these unlike businesses. [4] DMart · DMart adds 15 stores in 2Q to reach 518; Motilal Oswal stays Neutral, trims target to Rs 3,925 after profit miss [25] source 25, retail.economictimes.indiatimes.com [32] source 32, economictimes.indiatimes.com [33] source 33, economictimes.indiatimes.com

Inventory and pricing pressure

V-Mart’s Q2 FY27 gap between 18% total growth and 3% reported same-store growth makes headline revenue a poor multiplier for seasonal purchase quantities; its 11% calendar-adjusted growth gives a materially different demand reading. [5] source 5, sahi.com [11] source 11, sahi.com [18] source 18, sahi.com New stores and festive timing can support revenue without requiring the same inventory increase at established locations, especially alongside its H1 FY27 net expansion. [5] source 5, sahi.com [18] source 18, sahi.com [25] source 25, retail.economictimes.indiatimes.com This month’s reorders should therefore favour proven local sell-through rather than reproducing chain-wide revenue growth in purchase quantities. [5] source 5, sahi.com [11] source 11, sahi.com [18] source 18, sahi.com

DMart’s Q2 FY27 sales per store fell 0.7% year-on-year and bills per store per day fell 4.1%, according to Prabhudas Lilladher, despite 76 additions over three quarters. [43] DMart · Prabhudas Lilladher downgrades Avenue Supermarts to Reduce, cuts target price to Rs 3,214 from Rs 4,027 Those estate-wide measures can coexist with 9.5% like-for-like growth because new-store dilution and mature-store performance measure different things. [4] DMart · DMart adds 15 stores in 2Q to reach 518; Motilal Oswal stays Neutral, trims target to Rs 3,925 after profit miss [43] DMart · Prabhudas Lilladher downgrades Avenue Supermarts to Reduce, cuts target price to Rs 3,214 from Rs 4,027 Catchment saturation is therefore not the sole explanation: rapid estate growth, changing productivity and the brokerage’s cited quick-commerce competition all belong in the operating interpretation. [43] DMart · Prabhudas Lilladher downgrades Avenue Supermarts to Reduce, cuts target price to Rs 3,214 from Rs 4,027 The margin decline nevertheless makes a blanket price response expensive, particularly when foods dominate DMart’s mix. [3] DMart · DMart parent Avenue Supermarts' Q2 EBITDA margin slips to 7.3%, below 7.7% poll estimate; shares fall 4% [6] source 6, api.dmartindia.com

Lifestyle India expects eventual apparel price increases of 6-8%, while 52% of CMAI members expected festive sales to exceed the previous year in the September 2026 survey. [44] Lifestyle India · Resurfaced September read: retailers confident for festive, Trent up 23%, but 54% absorb costs via thinner margins That is a price expectation and a sentiment survey, not realised unit sell-through; rising ticket values can flatter revenue without clearing more seasonal stock. [44] Lifestyle India · Resurfaced September read: retailers confident for festive, Trent up 23%, but 54% absorb costs via thinner margins The sharper buying distinction is mature-store demand versus newly opened selling space, rather than an assumed inventory-days or markdown advantage for the fastest-growing chain. [2] source 2, dsijpub.s3.ap-south-1.amazonaws.com [5] source 5, sahi.com [18] source 18, sahi.com [25] source 25, retail.economictimes.indiatimes.com

Our FY27 operating choices

Zudio’s October 2026 concentrations in Hyderabad, Bengaluru and Pune make existing-store apparel defence the first exposure in those cities, while its FY26 tier distribution makes smaller-city expansion equally competitive. [37] source 37, tata.com [38] source 38, agenty.com The next opening plan should favour differentiated, locally proven formats over another undifferentiated value-fashion box in those overlapping markets. [37] source 37, tata.com [38] source 38, agenty.com V-Mart’s H1 FY27 closures alongside gross openings also show that network growth can include estate pruning; DMart’s Sanpada reconstruction, by contrast, should not be treated as a permanent competitive withdrawal. [22] DMart · Avenue Supermarts H1 FY2027 deck (filed October): DMart store count 518, incl. Sanpada outlet shut for reconstruction [25] source 25, retail.economictimes.indiatimes.com

DMart’s FY26 food-heavy mix makes grocery essentials the clearest price-defence category, while its Q2 FY27 margin decline weakens the case for broad discounting across general merchandise and apparel. [3] DMart · DMart parent Avenue Supermarts' Q2 EBITDA margin slips to 7.3%, below 7.7% poll estimate; shares fall 4% [6] source 6, api.dmartindia.com V-Mart’s reported and calendar-adjusted Q2 FY27 demand readings make selective replenishment more credible than either indiscriminate stocking or a chain-wide clearance response. [5] source 5, sahi.com [18] source 18, sahi.com The relevant opening and exit distinction is catchment productivity, not which competitor has the highest total growth rate: DMart’s stronger like-for-like sales and weaker estate-wide bills demonstrate why those measures must remain separate. [4] DMart · DMart adds 15 stores in 2Q to reach 518; Motilal Oswal stays Neutral, trims target to Rs 3,925 after profit miss [43] DMart · Prabhudas Lilladher downgrades Avenue Supermarts to Reduce, cuts target price to Rs 3,214 from Rs 4,027

CMAI puts offline at 83% of Indian apparel sales in CY2025, keeping physical stores central to the apparel channel choice. [7] Trent · Offline still drives 83% of India's apparel sales as digital-first brands like Nykaa and Neeman's open stores Prabhudas Lilladher’s attribution of some DMart pressure to quick commerce makes convenience access more urgent for grocery, but competition for bills is not itself an attractive online profit pool. [43] DMart · Prabhudas Lilladher downgrades Avenue Supermarts to Reduce, cuts target price to Rs 3,214 from Rs 4,027 Partnership is therefore a lower-commitment response to channel pressure, rather than a claim that competitors’ delivery economics justify a proprietary fulfilment network. [7] Trent · Offline still drives 83% of India's apparel sales as digital-first brands like Nykaa and Neeman's open stores [43] DMart · Prabhudas Lilladher downgrades Avenue Supermarts to Reduce, cuts target price to Rs 3,214 from Rs 4,027

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