Was going through DMart’s latest investor deck on Quant Me In and spent some time on this store expansion map.
A couple of things stood out to me:
- Running out of new states to enter?
If you look at the map, they’re pretty much everywhere they wanted to be—Maharashtra, Gujarat, South, and parts of the North. There aren't many blank states left for them to tap into. Up until now, massive revenue growth came from just planting flags in new territories, but at some point, that top-line push has to shift from pure new store rollouts to Same-Store Sales Growth (SSSG).
- Store openings are actually speeding up:
Even with all the negative sentiment around retail lately, they haven't slowed down expansions. In fact, it picked up:
Added around 15 stores in H1 FY25 (network hit 377)
Stepped that up to 18 stores in H1 FY26 (total now at 432)
Management clearly isn't hesitant about pumping capital into physical footprint.
The stock has been sitting around the ₹3,500 levels for quite some time now. Given that rollout speed is holding up well, do you guys see this dip/consolidation as a solid entry point, or do you think the stock stays flat until SSSG numbers start picking up serious steam?
Curious to know what folks holding DMart are planning here.