1. Revenue growth of 15% to 20% CAGR dependent on accelerated store additions Delivered - At the Q1 FY25 call, management said it was "getting more and more challenging to maintain a 15% to 20% CAGR growth rate" at only 40 stores per annum, with accelerated store additions as the real driver. Store additions accelerated to 85 in FY26, and revenue growth stayed in the 15-16% range - FY25 16.87%, FY26 15.94%, TTM 15.58% - at the lower end of the band.
2. Capital commitments of ₹3,600 crore construction cost over next 2-3 years Delivered - At the Q1 FY25 call, management stated capital commitments of ₹3,600 crore (vs ₹2,100 crore YoY) were "a fair indication of the likely construction cost" budgeted over the next two, three years. FY26 capex ran upwards of ₹4,000 crore, and CWIP rose from ₹1,099 crore in FY25 to ₹1,300 crore in FY26, exceeding the commitment in FY26 alone.
3. Same-store sales growth around last year's level (\~8.1% LFL) On track - At the Q1 FY27 call, management expected SSSG for older stores to hover around last financial year's \~8.1% LFL, "not likely to go up considerably," with quick-commerce impact on metro SSSG persisting over the next few years. Q1 FY27 LFL growth for stores older than 24 months came in at 5.5%, below FY26's 8.1%, with the full-year read pending.
4. Borrowings around ₹2,000 crore by end of FY27 On track - At the Q1 FY27 call, management guided borrowings could go to around ₹2,000 crore by year-end, with a ₹1,000 crore NCD approved potentially in addition to \~₹800 crore of CP, to manage capex and reduce cost of debt. Total debt stood at ₹2,425 crore as of 31 Aug 2026 against FY26's ₹2,267 crore, and the ₹1,000 crore NCD was rated ICRA AAA (Stable) on 24th August 2026.
5. Net margin North Star of \~5% On track - At the Q1 FY27 call, management stated a net margin North Star of around 5% for the business "even in the future," with no material downside expected. FY26 PAT margin was 4.8% and Q1 FY27 came in at 5.1%, with TTM PAT margin around 4.3%.
6. DMart Ready losses to reduce significantly, proving a profitable model in 11 cities Pending - At the Q1 FY27 call, management stated DMart Ready losses would be "reduced significantly" with a path to drive the business more profitably, aiming to prove the model in 11 cities before expanding further. FY26 AEL loss widened to ₹307 crore from ₹247 crore in FY25 with EBITDA down about 43%; no FY27 read is available yet.
7. DMart Ready - no quick commerce, current model continued, large-town fulfilment centres with at least 12-hour delivery Delivered - At the Q1 FY25 call, management committed to not doing quick commerce and building fulfilment centres in large towns "as quickly as possible so that we are able to deliver in at least 12 hours"; by Q1 FY27 it reiterated no quick-commerce experimentation, focusing on 11 key cities with 6-hour delivery. At Q1 FY25, \~40-45% of deliveries were within 12 hours and \~86% within 24; the footprint narrowed from 25 cities in FY25 to 18 in FY26 and 11 at Q1 FY27, with seven cities exited, AEL revenue up \~17% in FY26 but loss widening to ₹307 crore, and no quick commerce launched.
8. FY25 GMA contribution equal to or better than FY24 Missed - At the Q1 FY25 call, management committed "with a reasonable confidence" that FY25 GMA contribution would be "equal to or better than FY24". FY25 GMA share came in at 22.26% against FY24's 22.37% - a slight decline, not equal or better.
9. GMA mix reset to \~23%, down from historical 26-28% Delivered - At the Q1 FY25 call, management reset expectations: "we are not going to be 28% or 27% like it used to be earlier. A broad trend line will be around the current run rates of around 23%", reiterated at Q1 FY27 as a 22%-23% range with no intent to return to historical levels. FY26 GMA share was 22.28% (FY25: 22.26%), within range; Q1 FY27 printed 25.47% (Q1 FY26: 24.73%), a single quarter above range.
10. Gross margin maintained in the 14%-15% (or 14%-15.5%) range Delivered - At the Q1 FY25 call, management guided gross margin to stay in the 14%-15% (or 14%-15.5%) range, with anything beyond passed to customers; at Q1 FY27 it reiterated 14%-15% as the "North Star". FY26 standalone gross margin expanded 16 bps, and Q1 FY27 OPM was 7.98%, with no disclosure of a breach of the guided range in the record.
11. Store additions of 40-45 stores per year, 40-60 range over three years Delivered - At the Q1 FY25 call, management committed to "around 40-50 stores" annually, firmly "40-45, we will do, every year" subject to permissions, with "a range of 40 to 60 over the next three years" and a hope for a better rate of additions "the year after that"; by Q1 FY27 it shifted to an internal benchmark of \~15% of the store base annually. FY25 saw 50 stores added and FY26 saw 85, crossing the 500-store milestone - 20.5% on a base of 415 - while Q1 FY27 added 3 stores for a total of 503, with management noting last year's openings exceeded expectations on faster property readiness.