In October 2026, Avenue Supermarts, the company that runs DMart, reported standalone revenue of Rs 19,206 crore for the July to September quarter, up 18.4% from a year earlier. Standalone net profit rose 7.6% to Rs 804 crore, though costs grew faster than profit. The chain opened 15 stores in the quarter, taking its total to 518. Behind it is Radhakishan Damani, one of India’s most private business founders.
The early years
Damani was born on 12 July 1955 in Bikaner, Rajasthan, and grew up in a one-room flat in Mumbai. He started a commerce degree at the University of Mumbai but left after a year. After his father died, he stepped away from the family’s ball bearing business and followed his father’s path to Dalal Street, working as a stockbroker and investor. He went on to become one of the country’s best-known market investors.
The idea
In 1999, Damani ran an Apna Bazaar franchise store in Nerul, Navi Mumbai. He was not convinced by how it worked. In 2000 he left the stock market to build his own model, and in 2002 he opened the first DMart store in Powai, Mumbai.
The hard part
Damani chose a slower and more expensive path than most retailers. Instead of renting space, DMart bought the property for many of its stores. That needed a lot of capital at the start, but it protected the chain from rising rents later. Growth was steady rather than fast: DMart had about 25 stores by 2010.
The company also paid suppliers quickly, within about 10 days of delivery, according to Outlook Business. That made FMCG makers keen to work with it, and some offered better prices in return. That helped DMart keep its shelf prices low, which became its main promise to shoppers.
How it grew
Avenue Supermarts listed on the stock exchanges in 2017, and the public listing gave it more room to expand. Former Shoppers Stop managing director Govind Shrikhande told Outlook Business that Damani sees retail as “a marathon rather than a sprint.” The model of owned stores, a tight product range and low costs stayed the same as the chain moved into more cities.
Lessons for founders
- Control your biggest cost. Owning stores was costly early but saved money for years.
- Treat suppliers well. Paying fast turned vendors into partners.
- Slow growth can win. DMart grew store by store instead of rushing for scale.
Reporting based on Goodreturns, Outlook Business and Radhakishan Damani biography.
Featured image: AKS.9955, via Wikimedia Commons (CC BY-SA 4.0)
