business · Business / Consumer / Retail / Earnings
Q2 shopping basket: DMart ₹19,206 crore, Trent +23%, Nykaa late-20s — but input costs are back
Six consumer companies filed September-quarter updates over the weekend and Monday. Avenue Supermarts (DMart) revenue ₹19,206.18 crore, +18.4%; Trent ₹5,788 crore, +23%, with its 1,000th Zudio store; AWL Agri Business revenue +24% on 12% volume growth; Nykaa net revenue growth expected in the late twenties. Godrej Consumer and Marico both expect strong quarters — and both flag rising crude-linked input costs.
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What the filings say (quarter ended 30 Sep 2026, provisional):
| Company | Hard print or company range | Notes |
|---|---|---|
| Avenue Supermarts (DMart) | Standalone revenue ₹19,206.18 crore vs ₹16,218.79 crore → +18.4% | 518 stores |
| Trent | Standalone revenue ₹5,788 crore vs ₹4,724 crore → +23%; H1 ₹11,454 crore, +21% | 1,342 stores; 1,000th Zudio opened |
| AWL Agri Business | Revenue +24%, volume +12% YoY | Food & FMCG crossed ₹2,000 crore in a quarter |
| Nykaa (FSN E-Commerce) | Net revenue growth expected in the late twenties (range) | 338 stores; some festive sales shift to Q3 |
| Godrej Consumer | Consolidated revenue growth expected high-teens (range); EBITDA growth double-digit | Flags El Niño, uneven monsoon, input inflation |
| Marico | Consolidated revenue growth expected double-digit (range); operating profit mid-twenties | India underlying volume growth double-digit |
Hard print vs range: DMart, Trent and AWL gave numbers. Nykaa, Godrej Consumer and Marico gave growth bands only — read them as company guidance for the quarter, not results.
Takeaway: Shoppers kept spending through the September quarter — value retail and staples led. The warning sign is cost: both Godrej Consumer and Marico say crude-linked inputs got more expensive. Full results come later this month. Not investment advice.
Analysis
Value retail is still the engine
DMart added about ₹2,987 crore of quarterly revenue year on year (Capital Chronicle arithmetic). The company’s own four-year table shows the September quarter rising from ₹12,307.72 crore (2023) to ₹19,206.18 crore (2026) — a ~16% compounded pace (Capital Chronicle arithmetic).
Trent grew faster, at 23%, and says revenue from merchandise sales grew at the same pace. Net store additions in Q2 were 10 Westside and 17 Zudio; the group passed 1,000 Zudio stores during the quarter.
Staples: volume is back, costs are too
- AWL Agri Business (formerly Adani Wilmar): Food & FMCG revenue +33%; edible oil volume +3%; industry essentials volume +25%. It points to two policy changes: standard pack sizes for edible oils from September 2026, and a 23 Sep cut in import duties on soyabean, sunflower and palm oil.
- Marico: Parachute coconut oil volume grew in the early teens; value-added hair oils grew in the twenties for a sixth straight quarter; Saffola oil volumes declined. Copra prices stayed about 35% below peak, but crude-linked inputs rose further.
- Godrej Consumer: standalone revenue growth in the teens with high-single-digit volume growth, despite a 100–150 bp hit from trade inventory correction. It names an intensifying El Niño, uneven monsoon and renewed inflation in crude-linked derivatives and palm oil.
Our read: September-quarter demand held up, but the margin story for Q3 depends on how much of the input-cost rise companies can pass on.
Nykaa: festive timing matters
Nykaa expects consolidated GMV growth “close to thirties”, NSV growth in the early thirties and net revenue growth in the late twenties. Beauty store like-for-like growth was in the early twenties, its best in six quarters; fashion NSV growth was in the late forties. It says part of festive demand moves into Q3 this year — so compare Q2 and Q3 together.
What to watch
- Full Q2 FY27 results and gross margins — dates to be set by each board
- Whether more FMCG companies flag El Niño and crude-linked cost pressure
- Festive-quarter (Q3) sales updates in early January
Sources
- Avenue Supermarts Limited — Company update at the end of Q2 FY2026-27, filed with NSE/BSE 3 Oct 2026 — https://nsearchives.nseindia.com/corporate/DMART_03102026122118_ASLQuarterUpdateSep2026.pdf
- Trent Limited — Update for Q2FY27 and H1FY27, filed with NSE/BSE 5 Oct 2026 — https://nsearchives.nseindia.com/corporate/TRENT_05102026183958_Press_release_Q2FY27.pdf
- AWL Agri Business Limited — Quarterly Update on Business (Q2 FY27), filed 5 Oct 2026 — https://nsearchives.nseindia.com/corporate/AWL_05102026210343_SEQuarterly_updates_Q2FY27.pdf
- FSN E-Commerce Ventures Limited (Nykaa) — Quarterly Revenue Update Q2 FY2027, filed 4 Oct 2026 — https://nsearchives.nseindia.com/corporate/NYKAA_04102026182957_NykaaQ2FY27Revenueupdate.pdf
- Godrej Consumer Products Limited — Quarterly Update Q2 FY27, filed 5 Oct 2026 — https://nsearchives.nseindia.com/corporate/GODREJCP_05102026184216_Pre_Quarter_Note_Signed.pdf
- Marico Limited — Quarterly Update Q2 FY 2026-27, filed 5 Oct 2026 — https://nsearchives.nseindia.com/corporate/marico_05102026084127_Seint.pdf
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