Ahuja brings more than two decades of leadership experience across the retail, FMCG, consumer goods, and technology sectors. Throughout his career, he has built a strong track record in sales leadership, business strategy, commercial excellence, and market expansion, working with some of the world’s leading consumer brands.

Prior to joining DMart, Ahuja spent more than 10 years at Zydus Wellness, where he held several leadership roles across the business. Most recently, he served as Senior Vice President – India and Subcontinent (Sales), leading the company’s sales strategy and commercial operations across key markets. During his tenure, he played an important role in driving business growth, strengthening distribution networks, and enhancing market execution.

Before Zydus Wellness, Ahuja held leadership positions at Apple, Mars, Godrej Consumer Products Limited, Dabur, Philips, PepsiCo, General Mills, and DCC. His diverse experience spans multiple consumer categories and business functions.

The post Lalit Ahuja Joins DMart – Avenue Supermarts as Chief Operating Officer appeared first on Business of Food.

A Retailer Built on the Kitchen Economy

Long before it became a national retail powerhouse, DMart understood a simple truth about Indian consumption: the kitchen drives the household economy.

While modern retail in India initially leaned towards aspiration—fashion, electronics, lifestyle—DMart anchored itself in the everyday: staples, packaged food, and household essentials. This decision would go on to define its trajectory.

Today, food and grocery remain the central nervous system of DMart’s business, driving footfall, frequency, and financial stability. The monthly grocery run is not just a transaction—it is a habit. And DMart has embedded itself deeply into that habit across millions of Indian homes.

INFOGRAPHIC: The DMart Grocery Engine

• High-frequency consumption (monthly/weekly baskets)
• Focus on staples & packaged foods
• Limited assortment (~6,000–8,000 SKUs)
• Everyday low pricing (EDLP)
• High inventory turns and low wastage

The Science of Throughput

What distinguishes DMart in food retail is not merely its scale, but the precision with which it drives throughput economics.

In a typical DMart store, products do not sit—they move. Staples such as rice, atta, pulses, edible oils, and packaged foods are stocked deep and sold fast. This velocity creates a powerful cycle: faster sales reduce holding costs, improve cash flows, and allow the company to negotiate better terms with suppliers.

Unlike retailers that chase margins through premiumisation or assortment expansion, DMart relies on volume-led profitability. Its stores are designed to maximise movement, not display.

This is where the seemingly modest store design—functional layouts, pallet-based stocking, minimal visual merchandising—reveals its strategic intent. Everything is engineered for efficiency.

Private Labels: Value Without Visibility

Running parallel to this high-volume grocery engine is DMart’s quietly expanding private label ecosystem.

Unlike global retailers that position private labels as brands, DMart takes a subtler approach. Its in-house products—spanning staples, packaged foods, and home essentials—are often positioned as value alternatives rather than brand statements.

For the consumer, the proposition is straightforward: comparable quality at a better price.

For DMart, however, the implications are far more significant. Private labels enable tighter control over sourcing, better margins, and pricing flexibility—all without the overheads of brand building.

Over time, this has allowed DMart to build what can be described as an “invisible margin layer” within its grocery business—one that strengthens profitability while reinforcing its value positioning

The DMart Unit Economics Loop

Lower procurement cost → Lower prices → Higher volumes → Faster inventory turns → Stronger cash flows → Better supplier terms → Back to lower cost

Neville Noronha: Building the Machine

If DMart’s strategy appears simple, its execution has been anything but—and much of that execution discipline can be traced to Neville Noronha.

Joining the company in its early years and serving as CEO for over two decades, Noronha played a defining role in transforming DMart from a regional retailer into a national institution.

His approach was grounded in operational excellence rather than strategic experimentation. Expansion was cluster-led, ensuring supply chain efficiency. Costs were scrutinised relentlessly. Store-level profitability was non-negotiable.

Under his leadership, DMart scaled from a handful of stores to hundreds, while maintaining financial consistency that remains rare in Indian retail.

Equally important, Noronha institutionalised a culture where processes mattered more than personalities—ensuring that the model could sustain beyond individual leadership.

A New Phase: Anshul Asawa Steps In

The recent transition to Anshul Asawa, a seasoned leader from Hindustan Unilever, marks an inflection point—but not a departure.

Asawa brings with him deep expertise in FMCG distribution, consumer behaviour, and category management—all of which are highly relevant to DMart’s grocery-centric model.

Having spent nearly three decades in a company synonymous with scale and supply chain excellence, he understands both the science of demand and the art of distribution.

His mandate is unlikely to be reinvention. Instead, it will revolve around sharpening what already works—particularly in areas such as private labels, supply chain optimisation, and evolving consumer needs.

The Structural Advantage: Why DMart Wins in Food Retail

Food retail in India is notoriously complex. Margins are thin, competition is intense, and operational inefficiencies can quickly erode profitability.

Yet DMart has built a system that absorbs these challenges.

DMart’s Food & Grocery Operating Model

Relevance in the Age of Instant Retail

As quick commerce reshapes urban consumption with speed and convenience, DMart’s model operates on a different axis.

It does not compete for immediacy—it competes for economics.

The monthly stock-up trip, where households optimise value across large baskets, remains a powerful consumption behaviour. DMart has entrenched itself in this mission, making it less vulnerable to the volatility of impulse-driven channels.

In this sense, DMart is not being disrupted—it is anchored in a different consumer need-state.

500 Stores, One Core Idea

The opening of the 500th store is not a pivot point—it is a continuation.

Across geographies, formats, and leadership transitions, DMart has remained remarkably consistent in its belief system:

• Food and grocery as the anchor
• Value as the proposition
• Efficiency as the enabler

The Quiet Dominance of a Grocery Powerhouse

In a retail landscape often defined by disruption narratives, DMart offers a counterpoint.

It has not reimagined food retail—it has refined it to its most efficient form.

By focusing on essentials, mastering unit economics, and embedding itself into the rhythm of household consumption, DMart has built something few have achieved:

A scalable, profitable, and deeply trusted food retail engine.

At 500 stores, that engine is not slowing down. It is simply getting better at what it was always designed to do.

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Once operational, DMart will offer residents a comprehensive, one-stop shopping experience, further strengthening Family Hub’s position as a premium retail and lifestyle destination. The development complements the existing presence of popular brands such as Zudio, Hira Sweets, Chaayos, and Geetanjali Salons, creating a diverse and well-rounded retail mix catering to everyday needs and lifestyle requirements.

Speaking on the development, Ashish Agarwal, Director, AU Real Estate, said, “Family Hub has been planned as a community-first retail destination, and the upcoming addition of DMart aligns strongly with that vision. The store is expected to address a clear demand for organised, large-format retail in this catchment and enhance everyday convenience for residents, while reinforcing the growing importance of this corridor as a commercial and lifestyle hub within NCR.”

The upcoming DMart is part of Family Hub’s broader commitment to bringing trusted, high-quality retail brands closer to residents. Known nationwide for its value-driven pricing and extensive range across groceries, household essentials, apparel, and general merchandise, DMart will cater to a strong and growing consumer base across Aditya World City, Wave City, and surrounding residential developments.

Family Hub is envisioned as a next-generation lifestyle destination integrating retail, dining, entertainment, and open leisure spaces. Designed to go beyond conventional shopping centres, the development features landscaped gardens, musical fountains, an amphitheatre, and thoughtfully designed seating zones amid water features and greenery, offering visitors an immersive experience.

Enhancing its community appeal, Family Hub also includes dedicated provisions for pop-up markets, creating opportunities for seasonal events, local artisans, and curated experiences that foster a vibrant social atmosphere. Adding to its family-centric positioning is Masti Zone, a dedicated gaming and entertainment zone designed for children and young adults.

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With a market capitalisation of nearly Rs. 2.5 lakh crore, 442 stores across India, and FY25 revenues of ~Rs. 57,790 crore, DMart today sits at the heart of India’s consumption story—anchored firmly in food and grocery, the category that continues to define its scale, footfalls, and relevance.

Food & Grocery: The Core of DMart’s Business Model

Unlike many diversified retailers, DMart’s growth story remains fundamentally food-led. Groceries, staples, and food essentials consistently account for 56–58% of total revenues, making this the single largest contributor to the business. This basket includes staples, packaged foods, dairy, beverages, frozen foods, fruits, and vegetables—categories that drive daily footfalls and high-frequency shopping.

Non-food FMCG—primarily home care and personal care—adds another 20–21%, while general merchandise and apparel contribute 22–23% of revenues. This mix is deliberate: food pulls customers in; higher-margin discretionary categories improve overall profitability.

Margins: Thin Where It Matters, Smart Where It Counts

DMart’s food and grocery dominance comes with a clear trade-off. The company’s Everyday Low Price (EDLP) strategy keeps margins intentionally thin in core categories:

• Grocery and FMCG margins typically range between 4–8%
• Fresh produce and select private-label staples, however, deliver significantly higher margins—up to 50% in fruits and vegetables and as high as 80% in certain private-label food staples

The real strength of the model lies in cross-subsidisation. High grocery-led footfalls enable DMart to drive sales in apparel and footwear (20–30% margins) and home essentials (15–20%), helping the company sustain profitability without diluting its value promise in food.

Scale, Discipline, and Real Estate Advantage

What continues to set DMart apart in food retail is cost control beyond the shelf. A significant portion of DMart’s stores operate from self-owned properties or long-tenure leases, insulating the business from rental inflation—a critical advantage in a low-margin, high-volume category like food.

The retailer’s cluster-based expansion strategy further sharpens supply-chain efficiency, reduces logistics costs and improves inventory turns—especially vital in fresh and perishable categories.

As of December 31, 2025, DMart had expanded to 442 stores, adding 10 new stores in Q3 FY26, with a strong presence in Maharashtra, Gujarat, and Telangana, and increasing focus on North India as the next growth frontier.

Recent Performance: Growth with Near-Term Pressure

Financially, DMart continues to grow, though not without challenges. In Q3 FY26, the company reported:

• Revenue of Rs. 17,613 crore, up 13.3% YoY
• PAT of Rs. 923 crore, up ~18% YoY

For FY25, Avenue Supermarts posted:

However, analysts have noted pressure on earnings growth entering FY26, with recent quarters among the weakest in years, leading to short-term softness in share prices. Slower discretionary demand and food price volatility have tested margins, even as volumes remain steady.

• Revenue: ~Rs. 57,790 crore
• PAT: ~Rs. 2,927 crore

E-commerce: DMart Ready Scales, Carefully

DMart’s digital arm, DMart Ready, continues to expand methodically rather than aggressively. In FY25, online grocery sales reached ~Rs. 3,502 crore, a 21% YoY increase. The platform leverages existing stores as fulfilment hubs, staying aligned with DMart’s cost-first philosophy—though digital operations remain margin-dilutive in the near term.

Leadership Transition: Continuity over Disruption

Asawa succeeds Ignatius Navil Noronha, under whose stewardship DMart scaled nationally, executed a landmark IPO in 2017, and institutionalised Damani’s philosophy of long-term thinking, frugality, and operational rigour.

With nearly 30 years at Unilever, Asawa brings deep expertise across FMCG, distribution, brand building, and digital commerce. The expectation is not a reinvention of DMart’s food business—but a sharpening of execution, especially as food inflation, quick commerce, and omnichannel competition reshape consumer behaviour.

Looking Ahead

For the food and grocery ecosystem, DMart remains a benchmark: a retailer that proves scale can coexist with value, and that disciplined execution still matters in a market increasingly obsessed with speed and convenience.

As Anshul Asawa steps in, the real question is not whether DMart will chase new retail trends—but how it will protect and evolve India’s most resilient food-first value retail model, without compromising the principles that built it.

The post Anshul Asawa Steps In as CEO of DMart: Carrying Damani’s Food-First Value Retail Model into Its Next Phase appeared first on Business of Food.

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This marks Dmart’s second major real estate move with Migsun Group, following its recent purchase of 47,000 sq ft at Migsun’s Rohini Central Sector 22 Rohini project for Rs. 108 crore. The newly leased space at Mi Gente Mall will serve as a key retail hub, catering to Ghaziabad’s expanding consumer base.

Industry experts highlight that the presence of an anchor tenant like Dmart is expected to drive additional brand interest and footfall to the mall. Commenting on the development, Yash Miglani, Managing Director, Migsun Group, stated, “We are thrilled to welcome Dmart to Migsun Mi Gente Mall. This move underscores the mall’s potential for commercial success and reflects the region’s promising growth trajectory. We believe this partnership will redefine retail experiences in Ghaziabad and solidify the mall’s role in the city’s economic landscape.”

Strategically located in Raj Nagar Extension, Migsun Mi Gente Mall boasts state-of-the-art amenities, including 24/7 security, ample parking, high-speed elevators, and an uninterrupted power supply. As the only air-conditioned lease-model mall in Ghaziabad, it offers a comprehensive retail experience with hypermarkets, anchor stores, a food court, multiplex, family entertainment center, exclusive brand outlets, fine dining restaurants, bars, and clubs—setting it apart in Delhi-NCR’s retail space.

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Radhakishan Damani, promoter of Avenue Supermarts Ltd. (DMart), alongside Deepinder Goyal, founder of Zomato, and Sriharsha Majety and Nandan Reddy, co-founders of Swiggy, have secured the top three positions in the second edition of the IDFC First Private Banking and Hurun India’s ‘India’s Top 200 Self-Made Entrepreneurs of the Millennia 2024’, unveiled on Wednesday.The list also highlights Kaivalya Vohra (21) and Aadit Palicha (22), co-founders of Zepto, as the youngest self-made entrepreneurs, with their company’s valuation surging over twofold to Rs. 41,800 crore, earning them the 14th spot.

While traditional retail leader Damani leads the list, the rapid ascent of startup founders is notable. Zomato’s valuation soared to Rs. 2.51 lakh crore, reflecting a 190% increase year-on-year, while Swiggy achieved a valuation of Rs. 1.01 lakh crore. Zepto emerged as the biggest gainer, with its valuation skyrocketing by 259% to Rs. 41,800 crore.

Anas Rahman Junaid, MD and Chief Researcher at Hurun India, remarked, “This list underscores the remarkable contribution of self-made entrepreneurs to India’s economy, with a combined business value of $431 billion. These businesses, founded within the past 24 years, collectively represent a quarter of the value of India’s 200 most valuable family businesses, which have an average age of 69 years.”

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The Turbo range of protein milkshakes are available in a convenient 250 ml bottle, making it the perfect on-the-go option. The source of protein is Milk Protein Concentrate (MPC) which has a PDCAAS score (protein digestibility scoring system adopted by US FDA) of 1, which makes it the easiest protein to digest and absorb. When compared to other ready-to-drink protein milkshakes, Epigamia’s turbo range has a better protein-to-calorie ratio (25% more protein for the same amount of calories). When compared to whey powder, the calorie and protein content of 1 bottle is at par with 1 scoop of whey powder – making it a convenient and tasty format for protein conscious people! And to top it all, it has zero added sugar, zero fat and no preservatives!

Rahul Jain, Co-Founder and CEO, of Epigamia, said, “At Epigamia, we firmly believe that enjoying a healthier lifestyle should be a flavourful and convenient experience for everyone. Today, most Indians are protein deficient. Fortunately, awareness around protein is rising and people are increasingly adding protein in their diet. Our aim is to deliver a product with an outstanding macronutrient profile, easy absorption, great taste, and convenience through our Epigamia Turbo protein milkshakes!”

These Turbo 25g protein Milkshakes are now available at select stores nationwide and online on Swiggy Instamart, Blinkit, BigBasket and epigamiastore.com

About Drums Food International: 

Drums Food International is a new-age FMCG company, makers of Epigamia – one of India’s leading health snack brands. Epigamia has become popular across a wide consumer demographic owing to its unique and contemporary product offerings.  The brand retails across approximately 20,000+ touchpoints in 30+ towns with 24 SKUs at the moment, which includes modern trade chains like DMart, Reliance, Nature’s Basket, and More retail; e-commerce platforms like Big Basket, Swiggy, Amazon, Zepto, BlinkIt, and numerous general trade retailers.

The post Epigamia launches India’s first 25 g Protein Milkshakes with no sugar appeared first on Business of Food.

The complex has a generous provision of 210 parking slots, high-speed elevators, 24×7 security, and power backup. It provides unparalleled convenience to visitors and tenants. MoU signing for the development is in progress and will soon be completed, to begin with the operations.

“Strategically positioned in Sector 22, Rohini, in the heart of Delhi, our project is poised to be a game-changer in the commercial real estate sphere, boasting modern amenities, high-end facilities, and a prime location catering to the dynamic needs of businesses in the NCR. Along with providing high ROI, it would also provide an exceptional investment opportunity for businesses seeking to establish themselves at a prime location. It is close to Rohini West metro station and has a huge catchment area of families with high spending power,” says Yash Miglani, MD, Migsun Group

The project’s well-designed landscaped garden adds a touch of serenity and greenery, creating a refreshing environment for visitors and tenants.

With over 40 completed projects, Migsun Group is a major player in the NCR’s real estate landscape. The company is committed to quality, timely delivery, and innovation. With a rich portfolio of completed projects and a strong pipeline of future developments, Migsun Group remains dedicated to shaping the real estate landscape and exceeding customer expectations

The post DMart buys 47,000 sq ft space worth Rs 108 crore in Migsun’s Mall in Delhi appeared first on Business of Food.

In the new role, Rahul will be spearheading the company’s overall business and creating a unique proposition in the FMCG space, developing strategies to stay competitive, identifying new opportunities, and fostering innovation.

“We are happy to have Rahul as our CEO whose strategic business acumen and dedication to Epigamia’s values make him the perfect fit for this role,” said Rohan Mirchandani, Co-Founder & Executive Chairman, Epigamia.

An IIT Bombay and ISB Hyderabad alumnus, Rahul began his career in finance, working for Deutsche Bank’s Credit Structuring team. Post his MBA, he successfully launched Doctor Moo – a 100% organic milk brand. Later on, he recognized a shared passion to promote and build brands in the premium dairy segment and partnered with Rohan Mirchandani to launch Epigamia.

Over the previous year, Epigamia has undertaken strategic measures to streamline its cost structure across diverse functions leading to significantly improved profit margins. Epigamia is committed to innovation and has continuously pushed the boundaries for introducing new dairy products. It has been a remarkable journey, from launching Greek Yogurt as a category in India to being in the forefront for bringing more quality products for the customers.

Rahul Jain, Co-Founder and CEO, Epigamia, said, “I am humbled by this new opportunity and look forward to a journey that is fueled by innovation and our team’s collective passion. I envision a path in which every decision reflects our commitment to quality and our desire to lead change. Together, we will redefine the consumer product landscape and build a legacy that makes Epigamia the ultimate choice among its consumers.”

The brand retails across approximately 20,000+ touchpoints in 30+ towns with 24 SKUs at the moment, which includes modern trade chains like DMart, Reliance, Nature’s Basket, and More retail; e-commerce platforms like Big Basket, Swiggy Instamart, Amazon, Zepto, BlinkIt, and numerous general trade retailers.

About Drums Food International:  
Drums Food International is a new-age FMCG company, renowned as the creator of Epigamia, a premier health snack brand in India. Epigamia’s popularity spans diverse consumer demographics, driven by its distinctive and contemporary product offerings.

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