Is India’s next D-Mart hiding in plain sight?

D-Mart continues to define India’s value-retail success story, with FY25 revenue topping Rs 55,000 crore and steady 8 % operating margins across 365 stores. Vishal Mega Mart, larger by footprint at 717 stores but with about Rs 11,260 crore in revenue, is chasing the same frugal consumer through higher-margin apparel and general-merchandise formats—offering faster growth but thinner consistency.