Navil Noronha, a name synonymous with the phenomenal growth story of Avenue Supermarts, is set to step down from his role as Managing Director and CEO of DMart. As one of India’s wealthiest CEOs, Noronha has been at the helm of the company for over two decades, transforming it from a modest retail chain into one of the largest supermarket enterprises in the country. This marks the end of an era defined by unparalleled leadership, strategic foresight, and a deep commitment to simplicity and efficiency.
Avenue Supermarts recently announced that Noronha will not be renewing his contract, which concludes in January 2026. This decision comes after a remarkable tenure that began in 2004 when DMart was just a fledgling retail business with five stores. Under Noronha’s guidance, the company expanded its footprint to over 380 stores and achieved a staggering annual turnover exceeding ₹50,000 crore. His leadership style, focused on operational efficiency and customer value, has earned him widespread admiration in the corporate world.
Ignatius Navil Noronha will complete his current term of 5 years as MD of the Company on 31st January, 2026
Asawa will succeed Ignatius Navil Noronha taking on full responsibilities as Managing Director & CEO with effect from 1st February, 2026
Avenue Supermarts (DMart) says pic.twitter.com/tqqtRNNVym
— CNBC-TV18 (@CNBCTV18Live) January 11, 2025
In an official statement, Avenue Supermarts expressed profound gratitude for Noronha’s contributions. “After more than two decades of exceptional leadership and a glorious tenure at the helm of the business, Neville has chosen not to extend his contract. The Board of Directors honors his decision and expresses profound gratitude for his extraordinary contribution to the company,” the statement read. This acknowledgment underscores the deep respect and appreciation the company holds for a leader who redefined the retail sector in India.
Noronha’s departure signals a carefully planned leadership transition. Starting March 15, 2025, Anshul Asawa, a seasoned executive with extensive experience in global markets, will take over as CEO Designate. Asawa, currently serving as Unilever’s Country Head in Thailand and General Manager for the Home Care division in Greater Asia, brings with him an impressive resume. An alumnus of IIT Roorkee and IIM Lucknow, he is expected to officially assume the role of Managing Director and CEO on February 1, 2026.
Noronha, who owns a 1.95% stake in Avenue Supermarts valued at approximately ₹4,700 crore, has consistently emphasized a philosophy of “simplicity, efficiency, and customer value.” His tenure was marked not only by the company’s massive expansion but also by a commitment to staying relevant through streamlined operations and fair practices. As Noronha himself stated, “If we stay the course of simplicity, efficient costs, happy employees, deep value to customers, and not doing anything else, we will remain relevant for decades to come.”
Achievements and Legacy
Navil Noronha’s journey with DMart began at a time when the Indian retail sector was still in its nascent stages. Joining the company in 2004, he played a pivotal role in laying the foundation of a business model that prioritized operational excellence and customer satisfaction. Over the years, his leadership helped Avenue Supermarts grow exponentially, turning it into one of the most profitable and efficient retail chains in India.
How big is DMart ?
🔰 Market Cap:
● DMart –> ₹2,49,009 Cr
● 7 other top competitors –>
₹99,037 Cr🔰 Profits:
● DMart –> ₹2687 Cr
● 8 other top competitors –>
₹2416 CrThere’s absolutely no competition.#StockMarket #Dmart pic.twitter.com/iDXMra2rkx
— Stock Market India 🇮🇳 (@Stock_marketIND) January 10, 2025
Under Noronha’s guidance, DMart reached significant milestones, including surpassing the ₹50,000 crore turnover mark and expanding its presence to over 380 stores nationwide. This growth was achieved through a disciplined approach to cost management and a relentless focus on offering value to customers. Noronha’s leadership style emphasized sustainability and long-term relevance rather than short-term gains, a strategy that has been instrumental in the company’s enduring success.
In addition to overseeing the physical expansion of stores, Noronha also spearheaded DMart’s entry into the e-commerce sector with “DMart Ready.” This platform, which initially operated as a pickup service, has evolved to prioritize home delivery in response to changing consumer preferences. The company’s ability to adapt to market dynamics while maintaining its core values is a testament to Noronha’s visionary leadership.
Financial Performance
The financial performance of Avenue Supermarts during Noronha’s tenure further highlights his effective leadership. For the fiscal third quarter of FY25, the company reported a profit of ₹723.72 crore, a 4.79% increase compared to the same period in the previous year. Revenue from operations stood at ₹15,972.55 crore, reflecting a robust 17.68% growth year-on-year. The company’s EBITDA margin for Q3FY25 was recorded at 7.6%.
#DMart‘s net profit rises over 4% in third quarter, beating estimates. #Q3WithNDTVProfit
Read: https://t.co/lCye99hdhM pic.twitter.com/ALPw3jNTkf
— NDTV Profit (@NDTVProfitIndia) January 11, 2025
These impressive figures underscore DMart’s resilience and growth trajectory even amidst challenges such as increased competition in the FMCG segment. Noronha attributed this success to the company’s commitment to being a preferred value retailer for customers, a principle that has been central to DMart’s operations.
Leadership Transition
The transition of leadership at Avenue Supermarts has been meticulously planned to ensure continuity and stability. Anshul Asawa, with his three-decade-long career at Unilever, is set to bring a fresh perspective to the role while building on the solid foundation laid by Noronha. The Board of Directors has expressed confidence in Asawa’s ability to lead the company into its next phase of growth.
From Uniliver to DMART…
Can the management change bring the fast growth back to the company?#DMart #StocksInFocus pic.twitter.com/2upR8W7gJZ
— Yash Lahoti, CFA (@lahoti_yash) January 12, 2025
Noronha has assured a smooth handover and has offered his continued support during the transition period. This reflects his dedication to ensuring that DMart’s growth story continues uninterrupted. Asawa’s appointment as CEO Designate from March 2025 will provide ample time for him to familiarize himself with the company’s operations and culture before officially taking over in February 2026.
Reflections on Leadership
As Noronha prepares to step down, his reflections on his journey with DMart provide valuable insights into his leadership philosophy. Speaking about the company’s growth, he emphasized the importance of maintaining simplicity and fairness in business practices. “Growth and profits were never ends in themselves but byproducts of efficiency, fairness, and customer value,” he remarked.
This approach has not only driven DMart’s success but has also set a benchmark for the retail industry in India. Noronha’s legacy will be remembered for its emphasis on sustainability, innovation, and unwavering commitment to customers and employees alike.
Navil Noronha’s decision to step down from Avenue Supermarts marks the end of a transformative chapter in the company’s history. His leadership has not only shaped DMart into a retail giant but has also left an indelible mark on the Indian retail industry.
