NSE: DMART · BSE: 540376
AVENUE SUPERMARTS LIMITED
Operates a chain of value-retail supermarkets under the DMART banner, selling food, non-food staples, general merchandise and apparel to mass-market Indian consumers out of large-format, largely self-owned stores. The core standalone DMart business drives the bulk of revenue and profit, while subsidiaries run a home-delivery e-commerce arm (DMart Ready), a general-merchandise fashion and home chain (Align Retail / brandsKO and others), and a foods business (Food Plaza). Standalone revenue of ₹66,968 crore in FY26 was generated from 500 stores spread across 15 states covering 20.58 million sq ft of retail area, with same-store sales growth of 8.1%. DMart Ready, operational in 24 cities and pivoted to a home-delivery model, posted losses of ₹307 crore in FY26 on sales growth of 21%. The cost base is dominated by procurement of traded goods — the line items disclosed (employee 2.2%, other operating expenses 5.3%, depreciation 1.5% of revenue) sum to only about 9% of revenue, leaving the bulk of sales absorbed by cost of goods. Management has guided to adding not less than 50 stores per year and sees a long-run store network opportunity of around 2,200 outlets against the current ~500. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone DMart stores, DMart Ready (e-commerce), Align Retail (subsidiary), Food Plaza (subsidiary). High-volume, low-margin value retail; asset-heavy with an owned real-estate model and a growing but loss-making digital arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 30,976 | 42,840 | 50,789 | 59,358 | 68,821 |
| EBITDA (ex other income) | 2,499 | 3,637 | 4,104 | 4,487 | 5,187 |
| margin % | 8.1 | 8.5 | 8.1 | 7.6 | 7.5 |
| Owners' profit | 1,493 | 2,379 | 2,536 | 2,708 | 2,970 |
| EPS, as reported (₹) | 23.04 | 36.72 | 38.99 | 41.61 | 45.65 |
| ROE % · ROCE % | 10.9 · 14.9 | 14.8 · 18.8 | 13.6 · 18.3 | 12.6 · 16.9 | 12.1 · 16.4 |
| Debt / equity (x) | 0.05 | 0.04 | 0.03 | 0.04 | 0.10 |
| Cash from operations | 1,372 | 2,630 | 2,746 | 2,463 | 3,467 |
| Capex | (2,410) | (2,212) | (2,731) | (3,423) | (4,113) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,445 | 15,973 | 14,872 | 16,360 | 16,676 | 18,101 | 17,684 | 18,795 |
| Profit before tax | 903 | 995 | 720 | 1,057 | 945 | 1,175 | 904 | 1,183 |
| Net profit | 659 | 724 | 551 | 773 | 685 | 856 | 656 | 860 |
| EPS (₹) | 10.14 | 11.12 | 8.47 | 11.88 | 10.53 | 13.15 | 10.09 | 13.20 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AVENUE SUPERMARTS LIMITED ◆ | 2,08,720 | 68.1 | 8.53 | 40.1 | 12.1 | 15.9 | 23.3 | 8.1 |
| VISHAL MEGA MART LIMITED | 41,147 | 46.1 | 5.55 | 20.6 | 11.3 | 12.7 | — | 15.5 |
| VMART RETAIL LTD | 6,141 | 44.4 | 6.46 | — | 13.0 | 9.8 | — | 15.0 |
| ELECTRONICS MART IND LTD | 6,092 | 29.5 | 3.75 | 15.3 | 6.6 | 5.0 | — | 10.0 |
| SHOPPERS STOP LIMITED | 3,746 | — | 12.87 | 5.1 | (12.4) | (1.7) | 23.6 | 14.9 |
| PATEL RETAIL LIMITED | 785 | 18.1 | 2.16 | — | 10.7 | 12.8 | — | 6.4 |
| SPENCER S RETAIL LIMITED | 161 | — | — | 89.1 | 27.3 | (135.8) | (5.8) | 2.0 |
| JAY AMBE SUPERMARKETS LIMITED | 86 | 9.0 | — | — | — | 15.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 68.1 | 29.5 | 9 of 9 | 0% |
| P/B | 8.5 | 3.8 | 8 of 9 | 13% |
| ROCE | 15.9 | 7.4 | 2 of 12 | 91% |
| ROE | 12.1 | 10.7 | 3 of 9 | 75% |
| Debt / Equity | 0.1 | 0.2 | 3 of 9 | 75% |
| EBITDA margin | 8.1 | 12.4 | 7 of 10 | 33% |
| Revenue growth | 14.9 | 16.8 | 6 of 10 | 44% |
| Profit growth | 11.3 | 31.5 | 7 of 10 | 33% |
| Market cap | 208720 | 473 | 1 of 12 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Rs 55.75 lakh penalty for missing prescribed project completion timeline | regulatory legal | medium | — | — |
| 12 Oct 2026 · DMART Q2 FY27: Revenue up 18%, PAT grows 8% YoY | compliance | minimal | — | — |
| 10 Oct 2026 · DMart files Q2 and H1 FY27 investor presentation with exchanges | investor communications | medium | — | — |
| 10 Oct 2026 · DMART Q2FY27 Results: Revenue up 18.4%, PAT up 7.6% | results | high | — | — |
| 10 Oct 2026 · DMART Q2 FY27 results: revenue Rs 19,206 cr, PAT Rs 804 cr | results | high | — | — |
| 9 Oct 2026 · ICRA reaffirms A1+ rating for DMART's enhanced Rs 1,500 cr CP limit | credit debt | medium | — | — |
| 7 Oct 2026 · DMART files quarterly depository compliance certificate | compliance | minimal | — | — |
| 7 Oct 2026 · DMART allots 63,546 shares under ESOP 2023 to employees | capital market events | low | — | — |
| 3 Oct 2026 · DMART Q2 FY27 revenue rises to Rs 19,206 cr, 18% YoY growth | business updates | high | — | — |
| 1 Oct 2026 · DMART board meeting on Oct 10 to consider Q2 FY26 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.