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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AVENUE SUPERMARTS LIMITED ◆ | 2,40,550 | 78.5 | 9.83 | 46.1 | 12.1 | 15.9 | 23.3 | 8.1 |
| VISHAL MEGA MART LIMITED | 47,563 | 53.3 | 6.42 | 23.9 | 11.3 | 12.7 | — | 15.5 |
| ELECTRONICS MART IND LTD | 7,272 | 35.3 | 4.47 | 17.9 | 6.6 | 5.0 | — | 10.0 |
| VMART RETAIL LTD | 6,405 | 46.3 | 6.73 | — | 13.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · DMART gets BSE and NSE nod to reclassify promoter group member as public | ownership changes | high | — | — |
| 8 Sept 2026 · Allotted Commercial Paper worth Rs 300 crores | fund raising | medium | — | — |
| 8 Sept 2026 · DMART Trading Window Closed for Q2 Results Period | compliance | minimal | — | — |
| 7 Sept 2026 · DMART redeems Rs 300 Cr Commercial Paper at maturity, outstanding nil | credit debt | medium | — | — |
| 7 Sept 2026 · DMART opens new store in Jaipur; total count now 509 | business updates | low | — | — |
| 1 Sept 2026 · DMART vests 1.79 lakh stock options under ESOP 2023 | capital market events | low | — | — |
| 31 Aug 2026 · CRISIL assigns credit rating for Avenue Supermarts NCDs | credit debt | medium | — | — |
| 27 Aug 2026 · DMART gets ESG rating of 69.5 for FY2026 from SES ESG Research | business updates | medium | — | — |
| 26 Aug 2026 · DMART faces Rs 28.28 lakh penalty from Bengaluru civic authority | regulatory legal | medium | — | — |
| 24 Aug 2026 · DMART gets ICRA AAA (Stable) rating for Rs 1,000 cr NCDs | credit debt | medium | — | — |
| 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 |
| 9.8 |
| — |
| 15.0 |
| SHOPPERS STOP LIMITED | 4,120 | — | 14.16 | 5.6 | (12.4) | (1.7) | 23.6 | 14.9 |
| PATEL RETAIL LIMITED | 703 | 16.2 | 1.93 | — | 10.7 | 12.8 | — | 6.4 |
| SPENCER S RETAIL LIMITED | 256 | — | — | 95.4 | 27.3 | (135.8) | (5.8) | 2.0 |
| JAY AMBE SUPERMARKETS LIMITED | 149 | 15.6 | — | — | — | 15.1 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 78.5 | 32.7 | 9 of 9 | 0% |
| P/B | 9.8 | 4.5 | 8 of 9 | 13% |
| ROCE | 15.9 | 7.4 | 2 of 12 | 91% |
| ROE | 12.1 | 11.0 | 4 of 10 | 67% |
| Debt / Equity | 0.1 | 0.2 | 4 of 10 | 67% |
| 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 | 240550 | 480 | 1 of 12 | 100% |
| 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 |
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.
