Avenue Supermarts Ltd. (IN:DMART)
:DMART
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Avenue Supermarts Ltd.
(DMART)
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Rating:61Neutral
Price Target:
₹4,646.00
▲(21.41% Upside)
Action:Reiterated
Date:05/11/26
The score is anchored by solid fundamentals (growth, profitability, and a historically conservative balance sheet), but reduced by inconsistent cash generation and recent margin pressure. A very high P/E meaningfully drags the rating, while technicals are mixed with neutral momentum despite the longer-term trend holding.
Positive Factors
Multi-year revenue growth & retail profitability
Avenue Supermarts delivered sustained top-line expansion from 2022–2025 (high‑teens to high‑30s growth) with gross margins around 14–15% and mid-single-digit net margins. This consistent demand for staples and scale-driven profitability supports durable earnings generation and market share retention over 2–6 months and beyond.
Negative Factors
Margin compression since 2023
Net margin erosion from ~5.6% to ~4.6% reflects rising costs or tighter pricing and weakens cash available for reinvestment. Persistent margin pressure erodes returns on expansion, increases sensitivity to cost shocks, and can materially lower long‑run profitability if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth & retail profitability
Avenue Supermarts delivered sustained top-line expansion from 2022–2025 (high‑teens to high‑30s growth) with gross margins around 14–15% and mid-single-digit net margins. This consistent demand for staples and scale-driven profitability supports durable earnings generation and market share retention over 2–6 months and beyond.
Read all positive factors
Avenue Supermarts Ltd. (DMART) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.70T
Dividend YieldN/A
Average Volume (3M)17.37K
Price to Earnings (P/E)93.6
Beta (1Y)0.81
Revenue Growth15.94%
EPS Growth9.69%
CountryIN
Employees13,971
SectorConsumer Defensive
Sector Strength42
IndustryDiscount Stores
Share Statistics
EPS (TTM)42.00
Shares Outstanding652,163,800
10 Day Avg. Volume30,778
30 Day Avg. Volume17,368
Financial Highlights & Ratios
PEG Ratio9.64
Price to Book (P/B)11.36
Price to Sales (P/S)4.04
P/FCF Ratio-429.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹5,427.67Price Target Upside41.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)57.14
Revenue Forecast (FY)₹815.09B
Avenue Supermarts Ltd. Business Overview & Revenue Model
Company Description
Avenue Supermarts Limited engages in the business of organized retail and operates supermarkets under the D-Mart brand name. It offers food products, including groceries, staples, processed foods, dairy and frozen products, beverages and confectio...
How the Company Makes Money
Avenue Supermarts makes money mainly by selling merchandise through its DMart retail stores. Its revenue model is primarily product sales across key categories such as food and groceries (including staples), fast-moving consumer goods (FMCG) like ...
Avenue Supermarts Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 638.80B | 688.21B | 593.58B | 507.89B | 428.40B | 309.76B |
| Gross Profit | 92.53B | 103.61B | 85.83B | 73.30B | 63.14B | 44.80B |
| EBITDA | 44.95B | 52.61B | 42.64B | 39.15B | 34.66B | 23.63B |
| Net Income | 27.33B | 29.70B | 27.08B | 25.36B | 23.79B | 14.93B |
Balance Sheet | ||||||
| Total Assets | 269.14B | 295.24B | 243.20B | 211.77B | 181.06B | 154.73B |
| Cash, Cash Equivalents and Short-Term Investments | 2.10B | 10.32B | 3.59B | 16.79B | 16.10B | 3.04B |
| Total Debt | 16.09B | 24.25B | 8.20B | 5.92B | 6.43B | 6.47B |
| Total Liabilities | 40.26B | 50.62B | 28.94B | 24.80B | 20.28B | 17.95B |
| Stockholders Equity | 228.90B | 244.64B | 214.28B | 186.98B | 160.79B | 136.78B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -6.47B | -9.60B | 145.90M | 5.47B | -10.38B |
| Operating Cash Flow | 0.00 | 34.67B | 24.63B | 27.46B | 26.30B | 13.72B |
| Investing Cash Flow | 0.00 | -42.07B | -21.85B | -24.68B | -23.13B | -12.89B |
| Financing Cash Flow | 0.00 | 2.88B | -2.59B | -1.48B | -2.05B | -1.79B |
Avenue Supermarts Ltd. Technical Analysis
Neutral
3826.80
Price Trends
4226.99
Positive
4015.48
Positive
4152.96
Positive
Market Momentum
0.43
Positive
41.17
Neutral
25.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DMART, the sentiment is Neutral. The current price of 3826.8 is below the 20-day moving average (MA) of 4431.26, below the 50-day MA of 4226.99, and below the 200-day MA of 4152.96, indicating a neutral trend. The MACD of 0.43 indicates Positive momentum. The RSI at 41.17 is Neutral, neither overbought nor oversold. The STOCH value of 25.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:DMART.
Avenue Supermarts Ltd. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹3.85T | 25.57 | ― | 3.52% | 5.14% | 73.66% | |
76 Outperform | ₹359.91B | 14.01 | ― | 1.29% | 11.75% | 42.35% | |
63 Neutral | ₹61.69B | 21.94 | ― | 0.40% | 10.89% | 2.28% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | ₹2.70T | 93.56 | ― | ― | 15.94% | 9.69% | |
59 Neutral | ₹208.49B | 89.83 | ― | 0.61% | 14.48% | 27.72% | |
57 Neutral | ₹30.45B | 18.12 | ― | 0.54% | 9.47% | -20.12% |
* Consumer Defensive Sector Average
IN:DMART
Avenue Supermarts Ltd.
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31.40
0.76%
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Avenue Supermarts Ltd. Corporate Events
Avenue Supermarts posts double-digit revenue and profit growth as DMart accelerates store expansion
May 2, 2026
Avenue Supermarts Ltd., operator of the DMart supermarket chain and a leading player in India’s food and grocery retail sector, continues to expand its footprint with steady store additions across key urban and semi-urban markets. Its busine...
Avenue Supermarts Files Fiscal 2026 Investor Presentation with Stock Exchanges
May 2, 2026
Avenue Supermarts Ltd. has released its investor presentation for the financial year ended March 31, 2026, and submitted the document to both BSE and NSE for record. The disclosure signals the company’s ongoing commitment to structured inves...
Avenue Supermarts Adds Three New DMart Stores, Takes Network to 481 Outlets
Mar 29, 2026
Avenue Supermarts Limited has expanded its DMart retail network with the opening of three new stores in Pipla, Nagpur (Maharashtra), AU Family Hub, Ghaziabad (Uttar Pradesh), and Vijay Nagar, Jabalpur (Madhya Pradesh). With these additions, the co...
Avenue Supermarts Expands DMart Network with New Bengaluru Store
Mar 28, 2026
Avenue Supermarts Ltd., which runs the DMart retail chain, has expanded its footprint in India’s organized retail sector with the opening of a new store in Bengaluru, Karnataka. The company continues to strengthen its position in value-drive...
Avenue Supermarts Vests 1.51 Million ESOPs Under 2016 Scheme
Mar 14, 2026
Avenue Supermarts has vested 1,512,909 stock options to eligible employees and subsidiaries’ staff under its 2016 Employee Stock Option Scheme, Class A, with each option convertible into one equity share at an exercise price of Rs. 299. The ...
DMart Parent Avenue Supermarts Names Kalpana Unadkat as Chairperson from April 2026
Mar 14, 2026
Avenue Supermarts has announced a leadership transition at the board level, with Independent Director Kalpana Unadkat appointed as Chairperson effective 1 April 2026. She succeeds Chandrashekhar Bhave, whose second term as Independent Director and...
Avenue Supermarts Updates Key Executives Authorized for Market Disclosures
Mar 14, 2026
Avenue Supermarts Limited has updated its list of key managerial personnel who are authorized to assess the materiality of corporate events or information and to make statutory disclosures to Indian stock exchanges, effective 1 April 2026. The com...
Avenue Supermarts Adds Eight New DMart Stores, Reaches 461 Outlets Nationwide
Mar 8, 2026
Avenue Supermarts Ltd., which operates the DMart chain of value-focused supermarkets across India, continues to expand its nationwide footprint in the organized retail sector. The company offers a wide range of food, grocery, and household product...
Avenue Supermarts Shareholders Approve Appointment of New MD and CEO
Feb 24, 2026
Avenue Supermarts Ltd. has announced that its shareholders have approved, via remote e-voting through a postal ballot, the appointment of Mr. Anshul Asawa as Managing Director and designated Chief Executive Officer for a three-year term from April...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.