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Avenue Supermarts Ltd.
(DMART)
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Rating:62Neutral
Price Target:
₹4,287.00
▲(6.70% Upside)
Action:Reiterated
Date:08/11/26
The score is primarily supported by solid underlying financial performance—especially a historically strong balance sheet and resilient profitability—tempered by slowing growth, margin pressure, and inconsistent (often negative) free cash flow. Technical signals are neutral-to-weak due to negative MACD and mixed moving-average positioning. Valuation is the largest drag given the very high P/E and lack of dividend yield support.
Positive Factors
Strong Historical Revenue Growth
Strong multi-year revenue expansion indicates effective store rollout, customer demand and market penetration. Although growth has slowed recently, the historical trajectory supports DMart’s ability to scale its value-led retail model.
Negative Factors
Revenue Growth Deceleration
The sharp slowdown in revenue growth could indicate a maturing store base, tougher competition or more difficult expansion economics. Sustained deceleration would reduce operating leverage and make future profit growth more dependent on productivity gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Historical Revenue Growth
Strong multi-year revenue expansion indicates effective store rollout, customer demand and market penetration. Although growth has slowed recently, the historical trajectory supports DMart’s ability to scale its value-led retail model.
Read all positive factors
Avenue Supermarts Ltd. (DMART) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.60T
Dividend YieldN/A
Average Volume (3M)17.37K
Price to Earnings (P/E)84.4
Beta (1Y)0.62
Revenue Growth15.58%
EPS Growth12.90%
CountryIN
Employees20,994
SectorGeneral
Sector StrengthN/A
IndustryDiscount Stores
Share Statistics
EPS (TTM)45.65
Shares Outstanding652,246,000
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
₹4,413.50Price Target Upside9.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)55.67
Revenue Forecast (FY)₹801.15B
Avenue Supermarts Ltd. Business Overview & Revenue Model
Company Description
Avenue Supermarts Limited operates as a leading organized retail chain, primarily managing supermarkets under its well-known D-Mart brand. These retail outlets offer a comprehensive selection of products, including a vast assortment of food items ...
How the Company Makes Money
Avenue Supermarts makes money mainly by selling consumer products through its DMart retail stores. Its core revenue stream is the sale of merchandise across high-frequency categories (especially food and grocery and other daily essentials) and com...
Avenue Supermarts Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
55
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 688.21B | 593.58B | 507.89B | 428.40B | 309.76B |
| Gross Profit | 103.61B | 85.83B | 73.30B | 63.14B | 44.80B |
| EBITDA | 52.61B | 42.64B | 39.15B | 34.66B | 23.63B |
| Net Income | 29.70B | 27.08B | 25.36B | 23.79B | 14.93B |
Balance Sheet | |||||
| Total Assets | 295.24B | 243.20B | 211.77B | 181.06B | 154.73B |
| Cash, Cash Equivalents and Short-Term Investments | 7.88B | 3.59B | 16.79B | 16.10B | 3.04B |
| Total Debt | 24.25B | 8.20B | 5.92B | 6.43B | 6.47B |
| Total Liabilities | 50.62B | 28.94B | 24.80B | 20.28B | 17.95B |
| Stockholders Equity | 244.64B | 214.28B | 186.98B | 160.79B | 136.78B |
Cash Flow | |||||
| Free Cash Flow | -6.47B | -9.60B | 145.90M | 5.47B | -10.38B |
| Operating Cash Flow | 34.67B | 24.63B | 27.46B | 26.30B | 13.72B |
| Investing Cash Flow | -42.07B | -21.85B | -24.68B | -23.13B | -12.89B |
| Financing Cash Flow | 2.88B | -2.59B | -1.48B | -2.05B | -1.79B |
Avenue Supermarts Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹3.05T | 678.83 | ― | ― | 190.50% | 40.03% | |
65 Neutral | ₹1.57T | 64.18 | ― | 0.21% | 16.92% | 14.21% | |
64 Neutral | ₹919.38B | 367.81 | ― | ― | 27.41% | 220.61% | |
62 Neutral | ₹2.60T | 84.42 | ― | ― | 15.58% | 12.90% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | ₹756.05B | -17.65 | ― | ― | 46.79% | 4.92% |
* General Sector Average
IN:DMART
Avenue Supermarts Ltd.
3,979.55
-712.35
-15.18%
IN:NYKAA
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327.50
102.70
45.69%
IN:SWIGGY
Swiggy Limited
272.40
-162.65
-37.39%
IN:TRENT
Trent Limited
2,944.00
-682.51
-18.82%
IN:ETERNAL
Zomato Ltd.
320.20
-1.45
-0.45%
IN:MEESHO
Meesho Limited
196.90
26.70
15.69%
Avenue Supermarts Ltd. Corporate Events
Avenue Supermarts Updates Market on Analyst and Investor Meetings
Jul 29, 2026
Avenue Supermarts Ltd., operator of the DMart retail chain, is a leading Indian supermarket and hypermarket player focused on groceries, household goods, and everyday consumer products at value prices. It caters primarily to mass-market customers ...
Avenue Supermarts Opens 501st DMart Store in GIFT City, Gandhinagar
Jun 21, 2026
Avenue Supermarts has expanded its retail footprint by opening a new DMart store in GIFT City, Gandhinagar, Gujarat, bringing its total store count to 501. The milestone underscores the company’s continued physical expansion strategy in key ...
Avenue Supermarts Allots Shares Under Employee Stock Option Scheme
Jun 4, 2026
Avenue Supermarts has allotted 66,365 equity shares under its 2016 Employee Stock Option Scheme to eligible employees at an exercise price of Rs. 299 per share. This ESOP-driven issuance marginally increases the company’s paid-up share capit...
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.