Avenue Supermarts logo

Avenue Supermarts

DMART NSE

Key Fundamentals

LargecapDiversified RetailRetail
Market Cap
2.4L Cr
Volatility
Moderate
P/E Ratio
78.57
EBITDA
₹5,261 Cr
Return on Equity
12.14%
Debt to Equity
0.1
Book Value
₹375.07
EPS
₹40.74
52W High
₹4,818
52W Low
₹3,529

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

3
  • Stock is trading at 9.83 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 13.5% over last 3 years.

Growth Rate

Revenue Growth
15.82% lower than 3Y
Net Income Growth
9.7% higher than 3Y
Cash Flow Change
40.75% higher than 3Y
ROE
-3.96% lower than 3Y
ROCE
-3.07% higher than 3Y
EBITDA Margin (Avg.)
-1.42% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Avenue Supermarts (DMart) commands a market cap of ₹2,38,873 Cr with a PE of 78.2x and trades at 9.78x book value. The company has delivered a 10-year sales CAGR of 23% and profit CAGR of 25%, though recent growth has moderated with TTM profit growth at 13% and ROE settling around 13-14%.

Bull Case 7
  • Strong long-term revenue compounder with 10-year compounded sales CAGR of 23%, indicating durable demand for its EDLP (everyday low price) model
  • 10-year compounded profit CAGR of 25% demonstrates consistent ability to scale profitably over a full business cycle
  • TTM sales growth of 16% shows continued top-line momentum even on a larger base
  • 5-year compounded sales CAGR of 23% remains robust, reflecting successful store expansion and same-store growth
  • Zero dividend payout means the company is reinvesting all profits back into store expansion, supporting its aggressive growth runway
  • Debt-to-equity is negligible, and the company has historically operated with minimal leverage, reducing financial risk during downturns
  • Consistent ROE of 14% over 3-year, 5-year, and 10-year periods reflects a stable and predictable return profile
Bear Case 8
  • PE ratio of 78.2x is extremely elevated relative to the retail sector and broader market, leaving little margin of safety if growth slows
  • Stock trades at 9.78x book value, which is steep for a brick-and-mortar retailer and prices in years of future execution
  • ROE of ~13-13.5% over the last 1-3 years is modest for a company commanding such premium valuations, suggesting capital efficiency is not exceptional
  • TTM profit growth of 13% has decelerated sharply from the 5-year profit CAGR of 22%, indicating margin expansion may be plateauing
  • 3-year profit CAGR of just 8% reflects a significant slowdown, partly due to post-COVID normalization but also base-rate concerns
  • Stock price CAGR of -20% over 1 year and -1% over 3 years shows the market has derated the stock amid slowing earnings growth
  • Zero dividend yield offers no income cushion to shareholders, making returns entirely dependent on capital appreciation from an already elevated valuation
  • 5-year stock CAGR of -1% despite 22% profit CAGR over the same period indicates significant PE compression has already occurred

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • Bengaluru construction breach fine Aug 26

    Avenue Supermarts was penalised ₹28.28 lakhs by Greater Bengaluru Authority for construction non-compliance. The company stated there is no material impact on operations.

Positives 3
  • Three new stores in August-September Sep 7

    Avenue Supermarts opened stores in Navsari (Aug 20, store #507), Pune (Aug 21, #508), and Jaipur (Sep 7, #509), continuing steady network expansion across India.

  • Strong FY26 revenue and profit growth Aug 26

    Operating income grew from ₹59,358 crore in FY2025 to ₹68,820 crore in FY2026. PAT rose from ₹2,707.5 crore to ₹2,969.9 crore, with interest coverage at 64.7x and debt/OPBDIT at just 0.2x.

  • Returns to debt market, AAA rated Aug 26

    Avenue Supermarts plans to raise ~₹10 billion via bonds with up to 3-year maturity, its first debt issuance since October 2019. ICRA assigned AAA rating on Aug 25, with strong mutual fund demand reported.

Neutral 4
  • ₹300 crore CP fully redeemed Sep 7

    Avenue Supermarts confirmed full redemption of ₹300 crore commercial papers on September 7, 2026, clearing the outstanding balance to nil.

  • ₹200 crore CP allotted at 6.50% Aug 20

    Avenue Supermarts allotted ₹200 crore in commercial paper at 6.50% coupon with ICRA A1+ rating, maturing November 2026.

  • ESG rating of 69.5 for FY26 Aug 27

    SES ESG Research assigned an independent ESG score of 69.5 for FY26 based on public data, issued August 25, 2026.

  • All 11 AGM resolutions approved Aug 21

    Shareholders approved all 11 resolutions at the 26th AGM, including related-party transactions with Avenue E-Commerce Ltd. Promoters abstained on subsidiary deals.

TL;DR: Avenue Supermarts is executing well on expansion, adding three stores in three weeks to reach 509 locations, while delivering solid FY26 financials with ~16% revenue growth and ~10% PAT growth. The AAA-rated return to the debt market after seven years signals confidence and draws strong investor interest. The only headwind is a minor ₹28.28 lakh regulatory fine with no material impact. The overall trend is positive, with steady store rollouts and a healthy balance sheet supporting continued growth.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
11,865
12,624
13,572
12,727
14,069
14,444
15,973
14,872
16,360
16,676
18,101
17,684
18,795
Expenses
10,830
11,619
12,453
11,783
12,848
13,351
14,755
13,917
15,061
15,463
16,638
16,473
17,295
Operating Profit
1,035
1,005
1,120
944
1,221
1,094
1,217
955
1,299
1,214
1,463
1,211
1,499
OPM %
9%
8%
8%
7%
9%
8%
8%
6%
8%
7%
8%
7%
8%
Other Income
39
37
33
38
42
34
24
25
19
20
17
18
26
Interest
15
16
15
13
16
16
18
19
29
35
37
41
54
Depreciation
162
174
189
205
193
208
228
241
232
253
268
284
288
PBT
897
852
949
763
1,054
903
995
720
1,057
945
1,175
904
1,183
Tax %
27%
27%
27%
26%
27%
27%
27%
24%
27%
28%
27%
27%
27%
Net Profit
659
623
690
563
774
659
724
551
773
685
856
656
860
EPS in Rs
10.12
9.58
10.61
8.66
11.89
10.14
11.12
8.47
11.88
10.53
13.15
10.07
13.19
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
6,439
8,584
11,898
15,033
20,005
24,870
24,143
30,976
42,840
50,789
59,358
68,821
71,256
Expenses
5,983
7,919
10,929
13,680
18,371
22,742
22,398
28,474
39,201
46,683
54,864
63,632
65,869
Operating Profit
456
664
969
1,353
1,633
2,128
1,745
2,502
3,639
4,106
4,495
5,189
5,387
OPM %
7%
8%
8%
9%
8%
9%
7%
8%
8%
8%
8%
8%
8%
Other Income
20
17
28
88
48
60
194
114
128
145
117
72
80
Interest
72
91
122
60
47
69
42
54
67
58
69
142
167
Depreciation
82
98
128
159
212
374
414
498
639
731
870
1,037
1,093
PBT
323
492
747
1,222
1,422
1,745
1,483
2,064
3,060
3,461
3,673
4,082
4,207
Tax %
34%
35%
36%
34%
37%
25%
26%
28%
22%
27%
26%
27%
—
Net Profit
212
320
479
806
902
1,301
1,099
1,492
2,378
2,536
2,707
2,970
3,057
EPS in Rs
3.77
5.7
7.67
12.92
14.46
20.09
16.97
23.04
36.69
38.97
41.61
45.56
46.94
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
562
562
624
624
624
648
648
648
648
651
651
652
Reserves
638
959
3,218
4,045
4,963
10,432
11,536
13,030
15,430
18,047
20,777
23,812
Borrowings
904
1,192
1,497
439
700
333
393
647
643
592
820
2,425
Other Liabilities
251
389
480
540
718
663
1,079
1,146
1,383
1,882
2,065
2,629
Total Liabilities
2,355
3,102
5,819
5,648
7,006
12,076
13,655
15,471
18,105
21,172
24,313
29,518
Fixed Assets
1,528
2,094
2,578
3,400
4,400
5,948
7,009
9,260
11,340
13,415
16,206
20,090
CWIP
98
82
153
147
377
364
1,020
1,129
829
935
1,099
1,300
Investments
15
29
26
68
17
15
3
6
202
107
3
4
Other Assets
713
897
3,063
2,033
2,212
5,749
5,624
5,076
5,733
6,716
7,004
8,123
Total Assets
2,355
3,102
5,819
5,648
7,006
12,076
13,655
15,471
18,105
21,172
24,313
29,518
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
222
433
455
730
807
1,280
1,375
1,372
2,630
2,746
2,463
3,467
Investing
-474
-633
-2,482
464
-958
-4,657
-1,110
-1,289
-2,313
-2,468
-2,185
-4,207
Financing
234
196
2,025
-1,159
209
3,357
-180
-179
-205
-148
-259
288
Net Cash Flow
-17
-3
-1
34
57
-19
86
-96
112
130
18
-452
Free Cash Flow
-255
435
-180
-179
-602
-426
-652
-1,017
424
24
-954
-646
CFO/OP
71
90
74
84
80
83
94
77
92
85
76
87
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
0
1
1
1
0
1
1
1
1
1
1
Inventory Days
36
34
34
34
35
34
40
38
33
33
36
37
Days Payable
8
10
9
9
10
8
10
8
8
8
8
8
Cash Conversion Cycle
28
24
26
25
26
26
30
31
26
26
30
29
Working Capital Days
22
6
4
16
11
22
23
23
20
25
23
18
ROCE %
21%
24%
21%
24%
26%
20%
13%
16%
20%
19%
18%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.13%Promot.74.48%Public6.42%DIIs8.74%FIIs9.23%As ofJun 2026

Documents

Frequently Asked Questions about Avenue Supermarts

What does Avenue Supermarts Ltd do?
Avenue Supermarts Limited (DMart) is a national supermarket chain, with a focus on value-retailing. We offer a wide range of products with a focus on the Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories.[1]
Where is Avenue Supermarts Ltd (DMART) listed?
Avenue Supermarts Ltd trades as DMART on the NSE and under code 540376 on the BSE.
Which sector does Avenue Supermarts Ltd belong to?
Avenue Supermarts Ltd is classified under the Retail sector, in the Diversified Retail industry.
What is the market capitalisation of Avenue Supermarts Ltd?
Avenue Supermarts Ltd has a market capitalisation of ₹2,38,873 Cr, which places it in the Large Cap band.
What is the PE ratio of Avenue Supermarts Ltd?
Avenue Supermarts Ltd trades at a PE ratio of 78.57, on earnings per share of ₹40.74, against a book value of ₹375.07 per share.
What is the 52-week high and low of Avenue Supermarts Ltd?
Over the last 52 weeks Avenue Supermarts Ltd has traded between ₹3,529 and ₹4,818.
What is the Return on Equity (ROE) of Avenue Supermarts Ltd?
Avenue Supermarts Ltd reported a return on equity of 12.14%. Its debt-to-equity ratio is 0.10.

Company Information

Avenue Supermarts Limited (DMart) is a national supermarket chain, with a focus on value-retailing. We offer a wide range of products with a focus on the Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories.[1]

Website dmartindia.com
Employees 16,959
Listed 2017-03-21
Face Value ₹ 10
Issued Size 65,07,33,068

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