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Avenue Supermarts

DMART NSE
₹3,414.00 +55.00 (+1.64%)
P/E
72.73
View as Markdown
MCP
Close 4 Nov 2026 ₹3,414.00 −668.20 −16.4% 1Y
Start ₹4,082.20

Key Fundamentals

LargecapRetailConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.20%
Debt to Equity
0.10
EPS (TTM)
₹46.94
Book Value
₹400.10
Market Cap
—
P/E (TTM)
72.73
P/B
8.53
ROE
12.90%
Dividend Yield
0.00%
EBITDA
₹5,261 Cr
52W High
₹4,644.00
52W Low
₹3,102.30
Day Range
₹3,322.10 – ₹3,414.00
Volume
10,76,867

Peer Comparison

Consumer Discretionary › Retail › Diversified Retail

Avenue Supermarts peer comparison
Avenue Supermarts (this company)
₹3,414.0072.73₹2,19,703 Cr8.530.00%12.90%17.20%₹71,256 Cr₹3,057 Cr
Vishal Mega Mart
₹90.8447.56₹42,529 Cr5.390.00%12.20%15.20%₹13,493 Cr₹892 Cr
Electronics Mart
₹160.7429.99₹5,977 Cr3.800.00%6.24%8.17%₹7,863 Cr₹207 Cr
V Mart Retail
₹734.0542.41₹5,591 Cr6.140.14%14.20%13.20%₹3,993 Cr₹137 Cr
Shoppers Stop
₹358.30—₹3,890 Cr14.000.00%−6.37%7.03%₹5,283 Cr−₹11 Cr
Keto Motors
₹182.95—₹1,282 Cr21.910.00%−0.55%−0.30%₹9 Cr₹0 Cr
Patel Retail
₹245.7519.71₹815 Cr2.260.00%15.60%15.60%₹1,175 Cr₹42 Cr
Median 7 companies₹245.7542.41₹5,591 Cr6.140.00%12.20%13.20%₹5,283 Cr₹137 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

39 Weak

Data confidence 100/100

Category scores

Quality
38
Weak
Returns, margins, earnings quality 22% weight
Valuation
20
Poor
Cheap vs sector & own history 24% weight
Growth
50
Average
Sales & profit trajectory 9% weight
Financial Health
74
Strong
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • Stock is trading at 9.51 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish937
OscillatorsNeutral333
Moving AveragesStrong Bearish604

Key readings

RSI (14)
51.25
Neutral
MACD (12,26,9)
−100.18
Bullish
SMA (50)
3,590.81
Bearish
SMA (200)
3,947.10
Bearish

As of

Analyst Rating

Based on 32 analysts
HOLD38%

11 of 32 analysts rate Buy, 12 Hold, 9 Sell.

As of

BUY
11
34%
HOLD
12
38%
SELL
9
28%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+23.14%
5Y+23.31%
3Y+17.12%
1Y+15.94%
TTM+15.58%

Net profit

Net profit growth by window
10Y+24.96%
5Y+22.00%
3Y+7.69%
1Y+9.72%
TTM+12.93%

Operating cash flow

Operating cash flow growth by window
10Y+23.13%
5Y+20.32%
3Y+9.65%
1Y+40.76%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.20 pp
5Y+0.31 pp
3Y−0.95 pp
1Y−0.03 pp
TTM+0.16 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹11,898 Cr
Mar 2018₹15,033 Cr
Mar 2019₹20,005 Cr
Mar 2020₹24,870 Cr
Mar 2021₹24,143 Cr
Mar 2022₹30,976 Cr
Mar 2023₹42,840 Cr
Mar 2024₹50,789 Cr
Mar 2025₹59,358 Cr
Mar 2026₹68,821 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹479 Cr
Mar 2018₹806 Cr
Mar 2019₹902 Cr
Mar 2020₹1,301 Cr
Mar 2021₹1,099 Cr
Mar 2022₹1,492 Cr
Mar 2023₹2,378 Cr
Mar 2024₹2,536 Cr
Mar 2025₹2,707 Cr
Mar 2026₹2,970 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,637 Cr +16.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Avenue Supermarts Ltd trades at ₹3,359 as of 2026-11-03 with a market cap of ₹2,14,087 crore and a trailing P/E of 71.56x. The company has delivered 23% compounded sales growth over ten years on a near-debt-free balance sheet (debt-to-equity of 0.1), but recent profit growth has decelerated to 8% on a three-year compounded basis and the stock is down 17% over the past year.

Bull Case 7
  • Exceptional long-term revenue compounder: 10-year compounded sales growth stands at 23%, reflecting consistent store-addition-led expansion across India.
  • Strong 10-year compounded profit growth of 25% demonstrates the scalability of the EDLP (everyday low price) model over a full business cycle.
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.1, giving the company significant financial flexibility for future expansion without dilution or interest burden.
  • ROCE of 16.41% is healthy for a capital-intensive retail operation that owns most of its store real estate rather than leasing, building long-term asset value.
  • TTM sales growth of 16% indicates the business continues to scale at a double-digit pace even on a much larger base compared to five years ago.
  • Stock is 27.7% below its 52-week high of ₹4,644, which may offer a more palatable entry valuation compared to recent history for those with a long-term view.
  • The owner-operator management model with a focus on cost control and efficiency has sustained a consistent 14% ROE over a 10-year period, signalling steady execution.
Bear Case 8
  • Valuation remains stretched at a P/E of 71.56x TTM, demanding sustained high growth to justify the premium — any earnings miss could compress multiples sharply.
  • Price-to-book ratio of 8.4x (noted as 9.51x on certain adjusted measures) is extremely elevated for a brick-and-mortar retailer with thin margins.
  • Three-year compounded profit growth has slowed materially to 8%, a sharp deceleration from the 25% ten-year and 22% five-year figures, suggesting margin or growth headwinds.
  • The company pays zero dividend (dividend yield of 0%) despite reporting consistent profits, offering no income return to shareholders.
  • Return on equity of roughly 12-14% over recent periods is modest relative to the rich valuation, implying capital is not being deployed at the returns the market multiple would suggest.
  • Stock price CAGR has been negative across all measured horizons — minus 17% over one year, minus 2% over three years, and minus 4% over five years — indicating sustained underperformance.
  • TTM profit growth of 13% against a 71.56x P/E gives a PEG ratio well above 5x, suggesting the market is pricing in a growth re-acceleration that is yet to materialise.
  • Increasing competitive intensity from quick-commerce players and online grocery platforms could pressure same-store growth and force higher promotional spending, weighing on margins.

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

AI News Digest

9h ago

TL;DR: Avenue Supermarts continues to expand its footprint steadily, reaching 520 stores, and delivered 14% YoY EBITDA growth in Q2FY27. However, margin compression to 7.30% and earnings misses have triggered estimate downgrades for FY27-FY28. The key risk is whether accelerating store additions in H2FY27 can drive operating leverage to reverse the margin dip. Near-term sentiment hinges on execution in the second half and whether cost pressures ease.

Headwinds 2
  • EBITDA margin contracts YoY Oct 13

    Q2FY27 EBITDA margin dipped 0.28% YoY to 7.30% despite 14% absolute EBITDA growth to ₹1,403 crore, signaling cost pressures.

  • Earnings estimates revised down Oct 13

    Q2FY27 results missed analyst expectations, leading to downward revisions in both FY27 and FY28 earnings projections.

Positives 3
  • Store count reaches 520 Nov 03

    Avenue Supermarts opened a new store in Kiwale, Pune on November 3, 2026, taking total network count to 520 stores.

  • EBITDA grows 14% YoY Oct 13

    Q2FY27 EBITDA rose 14% YoY to ₹1,403 crore, showing continued absolute profit growth.

  • H2FY27 expansion to accelerate Oct 13

    Store expansion is expected to pick up pace in H2FY27, supporting future revenue growth.

Neutral 1
  • New Pune store operational Nov 03

    Regulatory filing confirmed the Kiwale, Pune store is operational as of November 3, 2026.

Quarterly Results

₹ Cr
DMART quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
19,644
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
18,251
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
1,393
OPM %
9%
8%
8%
7%
9%
8%
8%
6%
8%
7%
8%
7%
8%
7%
Other Income
39
37
33
38
42
34
24
25
19
20
17
18
26
14
Interest
15
16
15
13
16
16
18
19
29
35
37
41
54
64
Depreciation
162
174
189
205
193
208
228
241
232
253
268
284
288
318
PBT
897
852
949
763
1,054
903
995
720
1,057
945
1,175
904
1,183
1,025
Tax %
27%
27%
27%
26%
27%
27%
27%
24%
27%
28%
27%
27%
27%
28%
Net Profit
659
623
690
563
774
659
724
551
773
685
856
656
860
743
EPS (₹)
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
—

Sep 2026: from the results filed on 10 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
DMART profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
DMART balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
DMART cash flow, annual, ₹ crore
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

Ratios

DMART financial ratios, annual
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

Log in to view Avenue Supermarts insights

62 extracted metrics across FY14–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.48%
  • DIIs 9.43%
  • FIIs 8.49%
  • Public 6.24%
  • Others 1.36%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Avenue Supermarts Ltd?
Avenue Supermarts Ltd trades at a PE ratio of 72.73 as of 4 Nov 2026, on earnings per share of ₹46.94, against a book value of ₹400.1 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 ₹3,102.3 and ₹4,644 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Avenue Supermarts Ltd?
Avenue Supermarts Ltd reported a return on equity of 12.90%. 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.

Website dmartindia.com
Employees 16,959
Listed 21 Mar 2017
Face Value ₹10

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