Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 5 Aug - ICRA reaffirmed A1+ rating for enhanced ₹1,300 crore commercial paper limit.
Source: Bse
Avenue Supermarts Limited (DMART)
Large CapConsumer stocks · Large cap · NSE
Avenue Supermarts Limited (DMART) operates discount retail chain stores across India, offering a wide range of products spanning foods, non-foods, general merchandise, and apparel, alongside its growing e-commerce channel DMart Ready.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result10 Oct, 03:22 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -5.2% / mo · RSI oversold · MACD − · near 52W low · sector -5.0pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 32
Sector 3M: -10.6% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DMARTD candles · FIT view-27.9%Latest close ₹3250.90 on 2026-10-21
Bar
-1.8%
RSI
25
MACD hist
-30.74
52W pos
2%
2026-10-21O ₹3310.00H ₹3327.50L ₹3224.50C ₹3250.90Vol 4.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DMARTNifty Consumer DurablesNifty 500
- DMART
- -18.2%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- -11.7 pp
Chart stats
21 Oct 2026- From 52W high
- -30.0%
- 52W range position
- 2%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.60x
- Avg traded value
- ₹261 Cr
- 20D price channel
- ₹3,224.5 - ₹3,880
₹4,644
₹3,224.5 - ₹4,644
₹87
Latest completed session
20-session average
32.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +17.8% · PAT +8.5% YoY
Technical
Bearish26
Price trend and sector-relative-strength timing.
Valuation
Legacy model-104.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Average · 32/100margin compression · Rev +18% YoY · PAT +8% YoY
Filed 10 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19,644 Cr | +17.8% | +4.5% |
| EBITDA | ₹1,393 Cr | +14.7% | -7.1% |
| Operating margin | 7.1% | +9 bps | -89 bps |
| PAT | ₹743 Cr | +8.5% | -13.7% |
| PAT margin | 3.8% | -33 bps | -80 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 70.00
- P/B
- 8.36
- EV/EBITDA
- 33.06
- Market Cap
- 218002.00Cr
Profitability
- ROE
- 12.90%
- ROCE
- 17.20%
- ROA
- 9.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 28.40×
- Altman Z
- 10.20
- Book Value
- 400.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 3467.00 Cr
- EPS TTM
- 47.81
Shareholding
- Promoter Hold
- 74.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 19.6k+4.5% vs prev
Net Profit
₹ CrLatest: 743-13.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 25. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.4% over last month) — short-term momentum negative.
- RSI(14) at 25 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
17
RS percentile
Stage 4 Downtrend
1M return
-14.5%
3M return
-18.2%
6M return
-28.1%
1Y return
-23.1%
RS 1D
0
RS 20D
-6
Sector rank
#8
Industry rank
#23
Stage evidence
- Price is 19.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 74.73-0.69%
RS vs Nifty 50075
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth10/25
Quality5/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 10/25 to the score.
Main drags
- Fair-value margin of safety is negative at -104.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
70.0
PB
8.4
EV/EBITDA
33.1
ROE
12.9%
ROCE
17.2%
FCF Yield
—
Debt/Equity
0.2
MoS
-104.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-104.2%
Previous: -104.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
36
36
35
35
35
35
34
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹655.96
-395.6% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹1,592.07
-104.2% MoS
PEG
4.27
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VMM
Mid
Vishal Mega Mart Limited
Retail
match 79
41
47.0
12.2%
-41%
WATCHLIST
OSIAHYPER
Small
Osia Hyper Retail Limited
Retail
match 77
48
2.1
6.6%
+95%
FAIR VALUE
SPENCERS
Small
Spencer's Retail Limited
Retail
match 76
6
—
—
—
OVERVALUED
TRENT
Large
Trent Limited
Retail
match 61
57
86.3
27.7%
-150%
FAIR VALUE
SAPPHIRE
Large
Sapphire Foods India Limited
Retail
match 56
30
2616.0
-1.0%
-6447%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T03:11:59.420Z
Management commentary snapshot
H1 FY27 revenue from operations reached INR 37,550 Crores with an EBITDA of INR 2,930 Crores and PAT of INR 1,739 Crores.
DMART continues to execute its cluster-based expansion strategy, growing total store count to 518 in H1 FY27 from 432 in H1 FY26. Operating metrics remain steady with LFL growth at 9.5% in Q2 FY27 and retail business area expanding to 21.4 million sq ft.
Current business mix
Share of Revenue by Product Category
Latest issuer-disclosed distribution across 3 reported categories.
Foods56.9%
Non-Foods (FMCG)19.6%
General Merchandise & Apparel23.4%
Growth engines
Store Network Expansion
ACTIVETotal stores increased to 518 stores in H1/27 from 432 stores in H1/26 following the cluster-based expansion model.
DMart Ready Scale-up
ACTIVEDMart Ready expanded its presence to 19 cities in H1/27 compared to 11 cities in H1/26, focusing on large towns.
Capacity and execution
Retail Space Addition
ON_TRACKRetail business area at quarter end grew to 21.4 mn sq ft in Q2/27 from 17.9 mn sq ft in Q2/26.
Risk radar
Compressed Return Ratios
WATCHReturn on Net Worth (RoNW) for H1/27 stood at 6.6% compared to 6.8% in H1/26, and ROCE stood at 8.1% vs 8.8%.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Retail and consumption businesses exhibit structural year-over-year seasonality and multi-period expansion patterns, making annual comparisons more reliable for assessing underlying momentum.
Sector KPIs management disclosed
Like-For-Like (LFL) Growth
POSITIVELFL growth for stores operational >24 months stood at 9.5% in Q2/27 compared to 6.8% in Q2/26.
Revenue per Retail Business Area
STABLERevenue from sales per retail business area sq ft (annualized) was INR 8,741 in Q2/27 versus INR 8,692 in Q2/26.
Retail Business Area
POSITIVETotal retail business area at quarter end increased to 21.4 mn sq ft in Q2/27 from 17.9 mn sq ft in Q2/26.
Total Bills Cut
POSITIVETotal bill cuts reached 11.1 crores in Q2/27 compared to 11.0 crores in Q1/27 and 9.7 crores in Q2/26.
Management forward view
Cluster-Based Expansion
ON_TRACKThe company continues its cluster-based expansion strategy across multiple states, deepening penetration in existing clusters.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Store Count | 518 Stores (H1/27) | Pace of store additions and cluster density evolution |
| Like-For-Like (LFL) Growth | 9.5% (Q2/27) | Sustained momentum in mature store sales growth |
| DMart Ready Cities | 19 Cities (H1/27) | Geographic scaling and operational efficiency of e-commerce |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 90th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
62 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Consumer: 90th pctile, median 66 · Large: 70th pctile, median 73
Evidence depth
Financial-only
62 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.5%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Avenue Supermarts Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Jun - Allotment of equity shares under Avenue Supermarts Limited ESOP Scheme 2016
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 4 Jun - Allotment of equity shares under Avenue Supermarts Limited ESOP Scheme 2016
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 4h - Avenue Supermarts filed FY 2025-26 BRSR, included in annual report and AGM notice.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.