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 operates D-Mart stores, a supermarket chain in India. It focuses on value retailing across various product categories including Foods, Non-Foods (FMCG), and General Merchandise & Apparel, with a cluster-based expansion strategy and an online presence through 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
Score21 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
25Bearishfull bear SMA stack · SMA20 -5.2% / mo · RSI oversold · MACD − · near 52W low · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 31
Sector 3M: -10.2% 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
Bearish25
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 18/10/2026
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-104.2%
Previous: -107.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
36
36
36
35
35
35
35
34
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%
-156%
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 under stressReviewed 2026-07-12T00:41:11.723Z
Management commentary snapshot
DMART reported strong Q1 FY27 revenue growth of 15.1% YoY and 6.6% QoQ, with PAT up 12.8% YoY and 29.1% QoQ. However, Like-for-Like (LFL) growth slowed to 5.5% YoY, indicating potential maturity in older stores.
While overall revenue and profit growth remain robust, the significant deceleration in LFL growth to 5.5% YoY from 7.1% YoY in Q1 FY26 and 10.8% QoQ in Q4 FY26 is a concern. This suggests that growth is increasingly driven by new store additions rather than organic sales from established stores, which could impact long-term profitability and capital efficiency.
Current business mix
Share of Revenue by Key Product Categories Q1 FY27
Latest issuer-disclosed distribution across 3 reported categories.
Foods55.6%
Non-Foods (FMCG)19.6%
General Merchandise & Apparel24.7%
Growth engines
New Store Expansion
Added 3 stores in Q1 FY27, reaching a total of 503 stores.
Cluster-Based Strategy
Continued expansion in existing clusters like Maharashtra, Gujarat, and Telangana, as per the historical store distribution.
DMart Ready Expansion
Expanded online presence to 24 cities in Q1 FY27, up from 11 cities in Q1 FY26.
Capacity and execution
Store Additions
3 new stores added in Q1 FY27, bringing the total store count to 503.
DMart Ready Cities
DMart Ready expanded its presence to 24 cities in Q1 FY27.
Risk radar
Decelerating LFL Growth
Like-for-Like growth significantly slowed to 5.5% in Q1 FY27, down from 7.1% in Q1 FY26 and 10.8% in Q4 FY26.
Revenue per Sq Ft Decline YoY
Annualized revenue from sales per retail business area sq ft declined YoY from INR 8,779 in Q1 FY26 to INR 8,571 in Q1 FY27.
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 BOTH
The presentation provides both year-on-year (Q1 FY26) and quarter-on-quarter (Q4 FY26) data for key financial and operational metrics. Both comparisons are relevant to assess seasonal trends and sequential momentum in the retail business.
Sector KPIs management disclosed
Revenue from Operations
INR 18,343 Crs in Q1 FY27, up 15.1% YoY (Q1 FY26: INR 15,932 Crs) and 6.6% QoQ (Q4 FY26: INR 17,205 Crs).
EBITDA Margin
8.3% in Q1 FY27, up from 8.2% in Q1 FY26 and 7.2% in Q4 FY26.
PAT Margin
5.1% in Q1 FY27, down from 5.2% in Q1 FY26 but up from 4.2% in Q4 FY26.
Like For Like Growth (>24 Months)
UNDER_STRESS5.5% in Q1 FY27, down from 7.1% in Q1 FY26 and 10.8% in Q4 FY26.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Like For Like Growth | 5.5% in Q1 FY27 | Reversal of the decelerating trend and stabilization above 7-8% in subsequent quarters. |
| Store Additions | 3 stores in Q1 FY27 | Pace of new store additions to maintain overall revenue growth and expand market reach. |
| Revenue per Sq Ft | INR 8,571 (annualized) in Q1 FY27 | Improvement in sales productivity from existing and newly added stores. |
| EBITDA Margin | 8.3% in Q1 FY27 | Sustained margin expansion or stability amidst ongoing store expansion and competitive pressures. |
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 91st percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
60 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: 91st pctile, median 66 · Large: 70th pctile, median 73
Evidence depth
Financial-only
60 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.