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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +15% YoY · PAT +11% YoY · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹18,795 Cr | +14.9% | +6.3% |
| EBITDA | ₹1,499 Cr | +15.4% | +23.8% |
| Operating margin | 8.0% | +0 bps | +100 bps |
| PAT | ₹860 Cr | +11.3% | +31.1% |
| PAT margin | 4.6% | -14 bps | +87 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Share of Revenue by Key Product Categories Q1 FY27
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
Trend score and candlestick chart
31Bearishfull bear SMA stack · MACD − · near 52W low
Technical chart
DMARTdaily · 1Y · AUTO-1.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 36 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 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.
Relative Strength & Trend Stage
- Price is within 8.0% of the 30-week proxy.
- The 30-week proxy changed +0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 36 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 10/25 to the score.
Main drags
- Fair-value margin of safety is negative at -129.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 92nd percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 74.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 92nd pctile, median 66 · Large: 74th pctile, median 73
60 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 74.5%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.10.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 80.40
- P/B
- 10.05
- EV/EBITDA
- 38.32
- Market Cap
- 245897.00Cr
Profitability
- ROE
- 12.90%
- ROCE
- 17.20%
- ROA
- 10.36%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 32.26×
- Altman Z
- 10.44
- Book Value
- 375.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 3467.00 Cr
- EPS TTM
- 46.94
Shareholding
- Promoter Hold
- 74.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.