DMART

Avenue Supermarts share price & financials

Price
₹3,951.9
Market cap
₹2.4L Cr
Sector
Consumer Services
Calls analysed
8
Latest concall · Q4 FY26 · call held 28 Jul 2026

Avenue Supermarts Limited FY26 Annual Analyst Meet Analysis

EBITDA Margin 7.8% PAT ₹3,224 cr

What went well

  • Consolidated sales grew by 16% for the year ended March 2026.
  • Gross margin expanded by 16 bps.
  • Consolidated PAT grew by 10%.

What to watch

  • Avenue E-commerce EBITDA declined by 43%, with an 84 bps EBITDA drain and PBT 24% lower, resulting in a net loss of ₹307 crore.
  • Inventory days increased to 33.2, attributed to new warehouses.
Read the full call →

What Avenue Supermarts Limited does

Avenue Supermarts operates DMart, a chain of everyday low-price supermarkets selling foods, non-food FMCG, and general merchandise and apparel to value-conscious Indian shoppers. It earns by buying in bulk and selling at the lowest price in its area of operation, using a cluster-based expansion strategy that deepens penetration around existing stores and supplies them through large distribution centres. Alongside physical stores, it runs DMart Ready, an online grocery ordering and home-delivery service focused on key large towns.

Segments

  • Foods
  • Non-Foods (FMCG)
  • General Merchandise & Apparel
Stores
500 (as of 31 Mar 2026)
Retail business area
20.6 mn sq ft (FY26)
State footprint (FY26 stores)
Led by Maharashtra (128), Gujarat (75), Karnataka (50), Telangana (48), Andhra Pradesh (47), Tamil Nadu (35)
Customer bill cuts (transactions)
39.8 crore (FY26)
New stores added in FY26
85
DMart Ready (online grocery) presence
18 cities (FY26)
Founded 2000Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 4 delivered 3 missed 8 open
  • Annual Store Additions delivered said Q4 FY24 Promised: in another two to three years, this 40 should go to a 60 or a 70 per year Q4 FY26: Opened 85 stores in FY26, significantly exceeding the 60-70 stores/year rate targeted for FY27. The target was achieved a year ahead of schedule.
  • DMart Ready Losses missed said Q1 FY24 Promised: 90% of the worries that we had about how much money we are going to lose has actually gone... it can't lose too much of money Q4 FY26: Net loss for FY26 widened further to ₹307 crore, a 24% increase from FY25. The consistent and significant increase in absolute losses directly contradicts the 'loss containment' promise.
  • DMart Ready Breakeven at risk said Q1 FY26 Promised: this is a business that can be broken even in a couple of years Q4 FY26: Losses widened to ₹307 crore in FY26. Management shifted focus to proving a 'sustainable, profitable model' in 11 cities, without reiterating the 'couple of years' breakeven timeline, indicating the original target is at high risk.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.1%, net profit up 12.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue14,050 15,565 14,462 15,932 16,219 +15%17,613 +13%17,204 +19%18,343 +15%
EBITDA1,105 1,235 981 1,313 1,230 +11%1,481 +20%1,231 +25%1,527 +16%
Net profit710 785 620 830 747 +5%923 +18%725 +17%936 +13%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −20.4% 1Y

₹4.0k₹4.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 28 Jul 2026

1Y: ₹4,631.3 on 10 Sept 2025 → ₹3,688. High ₹4,775.3 (19 Sept 2025), low ₹3,613.7 (1 Feb 2026).

How the price took the results

close before → close after

Q4 FY26
−4.5%
28 Jul

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.8%.

Year endingFY23FY24FY25FY26
Revenue₹42.6k Cr₹49.5k Cr₹57.8k Cr₹67.0k Cr
Operating profit₹3.6k Cr₹4.1k Cr₹4.5k Cr₹5.3k Cr
Operating margin8.6%8.3%7.9%7.8%
Interest₹65 Cr₹45 Cr₹57 Cr₹131 Cr
Depreciation₹617 Cr₹633 Cr₹776 Cr₹935 Cr
Net profit₹2.4k Cr₹2.7k Cr₹2.9k Cr₹3.2k Cr
Net margin5.7%5.4%5.1%4.8%
Cash from operations₹2.7k Cr₹2.7k Cr₹2.6k Cr₹3.6k Cr
Free cash flow₹549 Cr₹58 Cr₹-748 Cr₹-413 Cr
ROCE21.0%20.0%18.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹648 Cr₹648 Cr₹648 Cr₹651 Cr₹651 Cr₹652 Cr
Reserves₹11.7k Cr₹13.3k Cr₹15.9k Cr₹18.6k Cr₹22.2k Cr₹24.9k Cr
Borrowings₹296 Cr₹416 Cr₹439 Cr₹464 Cr₹1.6k Cr₹2.3k Cr
Other liabilities₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.8k Cr₹2.4k Cr₹2.5k Cr
Total liabilities₹13.6k Cr₹15.4k Cr₹18.2k Cr₹21.6k Cr₹26.9k Cr₹30.3k Cr
Fixed assets₹6.7k Cr₹8.8k Cr₹10.8k Cr₹13.0k Cr₹17.7k Cr₹19.6k Cr
Capital work in progress₹1.0k Cr₹1.1k Cr₹829 Cr₹930 Cr₹1.5k Cr₹1.3k Cr
Investments₹402 Cr₹532 Cr₹977 Cr₹1.1k Cr₹3 Cr₹1.6k Cr
Other assets₹5.5k Cr₹5.0k Cr₹5.6k Cr₹6.6k Cr₹7.7k Cr₹7.8k Cr
Total assets₹13.6k Cr₹15.4k Cr₹18.2k Cr₹21.6k Cr₹26.9k Cr₹30.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.97 pp while DIIs trimmed −0.55 pp. The shareholder count shrank 12% to 5,42,175.

Promoters
74.5%
FIIs
9.2%
DIIs
8.7%
Government
0.1%
Public
7.5%

Since Jun 2025

  • FIIs +0.97 pp
  • DIIs −0.55 pp
  • Public −0.24 pp

How it drifted, 12 quarters

Over this window the public fell from 9.4% to 7.5% — −1.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.6%, FIIs 7.7%, DIIs 8.3%, Government 0.0%, Public 9.4%.Dec '23: Promoters 74.6%, FIIs 8.0%, DIIs 8.4%, Government 0.1%, Public 8.9%.Mar '24: Promoters 74.6%, FIIs 8.3%, DIIs 8.5%, Government 0.1%, Public 8.5%.Jun '24: Promoters 74.6%, FIIs 9.2%, DIIs 8.0%, Government 0.1%, Public 8.1%.Sep '24: Promoters 74.6%, FIIs 9.9%, DIIs 7.4%, Government 0.1%, Public 7.9%.Dec '24: Promoters 74.6%, FIIs 9.0%, DIIs 8.1%, Government 0.1%, Public 8.2%.Mar '25: Promoters 74.6%, FIIs 8.2%, DIIs 9.1%, Government 0.1%, Public 8.0%.Jun '25: Promoters 74.7%, FIIs 8.3%, DIIs 9.2%, Government 0.1%, Public 7.8%.Sep '25: Promoters 74.7%, FIIs 8.7%, DIIs 9.0%, Government 0.1%, Public 7.5%.Dec '25: Promoters 74.7%, FIIs 8.7%, DIIs 8.8%, Government 0.1%, Public 7.8%.Mar '26: Promoters 74.5%, FIIs 9.0%, DIIs 8.8%, Government 0.1%, Public 7.6%.Jun '26: Promoters 74.5%, FIIs 9.2%, DIIs 8.7%, Government 0.1%, Public 7.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Avenue Supermarts Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Radhakishan Shivkishan Damani 22.97%unchanged
Bright Star Investments Private Limited 13.61%unchanged
Gopikishan Shivkishan Damani 5.59%unchanged
Radhakishan S. Damani And Shrikantadevi Damani (On behalf of Bottle Palm Pvt Beneficiary Trust) 4.75%unchanged
Radhakishan S. Damani And Shrikantadevi Damani (On behalf of Mountain Glory Pvt Beneficiary Trust) 4.75%unchanged
Radhakishan S. Damani And Shrikantadevi Damani (On behalf of Royal Palm Pvt Beneficiary Trust) 4.75%unchanged
Gopikishan S. Damani And Radhakishan S. Damani (On behalf of Gulmohar Pvt Beneficiary Trust) 4.75%unchanged
Gopikishan S. Damani And Radhakishan S. Damani (On behalf of Karnikar Pvt Beneficiary Trust) 4.75%unchanged
Jyoti Varun Kabra 2.47%unchanged
Madhu Abhay Chandak 2.46%unchanged
Manjri Chandak 2.46%unchanged
ICICI Prudential Mutual Fund Mutual fund2.34%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in DMART

Filings to Aug 2026

1 new, 10 added, 6 trimmed, 0 sold out — net +26.12 L shares (+18.8%).

Held by funds
₹6.4k Cr
27 schemes
Biggest holder
SBI Aggressive Hybrid Fund
₹2.0k Cr · 2.3% of that fund
SchemeHoldingLast month
SBI Aggressive Hybrid Fund SBI Mutual Fund₹2.0k Cr+19.50 L
SBI Large Cap Fund SBI Mutual Fund₹1.2k Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹1.2k Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹683 Cr+1.58 L
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹222 Crheld
Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund₹222 Cr+0.18 L
SBI Arbitrage Fund SBI Mutual Fund₹117 Crnew
Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund₹114 Cr+2.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

10 added, 6 trimmed — net +26.12 L shares (+18.8%)

Funds are sitting on
-0%
vs est. average cost
Held by funds
₹6.4k Cr
27 schemes · ≈ 2.7% of the company
Biggest holder
SBI Aggressive Hybrid Fund
₹2.0k Cr · 2.3% of that fund
Longest holder
Nippon India ETF Nifty 100
9y · since Sep '17

Shares held by these funds +121%

Aug '23 1.39 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹3688, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹1219 — downside of 67%.

Growth the price implies
27.3% a year
for 7 years, fading to 5%
It has actually compounded at
10.0% a year
net profit, FY23–FY26 · EPS 9.8%
The gap
0.2 pp
-67% downside if it only repeats history
Price today ₹3,688 Value at the reference growth ₹1,218.53
Why this baseline, and what it is built on

DMart's recent TTM sales growth has significantly slowed to 4.26% from previous high double-digit rates. However, management has clear plans for store expansion, stating 'it won't be less than 50' new stores annually and a commitment to 'double down on investments'. The promise track record is good overall, but includes some 'at risk' and 'ghosted' promises. Given the recent slowdown in TTM growth but strong expansion plans, a g1 of 10.0% is estimated, balancing the historical high growth potential with recent performance and conservative outlook. Despite low leverage, the competitive retail industry and recent growth deceleration warrant a slightly higher discount rate of 11%. A 7-year stage-1 growth period with a 4-year fade to a 5% terminal growth rate is chosen to reflect the long runway for organized retail growth.

Through 2026-03-31

Change the assumptions yourself →

All earnings calls (8)

Read the Q4 FY26 call →

Learn to analyse Avenue Supermarts Limited

Guides on how to read this kind of business and the numbers that matter.