Avenue Supermarts
Avenue Supermarts
Retail F&OKey Fundamentals
LargecapDiversified RetailRetailTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company's median sales growth is 25.3% of last 10 years
Weaknesses
3- Stock is trading at 10.2 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.
Growth Rate
AI Analysis — Bull vs Bear
Avenue Supermarts has grown sales at a 23% CAGR over both 5 and 10 years, and profit at 22% and 25% over the same periods. Growth has slowed recently: 3-year profit CAGR is 8% and TTM sales growth is 16%. The stock trades at 80.8x earnings and 10.1x book value against a 3-year ROE of about 13.5%, pays no dividend, and has returned -15% over 1 year and -3% CAGR over 5 years.
- Long-term top-line growth has been consistent. Sales compounded at 23% over both 10 and 5 years, and median annual sales growth over the last decade was 25.3%.
- Long-term profit growth has been high. Profit compounded at 25% over 10 years and 22% over 5 years, roughly in line with or ahead of sales growth.
- Growth remains in double digits at scale. TTM sales grew 16% and TTM profit grew 13% on a market capitalisation of about ₹2,47,717 crore.
- Return on equity has been stable at 14% across the 3-, 5- and 10-year windows. The company has kept capital efficiency steady through multiple expansion cycles.
- Profit TTM growth of 13% is faster than the 3-year profit CAGR of 8%, which may point to a partial recovery in earnings momentum.
- Earnings have outgrown the share price over time. The 5-year stock CAGR is -3% while 5-year profit CAGR is 22%, so the valuation multiple has compressed from earlier levels.
- The 0% dividend yield reflects full retention of earnings. That capital goes back into store expansion, which supported 17% sales CAGR over 3 years.
- Valuation is demanding at a P/E of 80.8x. That multiple assumes growth well above the recent 3-year profit CAGR of 8% and TTM profit growth of 13%.
- Price-to-book is 10.1x (about 10.2x per screener data), which is a high premium relative to a last-year ROE of 13%.
- Return on equity is modest for the valuation. It averaged about 13.5% over the last 3 years and fell to 13% last year, slightly below the 14% long-term average.
- Profit growth has lagged sales growth. The 3-year profit CAGR of 8% is less than half the 3-year sales CAGR of 17%, which points to margin pressure.
- Sales growth is slowing. It fell from a 23% CAGR over 5 and 10 years to 17% over 3 years and 16% on a TTM basis.
- TTM profit growth of 13% is still below TTM sales growth of 16%, so margins have not yet recovered to earlier levels.
- Shareholder returns have been weak. The stock returned -15% over 1 year, 2% CAGR over 3 years and -3% CAGR over 5 years.
- The company pays no dividend (0% yield) despite years of consistent profits, so shareholder returns depend entirely on share-price appreciation.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q2 margins not yet disclosed Oct 3
The Q2FY27 update gives only standalone revenue of ₹19,206.18 crore, and that figure is still subject to limited review by statutory auditors. There is no profit or margin data yet, so it isn't clear whether the faster store openings are hurting profitability.
- Sanpada store shut for rebuild Oct 3
One of the 518 stores, in Sanpada, is closed for reconstruction as of September 30, 2026. Its sales will be missing until it reopens, though the impact on total revenue is small.
- Reliance on short-term CP funding Sep 30
Right after redeeming ₹500 crore of commercial paper in September, the company issued a fresh ₹500 crore at a 6.12% coupon. That suggests it is rolling over short-term debt rather than paying it down, which leaves it exposed to changes in interest rates.
- Q2FY27 revenue jumps 18% YoY Oct 3
Standalone revenue for Q2FY27 grew 18% YoY to ₹19,206.18 crore, so consumer demand at its stores remains strong. The store count reached 518 as of September 30, 2026.
- 10 stores added in September Sep 25
Total stores rose from 508 to 518 between Sep 7 and Sep 25, 2026, including 3 openings on Sep 25 alone in Nagpur, Punjab and Bengaluru. This is one of the fastest monthly rollouts the company has done.
- Karnataka cluster deepens Sep 23
New stores opened in Narayanpur, Dharwad (Sep 17), Bilekahalli, Bengaluru (Sep 23) and another Bengaluru location (Sep 25). This strengthens its presence in the southern market.
- North and central India push Sep 20
New stores opened on Tonk Road, Jaipur (Sep 7), in Ludhiana (Sep 19), Narmadapuram, MP (Sep 20) and another Punjab location (Sep 25). The company is expanding beyond its western base.
- Western core keeps growing Sep 24
New stores opened in Bodakdev, Ahmedabad (Sep 24, total 515) and Parbhani, Maharashtra (Sep 22, total 513). The company keeps adding stores in its strongest home markets.
- ₹500 crore CP at 6.12% Sep 30
The company allotted ₹500 crore of unsecured commercial paper, rated ICRA A1+, at a 6.12% coupon for a 90-day tenure. It matures on December 29, 2026.
- ₹500 crore CPs fully redeemed Sep 28
Commercial papers worth ₹300 crore (Sep 7) and ₹200 crore (Sep 28) were repaid in full on maturity with nil balance outstanding. The company is servicing its debt cleanly.
- Large trades flagged near ₹3,700-3,810 Sep 22
Trade scanners flagged about 1,04,727 shares (₹38.71 crore) at ₹3,696.50 on NSE on Sep 18, and about 1,03,010 shares (₹39.24 crore) at ₹3,809.70 on BSE on Sep 22. The price was about 3% higher between the two trades. Neither is a confirmed exchange disclosure.
TL;DR: DMart is growing quickly: Q2FY27 revenue rose 18% YoY to ₹19,206 crore, and it added 10 stores in September to reach 518, spread across Karnataka, Punjab, MP, Rajasthan and Gujarat. Its debt management looks disciplined, with ₹500 crore of CPs repaid on time and new paper rated A1+ at a modest 6.12%. The main risks are that margins haven't been disclosed and that the rapid rollout could squeeze profitability, plus a continued reliance on short-term CP funding. The trend is improving, and the full Q2 earnings will show whether the faster expansion is translating into profit growth.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
| 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 |
| 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 |
| OPM % | 9% | 8% | 8% | 7% | 9% | 8% | 8% | 6% | 8% | 7% | 8% | 7% | 8% |
| Other Income | 39 | 37 | 33 | 38 | 42 | 34 | 24 | 25 | 19 | 20 | 17 | 18 | 26 |
| Interest | 15 | 16 | 15 | 13 | 16 | 16 | 18 | 19 | 29 | 35 | 37 | 41 | 54 |
| Depreciation | 162 | 174 | 189 | 205 | 193 | 208 | 228 | 241 | 232 | 253 | 268 | 284 | 288 |
| PBT | 897 | 852 | 949 | 763 | 1,054 | 903 | 995 | 720 | 1,057 | 945 | 1,175 | 904 | 1,183 |
| Tax % | 27% | 27% | 27% | 26% | 27% | 27% | 27% | 24% | 27% | 28% | 27% | 27% | 27% |
| Net Profit | 659 | 623 | 690 | 563 | 774 | 659 | 724 | 551 | 773 | 685 | 856 | 656 | 860 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY14–FY27.
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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.[1]
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