Avenue Supermarts (DMart)

A+Hold

DMART · NSE · Mega Cap · Modern Trade — Grocery

Modern Trade — Grocery

Fetching live…

₹4,380

1D 0.3%1M 1.1%1Y -2%

Fundamental (RQ-100)

Technical (TQ-100)

Valuation

Market cap

₹2.85L Cr

Live decision ratingASell / Avoid

Fundamental score breakdown

76/100

Growth Quality

15.4 / 20

Rev 1Y 17.0%, 3Y CAGR 19.0%, 5Y CAGR 21.0%

Margin & Profitability

4.5 / 15

EBITDA 8.2%, PAT 5.0%

Return on Capital

14.0 / 20

ROCE 22.0%, ROE 14.0%

Cash Flow Quality

13.0 / 15

OCF/EBITDA 0.92

Leverage

10.0 / 10

ND/EBITDA -1.20

Reinvestment

8.0 / 8

Capex/Sales 5.0%

Accounting

7.0 / 7

Governance

4.0 / 5

Technical score breakdown

40/100

Trend Structure

8.0 / 20

↓ 200 · ↓ 50 · ↓ 20

Momentum

5.0 / 15

1Y -2.0%, 1M 1.1%

Volume Dynamics

8.0 / 15

Vol30 —%

Relative Strength

4.0 / 15

1Y -2.0%

MA Cluster

5.0 / 10

Extension

5.0 / 10

—% from 50DMA

Volatility

4.0 / 8

Price Action

1.0 / 7

-100.0% from 52W H

Business

What this company actually does

India's largest listed organised value supermarket chain. EDLP model, owned-store strategy, industry-leading per-store throughput.

Stores

380

Dark stores

—

Cities

110

Listed status

Listed

Format exposure

How direct is this play?

Primary formatModern Trade — Grocery

Exposure typePure-play

Revenue visibilityHigh

Operating leverage stageScaling

Policy beneficiary2 mapped

Data confidenceMedium

Financial snapshot

Live · green dot = live, falls back to curated

Revenue

₹56.0K Cr

Rev 1Y growth

17%

Rev 3Y CAGR

19%

EBITDA margin

8.2%

PAT margin

5.0%

ROE

14%

ROCE

22%

OCF/EBITDA

0.92

Net Debt/EBITDA

-1.2

Financial statements

Multi-year P&L, balance sheet, cash flow — scraped live from Screener.in

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Valuation

Live multiples + retail-specific (curated)

P/E

Forward P/E

EV/EBITDA

EV/Sales

5.1

P/B

14.0

FCF Yield

1.0%

Mid-range valuation. Watch incremental ROCE.

Retail KPIs

The unit-economics that define the format

SSSG

9.2%

Inventory days

Policy beneficiary

Regulations that move the P&L

State Gig Worker Welfare Cess

Owned-store + employed-staff model unaffected; widens cost gap to q-comm

Positive

+20 bps

FSSAI Licensing & Labelling

Formalisation tailwind

Positive

+5 bps

Investment thesis

AI-generated · always cite sources before acting

Bull

Best-in-class 22% ROCE with 0.92 OCF conversion. Compounding revenue at 19% CAGR. Pure-play exposure to Modern Trade — Grocery. Long-runway TAM with structural tailwinds.

Base

Earnings growth of ~21% over the next 3 years assuming margins hold. Multiple compression risk if growth slows; multiple expansion possible if Modern Trade — Grocery GMV outperforms.

Bear

Premium multiple has no margin for error. Format-level risk: regulation, gig-cess, or competitive pressure compress contribution margin.

Variant perception

Consensus views Avenue Supermarts (DMart) as a quality compounder. Our differentiated take: the cyclical pessimism in Modern Trade — Grocery has overshot the long-term cash-flow potential.

Key monitorables

Quarterly contribution margin trajectory
SSSG vs guidance
Capex vs store/dark-store adds
Promoter holding and ESOP dilution

Peers

Same primary format · sorted by market cap