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Modern Trade — Grocery

Organised value supermarkets and hypermarkets

EDLP and value supermarkets. Organised penetration still <12% of grocery, leaving a multi-decade runway. DMart leads on per-store throughput; Vishal Mega Mart anchors Bharat. Q-comm cannibalisation in metros is the central debate.

GMV $35B+18% YoYCM 8%Capex: HighReg risk: Medium

Ancillary beneficiaries