Lowest-cost grocer; LFL normalising
Avenue Supermarts (ASL) was started to address the growing needs of the Indian family. It is a one-stop supermarket chain that aims to offer customers a wide range of basic home and personal products under one roof. Each DMart store stocks home utility products - including food, toiletries, beauty products, garments, kitchenware, bed and bath linen, home appliances and more - available at competitive prices that its customers appreciate. Its core objective is to offer customers good products at great value.
Avenue Supermarts Limited engages in the business of organized retail and operation of supermarkets under the D-Mart brand name in India. The company offers food products, such as groceries, staples, processed food products, dairy, frozen products, beverages and confectionery products, and fruits and vegetables; non-food products, including home care and personal care products, toiletries, and other over the counter products; and general merchandise and apparel products comprising bed and bath products, toys and games, crockery, plastic goods, garments, footwear, utensils, and home appliances. It is also involved in the online and multi-channel retail of grocery and household products under the DMart Ready brand name; packing and sale of grocery products, spices, dry fruits, etc.; operation of food outlets and pharmacy stores; and development of land and construction. The company was incorporated in 2000 and is based in Mumbai, India.
Key people: Mr. Ramakant Baheti (Group CFO & Whole-Time Director) · Mr. Elvin Elias Machado (Director of Business Development & Whole-Time Director) · Mr. Narayanan Bhaskaran (Chief Operating Officer of West & Central & Whole-Time Director) · Mr. Anshul Asawa (CEO, MD & Director) · Mr. Niladri Deb (Chief Financial Officer) · Mr. Lalit Ahuja (Chief Operating Officer)
Avenue Supermarts major competitors are Trent, FSN E-Comm. Ventur., Metro Brands, Bata india, Aditya Vision, V2 Retail, Electronics Mart Ind. Market Cap of Avenue Supermarts is ₹2,47,505 Crs. While the median market cap of its peers are ₹8,188 Crs.
Avenue Supermarts seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Avenue Supermarts runs DMart, India's largest listed value grocery/general-merchandise chain with 503 owned stores as of 30-Jun-2026 (500 at Mar-2026; record 85 added in FY26) and FY26 revenue Rs 68,821 cr (+16%). Sales mix in Q1FY27: food 54.9%, non-food FMCG 19.6%, general merchandise & apparel 25.5%. DMart Ready (e-commerce) operates in 11 cities after exiting 7. Management sees room for 2,000-2,200 stores long term and targets 10-15% annual network growth.
TTM PE 78.9x is below the stock's 100x+ peaks of 2021-22 but still ~4x the Nifty; 5-yr average PE not sourced. EV/EBITDA computed on mcap + Rs 2,425 cr borrowings (largely leases) over FY26 EBITDA. EV/EBITDA 46.9x; dividend yield 0.0%.
| Reliance Retail | Not separately listed (inside RIL/Jio-Reliance Retail pre-IPO); DMart is the only listed pure-play with owned-store economics, 8% EBITDA margin and 74.5% promoter skin in the game. |
| Zepto (private, IPO-bound) | Zepto is loss-making (IPO proceeds of Rs 8,010 cr earmarked partly for dark-store leases and marketing) with ~35% q-commerce share; DMart earns Rs 2,970 cr PAT and funds growth internally. |
| Vishal Mega Mart | Vishal is a tier-2/3 value-fashion/general-merchandise play with PE-sponsor overhang; DMart has 4x the revenue, stronger grocery frequency and owned real estate, though at a higher multiple. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Retail — 2.5%: the cleanest ways to capture staples and mass-footwear volume
Organised retail is still a minority of a $1.1 trillion Indian retail market and is projected to exceed 35% of it by 2030. The near-term debate is quick commerce — GMV above $10 bn, 30 million monthly users, 150% growth, 80% of it from metros — and whether it structurally impairs brick-and-mortar grocery. Our answer is that DMart's weak like-for-like prints (5.5% in Q1FY27 versus 10.8% in Q4FY26, metros flat) were substantially a supply distortion: a quick-commerce competitor heading into its IPO was underwriting volumes without minimum basket sizes to show growth at any cost. As that normalises and store additions accelerate, DMart remains one of the cleanest ways to capture double-digit staples growth funded by the household transfer wave. Campus is the same thesis at the other end of the price ladder — a ₹700 average selling price in a footwear market growing 10% a year where the BIS quality order is squeezing unorganised imports.
Reliance Retail is unlisted; Vishal Mega Mart is a good value-retail story at a similar multiple with less proven unit economics; Zepto is the IPO we are watching, not buying. Relaxo is losing volume in mass footwear, Bata has not grown in five years and Metro Brands is premium-priced for premium footwear. Apparel is expressed through Trent (in FMCG).
| Supermarkets - Market Share | 10 % | as of Mar 18 |