Lowest-cost grocer; LFL normalising
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Avenue Supermarts | Held | 80.40 | 12.14% | 2.46 L Cr | Lowest-cost grocer; LFL normalising | |
| Reliance Retail | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Zepto (private, IPO-bound) | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Vishal Mega Mart | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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).
All sectors we avoid or underweight →DMart (1.3%, Core): the lowest-cost grocery retailer in India (everyday low price, owned stores, 503 stores), 15–16% revenue growth with store adds accelerating, LFL normalising as the IPO distortion fades; 80x is the price of the cleanest balance sheet in retail. Campus Activewear (1.2%, Core): India's largest sports-and-athleisure footwear brand by volume (5.7 mn pairs a quarter, 31,000 retailers, 850 districts), 18% ROE, sneakers growing 30% after a 100% year, at 41x FY28E after a 20% fall.
| Supermarkets - Market Share | 10 % | as of Mar 18 |