Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: DMART· RetailCore · Aug 26Large cap

Avenue Supermarts

Lowest-cost grocer; LFL normalising

Last close: ₹3,750.00; 29 Sept 2026 · reference
1D · 1M: −1.4% · −2.1%; price-only
Weight: 1.3%; 31 Jul 2026 · Aug rank 23
Thesis review: 8 Sep 2026; Why We Own, p61

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Broker research · 2 reports

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedHOLDdailymulti-company

Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)

19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗

Target: ₹4,182
At report: ₹3,981
Vs our close: +11.5%

Avenue Supermarts (DMart) featured in Antique's FMCG channel-check store visit, which noted strong private-label traction and a Raksha Bandhan seasonal counter; rated HOLD.

Key points

Store-visit observations: increased visibility of Patanjali Doodh Biscuits; Parle biscuit packs not 'oddly priced'; 4700BC Hawaiian Barbeque flavor saw high replenishments/stock-outs
Private labels gained traction, particularly Indian sweets under the 'Royal' brand; dedicated Raksha Bandhan counter introduced with prices starting at Rs 10
Godrej Spic spotted on-counter at competitive pricing during the visit
Valuation Guide: Mcap $27.1bn, FY27E/FY28E/FY29E P/E of 68.9x/57.8x/47.3x, EV/EBITDA 41.8x/35.2x/32.0x

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Systematix Institutional EquitiesHOLDsector previewmulti-company

Consumer Discretionary: Growth momentum builds, margin sustainability key monitorable - 4QFY26 Result Preview

10 Apr 2026 · Chetan Mahadik, Vijay Jangir · 9 pp · open PDF ↗

Target: ₹4,134
At report: ₹4,378
Vs our close: +10.2%

DMart is expected to report its highest revenue growth in 8 quarters (~19% YoY) in Q4FY26 on accelerated store additions, but EBITDA margin is seen moderating due to higher operating costs from the pace of new store openings and continued GM&A segment and quick-commerce pressure; Systematix rates it HOLD with TP below CMP.

Key points

Q4FY26E Revenue Rs 172,045 mn (+19.0% YoY, -2.3% QoQ) - highest growth in 8 quarters
Q4FY26E EBITDA Rs 12,392 mn (+26.3% YoY), EBITDA margin 7.2% (+42 bps YoY)
Q4FY26E Adj PAT Rs 7,165 mn (+15.6% YoY, -22.4% QoQ)
58 stores added in 4QFY26; 85 stores added in FY26
General Merchandise & Apparel (GM&A) segment continues to face pressure; quick commerce competition persists
FY25-28E CAGR: Revenue 15.5%, EBITDA 17.1%, Adj EPS 18.7%; Valuation on FY27E PE 74x, EV/EBITDA 46x

Extraction note: This Systematix sector preview covers 14 Consumer Discretionary companies (ABFRL, ABLBL, Bluestone Jewellery, Aditya Vision, Allied Blenders, Arvind Fashion, Avenue Super Mart/DMart, Page Industries, Radico Khaitan, Raymond Lifestyle, Thomas Cook, Tilaknagar Industries, Trent, V …

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft

Strengths

Store engine accelerating: record 85 stores added in FY26 (500 total), management now targets 10-15% network growth and 2,000-2,200 stores long-term vs 503 today; FY26 revenue +16%, Q1FY27 +14.9%.
Buoyant's published view: the weak Q1FY27 LFL (5.5%, metros flat) was partly a temporary supply/discount distortion as quick-commerce players pushed volumes around the Zepto IPO; Q4FY26 LFL had been 10.8%, so normalisation is the base case (per Buoyant Capital note supplied by the PMS; not independently located online).
Margins resilient: EBITDA margin 8.0% (+10bp) and gross margin +50bp in Q1FY27 as general merchandise/apparel rose to 25.5% of sales; consensus models 17.6% p.a. earnings growth and ~14% ROE in 3 yrs.
Non-metros still growing well and 80%+ of quick-commerce GMV is metro-concentrated (Redseer), so most of DMart's future store pipeline sits outside the q-commerce battleground.

Weaknesses

vs 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.
vs 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.

Opportunities

Q2FY27 business update (early Oct-2026) and results (mid-Oct-2026): LFL recovery toward 8-10% would validate the 'temporary distortion' thesis.
FY27 store additions tracking 10-15% network growth (i.e. 50-75+ stores) with H2 skew.
Zepto IPO pricing/post-listing discipline on discounts (targeted 2026 listing) reducing subsidy intensity in metro grocery.

Threats

Quick-commerce share loss in metros persists beyond the IPO-period distortion: metro older stores flat YoY in Q1FY27 and revenue/sq ft falling; Goldman/Citi flag this as structural.
Valuation: ~57x FY28E consensus EPS leaves no room for LFL or margin disappointment; stock fell 8% in 2 days after the Q1 update.
Cost inflation: staff costs +30% YoY in Q1FY27 capped EBITDA expansion; only 3 stores added in Q1 vs 85 in FY26 (seasonal but watch FY27 pace).

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

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Internal evidence

Buoyant sources for this name

August 2026 top-30 disclosure — rank 23, Retail, Core. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
One-pager, "Why We Own What We Own" — p61, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

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Ownership

Shareholding · Jun'26

Promoter	74.48%
Indian Promoters	74.48%
Radhakishan Shivkishan Damani	22.97%
Bright Star Investments Private Limited	13.61%
Gopikishan Shivkishan Damani	5.59%
Radhakishan S. Damani And Shrikantadevi Damani (On behalf of Mountain Glory Pvt Beneficiary Trust)	4.75%
Gopikishan S. Damani And Radhakishan S. Damani (On behalf of Karnikar Pvt Beneficiary Trust)	4.75%
Gopikishan S. Damani And Radhakishan S. Damani (On behalf of Gulmohar Pvt Beneficiary Trust)	4.75%
Radhakishan S. Damani And Shrikantadevi Damani (On behalf of Bottle Palm Pvt Beneficiary Trust)	4.75%
Radhakishan S. Damani And Shrikantadevi Damani (On behalf of Royal Palm Pvt Beneficiary Trust)	4.75%
Jyoti Varun Kabra	2.47%
Manjri Chandak	2.46%
Public Shareholding	25.52%
Institutions	17.97%