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 ↗

Where the price sits

52-week range, house target and street targets

52w low ₹3,64652w high ₹4,629

Reference close₹3,750
Antique Stock Broking Limited · HOLD₹4,182
Systematix Institutional Equities · HOLD₹4,134

Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.

Investment case and valuation

Approved model, 8 Sep 2026 review

₹3,697

Price (2026-09-07)

85.1x / 80.6x

FY27E / FY28E P/E (Buoyant sheet)

13.4%

FY27E ROE (Buoyant sheet)

78.9x

Trailing P/E

10.0x

Price / book

19%

EPS CAGR FY26–28E

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%.

Model date: 8 Sep 2026 (prices 7–8 Sep 2026)
Horizon: 12 months (bank pages: Sep-2027 roll-forward)
Audience: Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
Reviewer · version: Investment Committee framework · v1 (book)

Current vs history

Trailing multiples, FY-end

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
P/E	83.2x	103.0x	102.0x	110.0x	168.0x	174.0x	92.8x	116.0x	98.0x	86.9x
Price to Book	10.4x	17.8x	16.5x	12.9x	15.2x	19.0x	13.8x	15.8x	12.4x	10.6x

Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.

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