WatchTalking point
Profit lagging revenue
Revenue grew 15.9% but profit grew 9.7%, so the company kept less of each rupee of revenue as profit.
Importance 62 / 95 · growth
Avenue Supermarts Limited · Research view
Avenue Supermarts Limited
NSE: DMARTBSE: 540376ISIN INE192R01011Face value ₹10consolidated
₹3,810
+1.06% · 2026-10-01 · 52-wk ₹3,646–₹4,629
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Compounding revenue
Revenue compounded at 22.1% a year over 4 years (₹30,976 → ₹68,821).
Importance 60 / 95 · growth
ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 3 consecutive years, from 20.1% to 17.2%.
Importance 59 / 95 · profitability
WatchTalking point
Growth slowing
Revenue growth has slowed for 3 consecutive years, from 38.3% to 15.9%.
Importance 57 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Services › Retailing › Diversified Retail.
- Market cap
- ₹2.48 L cr
- FY2026 revenue
- ₹68,821 cr
- FY2026 net profit
- ₹2,970 cr
- Net worth
- ₹24,462 cr
- Total debt
- ₹2,425 cr
- EPS (basic)
- ₹45.65
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 diversified retail.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 15.9% but profit grew 9.7%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +22.1%over 4 years
- Revenue growth
- +15.9%vs last year
- Net profit growth
- +9.7%vs last year
- Change in net profit since FY22
- +99%
Revenue compounded at 22.1% a year over 4 years (₹30,976 → ₹68,821).
Revenue growth has slowed for 3 consecutive years, from 38.3% to 15.9%.
Revenue grew 15.9% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹18,795 cr, up 14.9% from ₹16,360 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹860 cr, up 11.3% from ₹773 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 interest (finance cost) was ₹54 cr, up 85.3% from ₹29 cr a year earlier.
Rule QTR_INTEREST_EXPENSE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 14,445 | — | 659 | — | 4.6% |
| Q3 FY25 | 15,973 | +17.7% | 724 | +4.8% | 4.5% |
| Q4 FY25 | 14,872 | +16.9% | 551 | −2.2% | 3.7% |
| Q1 FY26 | 16,360 | +16.3% | 773 | −0.1% | 4.7% |
| Q2 FY26 | 16,676 | +15.5% | 685 | +3.9% | 4.1% |
| Q3 FY26 | 18,101 | +13.3% | 856 | +18.3% | 4.7% |
| Q4 FY26 | 17,684 | +18.9% | 656 | +19.2% | 3.7% |
| Q1 FY27 | 18,795 | +14.9% | 860 | +11.3% | 4.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹71,256 crTTM
- EBITDA
- ₹5,467 crTTM
- EBIT
- ₹4,374 crTTM
- PBT
- ₹4,207 crTTM
- Net profit
- ₹3,057 crTTM
C. Corporate actions
No verified corporate actions on record for this company.
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 3 consecutive years, from 20.1% to 17.2%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 7.6%
- 5-year range
- 7.6–8.8%
- ROE FY2026
- 12.9%
- ROCE FY2026
- 17.2%
EBITDA margin of 7.6% is below the diversified retail median of 11.5%.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 15.6% a year over 4 years (₹13,678 → ₹24,462).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹2,425 cr
- Operating cash flow ÷ net profit
- 1.17×FY2026
- Free cash flow
- ₹−646 cr
- Current ratio
- 1.98×
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 diversified retail (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 81.2×TTM to Jun 26
- P / B
- 10.2×latest book
- P / S
- 3.5×TTM sales
- Earnings yield
- 1.2%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 83.6× · P/S 3.6× · ROE 12.9%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit compounded at 18.8% a year while the stock returned 1.2% a year — but FY2022 profit (₹1,492) was well below the through-cycle level (~₹2,536), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −14.4%
- 3-year return
- +3.6%
- 5-year return
- −10.1%
- From 52-wk high
- −17.7%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹3,885
- vs 200-day avg
- Below₹4,000
- RSI (14)
- 49.2neutral
- MACD histogram
- 14.5
- From 52-wk high
- −17.7%
- From 52-wk low
- +4.5%
- 30-day volatility
- 17.5%ann.
- 6-month return
- +1.4%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 15.9% but profit grew 9.7%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 62
- ConcernCapital efficiency slippingROCE has fallen for 3 consecutive years, from 20.1% to 17.2%.ROCE_DECLINING_STREAK · conviction 59
- WatchGrowth slowingRevenue growth has slowed for 3 consecutive years, from 38.3% to 15.9%.GROWTH_DECELERATING · conviction 57
- ConcernThinner margins than peersEBITDA margin of 7.6% is below the diversified retail median of 11.5%.MARGIN_BELOW_PEER_MEDIAN · conviction 47
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 30,976 | 42,840 | 50,789 | 59,358 | 68,821 |
| Total income | 31,094 | 42,969 | 50,935 | 59,482 | 68,895 |
| EBITDA | 2,616 | 3,766 | 4,250 | 4,612 | 5,261 |
| Profit before tax | 2,064 | 3,060 | 3,461 | 3,673 | 4,082 |
| Net profit | 1,492 | 2,378 | 2,536 | 2,707 | 2,970 |
| EPS (₹) | 23.0 | 36.7 | 39.0 | 41.6 | 45.6 |
| Net worth | 13,678 | 16,079 | 18,697 | 21,427 | 24,462 |
| Total debt | 647 | 643 | 592 | 820 | 2,425 |
| Operating cash flow | 1,372 | 2,630 | 2,746 | 2,463 | 3,467 |
| Free cash flow | −1,038 | 424 | 24 | −954 | −646 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 38.3 | 18.6 | 16.9 | 15.9 |
| Profit growth YoY | — | 59.4 | 6.6 | 6.8 | 9.7 |
| Profitability | |||||
| EBITDA margin % | 8.4 | 8.8 | 8.4 | 7.8 | 7.6 |
| Net margin % | 4.8 | 5.5 | 5.0 | 4.6 | 4.3 |
| Return on equity % | 10.9 | 16.0 | 14.6 | 13.5 | 12.9 |
| Return on capital % | 14.8 | 20.1 | 19.5 | 18.0 | 17.2 |
| Leverage & cash | |||||
| Debt to equity | 0.05 | 0.04 | 0.03 | 0.04 | 0.10 |
| Cash flow ÷ profit | 0.92 | 1.11 | 1.08 | 0.91 | 1.17 |
| Current ratio | 2.83 | 3.71 | 3.13 | 2.89 | 1.98 |