Avenue Supermarts Limited (DMART) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Avenue Supermarts Limited stock ₹1,803, price ₹3,420, that is 47.3% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ₹3,134 – ₹5,391 · fair‑value band ₹1,352 – ₹2,254 · the ₹3,420 price screens above the ₹1,803 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
Follow Avenue Supermarts in your weekly email
Every Wednesday you see whether Avenue Supermarts is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Avenue Supermarts Limited engages in the business of organized retail and operating supermarkets under the D-Mart brand name in India.
Show moreShow less
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. The company was incorporated in 2000 and is based in Mumbai, India.
Stock analysis
Avenue Supermarts Limited (DMART) currently trades at ₹3,420, while our model-based Fair Value estimate is ₹1,803, 47% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹1,436 per share, and 0 of the 14 models we run sit above the ₹3,420 price.
Bear case: the Economic Profit group reads lowest at ₹381.26, and 14 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹1,352 (bear) to ₹2,254 (bull), the price of ₹3,420 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Avenue Supermarts Limited reported revenue of ₹688B in FY2026 versus ₹310B in FY2022, a compound +22.1%/yr. Reported net income was ₹29.7B in FY2026, compounding +18.8%/yr from FY2022.
Key figures
Market cap ₹2.2T (≈ $23.6B) Large · P/E ratio 71.5 · P/S ratio 3.00 · EPS (TTM) ₹47.82 · Net margin 4.2% · Return on equity 12.7% · Return on assets (EBIT) 26.1% · Operating margin 5.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 26% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −15% fair-value upside, at −47%, DMART screens richer than that median.
Fair Value models
Bear₹1,352Fair Value ₹1,803Bull₹2,254
Price ₹3,420 · Downside -47.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹28.82 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV₹397.03₹453.79₹501.7374
ROIC Compounder₹417.67₹560.79₹683.7772
Residual Income₹334.14₹381.26₹510.4371
All 14 models by family
Earnings-Based
Graham-Dodd₹309.66₹2,160₹3,03163
Lynch FV₹757.71₹1,082₹1,40761
PEG = 1.0₹757.71₹1,082₹1,40757
EPV₹397.03₹453.79₹501.7374
Multiples
P/E Multiple₹751.38₹1,002₹1,25263
P/S Multiple₹580.61₹774.15₹967.6858
P/B Multiple₹1,120₹1,493₹1,86655
EV/EBIT₹825.96₹1,112₹1,39866
EV/EBITDA₹682.77₹921.31₹1,16067
EV/Revenue₹546.06₹794.15₹1,04253
Asset-Based
NCAV (Graham)₹24.46₹37.06₹46.3354
Economic Profit
Residual Income₹334.14₹381.26₹510.4371
ROIC Compounder₹417.67₹560.79₹683.7772
Growth Earnings
Growth-Adj P/E₹1,005₹1,436₹1,86667
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+15.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.3%
Start year 2021 (pandemic). Over 10 years: +23.1% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.9%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+17.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.3%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.3% vs 23.1%, slowing
AI conclusion: Operational scale in discount retail provides a moderate moat, yet limited innovation and weak cash conversion with negative free cash flow stand out as the main weaknesses.
Main risk: Quick commerce platforms such as Blinkit, Zepto and others could capture more everyday grocery spending in metros through ten-minute deliveries, reducing same-store sales growth and pressuring margins at DMart's physical stores.
DMart keeps expanding its store network and posting healthy same-store sales growth in the core discount format. Higher entry-level wages, however, are squeezing margins despite the revenue gains. Will the low-cost model hold up while the company pours more capital into its still-loss-making online grocery operations, or will cost pressures continue to weigh on profitability?
Compare Avenue Supermarts Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Discount Stores · 23 stocks
Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score55 · Bottom 25%
Fair Value upside−47.3% · Bottom 25%
Profitability
Return on equity (12 months)12.7% · Below median
Return on assets10.1% · Top 25%
Net margin (12 months)4.2% · Above median
Operating margin (12 months)5.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)17.8% · Top 25%
Valuation Multiplesvs Discount Stores median · lower = cheaper
P/E (12 months)71.5× · Priciest 25%
P/B9.10× · Pricier than median
P/S (12 months)3.00× · Priciest 25%
EV/EBITDA41.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 20
FUTURE (revenue growth)89· sector 35
PAST (return on equity)51· sector 84
HEALTH (low debt)100· sector 88
DIVIDEND (yield)0· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Avenue Supermarts Limited (DMART) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ₹1,803 versus a price of ₹3,420, about 47% lower (overvalued).
What is the fair value of DMART?
Our model-based fair value for Avenue Supermarts Limited is ₹1,803 (as of Nov 5, 2026), built from audited fundamentals. The current price: ₹3,420.
What is the quality score of DMART?
Avenue Supermarts Limited has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Avenue Supermarts Limited (DMART)?
Our model-based price target is the fair value of ₹1,803 (as of Nov 5, 2026) from 14 valuation models. Cautious scenario ₹1,352, optimistic scenario ₹2,254. It is a calculation from audited fundamentals, not an analyst target.
What is the Avenue Supermarts Limited stock forecast for 2026?
Our models put fair value at ₹1,803, about 47% lower versus a price of ₹3,420 (overvalued). Cautious scenario ₹1,352, optimistic scenario ₹2,254. The calculation is refreshed regularly with new filings.
What is the revenue of Avenue Supermarts Limited (DMART)?
Avenue Supermarts Limited reported trailing-twelve-month revenue of about ₹742B (latest available figure, as of Nov 5, 2026).
What is the intrinsic value of Avenue Supermarts Limited (DMART)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Avenue Supermarts Limited it is ₹1,803 per share (as of Nov 5, 2026), against a price of ₹3,420. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Avenue Supermarts Limited stock overvalued or undervalued in 2026?
As of Nov 5, 2026, DMART trades above its calculated fair value: price ₹3,420, fair value ₹1,803, a gap of about −47% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DMART?
No. The price is what the market pays today (₹3,420); the fair value is what the company's own numbers justify (₹1,803). For Avenue Supermarts Limited the two are ₹1,617 per share apart. That gap is exactly why we show both numbers side by side.
How much is Avenue Supermarts Limited worth?
The market values Avenue Supermarts Limited at about ₹2.2T (market capitalisation, as of Nov 5, 2026). Per share that is ₹3,420; our models calculate a fair value of ₹1,803 per share.
What do the bullish and bearish scenarios say about DMART?
Our models span a range for Avenue Supermarts Limited: cautious scenario ₹1,352, base ₹1,803, optimistic ₹2,254 per share (as of Nov 5, 2026, price ₹3,420). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DMART?
Avenue Supermarts Limited trades at a price-to-earnings ratio of 71.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,803 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 103.5. Other multiples: P/B 9.1, P/S 3.0, EV/EBITDA 41.9.
How solid is the balance sheet of Avenue Supermarts Limited (DMART)?
Balance-sheet figures for Avenue Supermarts Limited (as of Nov 5, 2026): return on equity 12.7%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is DMART from its 52-week high?
Avenue Supermarts Limited trades at ₹3,420, about 26% below its 52-week high of ₹4,629 and 9% above the low of ₹3,134 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,803 is for.
Which stocks are comparable to Avenue Supermarts Limited?
From the same area (Consumer Defensive) we also value Walmart Inc, Costco Wholesale Corporation, Target Corporation, Dollarama Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Avenue Supermarts Limited stock attractive at the current price?
The data as of Nov 5, 2026: price ₹3,420, calculated fair value ₹1,803 (−47%), Quality Score 55/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DMART calculated?
We run Avenue Supermarts Limited through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,803, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Avenue Supermarts Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Avenue Supermarts Limited (DMART)?
The closing price on Nov 5, 2026 was ₹3,420. Our model-based fair value is ₹1,803, about 47% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Avenue Supermarts Limited right now?
The price sits above even our optimistic bull case (₹2,254). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Avenue Supermarts Limited (DMART) come from?
Earnings per share at Avenue Supermarts Limited grew +24.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +21.3 %, EBIT margin −2.5 %, tax rate +1.4 %, residual (interest, one-offs) +3.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Avenue Supermarts Limited
How large is the market capitalisation of Avenue Supermarts Limited (DMART)?
The market capitalisation of Avenue Supermarts Limited is ₹2.2T (≈ $23.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Avenue Supermarts Limited (DMART)?
The price-to-sales ratio of Avenue Supermarts Limited is 3.00 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Avenue Supermarts Limited (DMART)?
Earnings per share at Avenue Supermarts Limited are ₹47.82 (price ÷ EPS = P/E 71.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Avenue Supermarts Limited (DMART)?
The net margin of Avenue Supermarts Limited is 4.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Avenue Supermarts Limited (DMART)?
The return on equity (ROE) of Avenue Supermarts Limited is 12.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Avenue Supermarts Limited (DMART)?
On an EBIT basis the return on assets of Avenue Supermarts Limited is 26.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Avenue Supermarts Limited (DMART)?
The operating margin of Avenue Supermarts Limited is 5.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Avenue Supermarts Limited (DMART)?
Revenue at Avenue Supermarts Limited is growing +17.8% versus a year earlier (3y avg +17.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Avenue Supermarts Limited (DMART)?
Earnings per share at Avenue Supermarts Limited are growing +8.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Avenue Supermarts Limited (DMART) generate?
The free cash flow of Avenue Supermarts Limited is −₹6.5B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Avenue Supermarts Limited (DMART) carry?
The net debt of Avenue Supermarts Limited is ₹21.4B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Avenue Supermarts Limited in the live analysis
One click puts Avenue Supermarts Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 5, 2026