# Retail - Departmental Stores — company-by-company sector analysis > Retail - Departmental Stores: Avenue Supermarts Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice. ## Bottom line Retail - Departmental Stores has underperformed NIFTY 500 by 16.3% over 52 weeks and 0.8% over 13 weeks. 0 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Avenue Supermarts Ltd leads with revenue of ₹71,256 crore, based on 3 of 3 comparable companies through Jun 2026. ### Is the Retail - Departmental Stores sector outperforming NIFTY 500? Retail - Departmental Stores has underperformed NIFTY 500 by 16.3% over 52 weeks and 0.8% over 13 weeks. 0 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. ### Which Retail - Departmental Stores company is largest by revenue? Avenue Supermarts Ltd leads with revenue of ₹71,256 crore, based on 3 of 3 comparable companies through Jun 2026. ### Which Retail - Departmental Stores company is growing fastest? Avenue Supermarts Ltd has the fastest current revenue growth at 15.6%, across 3 of 3 comparable companies. ### Which Retail - Departmental Stores company has the strongest 4-Factor Sector Score? Avenue Supermarts Ltd ranks first at 46.7/100 with 90% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Retail - Departmental Stores company has the least gross debt? Yamuna Syndicate Ltd has the lowest comparable gross debt at ₹0 crore. Shoppers Stop Ltd has the highest at ₹3,317 crore. ### Which Retail - Departmental Stores company has the lowest comparable PEG? Avenue Supermarts Ltd has the lowest comparable Guarded PEG at 9.74, among 1 of 3 companies that pass the metric’s comparability rules. ### How much history does this Retail - Departmental Stores comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Retail - Departmental Stores has underperformed NIFTY 500 by 16.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.8%. 0 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Avenue Supermarts Ltd is the strongest against the sector itself at +0.8%. 13-week sector return versus NIFTY 500: 0.8% 52-week sector return versus NIFTY 500: -16% Stocks leading NIFTY: 0/3 Stocks leading sector: 1/3 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 3 Combined market value: ₹2.7 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Avenue Supermarts Ltd (DMART): 47/100 — Mixed-negative evidence; evidence 90% - Growth & earnings 19.1/35 | Capital efficiency 16.0/25 | Valuation 5.0/20 | Relative strength 6.6/20 - Exact sum: 19.1 + 16 + 5 + 6.6 = 46.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Yamuna Syndicate Ltd (540980): 30/100 — Adverse evidence; evidence 76% - Growth & earnings 11.2/35 | Capital efficiency 11.1/25 | Valuation 8.0/20 | Relative strength 0.0/20 - Exact sum: 11.2 + 11.1 + 8 + 0 = 30.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Shoppers Stop Ltd (SHOPERSTOP): 30/100 — Adverse evidence; evidence 65% - Growth & earnings 14.7/35 | Capital efficiency 2.6/25 | Valuation 10.0/20 | Relative strength 3.0/20 - Exact sum: 14.7 + 2.6 + 10 + 3 = 30.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Revenue Scale & Growth Durability What the numbers say: Avenue Supermarts Ltd is the scale leader at ₹71,256 crore, 13.8× the revenue of Shoppers Stop Ltd. Avenue Supermarts Ltd's growth is 15.6% from a ₹71,256 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Avenue Supermarts Ltd is the scale benchmark; Avenue Supermarts Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Avenue Supermarts Ltd's growth falls below Avenue Supermarts Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Avenue Supermarts Ltd · ₹71,256 crore | 13.8× versus #2 · Shoppers Stop Ltd | 8/8 recent comparable periods | 3/3 companies · 54 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Avenue Supermarts Ltd (DMART): ₹71.3K Cr 2. Shoppers Stop Ltd (SHOPERSTOP): ₹5.2K Cr 3. Yamuna Syndicate Ltd (540980): ₹69 Cr ### Revenue growth — fastest growers 1. Avenue Supermarts Ltd (DMART): 16% 2. Shoppers Stop Ltd (SHOPERSTOP): 9.6% 3. Yamuna Syndicate Ltd (540980): 7.8% ### 20-quarter Revenue history - 540980: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - DMART: Sep 2021 ₹7.8K Cr | Dec 2021 ₹9.2K Cr | Mar 2022 ₹8.8K Cr | Jun 2022 ₹10.0K Cr | Sep 2022 ₹10.6K Cr | Dec 2022 ₹11.6K Cr | Mar 2023 ₹10.6K Cr | Jun 2023 ₹11.9K Cr | Sep 2023 ₹12.6K Cr | Dec 2023 ₹13.6K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹14.1K Cr | Sep 2024 ₹14.4K Cr | Dec 2024 ₹16.0K Cr | Mar 2025 ₹14.9K Cr | Jun 2025 ₹16.4K Cr | Sep 2025 ₹16.7K Cr | Dec 2025 ₹18.1K Cr | Mar 2026 ₹17.7K Cr | Jun 2026 ₹18.8K Cr - SHOPERSTOP: Sep 2021 ₹642 Cr | Dec 2021 ₹958 Cr | Mar 2022 ₹713 Cr | Jun 2022 ₹948 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹924 Cr | Jun 2023 ₹994 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr ### 20-quarter Revenue growth history - 540980: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.1% | Mar 2024 -6.7% | Jun 2024 -9.5% | Sep 2024 7.1% | Dec 2024 0.0% | Mar 2025 7.1% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 13% | Mar 2026 20% | Jun 2026 — - DMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 37% | Dec 2022 26% | Mar 2023 21% | Jun 2023 18% | Sep 2023 19% | Dec 2023 17% | Mar 2024 20% | Jun 2024 19% | Sep 2024 14% | Dec 2024 18% | Mar 2025 17% | Jun 2025 16% | Sep 2025 15% | Dec 2025 13% | Mar 2026 19% | Jun 2026 15% - SHOPERSTOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 362% | Sep 2022 58% | Dec 2022 19% | Mar 2023 30% | Jun 2023 4.9% | Sep 2023 2.6% | Dec 2023 8.9% | Mar 2024 13% | Jun 2024 7.6% | Sep 2024 7.3% | Dec 2024 11% | Mar 2025 1.7% | Jun 2025 8.6% | Sep 2025 13% | Dec 2025 2.7% | Mar 2026 14% | Jun 2026 11% ## Operating Economics & Margin Trend What the numbers say: Shoppers Stop Ltd leads opm at 15%; Yamuna Syndicate Ltd leads margin change at +1 percentage points. Investor read: Shoppers Stop Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Shoppers Stop Ltd · 15% | 87.5% versus #2 · Avenue Supermarts Ltd | 2/8 recent comparable periods | 3/3 companies · 59 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Shoppers Stop Ltd (SHOPERSTOP): 15% 2. Avenue Supermarts Ltd (DMART): 8.0% 3. Yamuna Syndicate Ltd (540980): 3.0% ### Margin change — fastest expanders 1. Yamuna Syndicate Ltd (540980): +1.0 pp 2. Avenue Supermarts Ltd (DMART): 0.0 pp 3. Shoppers Stop Ltd (SHOPERSTOP): 0.0 pp ### 20-quarter OPM history - 540980: Sep 2021 2.5% | Dec 2021 2.7% | Mar 2022 4.3% | Jun 2022 3.0% | Sep 2022 2.3% | Dec 2022 2.0% | Mar 2023 3.0% | Jun 2023 3.0% | Sep 2023 2.0% | Dec 2023 1.0% | Mar 2024 0.0% | Jun 2024 2.0% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 2.0% | Jun 2025 2.0% | Sep 2025 1.0% | Dec 2025 2.0% | Mar 2026 3.0% | Jun 2026 — - DMART: Sep 2021 8.6% | Dec 2021 9.4% | Mar 2022 8.4% | Jun 2022 10% | Sep 2022 8.4% | Dec 2022 8.0% | Mar 2023 7.0% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 6.0% | Jun 2025 8.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 7.0% | Jun 2026 8.0% - SHOPERSTOP: Sep 2021 11% | Dec 2021 19% | Mar 2022 11% | Jun 2022 17% | Sep 2022 16% | Dec 2022 19% | Mar 2023 17% | Jun 2023 17% | Sep 2023 15% | Dec 2023 18% | Mar 2024 16% | Jun 2024 13% | Sep 2024 13% | Dec 2024 18% | Mar 2025 16% | Jun 2025 15% | Sep 2025 14% | Dec 2025 15% | Mar 2026 15% | Jun 2026 15% ### 20-quarter Margin change history - 540980: Sep 2021 0.0 pp | Dec 2021 −0.2 pp | Mar 2022 +0.0 pp | Jun 2022 −0.5 pp | Sep 2022 −0.3 pp | Dec 2022 −0.7 pp | Mar 2023 −1.3 pp | Jun 2023 −0.0 pp | Sep 2023 −0.3 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 — - DMART: Sep 2021 +2.4 pp | Dec 2021 +0.3 pp | Mar 2022 +0.1 pp | Jun 2022 +5.7 pp | Sep 2022 −0.2 pp | Dec 2022 −1.4 pp | Mar 2023 −1.4 pp | Jun 2023 −1.0 pp | Sep 2023 −0.4 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp - SHOPERSTOP: Sep 2021 +24.1 pp | Dec 2021 +6.2 pp | Mar 2022 −3.2 pp | Jun 2022 +47.9 pp | Sep 2022 +5.1 pp | Dec 2022 −0.2 pp | Mar 2023 +6.3 pp | Jun 2023 −0.1 pp | Sep 2023 −1.3 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −4.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 +1.0 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp | Jun 2026 0.0 pp ## Profit Scale & Acceleration What the numbers say: Avenue Supermarts Ltd leads with ₹3,057 crore of TTM profit, 27.8× the profit of Yamuna Syndicate Ltd. Avenue Supermarts Ltd shows 12.9% growth from a ₹3,057 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Avenue Supermarts Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Avenue Supermarts Ltd · ₹3,057 crore | 27.8× versus #2 · Yamuna Syndicate Ltd | 6/8 recent comparable periods | 3/3 companies · 54 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Avenue Supermarts Ltd (DMART): ₹3.1K Cr 2. Yamuna Syndicate Ltd (540980): ₹110 Cr 3. Shoppers Stop Ltd (SHOPERSTOP): ₹-34 Cr ### Profit growth — fastest growers 1. Avenue Supermarts Ltd (DMART): 13% 2. Yamuna Syndicate Ltd (540980): -4.4% ### 20-quarter Net profit history - 540980: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹30 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹34 Cr | Jun 2026 — - DMART: Sep 2021 ₹418 Cr | Dec 2021 ₹553 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹643 Cr | Sep 2022 ₹686 Cr | Dec 2022 ₹590 Cr | Mar 2023 ₹460 Cr | Jun 2023 ₹659 Cr | Sep 2023 ₹623 Cr | Dec 2023 ₹690 Cr | Mar 2024 ₹563 Cr | Jun 2024 ₹774 Cr | Sep 2024 ₹659 Cr | Dec 2024 ₹724 Cr | Mar 2025 ₹551 Cr | Jun 2025 ₹773 Cr | Sep 2025 ₹685 Cr | Dec 2025 ₹856 Cr | Mar 2026 ₹656 Cr | Jun 2026 ₹860 Cr - SHOPERSTOP: Sep 2021 ₹-4 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹-16 Cr | Jun 2026 ₹-14 Cr ### 20-quarter Profit growth history - 540980: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.7% | Mar 2024 18% | Jun 2024 30% | Sep 2024 56% | Dec 2024 -64% | Mar 2025 -27% | Jun 2025 -20% | Sep 2025 -52% | Dec 2025 220% | Mar 2026 3.0% | Jun 2026 — - DMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 64% | Dec 2022 6.7% | Mar 2023 7.7% | Jun 2023 2.5% | Sep 2023 -9.2% | Dec 2023 17% | Mar 2024 22% | Jun 2024 17% | Sep 2024 5.8% | Dec 2024 4.9% | Mar 2025 -2.1% | Jun 2025 -0.1% | Sep 2025 4.0% | Dec 2025 18% | Mar 2026 19% | Jun 2026 11% - SHOPERSTOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -18% | Mar 2023 — | Jun 2023 -39% | Sep 2023 -81% | Dec 2023 -41% | Mar 2024 64% | Jun 2024 -264% | Sep 2024 -800% | Dec 2024 41% | Mar 2025 -91% | Jun 2025 — | Sep 2025 — | Dec 2025 -69% | Mar 2026 -900% | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: There is not enough comparable evidence to name a reliable capex leader. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders ### CAPEX intensity — highest reinvestment intensity ### 20-quarter CAPEX history ### 20-quarter CAPEX intensity history ## Debt Load & Balance-Sheet Headroom What the numbers say: Avenue Supermarts Ltd has the clearest covered balance-sheet capacity with ₹2,119 crore and gross debt of ₹2,425 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Yamuna Syndicate Ltd · ₹0 crore | 100% versus #2 · Avenue Supermarts Ltd | Not enough history | 3/3 companies · 45 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Yamuna Syndicate Ltd (540980): ₹0 Cr 2. Avenue Supermarts Ltd (DMART): ₹2.4K Cr 3. Shoppers Stop Ltd (SHOPERSTOP): ₹3.3K Cr ### Net debt — lowest net debt 1. Avenue Supermarts Ltd (DMART): ₹2.1K Cr 2. Shoppers Stop Ltd (SHOPERSTOP): ₹3.3K Cr ### 20-quarter Gross debt history - 540980: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 — - DMART: Sep 2021 ₹510 Cr | Dec 2021 ₹510 Cr | Mar 2022 ₹647 Cr | Jun 2022 ₹647 Cr | Sep 2022 ₹711 Cr | Dec 2022 ₹711 Cr | Mar 2023 ₹643 Cr | Jun 2023 ₹643 Cr | Sep 2023 ₹630 Cr | Dec 2023 ₹630 Cr | Mar 2024 ₹592 Cr | Jun 2024 ₹592 Cr | Sep 2024 ₹713 Cr | Dec 2024 ₹713 Cr | Mar 2025 ₹820 Cr | Jun 2025 ₹820 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.4K Cr - SHOPERSTOP: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 — ### 20-quarter Net debt history - DMART: Sep 2021 ₹-104 Cr | Dec 2021 ₹-104 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹342 Cr | Sep 2022 ₹-437 Cr | Dec 2022 ₹-437 Cr | Mar 2023 ₹-967 Cr | Jun 2023 ₹-968 Cr | Sep 2023 ₹-603 Cr | Dec 2023 ₹-603 Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-153 Cr | Sep 2024 ₹321 Cr | Dec 2024 ₹321 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹461 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 ₹2.1K Cr - SHOPERSTOP: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: Avenue Supermarts Ltd leads ROCE at 17.2%, 10.2 percentage points above Shoppers Stop Ltd. Avenue Supermarts Ltd has the strongest latest improvement at +0.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Avenue Supermarts Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Avenue Supermarts Ltd · 17.2% | 144.7% versus #2 · Shoppers Stop Ltd | 1/8 recent comparable periods | 3/3 companies · 31 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Avenue Supermarts Ltd (DMART): 17% 2. Shoppers Stop Ltd (SHOPERSTOP): 7.0% 3. Yamuna Syndicate Ltd (540980): 4.1% ### ROCE change — fastest improvers 1. Avenue Supermarts Ltd (DMART): +0.1 pp 2. Shoppers Stop Ltd (SHOPERSTOP): −0.3 pp 3. Yamuna Syndicate Ltd (540980): −5.0 pp ### 20-quarter ROCE history - DMART: Sep 2021 13% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 17% | Dec 2023 20% | Mar 2024 18% | Jun 2024 21% | Sep 2024 17% | Dec 2024 20% | Mar 2025 16% | Jun 2025 18% | Sep 2025 16% | Dec 2025 18% | Mar 2026 16% | Jun 2026 18% - SHOPERSTOP: Sep 2021 -11% | Dec 2021 — | Mar 2022 -4.1% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 13% | Dec 2023 15% | Mar 2024 11% | Jun 2024 12% | Sep 2024 8.4% | Dec 2024 12% | Mar 2025 7.7% | Jun 2025 10% | Sep 2025 8.7% | Dec 2025 8.9% | Mar 2026 7.4% | Jun 2026 — ### 20-quarter ROCE change history - DMART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.5 pp | Dec 2022 — | Mar 2023 +4.0 pp | Jun 2023 — | Sep 2023 −1.5 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 −0.7 pp | Mar 2025 −1.2 pp | Jun 2025 −2.3 pp | Sep 2025 −1.8 pp | Dec 2025 −1.6 pp | Mar 2026 −0.3 pp | Jun 2026 +0.1 pp - SHOPERSTOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +24.0 pp | Dec 2022 — | Mar 2023 +19.1 pp | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 −3.7 pp | Jun 2024 — | Sep 2024 −4.7 pp | Dec 2024 −3.5 pp | Mar 2025 −3.6 pp | Jun 2025 −1.6 pp | Sep 2025 +0.3 pp | Dec 2025 −2.7 pp | Mar 2026 −0.3 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Avenue Supermarts Ltd has the lowest comparable Guarded PEG at 9.74×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Avenue Supermarts Ltd · 9.74× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 14 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Avenue Supermarts Ltd (DMART): 9.7 ### P/E — lowest P/E 1. Yamuna Syndicate Ltd (540980): 15.4 2. Avenue Supermarts Ltd (DMART): 85.7 ### 20-quarter Guarded PEG history - DMART: Sep 2021 48.2 | Dec 2021 13.0 | Mar 2022 — | Jun 2022 9.5 | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 1.8 | Sep 2023 5.8 | Dec 2023 — | Mar 2024 — | Jun 2024 19.6 | Sep 2024 12.1 | Dec 2024 5.8 | Mar 2025 8.4 | Jun 2025 15.3 | Sep 2025 — | Dec 2025 — | Mar 2026 16.7 | Jun 2026 9.7 - SHOPERSTOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - 540980: Sep 2021 5.3 | Dec 2021 6.2 | Mar 2022 6.0 | Jun 2022 6.7 | Sep 2022 6.8 | Dec 2022 5.9 | Mar 2023 4.7 | Jun 2023 4.5 | Sep 2023 5.2 | Dec 2023 6.4 | Mar 2024 6.3 | Jun 2024 15.5 | Sep 2024 11.4 | Dec 2024 9.3 | Mar 2025 8.3 | Jun 2025 10.4 | Sep 2025 10.3 | Dec 2025 10.6 | Mar 2026 7.8 | Jun 2026 — - DMART: Sep 2021 260.8 | Dec 2021 275.4 | Mar 2022 175.2 | Jun 2022 148.1 | Sep 2022 139.3 | Dec 2022 114.2 | Mar 2023 94.0 | Jun 2023 105.9 | Sep 2023 99.6 | Dec 2023 113.7 | Mar 2024 120.9 | Jun 2024 121.0 | Sep 2024 125.2 | Dec 2024 86.4 | Mar 2025 97.7 | Jun 2025 103.7 | Sep 2025 108.6 | Dec 2025 90.2 | Mar 2026 88.7 | Jun 2026 94.1 - SHOPERSTOP: Sep 2021 — | Dec 2021 -65.5 | Mar 2022 — | Jun 2022 66.3 | Sep 2022 140.1 | Dec 2022 97.4 | Mar 2023 81.4 | Jun 2023 76.2 | Sep 2023 68.9 | Dec 2023 77.0 | Mar 2024 114.4 | Jun 2024 101.8 | Sep 2024 200.9 | Dec 2024 332.5 | Mar 2025 170.7 | Jun 2025 550.4 | Sep 2025 333.6 | Dec 2025 267.6 | Mar 2026 261.6 | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Yamuna Syndicate Ltd leads both ev/ebitda at 7.4× and p/bv at 0.62×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Yamuna Syndicate Ltd · 7.4× | 18.7% versus #2 · Shoppers Stop Ltd | 0/8 recent comparable periods | 3/3 companies · 59 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Yamuna Syndicate Ltd (540980): 7.4 2. Shoppers Stop Ltd (SHOPERSTOP): 9.1 3. Avenue Supermarts Ltd (DMART): 53.3 ### P/BV — lowest P/BV 1. Yamuna Syndicate Ltd (540980): 0.6 2. Avenue Supermarts Ltd (DMART): 10.7 3. Shoppers Stop Ltd (SHOPERSTOP): 14.3 ### 20-quarter EV/EBITDA history - 540980: Sep 2021 4.9 | Dec 2021 5.7 | Mar 2022 5.4 | Jun 2022 6.1 | Sep 2022 6.1 | Dec 2022 5.3 | Mar 2023 4.2 | Jun 2023 4.1 | Sep 2023 4.8 | Dec 2023 5.9 | Mar 2024 5.8 | Jun 2024 14.5 | Sep 2024 10.6 | Dec 2024 8.6 | Mar 2025 7.6 | Jun 2025 9.7 | Sep 2025 9.6 | Dec 2025 10.0 | Mar 2026 7.4 | Jun 2026 — - DMART: Sep 2021 147.2 | Dec 2021 156.1 | Mar 2022 103.4 | Jun 2022 84.1 | Sep 2022 83.5 | Dec 2022 72.5 | Mar 2023 59.1 | Jun 2023 67.3 | Sep 2023 62.7 | Dec 2023 67.8 | Mar 2024 72.2 | Jun 2024 72.0 | Sep 2024 74.8 | Dec 2024 51.4 | Mar 2025 57.7 | Jun 2025 60.9 | Sep 2025 63.1 | Dec 2025 51.9 | Mar 2026 51.0 | Jun 2026 53.3 - SHOPERSTOP: Sep 2021 17.6 | Dec 2021 14.6 | Mar 2022 15.0 | Jun 2022 15.9 | Sep 2022 17.0 | Dec 2022 15.6 | Mar 2023 13.7 | Jun 2023 14.7 | Sep 2023 12.9 | Dec 2023 13.2 | Mar 2024 14.4 | Jun 2024 14.3 | Sep 2024 16.1 | Dec 2024 13.2 | Mar 2025 11.5 | Jun 2025 11.7 | Sep 2025 11.6 | Dec 2025 9.4 | Mar 2026 8.3 | Jun 2026 9.1 ### 20-quarter P/BV history - 540980: Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 1.8 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 — - DMART: Sep 2021 23.5 | Dec 2021 23.8 | Mar 2022 20.4 | Jun 2022 18.1 | Sep 2022 18.9 | Dec 2022 17.6 | Mar 2023 16.1 | Jun 2023 18.4 | Sep 2023 14.8 | Dec 2023 15.2 | Mar 2024 16.9 | Jun 2024 19.0 | Sep 2024 17.8 | Dec 2024 11.5 | Mar 2025 13.2 | Jun 2025 15.0 | Sep 2025 13.7 | Dec 2025 10.8 | Mar 2026 11.1 | Jun 2026 13.0 - SHOPERSTOP: Sep 2021 22.3 | Dec 2021 220.5 | Mar 2022 67.9 | Jun 2022 40.9 | Sep 2022 68.0 | Dec 2022 64.5 | Mar 2023 93.5 | Jun 2023 117.7 | Sep 2023 36.5 | Dec 2023 32.0 | Mar 2024 34.9 | Jun 2024 27.5 | Sep 2024 30.3 | Dec 2024 25.3 | Mar 2025 22.9 | Jun 2025 17.4 | Sep 2025 18.5 | Dec 2025 15.3 | Mar 2026 11.3 | Jun 2026 12.2 ## Market action Avenue Supermarts Ltd has the strongest one-year price move in Retail - Departmental Stores at -0.7%. It also leads on Mansfield relative strength against NIFTY at -2.4%. 0 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24. ### Strongest one-year price performers 1. Avenue Supermarts Ltd (DMART): -0.7% 2. Shoppers Stop Ltd (SHOPERSTOP): -32% 3. Yamuna Syndicate Ltd (540980): -33% ### Strongest relative strength versus NIFTY 500 1. Avenue Supermarts Ltd (DMART): -2.4% 2. Shoppers Stop Ltd (SHOPERSTOP): -6.5% 3. Yamuna Syndicate Ltd (540980): -16% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings. ## Every company - Avenue Supermarts Ltd (DMART) — market value ₹2.6 L Cr; latest fundamentals Jun 2026 - Shoppers Stop Ltd (SHOPERSTOP) — market value ₹4.2K Cr; latest fundamentals Jun 2026 - Yamuna Syndicate Ltd (540980) — market value ₹803 Cr; latest fundamentals Mar 2026 ## Source standing of each company Cross-checked: 2. Unverified: 1. Withheld: 0. Graded companies: 3. Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld. ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-24. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### What is the Nifty Retail - Departmental Stores index? The Nifty Retail - Departmental Stores index tracks India's listed Retail - Departmental Stores companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Retail - Departmental Stores sector rather than to its largest constituent. Figures are as of Jun 2026. ### Which are the best Retail - Departmental Stores stocks in India? Ranked by this page's four-factor score, Avenue Supermarts Ltd places first among 3 listed Retail - Departmental Stores companies, followed by Yamuna Syndicate Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Retail - Departmental Stores stocks are listed in India? This comparison covers 3 listed Retail - Departmental Stores companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026. ### Which Retail - Departmental Stores company is the biggest? Avenue Supermarts Ltd is the largest, with trailing-twelve-month revenue of ₹71,256 crore, ahead of Shoppers Stop Ltd at ₹5,174 crore. That covers 3 of 3 companies with comparable reporting through Jun 2026. ### Which Retail - Departmental Stores company is growing fastest? Avenue Supermarts Ltd has the fastest revenue growth at 15.6% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Retail - Departmental Stores company has the best profit margins? Shoppers Stop Ltd has the highest operating margin at 15%, from 3 of 3 comparable companies. Yamuna Syndicate Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Retail - Departmental Stores company makes the most profit? Avenue Supermarts Ltd earns the most, at ₹3,057 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Avenue Supermarts Ltd has the fastest profit growth at 12.9%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Retail - Departmental Stores company earns the highest return on capital? Avenue Supermarts Ltd leads on return on capital employed at 17.2%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Retail - Departmental Stores stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Avenue Supermarts Ltd screens cheapest at 9.74×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Retail - Departmental Stores company has the strongest balance sheet? Yamuna Syndicate Ltd carries the lowest comparable gross debt at ₹0 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Is the Retail - Departmental Stores sector beating the market? Retail - Departmental Stores has underperformed NIFTY 500 by 16.3% over the last 52 weeks and 0.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Retail - Departmental Stores stock has the strongest price momentum? Avenue Supermarts Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Retail - Departmental Stores company scores highest for research priority? Avenue Supermarts Ltd scores 46.7 out of 100 with 90% evidence confidence, from 19.1 points on growth and earnings, 16 on capital efficiency, 5 on valuation and 6.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Retail - Departmental Stores companies does this comparison cover, and over what period? It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Retail - Departmental Stores sector? The 3 Retail - Departmental Stores companies on this page carry ₹2,67,091 crore of combined market value. Avenue Supermarts Ltd is the largest at ₹2,62,125 crore, about 98% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29. ### How is the Retail - Departmental Stores sector performing? 0 of the 3 covered Retail - Departmental Stores companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 16.3% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/retail-departmental-stores