Geographical Expansion
Expected: Q3 FY 2026HIGH confidence
What: Store Count: 442
“Year Wise Store Additions... 442*”
Avenue Supermarts Ltd: Stock Analysis & Fundamentals
Updated this weekAvenue Supermarts Ltd (Retail - Departmental Stores) — fundamental analysis, earnings data, and key metrics. PE: 95.2. ROE: 13.0%. This stock is not currently in the Nifty 500 momentum outperformers list.
Avenue Supermarts Ltd Key Facts
What's Happening
💪Debt reduced 34% YoY — balance sheet strengthening
🌐FII stake decreased 1.2% this quarter
🏛️DII accumulation — stake up 1.6%
Earnings Acceleration Triggers
1. Geographical Expansion
Q3 FY 2026HIGH
2. Tam Expansion Changing Consumption
Q3 FY 2026MEDIUM
3. Market Share Gains
Q3 FY 2026MEDIUM
Key Risks
1. Potential impact on margins due to product mix and input costs
MEDIUMSector-Specific Signals
Like For Like Growth (>24 Months)5.6%-2.7%
Total Store Count442+55
Retail Business Area18.3 mn sqft+2.2 mn sqft
Revenue per Retail Business Area sq ft₹9,290-₹27
Key Numbers
Current Price
₹4,336
Market Cap
2.8L Cr
Valuation
N/AWhy Are Avenue Supermarts Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Tam Expansion Changing Consumption
Expected: Q3 FY 2026MEDIUM confidence
What: Total Bill Cuts: 10.3 Crores
“Total Bills Cuts (in Crs)... Q3/26 10.3”
Market Share Gains
Expected: Q3 FY 2026MEDIUM confidence
What: Retail Business Area: 18.3 mn sqft
“Retail Business Area at Quarter End (in mn’ sqft)... Q3/26 18.3”
Total Bill Cuts reached 10.3 Crores
HIGH confidence
What: Total Bill Cuts reached 10.3 Crores
“Total Bills Cuts (in Crs)... Q3/26 10.3”
What Are the Key Risks for Avenue Supermarts Ltd?
Earnings deceleration risks from management commentary
Potential impact on margins due to product mix and input costs
MEDIUMTrigger: EBITDA margins saw a slight compression to 8.1% in 9M FY 2026.
Management view: Maintaining low-cost operational efficiency.
Monitor: commodity
What Is Avenue Supermarts Ltd's Management Saying?
Key quotes from recent conference calls
“Year Wise Store Additions... H1/26 17 [Previous Store Additions guidance]”
“Cluster Based Expansion Continues... Numbers in bracket represent stores in that particular state. [Initiative: Cluster Based Expansion]”
“DMart Ready – Focus on key large towns... 9M 2025-26 19 Cities [Initiative: DMart Ready Expansion]”
“EBITDA margin (as % of Revenue from Operations)... 9M/26* 8.1% [Risk (commodity): MEDIUM]”
What Did Avenue Supermarts Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹17,613 Cr
YoY +14.9%QoQ +11.5%
Why: Growth was driven by a 14.9% increase in revenue from operations compared to the same nine-month period last year.
Revenue growth remains steady as the company expands its store footprint and maintains its value proposition.
EBITDA
₹1,481 Cr
YoY +13%Margin 8.4%
Why: EBITDA growth followed revenue expansion, though margins saw a slight compression from 8.2% to 8.1% in the 9M period.
Margins are being managed within a tight range despite inflationary pressures and store expansion costs.
PAT
₹923 Cr
YoY +8.3%QoQ +17.7%
Why: PAT growth was supported by operational performance, though the PAT margin dipped slightly to 5.0% for the nine-month period.
Profitability remains resilient with a 5.0% margin for the nine-month period ending December 2025.
Other Highlights
• Total store count reached 442 by December 31, 2025.
• Total Bill Cuts increased to 10.3 Crores in Q3 FY 2026.
• Retail Business Area expanded to 18.3 million square feet.
What Sector Metrics Matter for Avenue Supermarts Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Like For Like Growth (>24 Months)
5.6%
YoY -2.7%QoQ -1.2%
Total Store Count
442
YoY +55QoQ +10
Why: Continued execution of cluster-based expansion strategy.
Retail Business Area
18.3 mn sqft
YoY +2.2 mn sqftQoQ +0.4 mn sqft
Why: Driven by new store openings and expansion of existing facilities.
Revenue per Retail Business Area sq ft
₹9,290
YoY -₹27QoQ +₹598
Why: Seasonal uptick in sales during the third quarter.
Total Bill Cuts
10.3 Cr
YoY +1.1 CrQoQ +0.6 Cr
Why: Increased customer footfalls and transaction frequency.
Foods Share of Revenue
57.19%
YoY +0.18%
Why: Marginal increase in the contribution of the food category to total sales.
Non-Foods (FMCG) Share of Revenue
19.83%
YoY -0.17%
Why: Slight decline in FMCG share as other categories grew.
General Merchandise & Apparel Share
22.98%
YoY -0.01%
Why: Remained largely stable compared to the previous year.
What Is Avenue Supermarts Ltd's Management Guidance?
Forward-looking targets from management
Management Tone: BULLISH
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Frequently Asked Questions: Avenue Supermarts Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Avenue Supermarts Ltd's latest quarterly results?
Avenue Supermarts Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +19.1%
- Revenue Growth YoY: +18.9%
- Operating Margin: 7.0%
What is Avenue Supermarts Ltd's current PE ratio?
Avenue Supermarts Ltd's current PE ratio is 95.2x.
- Current PE: 95.2x
- Market Cap: 2.8 Lakh Cr
What is Avenue Supermarts Ltd's price-to-book ratio?
Avenue Supermarts Ltd's price-to-book ratio is 11.6x.
- Price-to-Book (P/B): 11.6x
- Book Value per Share: ₹375
- Current Price: ₹4336
Is Avenue Supermarts Ltd a fundamentally strong company?
Avenue Supermarts Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 17.0%
Is Avenue Supermarts Ltd debt free?
Avenue Supermarts Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹2,000 Cr
What is Avenue Supermarts Ltd's return on equity (ROE) and ROCE?
Avenue Supermarts Ltd's return ratios over recent years
- FY2024: ROCE 19.0%
- FY2025: ROCE 18.0%
- FY2026: ROCE 17.0%
Is Avenue Supermarts Ltd's cash flow positive?
Avenue Supermarts Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹3,000 Cr
- Free Cash Flow (FCF): ₹-740 Cr
- CFO/PAT Ratio: 117% (strong cash conversion)
What is Avenue Supermarts Ltd's dividend yield?
Avenue Supermarts Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹4336
Who holds Avenue Supermarts Ltd shares — promoters, FII, DII?
Avenue Supermarts Ltd's shareholding pattern (Mar 2026)
- Promoters: 74.5%
- FII (Foreign): 9.0%
- DII (Domestic): 8.8%
- Public: 7.6%
Is promoter holding increasing or decreasing in Avenue Supermarts Ltd?
Avenue Supermarts Ltd's promoter holding has decreased recently.
- Current Promoter Holding: 74.5% (Mar 2026)
- Previous Quarter: 74.7% (Dec 2025)
- Change: -0.14% (decreasing — worth monitoring)
Is Avenue Supermarts Ltd a new momentum entry or an established outperformer?
Avenue Supermarts Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Avenue Supermarts Ltd?
Avenue Supermarts Ltd has 4 key growth catalysts identified from recent earnings analysis
- Geographical Expansion — The company added 10 new stores in the quarter to reach a total of 442.
- Tam Expansion Changing Consumption — Higher transaction volumes indicate increasing consumer reach and penetration.
- Market Share Gains — Expansion of physical retail space allows for higher volume throughput.
- Total Bill Cuts reached 10.3 Crores — Increased footfalls and transaction volumes during the festive quarter.
What are the key risks in Avenue Supermarts Ltd?
Avenue Supermarts Ltd has 1 key risk worth monitoring
- [MEDIUM] Potential impact on margins due to product mix and input costs — EBITDA margins saw a slight compression to 8.1% in 9M FY 2026.
What did Avenue Supermarts Ltd's management say in the latest earnings call?
In Q3 FY26, Avenue Supermarts Ltd's management highlighted
- "Year Wise Store Additions... H1/26 17 [Previous Store Additions guidance]"
- "Cluster Based Expansion Continues... Numbers in bracket represent stores in that particular state. [Initiative: Cluster Based Expansion]"
- "DMart Ready – Focus on key large towns... 9M 2025-26 19 Cities [Initiative: DMart Ready Expansion]"
What is Avenue Supermarts Ltd's management guidance for growth?
Avenue Supermarts Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Management tone: bullish
What sector-specific metrics matter most for Avenue Supermarts Ltd?
Avenue Supermarts Ltd's most important sub-sector-specific KPIs from the latest concall
- Like For Like Growth (>24 Months): 5.6% (YoY -2.7%) (QoQ -1.2%)
- Total Store Count: 442 (YoY +55) (QoQ +10) — Continued execution of cluster-based expansion strategy.
- Retail Business Area: 18.3 mn sqft (YoY +2.2 mn sqft) (QoQ +0.4 mn sqft) — Driven by new store openings and expansion of existing facilities.
- Revenue per Retail Business Area sq ft: ₹9,290 (YoY -₹27) (QoQ +₹598) — Seasonal uptick in sales during the third quarter.
- Total Bill Cuts: 10.3 Cr (YoY +1.1 Cr) (QoQ +0.6 Cr) — Increased customer footfalls and transaction frequency.
- Foods Share of Revenue: 57.19% (YoY +0.18%) — Marginal increase in the contribution of the food category to total sales.
Is Avenue Supermarts Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Avenue Supermarts Ltd may be worth studying
- Cash flow is positive — CFO ₹3,000 Cr
What is the investment thesis for Avenue Supermarts Ltd?
Avenue Supermarts Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Geographical Expansion
Risk Factors (Bear Case)
- Key risk: Potential impact on margins due to product mix and input costs
What is the future outlook for Avenue Supermarts Ltd?
Avenue Supermarts Ltd's forward outlook based on current data signals
- Key Catalyst: Geographical Expansion
- Key Risk: Potential impact on margins due to product mix and input costs
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.