DMart Share Price Target 2026, 2027, 2028, 2029, 2030

DMart share price today

Avenue Supermarts (NSE: DMART) runs DMart, India’s most admired value-retail format. It buys efficiently, turns inventory quickly and keeps stores simple so customers associate the brand with consistently low prices.

It is also one of India’s most expensive large retailers: 83 times earnings, 47 times EV/EBITDA and more than 10 times book. A good business is not automatically a good share at every price. Here, the entry multiple is the centre of the analysis.

The moat is cost, not decoration

DMart’s stores are designed around throughput. Limited frills, dense product placement and disciplined purchasing lower operating costs. Ownership of many store properties can make expansion slower and more capital intensive, but it also avoids rent escalation and gives the company long control of good locations.

E-commerce attacks the convenience side of the model. Quick-commerce platforms can deliver a small basket faster than a family can visit a store. DMart cannot win by copying their subsidised economics; it must keep winning on the total bill for planned household purchases.

That creates a useful test: same-store sales and inventory turns must remain strong even as online grocery expands. New stores can hide weakening mature stores for a while, but not forever.

Latest quarterly results: growth with an 8% margin ceiling

Consolidated, ₹ crore	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	16,360	16,676	18,101	17,684	18,795
Operating profit	1,299	1,214	1,463	1,211	1,499
Operating margin	8%	7%	8%	7%	8%
Net profit	773	685	856	656	860
EPS	₹11.88	₹10.53	₹13.15	₹10.07	₹13.19

June 2026 delivered the highest revenue, operating profit and net profit in the five-quarter set. Margin nevertheless stayed at 8%. DMart’s model produces high turnover rather than high percentage margins, so the upside must come from same-store growth, new stores and inventory efficiency—not from assuming the margin suddenly resembles a branded consumer company.

Annual trend: sales growth remains stronger than profit growth

Consolidated, ₹ crore	FY23	FY24	FY25	FY26	TTM
Revenue	42,840	50,789	59,358	68,821	71,256
Operating profit	3,639	4,106	4,495	5,189	5,387
Operating margin	8%	8%	8%	8%	8%
Net profit	2,378	2,536	2,707	2,970	3,057
EPS	₹36.69	₹38.97	₹41.61	₹45.56	₹46.94

Revenue grew more than 60% from FY23 to FY26, while profit rose about 25%. That divergence is why the three-year profit CAGR is much lower than the five-year figure. At more than 80 times earnings, DMart must either restore faster earnings growth or accept a lower valuation multiple over time.

Expansion is consuming free cash flow

Consolidated, ₹ crore	FY22	FY23	FY24	FY25	FY26
Fixed assets	9,260	11,340	13,415	16,206	20,090
Borrowings	647	643	592	820	2,425
Cash from operations	1,372	2,630	2,746	2,463	3,467
Free cash flow	−1,017	424	24	−954	−646
Cash conversion, CFO/OP	77%	92%	85%	76%	87%

Negative free cash flow is not automatically bad when productive stores and owned properties are being built. Here, fixed assets more than doubled in four years. The concern is the combination of negative free cash flow and borrowings rising to ₹2,425 crore: new stores must mature quickly enough to justify both the capital and the premium valuation.

Shareholding pattern

Holder	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	74.65%	74.65%	74.65%	74.51%	74.48%
Foreign institutions	8.25%	8.73%	8.71%	9.00%	9.22%
Domestic institutions	9.22%	9.02%	8.83%	8.77%	8.67%
Public	7.79%	7.53%	7.75%	7.64%	7.55%

Promoters retain almost three quarters of the company and the holding has barely changed. FII ownership rose modestly while the number of shareholders declined. The concentrated ownership supports long-term strategic control, but it also leaves a smaller free float and makes valuation-sensitive flows more visible.

The numbers

Metric	Current snapshot
Market capitalisation	₹2.54 lakh Cr
P/E · EV/EBITDA	83.2 · 47.5
ROE · ROCE	12.9% · 17.2%
Operating margin	7.56%
Debt/equity	0.10
Sales CAGR (5 years)	23.3%
Profit CAGR (5 years)	22.0%
Profit CAGR (3 years)	7.74%
EPS (TTM)	₹46.89
52-week range	₹3,300 – ₹4,950

The five-year record is excellent, but the three-year profit rate is much weaker. At an 84× P/E, that slowdown matters more than the debt-free balance sheet. The company must restore operating leverage for today’s valuation to work.

DMart share price target 2026 to 2030

EPS base ₹46.89. Bear: online competition and slower mature-store growth hold earnings to 10%, valued at 50×. Base: expansion and store productivity restore 18% growth at 70×. Bull: the format scales without margin dilution — 24% at 90×.

The bear scenario shows why valuation matters: the company can grow earnings every year and the share can still disappoint if the P/E normalises.

What would change our mind

Same-store growth. This separates genuine customer demand from growth created only by adding floor space.

Inventory turns and gross margin. The low-price promise works only when buying and stock movement remain disciplined.

DMart Ready economics. Online growth is useful when contribution improves; revenue bought through permanent subsidy would weaken the moat.

Should you buy at the current price?

DMart is a business we want to own at a price that permits ordinary mistakes. The signed-in panel shows our current Wait/Hold view and preferred entry range.

FAQ

What is the DMart share price target for 2030? The page provides bear, base and bull values for every year to 2030 after sign-in. The scenarios differ mainly in sustainable growth and P/E.

Why is DMart’s P/E so high? Investors pay for a long runway, disciplined execution, a trusted value position and a clean balance sheet. That premium increases downside when growth slows.

Is quick commerce a threat to DMart? Yes, especially for convenience purchases. DMart’s defence is a lower total bill on planned baskets and efficient physical-store economics.

Does DMart pay a dividend? The current snapshot shows no dividend yield; cash is retained primarily for store expansion.

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This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.