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: about 68 times trailing earnings, 39 times EV/EBITDA and 8 times book at the NSE close of ₹3,230.00 on 2 November 2026. In August those multiples were 83, 47 and more than 10. The share has fallen 17% since the ₹3,900.00 close of 7 August, while trailing earnings per share rose 1.9%. A good business is not automatically a good share at every price. Here, the entry multiple is the centre of the analysis.

Research date: Market price and valuation ratios are fixed at the NSE close of 2 November 2026. Results are taken from Avenue Supermarts’ unaudited results for the quarter and half year ended 30 September 2026 and its H1 FY27 investor presentation, both filed with the exchanges on 10 October 2026; the store count after September is from its store-opening filing of 30 October. The December 2025 and March 2026 quarterly columns, and the annual and cash-flow tables other than the trailing-twelve-month column, are Screener.in’s compilation of the company’s filings, checked 3 November 2026. The scenarios are illustrations, not guaranteed prices.

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	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	16,676	18,101	17,684	18,795	19,644
Operating profit	1,214	1,463	1,211	1,499	1,393
Operating margin	7.3%	8.1%	6.8%	8.0%	7.1%
Net profit	685	856	656	860	743
EPS, profit ÷ period-end shares	₹10.53	₹13.15	₹10.07	₹13.19	₹11.40

The September 2026 quarter (Q2 FY27), reported on 10 October, is the first since this page was written. Revenue of ₹19,644 crore was the highest in the table and 17.8% above September 2025. Operating profit grew more slowly, 14.8% to ₹1,393 crore, so the margin slipped to 7.1% from 7.3% a year earlier and from 8.0% in June. The slippage came at the gross level: revenue less purchases and the change in inventories was 14.9% of revenue, against 15.1% a year earlier, while employee and other operating costs held at 7.8% of revenue in both quarters. Below that line, depreciation rose 25% to ₹318 crore and finance costs 83% to ₹64 crore. Net profit of ₹743 crore was up 8.5%, half the pace of sales, and the net margin fell to 3.8% from 4.1%.

The standalone company, which the filing describes as primarily an offline retailer, earned ₹804 crore, up 7.6%, on revenue of ₹19,206 crore, up 18.4%. The group, which adds the online channel through its subsidiaries, earned ₹61 crore less. That gap was ₹62 crore a year earlier, but over the half year it widened to ₹136 crore from ₹119 crore. The auditors’ review report shows one subsidiary, not named there, losing ₹75 crore on ₹971 crore of revenue in the quarter. For the half year as a whole, revenue was ₹38,439 crore, up 16.4%, and profit ₹1,603 crore, up 10.0%.

The investor presentation shows what drove the quarter. Like-for-like growth at stores open for at least 24 months was 9.5%, against 6.8% in September 2025 and 5.5% in June 2026. Bill cuts rose to 11.1 crore from 9.7 crore. Retail business area reached 21.4 million sq ft at 30 September, 19.6% more than a year earlier, and annualised revenue per sq ft barely moved: ₹8,741 against ₹8,692. The store count was 518 at 30 September, including the Sanpada store in Navi Mumbai that is closed for reconstruction; 18 were added in the half year, against 85 in FY26, and a store at GHS Mall, Pune, opened on 30 October took the total to 519. 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 Sep 2026
Revenue	42,840	50,789	59,358	68,821	74,223
Operating profit	3,639	4,106	4,495	5,189	5,566
Operating margin	8.5%	8.1%	7.6%	7.5%	7.5%
Net profit	2,378	2,536	2,707	2,970	3,116
EPS, profit ÷ period-end shares	₹36.69	₹38.97	₹41.61	₹45.56	₹47.78

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. The trailing twelve months to September 2026 (FY26 plus the first half of FY27, less the first half of FY26, all from the October filing) carry the pattern on: revenue of ₹74,223 crore, net profit of ₹3,116 crore and an operating margin of 7.5%, a full percentage point below FY23. At about 68 times trailing 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	55%	72%	67%	55%	67%

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.

The half year to September 2026 sharpened that concern. Operating cash flow was ₹553 crore against ₹1,398 crore a year earlier, mainly because inventories rose ₹1,387 crore in six months, to ₹7,287 crore (23.5% above March; neither the filing nor the presentation gives a reason for the build, which came ahead of the festive quarter), and other current assets absorbed a further ₹233 crore. Capital spending was ₹2,139 crore (₹1,753 crore a year earlier), so free cash flow for the half was about −₹1,587 crore, against −₹354 crore in the first half of FY26. Borrowing filled the gap: ₹2,600 crore of commercial paper was issued and ₹1,300 crore repaid, other short-term borrowings rose by a net ₹555 crore, and on 29 October a further ₹200 crore of 43-day paper, rated ICRA A1+, was placed at 7.20%. Borrowings including lease liabilities stood at ₹4,264 crore on 30 September, against ₹2,425 crore in March, and the filing’s consolidated debt-equity ratio rose to 0.16 from 0.10. That is still modest against ₹26,096 crore of equity, but interest is now the fastest-growing cost line.

Shareholding pattern

Holder	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	74.65%	74.65%	74.51%	74.48%	74.48%
Foreign institutions	8.73%	8.71%	9.00%	9.23%	8.49%
Domestic institutions	9.08%	8.89%	8.85%	8.74%	9.43%
Public	7.52%	7.75%	7.64%	7.55%	7.60%

Promoters retain almost three quarters of the company and the holding has barely changed. The September 2026 quarter brought the first sizeable shift in this table: foreign institutions cut their stake to 8.49% from 9.23%, and domestic institutions raised theirs to 9.43% from 8.74%, so domestic institutions once again hold more than foreign ones, as they did a year earlier. The number of shareholders edged up to 5,44,891 from 5,42,175, still below the 5,85,510 of September 2025 (from the BSE shareholding pattern for each quarter, opened 3 November 2026; domestic institutions include a 0.07% sovereign-wealth-fund holding until June 2026). 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	₹2.11 lakh Cr
P/E · EV/EBITDA	67.6 · 38.6
Book value per share · P/B	₹400 · 8.1
ROE · ROCE	12.9% · 17.2%
Operating margin (TTM)	7.50%
Debt/equity	0.16
Sales CAGR (5 years)	23.3%
Profit CAGR (5 years)	22.0%
Profit CAGR (3 years)	7.74%
EPS (TTM)	₹47.78
52-week range	₹3,102 – ₹4,644

Basis: the NSE close of ₹3,230.00 on 2 November 2026 and 65.23 crore shares (paid-up capital of ₹652.25 crore in ₹10 shares, per the September 2026 filing). Trailing EPS is the ₹3,116.69 crore of profit attributable to shareholders over the four quarters to September, divided by that share count, the same basis as the ₹46.89 used in August and as the EPS rows in both tables above; adding the four quarterly EPS figures in the results table gives ₹47.81, the small gap coming from share-count changes and rounding. The filing’s own basic EPS, ₹13.20 for the June 2026 quarter and ₹45.65 for FY26, differs slightly from the ₹13.19 and ₹45.56 shown on this basis. EV/EBITDA adds ₹4,264 crore of borrowings and lease liabilities to the market value, deducts ₹157 crore of cash and divides by trailing operating profit of ₹5,566 crore. Book value is the ₹26,099 crore of equity attributable to shareholders at 30 September; debt/equity is the filing’s own consolidated ratio. ROE, ROCE and the growth rates are Screener.in’s figures based on annual results to FY26, as in August. The 52-week range is from NSE’s 52-week high/low file for 2 November: a high of ₹4,644 on 17 April 2026 and a low of ₹3,102.30 on 23 October 2026, leaving the close 30.4% below the high.

The five-year record is excellent, but the three-year profit rate is much weaker. At a 68× P/E, that slowdown matters more than the balance sheet, which now carries more debt than at any point in the cash-flow table above. The company must restore operating leverage for today’s valuation to work, and the September quarter, with profit growing at half the pace of sales, did not do that. The market’s first reading was quick: on 12 October, the first session after the Saturday board meeting, the share fell 4.3% to ₹3,364.90 on 6.4 times the previous session’s volume, and on 23 October it touched the 52-week low.

DMart share price target 2026 to 2030

EPS base ₹47.78, trailing earnings to September 2026 (it was ₹46.89, to June 2026, when this page was written). 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. For calibration, profit grew 8.5% in the September quarter and 10.0% in the first half: at or below the bear case’s 10%, well short of the base case’s 18%.

What would change our mind

Same-store growth. This separates genuine customer demand from growth created only by adding floor space. Like-for-like growth was 9.5% in the September quarter after 5.5% in June; the December quarter will show which reading holds.

Inventory turns and gross margin. The low-price promise works only when buying and stock movement remain disciplined. Days of inventory in the standalone business were 36.1 in the first half, against 33.9 a year earlier and 28.8 in FY23, and the September-quarter gross margin was 14.9% against 15.1%. The March 2027 balance sheet will show whether the 30 September build unwinds after the festive quarter.

DMart Ready economics. Online growth is useful when contribution improves; revenue bought through permanent subsidy would weaken the moat. The gap between standalone and consolidated profit (₹61 crore in the September quarter, and ₹136 crore in the half year against ₹119 crore) is the simplest public measure of what the subsidiaries, the online channel among them, cost.

What to weigh at the current price

DMart’s store economics, owned real estate and value positioning remain unusual. The valuation still needs to permit ordinary mistakes: slower same-store growth, temporary margin pressure or a longer path to profitable e-commerce. At ₹3,230 the share trades at about 68 times trailing earnings, down from 83 in August but still a multiple that assumes faster growth than the last three years produced. On one side sit 17.8% sales growth and 9.5% like-for-like growth in the September quarter; on the other, profit growing at half the pace of sales, inventories 23.5% above March and borrowings, including leases, up ₹1,839 crore in six months.

FAQ

What is the DMart share price target for 2030? The table above provides bear, base and bull values for every year through 2030. The scenarios differ mainly in sustainable growth and P/E.

What did DMart report for the September 2026 quarter? Consolidated revenue of ₹19,644 crore, up 17.8% year on year, and net profit of ₹743 crore, up 8.5%, with an operating margin of 7.1%. Like-for-like growth was 9.5% and the company had 518 stores at 30 September, according to the results and investor presentation filed on 10 October 2026.

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.

Change log

• 3 November 2026 — Refreshed for the September 2026 quarter (Q2 FY27) from the results and investor presentation filed on 10 October 2026, the commercial-paper and store-opening filings of 29 and 30 October, and NSE end-of-day files. Price and valuation moved to the NSE close of ₹3,230.00 on 2 November 2026; the August figures rested on the ₹3,900.00 close of 7 August. Market capitalisation ₹2.54 lakh crore → ₹2.11 lakh crore; P/E 83.2 → 67.6; EV/EBITDA 47.5 (Screener.in’s figure) → 38.6 (this page’s method, set out under The numbers); book value per share ₹375 → ₹400 and price-to-book 10.4 → 8.1; operating margin (TTM) 7.56% → 7.50%; debt/equity 0.10 → 0.16; 52-week range ₹3,300–₹4,950 → ₹3,102–₹4,644 (the August low was an error: NSE’s 7 August file gave ₹3,529.00–₹4,949.50). Results table rolled forward to September 2026 (revenue ₹19,644 crore, operating profit ₹1,393 crore, net profit ₹743 crore, EPS ₹11.40), with margins shown to one decimal; the annual table’s trailing column recomputed to September 2026 (revenue ₹74,223 crore, operating profit ₹5,566 crore, net profit ₹3,116 crore, EPS ₹47.78). Added result-by-result commentary, the half-year cash-flow and borrowing figures, the operating metrics from the presentation, the September 2026 shareholding and the market’s reaction to the results. Corrected three items carried from August: the cash-conversion row is now cash from operations ÷ operating profit, as labelled (FY22–FY26: 55%, 72%, 67%, 55%, 67%; the August row, 76% to 92%, was not on that basis); the shareholding table now uses the sub-totals in BSE’s filed patterns instead of Screener.in’s compilation, which adds a 0.07% sovereign-wealth-fund holding to domestic institutions (June 2026: foreign 9.22% → 9.23%, domestic 8.67% → 8.74%); and both EPS rows now state their basis. Target-model input moved from trailing EPS ₹46.89 (to June 2026) to ₹47.78 (to September 2026), on the same basis; growth rates and multiples are unchanged, so every scenario value rises about 1.9%. The fundamentals box at the top of the page still shows its 9 August 2026 figures, as dated there.
• 15 August 2026 — Editorial revision: the closing section became “What to weigh at the current price”; no figures changed.
• 10 August 2026 — Published with fundamentals as of 9 August 2026 (results to the June 2026 quarter, trailing EPS ₹46.89).

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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.