External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>In Q4FY25, DMart reported ~18% YoY revenue growth, driven by increased footfalls and the addition of 28 stores in Q4, taking the total count to 415.</li><li>Non-metro towns continued to outperform metros.</li><li>However, stores in metro areas with lower store density saw stronger like-for-like growth. For FY25, like-for-like growth stood at 8.4%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY25, DMart reported ~18% YoY revenue growth, driven by increased footfalls and the addition of 28 stores in Q4, taking the total count to 415.Non-metro towns continued to outperform metros.However, stores in metro areas with lower store density saw stronger like-for-like growth. For FY25, like-for-like growth stood at 8.4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Avenue Supermarts Ltd. - Earnings Growth Bottoming Out; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Avenue Supermarts (DMART) posted weak results in 3QFY25 as standalone EBITDA grew 10% YoY (4% miss) due to weaker gross margin and higher cost of retailing (CoR).</li><li>Management indicated that increased intensity in discounting in the FMCG category continued to impact the high turnover per sqft stores in metros.</li><li>However, the impact was relatively lower versus 2QFY25. DMART’s like-for-like (LFL) growth for over two-year-old stores rose to 8.3% in 3Q (vs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Avenue Supermarts (DMART) posted weak results in 3QFY25 as standalone EBITDA grew 10% YoY (4% miss) due to weaker gross margin and higher cost of retailing (CoR).Management indicated that increased intensity in discounting in the FMCG category continued to impact the high turnover per sqft stores in metros.However, the impact was relatively lower versus 2QFY25. DMART’s like-for-like (LFL) growth for over two-year-old stores rose to 8.3% in 3Q (vs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Avenue Supermarts - Lower Margin and Higher CoR Result in Earnings Miss

<ul><li>In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates).</li><li>The company added 10 stores during the quarter, taking the total store count to 387.</li><li>Rise of Q-commerce continues to impact stores in metro cities; however, the impact was less pronounced compared to Q2FY25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates).The company added 10 stores during the quarter, taking the total store count to 387.Rise of Q-commerce continues to impact stores in metro cities; however, the impact was less pronounced compared to Q2FY25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Avenue Supermarts Ltd. - Subdued Margin Performance; Maintain HOLD

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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Read Business Not Stock Prices

<ul>
<li>The retail landscape in India is witnessing a rapid transformation with the rise of Quick Commerce</li>
<li>These companies are challenging traditional retail models by combining competitive pricing with the convenience of super-fast deliveries.</li>
<li>For Dmart, which has long been the leader in value retailing, this shift presents significant challenges to Same Store Sales Growth (SSSG), store expansion plans, and overall valuation.</li>
</ul>


The retail landscape in India is witnessing a rapid transformation with the rise of Quick Commerce
These companies are challenging traditional retail models by combining competitive pricing with the convenience of super-fast deliveries.
For Dmart, which has long been the leader in value retailing, this shift presents significant challenges to Same Store Sales Growth (SSSG), store expansion plans, and overall valuation.


Impact of Quick Commerce on Dmart's Growth and Valuation

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We cut our FY25/26/27 EPS by 5.0%/5.5%/4.9% and rating from Accumulate to Hold with target price of Rs4748 (Rs5168 earlier).</li><li>Q2FY25 revenue/PAT were miss on our estimate by 3.4%/12.5%.</li><li>This follows disappointing retail metrics as 1) Quick commerce and other online grocery platform players impacted sales in metro cities 2) lower SSG of 5.5% in 2Q vs 9.5% SSG in 1Q 3) tepid growth parameters with growth of 1.2% YoY in Sales/store, 1.6% YoY in bills/store/day and just 0.5% increase in sales/sq ft.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut our FY25/26/27 EPS by 5.0%/5.5%/4.9% and rating from Accumulate to Hold with target price of Rs4748 (Rs5168 earlier).Q2FY25 revenue/PAT were miss on our estimate by 3.4%/12.5%.This follows disappointing retail metrics as 1) Quick commerce and other online grocery platform players impacted sales in metro cities 2) lower SSG of 5.5% in 2Q vs 9.5% SSG in 1Q 3) tepid growth parameters with growth of 1.2% YoY in Sales/store, 1.6% YoY in bills/store/day and just 0.5% increase in sales/sq ft.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Avenue Supermarts - Online Retail Hurts 2Q Parameters

India

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

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Avenue Supermarts Ltd (DMART IN)

Avenue Supermarts Ltd. - Earnings Growth Bottoming Out; Maintain BUY

In Q4FY25, DMart reported ~18% YoY revenue growth, driven by increased footfalls and the addition of 28 stores in Q4, taking the total count to 415.

Axis Direct

Avenue Supermarts - Lower Margin and Higher CoR Result in Earnings Miss

Avenue Supermarts (DMART) posted weak results in 3QFY25 as standalone EBITDA grew 10% YoY (4% miss) due to weaker gross margin and higher cost of...

Motilal Oswal

Avenue Supermarts Ltd. - Subdued Margin Performance; Maintain HOLD

In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates). The company added 10 stores during the...

Axis Direct

Impact of Quick Commerce on Dmart's Growth and Valuation

Quick Commerce is revolutionizing retail in India with fast deliveries and competitive pricing, posing challenges for traditional leaders like Dmart.

Nimish Maheshwari

Avenue Supermarts - Online Retail Hurts 2Q Parameters

We cut our FY25/26/27 EPS by 5.0%/5.5%/4.9% and rating from Accumulate to Hold with target price of Rs4748 (Rs5168 earlier). Q2FY25 revenue/PAT...

Prabhudas Lilladhar

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Avenue Supermarts Ltd. - Earnings Growth Bottoming Out; Maintain BUY

In Q4FY25, DMart reported ~18% YoY revenue growth, driven by increased footfalls and the addition of 28 stores in Q4, taking the total count to 415.

Axis Direct

Avenue Supermarts - Lower Margin and Higher CoR Result in Earnings Miss

Avenue Supermarts (DMART) posted weak results in 3QFY25 as standalone EBITDA grew 10% YoY (4% miss) due to weaker gross margin and higher cost of...

Motilal Oswal

Avenue Supermarts Ltd. - Subdued Margin Performance; Maintain HOLD

In Q3FY25, DMart’s consolidated revenue grew by ~18% YoY with LFL growth at 8.3% (below our estimates). The company added 10 stores during the...

Axis Direct

Impact of Quick Commerce on Dmart's Growth and Valuation

​Quick Commerce is revolutionizing retail in India with fast deliveries and competitive pricing, posing challenges for traditional leaders like Dmart.

Nimish Maheshwari

Avenue Supermarts - Online Retail Hurts 2Q Parameters

We cut our FY25/26/27 EPS by 5.0%/5.5%/4.9% and rating from Accumulate to Hold with target price of Rs4748 (Rs5168 earlier). Q2FY25 revenue/PAT...

Prabhudas Lilladhar

Quick Commerce is revolutionizing retail in India with fast deliveries and competitive pricing, posing challenges for traditional leaders like Dmart.