DMart: Why analysts can be foxes, but companies should be hedgehogs.

Research evidence excerpt

DMart: Why analysts can be foxes, but companies should be hedgehogs.

29 July 2026

Jignanshu Gor

+91 226 842 1494

India Emerging Consumer jignanshu.gor@bernsteinsg.com

Avenue Supermarts Limited Parth Shah

+91 226 842 1464

Rating parth.shah@bernsteinsg.com

Outperform

Price Target

DMART.IN 5,000.00 INR

DMart: Why analysts can be foxes, but companies should be

hedgehogs.

The E-comm/ Q-comm discussion for DMart is moot, despite Avenue E-commerce Close Date 28 Jul 2026

being established in Nov 2014. A few reasons - (1) DMart Ready still, in our view, doesn’t

DMART.IN Close Price (INR) 3,846.60

seem to be clear on what problem they are solving. Is it a way to defend their convenience

Price Target (INR) 5,000.00

seeking customers? Is it about making profits? Is it about reaching customers where DMart

Upside/(Downside) 30%

cannot due to real estate constraints? We don’t know. And the company’s actions over the last

52-Week Range 4,949.50/3,528.65

few years shows that the company doesn’t know either. (2) DMart’s DNA does not allow them to

ASIAX --

“move fast and break things”. They are deliberate business builders - something that does not

FYE Mar

track when everyone else in the E-comm/ Q-comm game is “figuring things out”. (3) If investors

Div Yield NA

need to make sense of DMart’s E-comm ambitions and actions to create an investment thesis,

Market Cap (INR) (B) 2,508.93

the plot is already lost. Hence, we do not think what they do with DMart Ready business has a

EV (INR) (B) 2,530.12

lot of relevance today.

Performance YTD 1M 6M 12M

But what about the impact on DMart’s LFL from other players’ aggression? To this more Absolute (%) 1.7 (10.4) 3.0 (2.6)

pertinent question, we feel the management really wanted to communicate that they do not ASIAX (%)