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Supermarket retail Historical case study · data as of 06 Jul 2026 · published 09 Oct 2026 (95 days later)

Avenue Supermarts (DMart) — 100-point case study

How Avenue Supermarts (DMart) looked on 50 technical and 50 fundamental measures on 06 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: DMART · BSE: 540376
Close on 06 Jul 2026	₹4,064.70
Market cap then	₹2,65,418 crore
Valuation	P/E 89.4× · P/B 10.85×
Momentum	RSI (14) 41 · 1-year return -4.6%
Next 3 months	-11.8% vs Nifty 50 -9.0% (to 08 Oct 2026)

Scorecard

Technical — 50 points

6 bullish · 21 neutral · 1 caution · 21 bearish — the picture leaned negative.

Fundamental — 50 points

11 bullish · 37 neutral · 0 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 06 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.23%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.23% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -4.8%	Bullish	The 100-session trend line was up (+0.10%/day) and the stock was -4.8% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -4.6%	Neutral	Compared with a year earlier the price was -4.6%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 4,171.07 / 30W 4,042.92	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 4,235.20→4,429.40; lows 3,988.80→3,955.00	Neutral	The two most recent swing points showed a higher high but a lower low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	22.0	Bearish	ADX at 22.0 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 17.0 / –DI 27.4	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	4,201.36 (-3.3%)	Bearish	Close of 4,064.70 was 3.3% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	4,256.68 (-4.5%)	Bearish	Close of 4,064.70 was 4.5% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	4,107.76 (-1.0%)	Bearish	Close of 4,064.70 was 1.0% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 4,196.41 / 21E 4,213.53	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 06 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 06 May 2026	Bullish	The 50-day average was 3.6% above the 200-day. The most recent signal was a golden cross on 06 May 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-0.7% in 20 sessions	Bearish	The 50-day average fell 0.7% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	4,201 / 4,257 / 4,149 / 4,108	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	4,138.12 (-1.8%)	Bearish	Anchored to the start of July, the volume-weighted average price was 4,138.12; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	41.1	Bearish	RSI at 41.1 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bullish divergence	Bullish	Comparing the last 20 sessions with the 20 before: bullish divergence: price made a lower low but RSI made a higher low — selling momentum was fading. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -7.37 / signal 13.52	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	29.55 → -20.89	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-7.37	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 23.3 / %D 46.4	Bearish	Slow stochastic at 23.3 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-81.6	Caution	%R of -81.6 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-87	Neutral	CCI at -87 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-5.2%	Bearish	Price changed -5.2% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.26 (bands 3,912.66–4,490.06)	Neutral	%B of 0.26 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 13.7% (84th pct of 6M)	Neutral	Band width was at the 84th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹114.15 (2.8% of price)	Neutral	A typical day's range was about ₹114.15, or 2.8% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	26.8% vs 1Y 25.0%	Neutral	Annualised 30-day volatility was 26.8%, close to the one-year level of 25.0%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	3,978.98–4,447.51	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.59	Neutral	A beta of 0.59 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.93× / 5-day 1.54×	Neutral	The final session traded 0.93× its 20-day average volume and the last five sessions averaged 1.54× — heavier than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.65	Bearish	Average volume on up days was 0.65× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.13	Bearish	CMF at -0.13 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	43.4	Bearish	MFI, a volume-weighted RSI, was 43.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹276 cr/day	Neutral	About ₹276 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	3,963.00 / 3,749.42 / 3,613.18	Neutral	Nearest support (prior swing lows) sat at 3,963.00, 2.6% below the close, then 3,749.42, 3,613.18. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	4,069.06 / 4,349.97 / 4,562.60	Neutral	Nearest resistance (prior swing highs) sat at 4,069.06, 0.1% above the close, then 4,349.97, 4,562.60. How to read: Information only.
40	Monthly pivot points (for next month)	P 4,140.70 \| R1 4,298.70 \| S1 3,906.70	Neutral	Classic pivots from July's high/low/close gave a pivot of 4,140.70; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 4,398 \| 38.2% 4,245 \| 50.0% 4,122 \| 61.8% 3,999	Neutral	Measuring the 6-month rise from 3,600.00 to 4,644.00, the close was nearest the 50.0% retracement at 4,122.00. How to read: Information only.
42	52-week high / low	H 4,949.50 / L 3,600.00	Neutral	The close was 17.9% below the 52-week high and 12.9% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-down 03 Jul at 4,176.00	Neutral	There was 1 unfilled gap(s). The latest, a gap-down on 03 Jul 2026, left an open level at 4,176.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	rising channel	Bullish	Rule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 3,955.00–4,429.40	Neutral	The close was inside the prior 20-day range of 3,955.00–4,429.40. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Inside bar	Neutral	On 06 Jul the candle opened 4,024.20, ranged 3,996.70–4,076.00 and closed 4,064.70: Inside bar — range contraction. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 4,137.00–4,286.67; Tenkan 4,206.05 / Kijun 4,192.20	Bearish	Price was below the cloud and the Tenkan line was above the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -6.1% / 3M -12.6%	Bearish	The stock underperformed the Nifty 50 by 12.6 points over three months and underperformed by 6.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +13.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 13.5 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	6 bullish · 21 bearish · 21 neutral · 1 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 3,963.00, resistance 4,069.06. This is a description of the chart on 06 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 06 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 06 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	89.4×	Neutral	At ₹4,064.70 the market valued the company at about ₹2,65,418 crore, or 89.4× the ₹2,970 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	10.85×	Neutral	Market cap was 10.85× the Mar 2026 book value (equity + reserves) of ₹24,464 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	3.86×	Neutral	The company was valued at 3.86× its trailing-12-month sales of ₹68,821 crore. How to read: Information only.
4	EV / EBITDA (approx.)	51.6×	Neutral	Enterprise value (market cap + ₹2,425 cr borrowings; cash not netted) was 51.6× trailing operating profit of ₹5,187 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.1 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	11.62	Bearish	P/E of 89.4 divided by 3-year profit growth of 7.7% a year gives a PEG of 11.62. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹2,65,418 cr	Neutral	At about ₹2.65 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹619.20 vs ₹4,064.70	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹619.20; the price was 556% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+15.9%	Bullish	Revenue for FY26 was ₹68,821 crore, +15.9% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+18.9%	Bullish	The Jan–Mar 2026 quarter brought ₹17,684 crore of revenue, +18.9% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+9.7%	Neutral	FY26 net profit was ₹2,970 crore, +9.7% on FY25's ₹2,707 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+19.1%	Bullish	Quarterly profit was ₹656 crore versus ₹551 crore a year earlier (+19.1%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	17.1%	Bullish	Revenue compounded at 17.1% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	7.7%	Neutral	Net profit compounded at 7.7% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	23.3%	Bullish	Over five years (FY21–FY26) revenue compounded at 23.3% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+9.5%	Neutral	Reported EPS went from ₹41.61 to ₹45.56 (+9.5%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	8%	Neutral	Operating profit (EBITDA) was 8% of sales in FY26 versus 8% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	8% → 7% → 8% → 7%	Neutral	Quarterly margins moved from 8% to 7% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	4.3%	Neutral	₹4.3 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	12.9%	Neutral	FY26 profit was 12.9% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	17%	Neutral	Return on capital employed (debt + equity) was 17% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	10.06%	Neutral	Net profit was 10.06% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	27%	Neutral	The company paid about 27% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	2%	Neutral	Non-operating 'other income' of ₹72 crore made up 2% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.10	Bullish	Borrowings of ₹2,425 crore were 0.10× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.47×	Bullish	Debt equalled 0.47 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	29.7×	Bullish	Earnings before interest and tax covered interest cost 29.7 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+14.2%	Bullish	Shareholders' equity grew +14.2% from ₹21,428 crore to ₹24,464 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹1,300 cr (6% of fixed assets)	Neutral	Projects under construction (CWIP) were 6% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	18 days	Neutral	Working capital tied up equalled 18 days of sales (FY25: 23). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	29 days	Neutral	It took 29 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	1 (FY25 1)	Neutral	Customers took 1 days on average to pay, versus 1 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹3,467 cr	Bullish	The business generated ₹3,467 crore of operating cash in FY26 versus ₹2,463 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.17×	Bullish	Operating cash flow was 1.17× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.2%	Neutral	Paid-up equity capital changed +0.2% (₹651 cr → ₹652 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	74.51% (-0.13 pts YoY)	Neutral	Promoters owned 74.51% at Mar 2026 versus 74.64% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	9.00% (+0.82 pts YoY)	Neutral	FIIs held 9.00% at Mar 2026, up from 8.18% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	8.77% (-0.31 pts YoY)	Neutral	Mutual funds, insurers and other DIIs held 8.77%, down from 9.08%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	5.7 lakh (-14.6% YoY)	Neutral	The shareholder count moved from 6.7 lakh to 5.7 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved, no meaningful dilution (<3%). Failed: leverage fell, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	0 strength(s) · 3 weakness(es)	Neutral	No strengths flagged. Weaknesses: Stock is trading at 9.55 times its book value; Though the company is reporting repeated profits, it is not paying out dividend; Company has a low return on equity of 13.5% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	11 bullish · 1 bearish · 37 neutral · 0 caution	Bullish	On the numbers published by 06 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 89.4×, P/B 10.85×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 06 Apr 2026 – 06 Jul 2026 that an investor could have known on the snapshot date.

06 Apr 2026 DMart shares rise 4.33% after Q4 FY26 business update shows ~19% revenue growth — Avenue Supermarts' Q4 FY26 business update (filed 3 April) reported standalone revenue from operations of about Rs 17,204.50 crore, up about 19% year-on-year. The stock closed at Rs 4,551.30 on 6 April, up 4.33%. source
06 Apr 2026 DMart store count reaches 500 after record 58 additions in Q4 FY26 — The company added 58 stores in Q4 FY26 and 85 in FY26, both records, taking the total to 500 stores as of 31 March 2026. source
02 May 2026 Avenue Supermarts Q4 FY26 consolidated net profit rises 19.2% to Rs 656.42 crore — Consolidated revenue from operations rose 18.9% to Rs 17,683.86 crore in Q4 FY26; FY26 net profit was Rs 2,969.86 crore, up 9.7%. source
04 May 2026 DMart shares fall about 3% after Q4 results despite 19% profit growth — The stock fell 2.81% to Rs 4,457 in early trade on 4 May 2026 after the Q4 FY26 results; operating margins moderated on higher employee, store and expansion costs. source
03 Jul 2026 Avenue Supermarts Q1 FY27 standalone revenue up 15% to Rs 18,343 crore; shares fall — The Q1 FY27 business update reported standalone revenue from operations of Rs 18,343.49 crore versus Rs 15,932.12 crore a year earlier, with 503 stores as of 30 June 2026. The stock fell up to about 5% on 3 July. source
03 Jul 2026 Avenue Supermarts sets 11 July board meeting for Q1 FY27 results; debt issue on agenda — The board was to meet on Saturday, 11 July 2026 to approve Q1 FY27 results and consider raising funds through debt securities on a private placement basis. source

What happened next (06 Jul 2026 → 08 Oct 2026)

Price went from ₹4,064.70 to ₹3,585.00 by 08 Oct 2026 (-11.8%) while the Nifty 50 moved -9.0% — underperforming by 2.8 points.
Highest ₹4,124.90 on 23 Jul 2026; lowest ₹3,521.00 on 06 Oct 2026.
S1 3,963.00: broken on a closing basis on 14 Jul 2026.
S2 3,749.42: broken on a closing basis on 07 Sep 2026.
R1 4,069.06: cleared on a closing basis on 07 Jul 2026.
R2 4,349.97: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and crossed above on 10 Aug 2026.
Apr–Jun 2026 results (reported 11 Jul 2026): revenue ₹18,795 crore (+14.9% YoY), net profit ₹860 crore (+11.3% YoY), operating margin 8% vs 8% a year earlier (Screener consolidated figures).

Later news

11 Jul 2026 Avenue Supermarts Q1 FY27 net profit rises 11.3% YoY to Rs 860.4 crore — Consolidated revenue from operations was Rs 18,794.53 crore, up about 14.9% year-on-year, and net profit was Rs 860.4 crore versus Rs 772.8 crore in Q1 FY26. source
13 Jul 2026 DMart shares drop over 4% after Q1 FY27 earnings; same-store growth slows — Shares fell as much as 4.24% to Rs 3,908 on 13 July. Like-for-like growth for stores two years or older was 5.5% versus 7.1% a year earlier, and DMart Ready exited seven cities. source
03 Oct 2026 DMart Q2 FY27 business update: standalone revenue up 18.4% to Rs 19,206 crore; 518 stores — Standalone revenue from operations for Q2 FY27 was Rs 19,206.18 crore versus Rs 16,218.79 crore a year earlier. Store count rose to 518 as of 30 September 2026. source
06 Oct 2026 Avenue Supermarts shares down about 22% in six months — As of the 5 October close the stock had fallen about 22% over six months; the article cites store growth, valuation and quick-commerce competition as investor concerns. source

Educational summary. On 06 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved -11.8% against -9.0% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Avenue Supermarts (DMart) today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 09 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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