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Shares of Avenue Supermarts Ltd., parent company of retail chain DMart, dipped on Monday morning following the release of its September quarter business update. At 9:45 AM on October 6, DMart shares were trading at Rs 4,365 on the NSE, down 1.21 per cent.

The company reported standalone revenue of Rs 16,218 crore for the July–September period, marking a 15.4 per cent increase. While positive, this growth was marginally lower than the three-year Compounded Annual Growth Rate (CAGR) of 15.8 per cent, highlighting a slight moderation in momentum.

DMart added eight new stores during the quarter, bringing its total store count to 432. Cumulative store openings for the first half of FY26 reached 17, reflecting a cautious expansion pace. Analysts say investors will be closely watching the pace of future store launches as a key driver for revenue growth.

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The financial performance of DMart in the quarter was influenced by GST rate adjustments and the company’s e-commerce arm, DMart Ready. Observers note that these factors will play a critical role in shaping near-term revenue and margin trends.

Goldman Sachs maintained its “sell” rating on Avenue Supermarts, lowering the price target from Rs 3,450 to Rs 3,370. The brokerage cited weaker-than-expected sales growth and a slow pace of store expansion. It also cut its FY26 sales growth forecast from 20 per cent to 18 per cent and reduced earnings-per-share (EPS) estimates for FY26–28 by 2 per cent.

JPMorgan retained a “neutral” rating on the stock with a price target of Rs 4,350, noting that revenue growth moderation could affect short-term stock performance.

Shares of Avenue Supermarts gained 24 per cent year-to-date. 

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Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate affairs, with prior stints at Business ...LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.