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DMART - Fundamental Analysis: Financial Health & Valuation

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Rating: 3.2

Last Updated Time : 19 Mar 26, 07:09 pm

Fundamental Rating: 3.2

Stock Code DMART Market Cap 2,50,025 Cr. Current Price 3,842 ₹ High / Low 4,950 ₹
Stock P/E 80.2 Book Value 366 ₹ Dividend Yield 0.00 % ROCE 18.4 %
ROE 14.0 % Face Value 10.0 ₹ DMA 50 3,861 ₹ DMA 200 4,014 ₹
Chg in FII Hold -0.02 % Chg in DII Hold -0.19 % PAT Qtr 923 Cr. PAT Prev Qtr 747 Cr.
RSI 48.8 MACD 1.81 Volume 4,89,495 Avg Vol 1Wk 4,95,696
Low price 3,529 ₹ High price 4,950 ₹ PEG Ratio 3.69 Debt to equity 0.06
52w Index 22.0 % Qtr Profit Var 17.6 % EPS 47.9 ₹ Industry PE 39.3

📊 Financial Overview

  • Revenue & Profitability: PAT rose from 747 Cr. to 923 Cr. (+17.6%), showing healthy growth.
  • Margins & Returns: ROCE (18.4%) and ROE (14.0%) are decent but not exceptional.
  • Debt: Debt-to-equity ratio at 0.06, indicating very low leverage.
  • Cash Flow: EPS at 47.9 ₹, consistent earnings profile.

💹 Valuation Metrics

  • P/E Ratio: 80.2 vs Industry PE of 39.3 → Highly overvalued.
  • P/B Ratio: Current Price ₹3,842 vs Book Value ₹366 → Stretched valuation.
  • PEG Ratio: 3.69 → Suggests poor valuation relative to growth.
  • Intrinsic Value: Current price far above fair value zone.

🏢 Business Model & Competitive Advantage

  • Strong retail presence with a proven low-cost, high-volume model.
  • Efficient operations and brand loyalty drive consistent demand.
  • However, valuations are stretched, limiting near-term upside.

📈 Entry Zone Recommendation

  • Technicals: RSI at 48.8 (neutral), MACD positive, price near 50DMA & 200DMA.
  • Suggested entry zone: ₹3,300–₹3,500 if correction occurs.
  • Long-term holding viable given strong business fundamentals, but only at reasonable valuations.


✅ Positive

  • Strong quarterly profit growth (+17.6%).
  • Debt-to-equity ratio very low (0.06).
  • Robust retail business model with consistent demand.

⚠️ Limitation

  • High P/E ratio (80.2) compared to industry average.
  • Valuation multiples stretched (P/B ratio high).
  • No dividend yield (0.00%).

📉 Company Negative News

  • FII holding reduced (-0.02%).
  • DII holding reduced (-0.19%).

📈 Company Positive News

  • Quarterly profits improved significantly.
  • Strong operational efficiency and brand loyalty.

🏭 Industry

  • Industry PE at 39.3, much lower than company’s 80.2.
  • Retail sector stable with long-term growth potential.

🔎 Conclusion

  • DMart has strong fundamentals and a proven business model but trades at unsustainable valuations.
  • Profit growth is healthy, but multiples are stretched compared to peers.
  • Best strategy: Wait for correction towards ₹3,300–₹3,500 before entry.
  • Long-term holding viable only if valuations normalize and earnings growth sustains.

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