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DMart adds 18 stores in H1FY27 vs 17 a year ago; CLSA calls expansion muted
Avenue Supermarts added 18 stores in H1FY27 versus 17 in H1FY26, CLSA noted, calling store additions muted. Brokerages also flagged strong Q2 GMV and revenue growth at Nykaa, with BofA expecting margin to inch up to 8.9%.
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Store and format facts
Figures from NDTV Profit,
| Nykaa Q2 EBITDA margin expected by Nomura: | 8.7% |
|---|---|
| CLSA target price for Avenue Supermarts: | Rs 5723 |
| Citi target price for Avenue Supermarts: | Rs 3300 |
| BofA target price for Nykaa: | Rs 370 |
| Nomura target price for Nykaa: | Rs 411 |
What it means for the format
DMart opened 18 stores in H1FY27 against 17 a year earlier, which CLSA calls muted, so grocery rivals aren't facing a sudden jump in new-store pressure and can plan around a steady cadence.
Next on the rollout
- DMart's next quarterly business update showing cumulative store additions versus the 18 added in H1FY27
- Management commentary on the store pipeline and openings timing in DMart's results call
- Nykaa's reported Q2 EBITDA margin against the 8.7% (Nomura) and 8.9% (BofA) forecasts
- Any revision to the Rs 3,300 (Citi) or Rs 5,723 (CLSA) targets
- Other brokerages echoing or rejecting CLSA's 'muted' description of DMart's expansion
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Avenue Supermarts is likely to keep opening stores at about the H1FY27 pace of 18 and to describe the rollout as deliberate rather than slowing.
- Brokerages such as Citi (Rs 3,300) and CLSA (Rs 5,723) are likely to hold their widely separated targets until DMart shows a clear shift in store additions or margins.
- Nykaa is likely to report Q2 margins near the 8.7% to 8.9% EBITDA range that Nomura and BofA expect, backed by the strong GMV and revenue growth brokerages have flagged.
- Rival grocery and quick-commerce operators may keep adding outlets in DMart's core catchments, which would sharpen the debate over whether its pace is too cautious.
- Analysts may begin to pair store-count growth with throughput and like-for-like metrics, since a one-store year-on-year gain gives little growth signal on its own.
The source
First seen