Shares of opened higher on Monday at ₹4,450 on the NSE, touching an intraday high of ₹4,518.10, as investors reacted positively to a stronger-than-expected quarterly revenue print. The stock was trading at ₹4,380.40 as of early morning, up 0.41 per cent from its previous close of ₹4,362.40, with sell-side pressure visible — 61.46 per cent of traded quantity on the sell side against 38.54 per cent on the buy side. The stock has returned 12.9 per cent over the past month and 17.75 per cent year-to-date, significantly outpacing the Nifty Next 50 index on both horizons.
The rally follows DMart’s Q4FY26 revenue update filed with the exchanges on April 3, which showed standalone revenue from operations rising 19 per cent year-on-year to ₹17,204.50 crore — sharply above analyst estimates of around 15 per cent growth and a marked recovery from the 13 per cent growth posted in Q3FY26. The company also reached a milestone of 500 stores as of March 31, 2026, adding 58 stores in the quarter alone — the highest single-quarter addition in its history — taking full-year store openings to 85, also a record.
Analyst reactions were divergent on valuation. Motilal Oswal reiterated a Buy with a revised target price of ₹5,000, citing accelerating store additions and likely gross margin recovery, projecting 19 per cent revenue CAGR over FY26–28. JM Financial, however, maintained a Reduce rating with a target of ₹4,500, acknowledging the strong operational print but flagging that elevated capex — estimated at ₹51,335 crore for FY26 — would push free cash flow into negative territory through FY28 and transition the balance sheet from net cash to net debt.
The stock trades at a trailing P/E of 99.11x, well above broader market multiples, reflecting DMart’s premium positioning but leaving limited margin of safety for investors at current levels.