Whalesbook
Toh D-Mart ki story yeh hai ki unka Q4 FY26 ka revenue 19% badh kar ₹17,683.86 crore ho gaya. Yeh growth isliye mili kyunki unhone 58 naye stores khole is quarter mein, aur ab total 500 stores ho gaye hain. Jo stores ek saal se zyada purane hain, unmein 10.8% ki sales growth hui hai. March mein thoda extra consumer spending bhi dekha gaya, jisse aur help mili. Stock 8% tak bhaga bhi tha 500 stores ke milestone par, par results ke baad gire.
Ab aati hai asli chinta ki baat. D-Mart ka stock bahut mehnga ho gaya hai. Iska Price-to-Earnings (P/E) ratio 73x projected FY28 earnings par chal raha hai, aur late April 2026 tak toh yeh 103.52x tak pahunch gaya tha! Competition mein Reliance Industries ka P/E sirf 23.7x hai, aur Indian retail sector ka average toh 17.4x hai. Matlab, D-Mart ka stock apne competitors se 3-4 guna zyada expensive hai. Analyst pooch rahe hain ki itni high valuation kaise justify hogi?
Competition bhi kam nahi hai. Reliance Retail bahut tezi se badh raha hai, naye brands khareed raha hai aur online delivery ko lekar aggressive hai. D-Mart ka jo value for money wala model hai, woh ab online convenience ke saamne thoda weak lag sakta hai. Upar se, oil prices badhne aur rupee ke kamzor hone se transportation aur packaging ka kharcha bhi badh raha hai, jisse profit margins par pressure aa sakta hai.
Is situation mein analysts bhi confuse hain. Morgan Stanley aur Motilal Oswal jaise log 'Buy' rating de rahe hain, expansion dekh kar. Lekin Emkay Global ne toh seedha 'Sell' rating di hai, valuation aur competition ka reason batate hue. JM Financial ne target badhaya hai par 'Reduce' rating rakhi hai, aur Goldman Sachs bhi 'Sell' bol raha hai.
Naye stores kholne se revenue toh badh raha hai, par unmein shuru mein profit kam hota hai. Depreciation aur interest ka kharcha bhi badh raha hai. Isse profit margins par pressure rahega. Emkay Global keh raha hai ki D-Mart ki valuation mein toh future growth already add hai. Agar growth utni nahi hui, toh stock gir sakta hai. D-Mart Ready (online platform) bhi kuch areas mein kamzor pad raha hai.
Overall, D-Mart ka future outlook mixed hai. Kuch analysts ₹3,700 ka target de rahe hain, toh koi ₹6,583 tak ka. Value focus aur chote shehron mein expansion ke karan long-term potential toh hai, par filhaal valuation, competition aur costs ko manage karna bada challenge hoga.