Diversified Retail industry

19 companies · ₹2.7 L cr · 7 with AI deep dives · Q1FY27 report

All seven companies grew revenue to a panel peak, but quick-commerce drag and wage inflation cap the recovery

Turning upmargin troughed at 7.1% and has risen for 5 quarters to 8.8%, on positive revenue growth

Revenue YoY: +17.2%
EBITDA margin: 8.8%; +30bps YoY
Price, 1 year: -18.0%; 33% of names up
P/E vs own 5y: -39.1%; 45.1x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	23,600 cr	21,780 cr	+8.4%	20,145 cr	+17.2%	23,600 cr	0.0%
EBITDA margin	8.8%	7.5%	+130bps	8.5%	+30bps	8.9%	-10bps

Revenue

Jun 26: 23,600 cr
Mar 26: 21,780 cr
QoQ: +8.4%
Jun 25: 20,145 cr
YoY: +17.2%
Peak: 23,600 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 8.8%
Mar 26: 7.5%
QoQ: +130bps
Jun 25: 8.5%

Sept 26: 3 of 7 reported so far, so it is not in the trend above.

Breadth: 100% of 7 companies grew revenue year on year (was 100% a quarter earlier) and 43% expanded margin (was 50%).

Exhibit 2What it costs

28.63x - 45.31x across the panel today

The median name trades at 45.1x, -39.1% against this industry's own 5-year median of 74.2x, and -63.1% against its own peak of 122.5x.

Exhibit 3Structure

₹2.7 L cr

Avenue Supermarts Ltd is 77.5% of this industry by market cap. The top 5 are 98.8% and the top 10 are 99.9%.

large 1mid 1small 4micro 137 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 45.15x, 5y ROCE above its median of 8.67%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (19 of 19)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Avenue Supermarts Ltd	₹2.1 L cr	65.8x	39.5x	17.2%	7.5%	+17.8%	Unlock
Vishal Mega Mart Ltd	₹41,343 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedUniversal revenue growth but SSSG dispersion widens between emerging and mature formats7 managements

Every company grew revenue YoY yet same-store growth ranges from 5.5% (DMART mature stores) to 34.2% (EMIL, AC season-driven). Formats with newer stores and under-penetrated…

DMART (Q1 FY27): “same-store growth would possibly be hovering more in the range that we are seeing today…”

tailwind6 managements headwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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