Avenue Supermarts

** D-Mart parent Avenue Supermarts AVEU.NS shares fall 2% to 3,998.10 rupees

** On Saturday, AVEU posted 11.3% Y/Y increase in Q1 consol net profit , while consol revenue rose 14.9% Y/Y

** "In large metros, growth in older stores which have significantly higher revenue per square foot was flat this

quarter. While stores in non-metros continue to grow well" - says MD and CEO Anshul Asawa

** Brokerage Jefferies says management's comment that older and high throughput metro stores were flat YoY is a bit of a concern

** Citi says profitability remains at risk due to competitive intensity from other large format stores and quick commerce players

** "Rising competition from quick commerce is likely to limit growth across modern trade and D'Mart Ready," Prabhudas Lilladher says

** YTD, AVEU up ~6%

(Reporting by Vijay Malkar)

(([email protected];))

** Shares of DMart parent Avenue Supermarts AVEU.NS fall 4.4% to 4,002.30 rupees

** Analysts trim estimates and PT following weaker-than-expected Q1 revenue growth of 15%

** CLSA cut its target price to 5,723 rupees from 6,628 rupees; lowered FY27-29 sales assumptions by 7%-9%

** Says sales missed expectations due to pre-buying earlier in the year, a higher private-label mix, delayed monsoon demand and lower initial sales density at new stores

** However, it maintained a high-conviction "outperform" rating

** Antique Stock Broking cut FY27/FY28 earnings estimates by 3%/2%; reduced PT to 4,437 rupees from 4,524 rupees and retained "hold" rating

** Brokerage says slower store additions, weak general merchandise and apparel performance, and rising quick-commerce competition could weigh on near-term growth and margins

** Avg rating of 31 analysts at "hold"; median PT is 4,510 rupees

** YTD, stock up 5.9%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

July 2 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS LTD- TO CONSIDER RAISING OF FUNDS BY ISSUE OF DEBT SECURITIES BY WAY OF PRIVATE PLACEMENT

Source text: ID:nBSE3dVmYq

Further company coverage: AVEU.NS

(([email protected];))

** Shares of India's Avenue Supermarts AVEU.NS fall 3.93% to 4,406.20 rupees

** Co posted 19.2% y/y increase in Q4 consolidated net profit to 6.56 billion rupees

ONE-OFF BOOST FADES, GROWTH AND MARGINS IN FOCUS

** Jefferies ("hold"; TP: 4,500 rupees) says Q4 was a slight beat, flags demand spike from March pantry stocking has normalised, limiting near-term growth visibility

** Emkay Global ("sell"; TP: 3,700 rupees) says earnings were aided by one-off demand, expects higher store expansion costs to cap profit growth despite steady topline

** Systematix ("hold"; TP: 4,324 rupees) says Q4 growth driven by transient factors; expects same-store sales growth to normalise, weighing on margins

** Prabhudas Lilladher ("hold"; TP: 4,410 rupees) warns quick-commerce competition and elevated store additions could pressure margins, with Q4 demand unlikely to sustain

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

April 10 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS LTD- ALLOTTED COMMERCIAL PAPER OF 5 BILLION RUPEES

Source text: ID:nBSE7n44X6

Further company coverage: AVEU.NS

(([email protected];))

April 3 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS - REVENUE FROM OPERATIONS FOR QUARTER ENDED MARCH 31, 2026 STOOD AT 172.05 BILLION RUPEES

Source text: [ID:]

Further company coverage: AVEU.NS

(([email protected];;))

Feb 13 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS LTD - COMPANY OPENS NEW STORE IN MANDORE, JODHPUR

Source text: ID:nNSE7YsmJZ

Further company coverage: AVEU.NS

(([email protected];;))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

Jan 20 - By Ira Dugal, Editor Financial News, with global Reuters staff

Reliance Industries RELI.NS has had a rough start to the year, with a rare share-price slide in January and weaker-than-expected earnings, highlighting the pressures building across some of its key businesses.

What is the outlook for the stock of India's most valuable company? That's our focus this week. Write to us at [email protected]

And, India plans to open up the defence sector to larger foreign investment. Scroll down for that Reuters exclusive report.

THIS WEEK IN ASIA

*Japan's snap election and tax pledge keep nation's finances in spotlight

*Indonesia's rupiah hits record low on central bank independence worries

*China curbs ‘flash boys’ access to exchange data, sources say

*As US orders fade, Chinese salespeople face tough grind in new markets

*Dozens missing after massive Karachi mall fire, 21 killed

TESTED BY GEOPOLITICS

Mukesh Ambani’s Reliance, which has a market value of 19.12 trillion rupees ($210.42 billion), has slumped about 10% so far in 2026, a rare early-year drop that has weighed on the benchmark Nifty 50 .NSEI, which is down roughly 2%. The last time the stock dropped more in any January was in 2011.

The fall, including a 3% decline after the company reported weaker-than-expected quarterly earnings, reflects complications in its refining business due to geopolitical tensions, intensifying competition in its retail operations, and investor caution ahead of the planned listing of its telecoms unit.

The company faces "headwinds" from loss of Russian crude in its export-focused refinery and higher freight costs in its core oil-to-chemicals business, Jefferies said in a January 16 note.

But it could potentially resume purchases of Venezuelan oil, defraying the loss of Russian barrels, the brokerage said.

Reliance cut imports of Russian oil by 32.4% in December, the lowest level since February 2024, under pressure from Western sanctions, data analysed by Reuters journalist Nidhi Verma showed. The company's Russian imports are likely to be low in January too. Click here for that story.

The company has said it is in talks with the U.S. to permit purchases of oil from Venezuela.

Despite these challenges, the business continues to report strong financials.

Factors working in its favour include strong volume growth and fuel cracks - the difference between the price of refined products and the crude used to produce them - Mumbai-based brokerage BOB Caps said.

Fuel retailing volumes via the Jio-BP joint venture are also expanding, it added.

RETAIL REVENUE GROWTH LAGS

Where the earnings disappointed most was in the retail business, Reliance Retail, which was dragged down by India's shifting consumer preferences.

Reliance Retail reported a 9% growth in net revenue, lower than the 13% for competitor Avenue Supermarts AVEU.NS, and blamed this partly on a shift in festival dates and a demerger of its consumer products division.

Its margins also declined due to discounts offered in the festival season and investments made in quick commerce.

India's fast-changing consumer market has seen attention shift from traditional stores to online shopping and now quick commerce where deliveries within minutes have sparked opportunity and risks.

The company told analysts this business is already margin- positive as Reliance leverages its extensive store network to deliver electronics, fashion, and groceries, creating a unique omnichannel advantage.

The quick-commerce business, where Zomato, run by Eternal ETEA.NS, Swiggy SWIG.NS and Walmart's WMT.O Flipkart are big players, recently came under fire for promoting 10-minute deliveries that critics have argued put delivery staff at risk.

Read here to catch up on the controversy.

Jefferies analysts also red-flagged Reliance's fast-moving consumer goods business where too many brands may mean it is spreading itself "too thin".

While the retail business seems to be some distance away from a listing, the public offering of the telecoms unit Jio Platforms appears imminent.

The government has given the green light for a minimum float of 2.5% for a public listing, clearing the way for large IPOs including Jio's.

Despite the pressures, analysts still see upside to the Reliance Industries stock in 2026, with only 2 of 34 analysts on LSEG listing it as a sell. The median price target on the stock is 1,700 rupees per share, a 20% upside from current levels.

MARKET MATTERS

A ruling by India's top court in a tax case related to U.S. investment firm Tiger Global's sale of shares in Flipkart to Walmart in 2018 has spooked global investors who have poured $180 billion into India via the tax haven of Mauritius.

Read details of the judgement here and don't miss this analysis on its implications for investors.

The ruling comes at a time when India has seen a sharp drop in portfolio and strategic investments from overseas, a decline that the market regulator is trying to reverse through a series of steps.

THIS WEEK'S MUST-READ

India plans to make it much easier for foreign firms to invest in defence companies, Reuters journalists Nikunj Ohri and Sarita Chaganti Singh reported.

Foreign firms may be permitted to pick up 74% in Indian firms with government approval, and tough conditions related to technology transfers may be lifted.

Read the details here.

($1 = 90.6663 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.

Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.

Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.

In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.

But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.

More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.

The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.

The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.

Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.

Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.

The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.

The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.

For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.

Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.

Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.

To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.

Follow Shritama Bose on LinkedIn and X

(Editing by Aimee Donnellan; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.

Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.

Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.

In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.

But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.

More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.

The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.

The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.

Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.

Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.

The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.

The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.

For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.

Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.

Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.

To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.

Follow Shritama Bose on LinkedIn and X

(Editing by Aimee Donnellan; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Jan 2 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• DEC-QUARTER STANDALONE REVENUE 176.13 BILLION RUPEES

Source text: [ID:]

Further company coverage: AVEU.NS

(([email protected];))

** India's Dmart-parent Avenue Supermarts AVEU.NS rises 1.9% to 3,896.90 rupees after CLSA reiterates "high conviction outperform" rating on stock

** AVEU among CLSA's top picks in large-cap consumer space

** Brokerage says DMart's expansion-led negative free cash flow likely to reverse as store additions normalize, mirroring global peers Walmart WMT.O, Costco COST.O, BIM BIMAS.IS

** CLSA keeps AVEU target price unchanged at 6,300 rupees; sees strong long-term free cash flow potential

** CLSA expects FY25-28 revenue CAGR of ~15-20%, driven by 155-225 new store openings

** CLSA forecasts FY28 EPS at 30.2 rupees vs 16.9 rupees in FY24; PE multiple to ease from 227x to 127x

** AVEU rated "Hold" on average; median PT is 4175 rupees - data compiled by LSEG

** Stock up 9.4% this year

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** India's Dmart-parent Avenue Supermarts AVEU.NS drops 2.3% to 3,821.2 rupees - lowest since early April

** AVEU biggest loser on Nifty Next 50 .NN50 index, which is flat

** Ambit Capital ("Sell") cuts PT on AVEU to 3,327 rupees, from 3,633 rupees; cites quick commerce competition and lower output in its smaller town stores

** Adds, overlap in category of goods with quick commerce and QC's improving value proposition to hurt budget retailers

** Brokerage cuts FY27 and FY28 revenue estimates for AVEU by 3%-5%, also reduces FY25-28 growth estimate to 15% from 17% earlier

** AVEU is Ambit's least preferred stock among large-cap consumer firms including Titan TITN.NS and Trent TREN.NS

** AVEU rated "Hold" on average - data compiled by LSEG

** Stock up 7% this year, trails TITN's 18% rise but outperforms TREN

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Avenue Supermarts AVEU.NS falls 1.2% to 4,271 rupees

** DMart supermarket chain operator's Q2 consol PAT rises 3.5% y/y; rev up 15.45% y/y

EARNINGS "UNDERWHELMING", MARGINS UNDER PRESSURE

** BofA ("underperform"; PT: 3.925 rupees) says softer like-for-like sales, elevated investments continue to weigh on earnings; calls Q2 earnings "underwhelming"

** HSBC (retains "reduce"; PT: 3,700 rupees) says key concern remains on moderation of like-for-like sales; says operational expenses elevated

** Jefferies (retains "hold"; raises PT to 4,400 rupees from 4,350 rupees) expects stock to stay range-bound until margins improve

** CLSA ("high conviction outperform"; cuts PT to 6,300 rupees from 6,408 rupees) remains "positive" on co, but sees higher near-term costs due to store additions

(Reporting by Komal Salecha)

(([email protected];))

Oct 3 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS LTD - STANDALONE REVENUE FOR QTRLY ENDED SEPT 30, 2025 AT 162.19 BILLION RUPEES

Source text: ID:nBSE6vv4dC

Further company coverage: AVEU.NS

([email protected])

** UBS hikes Avenue Supermarts AVEU.NS PT to 5,600 rupees from 5,050 rupees, nearly 19% upside to last close; keeps "buy" rating

** DMart supermarket chain operator's stock up 1.4% to 4,784.7 rupees

** Brokerage cites DMart's highest discount among peers at 21%, boosting customer loyalty in middle/lower-middle income segments

** Notes value retail edge in offline stores and online platform DMart Ready after store, channel checks

** DMart opened 130 stores across India in last 3 years; UBS estimates 230-250 new outlets in next three years

** Adds, growth set to accelerate on quick-commerce foray, value retail business model

** AVEU rated "hold" by 28 analysts on avg, median PT 4,040 rupees - data compiled by LSEG

** YTD, stock up 34%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

July 11 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• Q1 REVENUE GROWTH IMPACT OF ABOUT 100-150 BPS ON HIGH DEFLATION IN MANY STAPLES, NON-FOOD PRODUCTS

Source text: ID:nBSE6rlPT5

Further company coverage: AVEU.NS

(([email protected];;))

** Shares of Avenue Supermarts AVEU.NS down 3.5% to 4240 rupees

** Co, which operates DMart chain of retail stores, posted Q1 rev growth of 16.2%

** Macquarie says Q1 sales growth marginal miss, keeps "underperform" rating

** GS calls sales growth weaker-than-expected and maintains "sell" call

** Adds, believe co will continue to face competitive pressure in large urban markets from quick commerce, likely pick-up in rival Reliance's store additions

** On the flip side, CLSA retains "outperform" citing confidence in "accelerated pace of store additions in FY26"

** On an avg, AVEU rated "hold" - data compiled by LSEG

** YTD stock up 19%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

July 2 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS LTD - Q1 STANDALONE REVENUE AT 159.32 BILLION RUPEES

• AVENUE SUPERMARTS LTD - TOTAL NUMBER OF STORES AS OF JUNE 30, 2025 IS 424

Source text: ID:nNSE9LTHRp

Further company coverage: AVEU.NS

(([email protected];;))

** Shares of Avenue Supermarts AVEU.NS, which operates the DMart chain of retail stores, fall 2.5% to 4,076.90 rupees

** More than 1.6 mln shares of AVEU traded in 21 block deals at 3,952.80-4,152.00 rupees apiece

** Block deals at 0.6%-5.4% discount to previous close of 4,179.10 rupees

** Overall trading volumes at 3.4 mln shares, over 8 times the 30-day average

** AVEU shares up ~14% YTD

(Reporting by Vijay Malkar)

(([email protected];))

May 5 (Reuters) - ** India's DMart AVEU.NS fall 0.5% 4.038 rupees after posting drop in Q4 margins due to increasing competition from quick commerce firms and higher costs

** AVEU, on average, rated 'hold' and mean price target at 4,083.46 - data compiled by LSEG

MARGIN PRESSURE TO SUSTAIN IN FY26

** Goldman Sachs ("sell," PT: 3,400) says gross margin woes due likely to sustain in FY26, with rev growth unlikely to accelerate as food inflation may offset faster store expansion

** BofA ("underperform," PT: 3,725) says short-term and mid-term impact of competition on pricing and gross margins, especially in metro cities, needs to be seen

** J.P.Morgan ("neutral," PT: 4,150) cuts EBITDA estimates by ~2% on lower margin assumptions despite raising revenue estimates

** CLSA ("outperform," PT: 5,549) lowers FY26-27 earnings estimates to reflect higher near-term costs due to faster store additions

($1 = 84.3040 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

April 3 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• Q4 STANDALONE REVENUE AT 144.62 BILLION RUPEES

Source text: ID:nBSE4bPvVx

Further company coverage: AVEU.NS

(([email protected];;))

Feb 28 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS LTD - GOT TAX DEMAND OF 1.1 MILLION RUPEES AND PENALTY OF 117,460 RUPEES

Source text: ID:nBSE9TLf7c

Further company coverage: AVEU.NS

(([email protected];))

Adds details paragraph 2 onwards

Feb 6 (Reuters) - Indian food and grocery delivery platform Zomato ZOMT.NS said on Thursday it will rename the company to "Eternal" and unveiled a new logo, a move that comes more than two years after it began using the new name internally.

Eternal would comprise its four major businesses - food delivery vertical Zomato, quick-commerce unit Blinkit, live events business District and kitchen supplies unit Hyperpure, the company said.

"We thought of publicly renaming the company when something beyond Zomato became a significant driver of our future," Founder Deepinder Goyal said in a letter to shareholders.

"Today, with Blinkit, I feel we are here," Goyal said.

The move marks a shift for the company, from when investors were skeptical about Zomato's acquisition of Blinkit in mid-2022, to quick commerce-led growth drawing increasing investor interest.

Blinkit as well as early bird Swiggy's SWIG.NS Instamart have driven a shift in the way Indians shop, and forced retailers such as Reliance Industries' RELI.NS JioMart as well as Amazon AMZN.O and Walmart's WMT.N Indian business to launch their own quick-commerce services.

(Reporting by Kashish Tandon in Bengaluru; Editing by Savio D'Souza and Mrigank Dhaniwala)

(([email protected]; 8800437922;))

Jan 22 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• COURT OF COLLECTOR (STAMPS) LEVIED TOTAL DEMAND OF 6.9 MILLION RUPEES

Source text: ID:nBSE3lHkhL

Further company coverage: AVEU.NS

(([email protected];;))

** Shares of DMart stores-operator Avenue Supermarts AVEU.NS fall 3.2% to 3,564.3 rupees

** Co posts ~5% rise in net profit to 7.24 bln rupees ($84 mln); but EBITDA margin contracts to 7.6% from 8.3%

** Systematix Institutional Equities analysts say margins hurt by bigger discounts, rising share of low-margin foods, slow growth in general merchandise and apparel, rising quick commerce competition

** ICICI Securities expects uncertainty and pressure on profitability to persist in the medium term

** At least 10 analysts cut price targets, per LSEG data

** Avg rating of 26 analysts is "hold" rating; median PT is 4,000 rupees -LSEG data

** Stock shed ~13% in 2024

($1 = 86.3000 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of DMart stores operator Avenue Supermarts Ltd AVEU.NS jump 10% to 3,972.20 rupees

** Stock set for best day since May 2022, if gains hold

** AVEU on Thursday said its Q3 standalone rev grew 17.5% to a record 155.65 billion rupees

** Analysts tracking AVEU rate it "hold" on avg vs "buy" for Tata-owned Trent TREN.NS - data compiled by LSEG

** AVEU dropped 13% in 2024, while TREN more than doubled

(Reporting by Nandan Mandayam in Bengaluru)

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Jan 2 (Reuters) - Avenue Supermarts Ltd AVEU.NS:

• AVENUE SUPERMARTS - STANDALONE REVENUE FOR Q3 FY 2024-25 AT 155.65 BILLION RUPEES

Source text: ID:nBSE2zmtYV

Further company coverage: AVEU.NS

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Adds analysts comments, details of bids, background on retail chain operators through out

By Nandan Mandayam and Kashish Tandon

Dec 12 (Reuters) - Indian budget retailer Vishal Mega Mart's $943 million IPO was fully subscribed on the second day of bids on Thursday, though a flood of recent offerings dulled retail investors' appetite for a company analysts say is immune to its bigger rivals' problems.

The issue got bids for 1.17 billion shares at the end of the second day of the three-day process, per exchange data, versus the 756.8 million shares on offer from existing shareholder Samayat Services. Vishal Mega Mart is not selling new shares.

The company, which sells clothes for as low as 99 rupees (just over $1) and groceries, is a relatively small player in India's $600 billion grocery and supermarket industry that is led by the likes of Reliance Retail, DMart AVEU.NS and Tata Group's Star Bazaar.

The big players, however, have struggled with high inflation curbing consumer demand and the rise of quick commerce companies as major rivals.

Meanwhile, Vishal Mega Mart, with 70% of its stores in smaller cities where quick commerce is nascent, is relatively insulated, said Narendra Solanki of brokerage Anand Rathi.

"Vishal Mega Mart is a proxy for rising aspirations in India's smaller towns and cities and stands to benefit from such customers upgrading to branded products from unbranded ones."

Still, retail investors were not as hungry for the IPO. The shares allocated to non-institutional investors were subscribed nearly four-fold, but the retail portion was subscribed just over one-fold.

That was due to the high number of offerings this week and Vishal Mega Mart reserving about 35% of shares for retail investors, the high end of the normal 10%-35% band, said Solanki.

The recent IPO offerings include fintech firm MobiKwik's ONEM.NS $67.4 million IPO on Wednesday, which was fully subscribed in just one hour. Retail investors had bid for 65 times the shares on offer, as on the second day of bidding.

India's IPO market has been bustling, with over 300 companies having raised $17.5 billion so far this year, more than double the amount raised last year, LSEG data showed.

Vishal Mega Mart's shares are likely to begin trading on Dec. 18.

($1 = 84.8600 Indian rupees)

(Reporting by Nandan Mandayam, Kashish Tandon and Chris Thomas in Bengaluru, writing by Indranil Sarkar; Editing by Savio D'Souza and Janane Venkatraman)

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** D-Mart stores operator Avenue Supermarts AVEU.NS falls as much as 3.7% to 3,676.9 rupees

** Goldman Sachs cuts PT from 4,000 rupees to 3,425 rupees, a 10.3% discount to last close; retains "sell"

** Says D-Mart's key competitive advantage of offering lowest prices for branded FMCG facing increasing pressure due to recent increase in discount by leading quick-commerce players

** Cuts AVEU's FY25 earnings estimates by 4.2% on lower rev growth

** Stock set to snap four straight quarters of gains

** AVEU rated "hold" on avg; median PT is 4,475 rupees, ~17% above current price - LSEG

** Stock last down 1.6%, extending YTD losses to ~8%

(Reporting by Anuran Sadhu in Bengaluru)

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