D-Mart vs Tata Trent Share Price & Q2 FY26 Financial Analysis

Introduction

The Indian retail sector continues to grow steadily, driven by rising disposable incomes, urbanisation, and the expansion of organised retail formats. In this dynamic landscape, D-Mart (Avenue Supermarts Ltd), known for its value-focused grocery and essentials retail model, and Tata Trent, a lifestyle and fashion retail player, present two distinct approaches to capturing consumer demand. Comparing D-mart vs Tata Trent share price alongside their Q2 FY26 financial performance offers investors a clear perspective on which company demonstrates stronger growth, profitability, and market positioning in the current retail environment.

Indian Retail Market: Trends and Q2 FY26 Highlights

India’s retail sector is showing strong momentum, supported by rising consumer demand, urbanisation, and the rapid shift toward organised retail. The organised retail market is expected to reach USD 230 billion by 2030, driven by a growing middle class and higher digital adoption.

Retail investor activity also surged in Q2 FY26, with individuals accounting for 18.75% of total NSE market cap, marking a 22-year high. Active demat and trading accounts have crossed 24 crore, signalling a broader investor base and strong interest in retail stocks like D-Mart and Tata Trent.

These trends, along with steady consumption growth, create a favourable environment for retail companies to deliver stable revenues and market performance. Within this macro setup, the D-Mart vs Tata Trent share price movement in Q2 FY26 can be better understood, as both companies benefit from the structural expansion of India’s organised retail sector.

Company Overview: D-Mart and Tata Trent (Business Model & Market Position)

D-Mart (Avenue Supermarts Ltd)

Avenue Supermarts Limited, incorporated on May 12, 2000, began as a private company before becoming a public entity in 2011. The company operates DMart, a national value-retail supermarket chain known for its everyday low-price strategy. Since opening its first store in Mumbai in 2002, DMart has expanded to 284 stores with a retail footprint of 11.5 million sq. ft. across major states including Maharashtra, Gujarat, Telangana, Karnataka, Andhra Pradesh, Tamil Nadu, and NCR, among others. Its core business spans Foods, FMCG, and General Merchandise & Apparel, positioning DMart as one of India’s most efficient and profitable retail formats.

Tata Trent Ltd

Trent Limited traces its roots back to 1952, originally incorporated as Lakme Limited. In 1998, Tata Group acquired the retail business of Littlewoods International India, and by 1999, the company was renamed Trent Limited. Today, Trent operates some of India’s most successful retail chains, including Westside, Zudio, Utsa, and Samoh, covering fashion, footwear, accessories, and lifestyle categories. Its flagship format, Westside, focuses on private-label apparel and home products, while Zudio drives fast-fashion growth with aggressive nationwide expansion. Trent’s multi-format retail strategy has made it one of the fastest-growing companies in India’s organised retail sector.

Dmart vs Tata Trent Share Price Overview (As of 28 November 2025)

Avenue Supermarts (DMart) and Trent Ltd (Tata Trent) are two major players in India’s fast-growing retail sector, each operating with different business models but attracting strong investor interest.

As of 28 November 2025, the Avenue Supermarts share price stands at Rs. 3,996.50, while the Trent share price is Rs. 4,250.40. Both stocks operate within a sector driven by rising consumer demand, shifting lifestyles, and increasing digital competition.

DMart reported annual sales of Rs. 57,789.81 crore, supported by a 3-year compounded sales growth of 23.94%. Its operating margin is 7.86%, and it maintains a strong current ratio of 3.02, reflecting healthy liquidity. The company’s ROA stands at 12.60% and ROE at 14.14%, with a 3-year average ROE of 15.36%. DMart does not currently offer dividends, with a 0% yield.

Trent, on the other hand, continues to deliver faster growth, with current-year sales of Rs. 16,668.11 crore and a robust 3-year compounded sales growth of 62.55%. Its operating margin is 16.87%, backed by a current ratio of 1.76. Trent’s ROA is 18.58%, while ROE stands at an impressive 30.59%, with a 3-year average ROE of 29.29%. The company pays a dividend of Rs. 5, giving a 0.12% yield.

Overall, DMart offers stable growth and strong fundamentals, whereas Trent shows higher profitability and faster expansion—making both stocks appealing to investors depending on their risk and growth preferences.

Quarterly Financial Snapshot (Q2 FY26: Jul–Sep 2025)

DMart vs Tata Trent: Detailed Comparison Across Key Metrics

Comparative Table: Q2 FY26 Performance

Revenue from Operations

In Q2 FY26, DMart reported revenue of Rs. 16,219 crore, continuing its strong lead in scale due to its grocery-driven, high-footfall business model. The company posted 1.8% sequential growth, reflecting steady consumer demand in essential categories. YoY, DMart delivered a healthy 15.4% rise, supported by store additions and improving same-store performance.

Tata Trent, meanwhile, reported Rs. 4,724 crore in revenue. Though smaller in size, Trent maintained its growth momentum with a 17% YoY increase, outperforming DMart in pace. This growth was driven by expanding Zudio and Westside formats, stronger fashion demand, and improved store penetration. However, Trent witnessed a –1.2% QoQ dip, indicating short-term softness in discretionary retail during the quarter.

Operating Profit / EBITDA Performance

DMart posted an operating profit of Rs. 1,230 crore, maintaining an 8% operating margin, typical of its high-volume, low-margin grocery retail model. The margin remained stable, supported by cost controls and efficient inventory management, though competitive pricing keeps OPM structurally lower.

Trent delivered an operating profit of Rs. 813 crore, translating into a much stronger 17% operating margin. This margin profile underscores the advantage of fashion retail—higher ticket sizes, better markups, and more pricing flexibility. Trent’s operating leverage continues to strengthen as new stores achieve quicker break-even.

Net Profit

DMart recorded a net profit of Rs. 747 crore, up strongly on a YoY basis and consistent with its predictable, volume-based earnings model. Lower leverage and a cost-efficient store operation structure enable DMart to convert operating profit into bottom-line growth effectively.

Tata Trent posted net profit of Rs. 451 crore, reflecting strong performance despite the revenue base being significantly smaller. Its profitability benefited from high-margin apparel formats and disciplined cost management. The company’s profitability continues to expand as newer Zudio stores mature faster.

Earnings Per Share (EPS)

DMart reported an EPS of Rs. 11.47, supported by robust PAT but diluted by a larger equity base.In contrast, Trent delivered a higher EPS of Rs. 12.68, meaning investors earn more per share despite the company generating a lower absolute profit than DMart. This highlights Trent’s efficient capital structure and high-margin business positioning.

Efficiency Snapshot: Margin, Leverage & Balance Sheet Position

DMart operates with a large, asset-heavy structure supported by a conservative borrowing approach. With total assets of Rs. 27,549 Cr, borrowings of Rs. 1,476 Cr, and reserves of Rs. 23,160 Cr, the company reflects a model built on owning a significant portion of its stores while maintaining low long-term debt levels. This structure highlights a steady expansion strategy backed by strong internal reserves.

Trent, on the other hand, functions with a comparatively leaner asset base of Rs. 11,093 Cr while adopting a growth-driven expansion model. Its borrowings of Rs. 2,320 Cr and reserves of Rs. 6,580 Cr show that the company uses moderate leverage to scale its retail formats rapidly. This approach supports faster rollouts of new stores while keeping the balance sheet flexible.

Summary Table: Metric Comparison

DMart operates on a larger revenue base with steady margins, reflecting its essentials-focused model, while Trent, though smaller, shows faster YoY growth and higher operating margins due to its fashion-led portfolio. DMart posts higher absolute profits, whereas Trent demonstrates better efficiency relative to revenue. EPS for both companies remains competitive. In leverage, DMart maintains a low-debt approach, while Trent uses moderate leverage to support expansion, highlighting the contrast between DMart’s conservative model and Trent’s growth-driven strategy.

Valuation & Stock Performance Comparison

When analyzing the Dmart vs Tata Trent share price, both companies present distinct valuation profiles and market positions.

DMart has a market capitalization of Rs. 2,60,003.65 Cr. with an enterprise value of Rs. 2,59,672.34 Cr., a P/E ratio of 87.23, and a P/B ratio of 10.92. Its promoter holding is strong at 74.65%, and the company carries zero debt, highlighting a highly conservative balance sheet. DMart’s EPS (TTM) stands at Rs. 45.80, with a ROE of 14.14% and ROCE of 18.99%. Over the last year, the stock has traded between Rs. 3,337.10 and Rs. 4,916.30, reflecting stable performance amid moderate sales growth of 16.67%.

Tata Trent, in comparison, has a market cap of Rs. 1,51,112.39 Cr. and an enterprise value of Rs. 1,51,288.70 Cr., with a higher P/E ratio of 89.28 and P/B of 22.84. Promoter holding is 37.01%, and the company has manageable debt of Rs. 499.20 Cr., supporting a faster expansion strategy. Trent’s EPS (TTM) is Rs. 47.61, with a ROE of 30.59% and ROCE of 40%. The stock’s 52-week range is Rs. 4,236.60 to Rs. 7,490, reflecting strong market volatility and growth-driven pricing.

Overall, DMart demonstrates a conservative, low-leverage profile with steady performance, while Trent emphasizes high-margin growth and expansion, giving investors two distinct investment approaches to consider.

Key Driving Factors of Dmart vs Tata Trent Share Price

DMart’s share price is supported by steady revenue growth in essentials-led retail, an asset-heavy, low-debt model, efficient cost management, strong consumer demand, and high promoter holding. The company focuses on reinvestment over dividends, reflecting a conservative and stable approach. In contrast, Tata Trent’s share price benefits from a growth-driven, asset-light model with emphasis on fashion, lifestyle, and discretionary segments. High operating margins, strategic urban store locations, and digital adoption drive expansion, while strong promoter governance ensures long-term vision. Overall, DMart reflects stability and essentials focus, whereas Tata Trent highlights growth potential and operational efficiency.

Risks and Challenges of Dmart vs Tata Trent Share Price

Both DMart vs Tata Trent share price face challenges from cost pressures, changing consumer preferences, and regulatory shifts. DMart’s asset-heavy, low-debt model requires careful expansion to maintain stability, while Tata Trent’s growth-focused, asset-light approach depends on urban demand and margin efficiency. Market competition, inflation, and execution risks can influence their stock performance, making strategic management key to sustaining investor confidence.

Conclusion

The Q2 FY26 results show contrasting strategies reflected in the D-Mart vs Tata Trent share price. D-Mart’s essentials-led, asset-heavy, low-debt model delivers steady revenue growth, stable margins, and strong absolute profits, while Tata Trent’s fashion-focused, asset-light approach drives faster growth, higher margins, and efficient EPS. Both models offer distinct investment profiles, with D-Mart emphasizing stability and Trent highlighting growth and operational efficiency.

Frequently Asked Questions

How can investors track long-term performance trends of the avenue supermarts share price?

Investors can follow the historical movement of the avenue supermarts share price to understand how the company has grown over time, especially in relation to its retail expansion and financial performance.

What factors usually influence the avenue supermarts limited share price during quarterly results?

The avenue supermarts limited share price is often driven by quarterly revenue growth, margin improvement, store additions, and market sentiment around consumer spending.

How does business diversification impact the trent limited stock price?

The trent limited stock price can be influenced by how well its various formats—such as fashion, lifestyle, and value retail—perform across different markets, along with the company’s long-term growth strategy.

How do expansion strategies shape future expectations for the trent limited stock price?

Investors often monitor how quickly the company adds new stores, enters new cities, or scales its retail formats, as these growth moves can influence long-term expectations for the trent limited stock price.

What influences the D-Mart vs Tata Trent share price movements?

The D-Mart vs Tata Trent share price trends depend on quarterly earnings, revenue growth, margins, and consumer demand shifts. For daily price movements, Enrich Money offers live insights and market data.

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