DMart Stock Outlook Cautious After Q3 Results: Brokerages Guarded Despite Margin Beat

• Brokerages like Citi, Jefferies, and Nuvama are cautious to bearish on Avenue Supermarts (DMart) post Q3 FY26 results.
• DMart reported 17% YoY net profit growth (Rs 856 crore) and 13.3% revenue growth (Rs 18,101 crore) in Q3.
• EBITDA rose 20.2% to Rs 1,463 crore, with margins improving to 8.1% from 7.7% a year ago.
• Same-store (LFL) growth slowed significantly to 5.6%, a key concern for analysts.
• Citi recommends 'Sell' with a target of Rs 3,150, citing growth slowdown and margin sustainability risks; Jefferies and Nuvama advise 'Hold'.

Why It Matters: DMart's Q3 margin beat couldn't offset concerns over slowing same-store growth, leading to cautious brokerage calls.