DMart gains 2.5% as CLSA reiterates 'outperform' with 61% upside potential

• DMart shares gained 2.5% after CLSA reiterated a "high conviction outperform" rating.
• CLSA set a target price of Rs 6,300 for DMart, implying an upside of up to 61%.
• The brokerage expects DMart's expansion-led negative free cash flow to reverse as store additions normalize.
• CLSA forecasts a 15-20% revenue CAGR for FY25-28, driven by 155-225 new store openings.
• DMart reported a 15.43% rise in Q2 FY25 standalone revenue to Rs 16,218.79 crore, with 432 stores as of September 2025.

Why It Matters: DMart stock offers significant upside, signaling a strong investment opportunity.