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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Avenue Supermarts and Trent are not interchangeable retail businesses: Avenue Supermarts runs DMart, a value-focused supermarket chain, while Trent operates several retail concepts, including Westside and Zudio. To compare the stocks, start with what each business sells, then separate growth from new-store additions, assess productivity and profitability on consistent definitions, and only then compare dated valuations. Avenue Supermarts has reported FY26 store and sales-area figures, but a complete numeric comparison still requires Trent’s audited figures for the same period and a clearly dated share price.
Start with the businesses, not the share prices
Avenue Supermarts Limited operates DMart, a value-retailing supermarket business focused on Foods, Non-Foods (FMCG), and General Merchandise & Apparel. Trent is a multi-format retailer. Its Westside concept sells apparel, footwear, accessories, and home furnishings; Zudio is positioned as accessible value fashion for women, men, and children. These are different operating models, so a single headline such as revenue growth or store count cannot tell you which company is executing better.
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The distinction matters because products move through stores differently. A supermarket combines food and other frequently purchased goods with non-food categories. Fashion and home-related ranges have different product cycles and can be more exposed to seasonality, changes in customer taste, and markdown decisions. Those are analytical differences to investigate, not proof that one model is inherently safer or more profitable. Trent’s group-level results can also combine the economics of several concepts, while a single DMart-focused figure is more closely tied to one core format.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsTrent’s official Fashion & Lifestyle descriptions identify Westside’s categories and online reach through Westside.com, Tata Cliq, and Tata Neu, and describe Zudio as an accessible value-fashion format. Avenue Supermarts’ FY25 annual report describes DMart’s categories and value-retailing focus. Use these company descriptions to define the comparison, then use audited results to test how those models translate into sales, margins, and cash generation.
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What the confirmed figures say—and what they do not
The available Avenue Supermarts disclosures show a larger store footprint by March 2026 and provide FY25 consolidated financial results. They do not, by themselves, establish a winner against Trent. The confirmed figures below are deliberately limited to values that can be attributed to the stated company report and period.
| Measure | Avenue Supermarts (DMart) | Basis and period |
|---|---|---|
| Stores | 415 at March 31, 2025; 500 at March 31, 2026 | Company annual reports; fiscal-year-end counts |
| Retail area | 17.2 million square feet at March 31, 2025; 20.6 million square feet at March 31, 2026 | Company annual reports; area reported at fiscal year end |
| Distribution centres and packing centres | 75 distribution centres and 10 packing centres at March 31, 2025; 84 distribution centres and 12 packing centres at March 31, 2026 | Company annual reports; counts reported at fiscal year end |
| Consolidated revenue from operations | ₹59,358.05 crore | FY 2024–25 |
| Consolidated profit after tax | ₹2,707.45 crore | FY 2024–25 |
| Consolidated operating profit margin and net profit margin | 6.82% and 5.07%, respectively | FY 2024–25; company-reported margins |
| Revenue from operations growth and profit-after-tax growth | 16.87% and 6.78%, respectively | FY 2024–25 year-over-year growth on consolidated figures |
| Annualised revenue per retail business area | ₹33,896 per square foot in FY25; ₹33,422 per square foot in FY26 | Company-reported annualised measure |
| Total bill cuts | 35.3 crore in FY25; 39.8 crore in FY26 | Company-reported annual totals |
The store count rose from 415 to 500 and reported retail area from 17.2 million to 20.6 million square feet between the two fiscal year ends. At the same time, the company-reported annualised revenue-per-retail-business-area measure moved from ₹33,896 per square foot in FY25 to ₹33,422 in FY26. This combination shows that footprint expanded while the reported per-area measure edged down; it does not explain why. The figures may prompt questions about store maturity, location mix, timing, and the measure’s calculation, but a cause cannot be inferred from this comparison alone.
The FY25 revenue, profit, margins, and growth rates above are all consolidated figures. Do not mix them with standalone results when constructing a comparison. Likewise, the FY26 store and productivity measures are operating disclosures, not substitutes for FY26 audited consolidated revenue or profit.
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Build a like-for-like comparison from audited reports
Trent’s official annual-report and financial-results pages list FY 2025–26 materials. The company’s FY26 audited consolidated revenue, profit, margins, store count, and productivity figures are not included in the available figures summarized here. The correct next step is to extract them from Trent’s official FY26 annual report or audited results—not to fill the gaps with estimates or older numbers. Once extracted, compare fiscal years and accounting bases consistently.
A useful working sheet should keep these measures separate:
- Business mix: Identify the concepts and categories contributing to group results. Do not treat a multi-format group as though each rupee of revenue came from the same retail model.
- Growth: Record revenue growth and profit growth separately, with the fiscal year, consolidated or standalone basis, and comparison period.
- Expansion: Track opening and closing store counts, additions during the year, and any reported area. A closing store count is not the same thing as the number of stores operating for a full year.
- Productivity: Use sales per square foot only after verifying the exact area denominator, period covered, and whether the figure is annualised.
- Profitability: Compare gross margin if reported, operating margin, net margin, and profit growth on the same accounting basis.
- Cash and investment: Examine operating cash flow, inventory and other working-capital movements, capital expenditure, lease obligations, and returns on incremental capital.
- Valuation: Record the share-price date and exchange, the earnings period used for P/E, and the treatment of debt, leases, and cash for enterprise-value multiples.
Keep the raw report figures beside your calculations. That makes it easier to see whether a difference comes from company performance or from using unlike definitions, periods, or accounting bases.
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Separate growth from store expansion
Revenue can increase because existing stores sell more, because the company adds stores, because the mix of products or formats changes, or through a combination of these effects. Those sources of growth have different implications. A new store adds selling capacity, but its first-year contribution may reflect only part of a trading year; it also requires investment and time to mature. A growing store count is therefore evidence of expansion, not by itself evidence that the expansion creates attractive returns for shareholders.
Check comparable-store growth carefully
Same-store, like-for-like, or comparable-store growth is intended to isolate sales changes at a defined set of existing locations. Before comparing such figures, read each company’s definition. Check which stores qualify, how long a location must have been open, how relocations or renovations are treated, and whether the reported metric refers to sales, area, or another measure. If the definitions or maturity windows differ, put the figures side by side only with an explicit warning—or leave them out of a direct ranking.
Comparable-store growth should sit next to, not replace, total revenue growth and store additions. A company can report healthy overall revenue growth because it opened many locations even if mature-store growth is weaker; another can grow more slowly in total while getting stronger sales from a stable footprint. Neither pattern is automatically superior. The investor’s question is whether new stores and existing stores together produce durable cash flows after the costs of operating and expanding them.
Look for the cost and timing of expansion
For each company, note how many locations opened and closed during the year if the report provides those details, and compare that with the year-end count. Then look for capital expenditure, store-opening costs, lease commitments, and management’s disclosures about store maturity. A store opened late in a fiscal year contributes less revenue to that year than one trading for twelve months, so a simple comparison between annual sales growth and year-end store growth can mislead.
For Avenue Supermarts, the reported increase to 500 stores and 20.6 million square feet at March 31, 2026 describes scale. The accompanying decline in annualised revenue per retail business area—from ₹33,896 per square foot in FY25 to ₹33,422 in FY26—deserves investigation alongside the timing and locations of new stores and the company’s precise denominator. It is not enough to label the change either good or bad without those details.
Interpret sales productivity without overstating it
Sales per square foot can help describe how much revenue a retailer generates from its selling area, but it is not a direct measure of store profit, return on capital, or shareholder value. A high figure could coexist with different rent, labour, inventory, or logistics costs. The number is also sensitive to what a company counts as retail area and which revenue it includes.
Avenue Supermarts reports annualised sales revenue per retail business area. Trent’s corresponding figure should only be compared with it if Trent explicitly reports a metric with a sufficiently aligned definition and coverage. Confirm whether the denominator is selling area, total store area, or another measure; whether the numerator is store sales or group revenue; and whether the period is an actual full year or an annualised run rate. If those definitions do not align, show the company measures separately rather than implying a precise productivity contest.
Productivity is most useful as a trend within one company, using the same definition over multiple periods, and as a diagnostic alongside expansion. If area rises faster than revenue, that can flag a change to investigate, but it does not identify the cause. Store age, format mix, location selection, the opening schedule, and changes in the reported area can all affect interpretation. The Avenue Supermarts FY26 figure is one annual observation, not a standalone explanation of performance.
Compare profitability by layer
Revenue growth does not automatically flow through to profit. For each company, examine gross margin, operating margin, net margin, and profit growth where the reports provide comparable figures. Use the same fiscal period and consolidated or standalone basis, and distinguish reported metrics from any margins you calculate yourself.
Gross margin and product economics
Gross margin can reflect category mix, sourcing, pricing, private-label exposure, markdowns, and inventory outcomes. A grocery-heavy mix and a fashion-oriented mix should not be assumed to have identical gross-margin profiles or the same seasonal pattern. For Trent, group-level gross margin may conceal differences among concepts; for Avenue Supermarts, category mix within the supermarket business still matters. Use segment or format disclosures where available, and avoid attributing a group margin change to one concept unless the report supports that link.
Operating and net margins
Operating margin helps assess how much revenue remains after operating costs under the company’s stated calculation. Confirm which profit line forms the numerator and whether the company’s definition includes or excludes particular items. Net margin additionally reflects items below operating profit, including financing and tax effects. A margin comparison is only useful if the formulas, accounting basis, and period are aligned.
For FY25, Avenue Supermarts reported a consolidated operating profit margin of 6.82% and net profit margin of 5.07%. Its consolidated revenue from operations rose 16.87% year over year, while consolidated profit after tax rose 6.78%. Revenue thus grew faster than profit after tax in that reported year, but those rates alone do not identify the drivers. A proper explanation would require the income statement and notes, including changes in costs and any below-operating-profit effects. Do not project that one-year relationship forward as a fixed trend.
Test whether growth converts to cash
Profit is not the same as cash generated. Retailers need cash to buy inventory, operate distribution networks, pay employees and suppliers, and fund new locations. Compare cash flow from operations with profit over several periods, then read the cash-flow statement and notes to understand working-capital movements. A single year can be affected by the timing of inventory purchases, supplier payments, and expansion.
Inventory deserves particular attention because its level and turnover affect both cash tied up in the business and the risk of goods becoming less saleable. The relevant questions differ by format: food and FMCG products have different replenishment and shelf-life characteristics from fashion or home ranges, while markdowns can affect the economics of unsold seasonal merchandise. These are reasons to inspect company disclosures and category context, not grounds to assume that either company has better inventory management without evidence.
Also review lease obligations. A retailer’s occupied store network may involve material lease commitments, and treating lease liabilities differently can change comparisons of debt, enterprise value, and returns. For cash analysis, note whether reported capital expenditure is being compared consistently and whether lease-related cash payments are included in the same way. Keep operating cash flow, capital spending, and financing flows distinct rather than relying on one cash balance figure.
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Store growth consumes capital before a location is fully productive. Assess reported capital expenditure, the cost of adding stores, distribution or packing infrastructure, and the time required for new locations to mature. Then compare those investments with incremental revenue, operating profit, and cash generation over a suitable period. Where the reports do not disclose a store-level return, do not manufacture one from group revenue divided by store count.
Returns on incremental capital are more informative than scale alone: the question is what additional operating profit and cash flow the company earns from additional investment. Group-level return measures can be affected by existing assets, cash, acquisitions, or business mix, so identify the calculation and its denominator. A growing footprint may create value if new investment earns adequate returns; a large footprint on its own cannot prove that it does.
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For Avenue Supermarts, the FY25 report also records 75 distribution centres and 10 packing centres at March 31, 2025, rising to 84 and 12 respectively in the FY26 report at March 31, 2026. Those figures provide operating context for the expanding network, but they do not state the cost, utilization, or return of that infrastructure. Compare them with the relevant spending and cash-flow disclosures before drawing conclusions about efficiency.
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Use valuation only after the operating comparison
There is no verified current share price or valuation multiple in the figures used here. Any valuation comparison needs a date because prices move, and it needs a stated method because different earnings periods or enterprise-value definitions can produce materially different results. Do not present a multiple as current unless the quote date, exchange, and calculation are clear.
For price-to-earnings, specify the earnings period
P/E is share price divided by earnings per share. State whether earnings are trailing twelve months, the latest completed fiscal year, or an estimate, and identify the price date and exchange. A P/E calculated using FY25 earnings is not directly equivalent to one using FY26 earnings or forecast earnings. For a multi-format retailer, also consider whether reported earnings contain unusual or non-recurring items before treating the ratio as a stable measure.
For enterprise value, make lease treatment explicit
Enterprise value is often constructed from equity value, debt, and cash, but retail comparisons also require care with lease liabilities. State whether leases are included in debt and how cash is treated; then use an earnings measure consistent with that construction. An enterprise-value multiple with leases included should not be compared casually with one that excludes them.
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Valuation is the final layer, not a shortcut around the operating analysis. A lower multiple does not by itself establish that a stock is undervalued, just as a higher one does not establish that a business is overvalued. The multiple has to be considered alongside growth quality, margins, cash conversion, investment needs, and the uncertainty in future results. This comparison is a framework for analysis, not a buy or sell recommendation or a price target.
A practical sequence for doing the comparison
- Define the periods. Use the same fiscal years for both companies, and label each figure as consolidated or standalone. Keep annual results separate from interim results.
- Map the business mix. Record DMart’s supermarket categories and Trent’s individual concepts before interpreting group revenue or margins.
- Extract audited results. From each official annual report or audited-results release, capture revenue, profit, reported margins, cash flow, capital expenditure, inventory, leases, and store disclosures.
- Separate growth drivers. Put revenue growth, comparable-store growth, and net store additions in distinct rows. Compare comparable-store measures only when their definitions and maturity windows are sufficiently aligned.
- Check productivity definitions. Record the numerator, area denominator, period, and coverage for every sales-per-area figure. Do not treat unlike denominators as interchangeable.
- Follow the cash. Compare operating cash flow with profit and examine working-capital movements, capital spending, and lease obligations across multiple periods.
- Assess incremental investment. Relate expansion and infrastructure spending to the additional profit and cash the business generates, while noting when store-level returns are not disclosed.
- Add dated valuation measures. Record the price date, exchange, earnings period, and lease/debt/cash treatment used in each multiple.
- Write down unresolved differences. If an item is not disclosed or the definitions do not match, keep it out of the ranking rather than filling the gap with an assumption.
Common comparison mistakes
- Ranking by store count: store count measures footprint, not sales quality, store profitability, or return on invested capital.
- Mixing standalone and consolidated results: use one basis consistently and label it alongside every number.
- Equating area measures: a company’s “retail business area” may not match another issuer’s selling area or total store area.
- Confusing sales with earnings: revenue growth can coexist with slower profit growth, as Avenue Supermarts’ FY25 consolidated rates illustrate; the cause must be checked in the statements rather than guessed.
- Using an undated multiple: share price and earnings inputs need dates and definitions.
- Attributing group economics to one format: Trent’s several concepts can contribute differently to consolidated outcomes, so use format-level disclosure when it exists.
- Calling expansion value creation: new locations need time and capital; evaluate their cash generation and returns rather than assuming each addition improves shareholder value.
Sources to consult
The company-reported figures cited above come from Avenue Supermarts Limited’s FY 2024–25 and FY 2025–26 annual reports. Trent’s official annual-report and financial-results pages list its FY 2025–26 annual report and audited-results materials; its official Fashion & Lifestyle page describes Westside and Zudio. The reports and pages should be consulted directly for definitions, notes, segment information, and any figures needed to complete a same-period numerical comparison. The cited company disclosures describe the businesses and their reported results; they do not establish which stock is more attractive for a particular investor.
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