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DMart Margin Recovery Spurs Target Price Upgrade; Store Expansion Key Trigger, Says Motilal Oswal
Motilal Oswal has raised its FY26–28 Ebitda and PAT estimates by 3–5%, primarily on account of higher gross margins.
12 Jan 2026, 10:04 AM IST 
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Avenue Supermarts delivered a strong beat on profitability in Q3 FY26, driven primarily by gross margin expansion. (Photo Source: Company website)
While DMart saw a margin recovery after several quarters, Motoilal Oswal believes increased pricing competition from quick commerce could prevent margin sustainability and remains a key monitorable in the near term.
