Free tools Windows power users keep installed
One-click scans. No signup required.
iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Avenue Supermarts and Trent should be compared as different retail businesses, not as interchangeable store-count or revenue-growth stories. Avenue Supermarts runs DMart, a value-focused supermarket chain; Trent operates distinct fashion and lifestyle formats, including Westside and Zudio. Start with each model, then compare growth, margins, cash needs and store productivity on matching definitions. The available figures establish useful facts about Avenue Supermarts, but do not provide the audited Trent numbers or dated valuations needed to declare one stock more attractive.
Start with what each company sells
Avenue Supermarts: value-focused grocery and general merchandise
Avenue Supermarts operates DMart, a value-retailing supermarket business focused on Foods, Non-Foods (FMCG) and General Merchandise & Apparel. Its FY 2024-25 annual report describes a network of 415 stores and 17.2 million square feet at March 31, 2025; the company added 50 stores during that fiscal year. It also reported 75 distribution centres and 10 packing centres at that date.
The format gives investors a grocery-heavy base to analyze: food and household purchases can recur frequently, while general merchandise and apparel have different buying patterns. That distinction matters when assessing sales growth, inventory turns and margins; a single group-level figure does not reveal how each category performed.
Recommended Free Tools
Distribution capacity belongs in the operating picture too. DMart’s reported distribution centres and packing centres are part of the network that supports its stores, but store count alone cannot show whether that infrastructure is being used efficiently or what it costs to expand it. When reviewing the annual report, connect distribution and packing investments to capital expenditure, operating costs and the pace of store openings where the disclosures allow it.
#1 Best Overall
- Comes with secure packaging
- Easy to read text
- It can be a gift option
Trent: several formats, not one uniform retailer
Trent’s official business descriptions distinguish its concepts. Westside sells apparel, footwear, accessories and home furnishings, with in-house-designed brands and online reach through Westside.com, Tata Cliq and Tata Neu. Zudio is described as an accessible value-fashion format serving women, men and children. These descriptions come from Trent’s Fashion & Lifestyle page.
Fashion and lifestyle formats have product cycles and seasonality that differ from a supermarket chain. As an analytical framework, investors should examine how fashion inventory is bought and sold, how markdowns affect gross margin, and whether a changing mix of formats alters group results. Do not assume that a group-level Trent margin or growth rate represents the economics of Westside and Zudio equally.
The contrast is not simply “grocery versus clothing.” DMart includes general merchandise and apparel alongside food and FMCG, while Trent’s named concepts have distinct product ranges and positioning. The relevant question is how much each format contributes to sales, profit and investment needs—and whether the company discloses enough information to answer it. A group total may conceal a strong format alongside a weaker one, or a change in format mix that affects reported growth and margins.
What the disclosed numbers say—and do not say
The following figures are not a full side-by-side comparison. Avenue Supermarts’ FY25 revenue and profit figures are consolidated audited results; its FY26 store and sales-area measures are dated March 31, 2026. Trent’s official index confirms FY 2025-26 annual-report and results materials exist, but the audited numeric values needed for a matched comparison are not established here. The distinction matters: do not put a missing Trent value beside a DMart figure and treat the resulting table as comparative evidence.
| Measure | Avenue Supermarts / DMart | Trent |
|---|---|---|
| Business mix | Value-focused supermarket: Foods, Non-Foods (FMCG), and General Merchandise & Apparel; company FY25 annual-report description. | Westside fashion and lifestyle; Zudio value fashion; company Fashion & Lifestyle descriptions. |
| Revenue growth | FY25 consolidated revenue from operations: ₹59,358.05 crore, up 16.87% year over year, as reported in Avenue Supermarts’ FY 2024-25 annual report. | Not stated in the reviewed official FY26 annual-report/results index; obtain the audited report for the period and basis to compare. |
| Profit after tax and growth | FY25 consolidated profit after tax: ₹2,707.45 crore, up 6.78% year over year, as reported in Avenue Supermarts’ FY 2024-25 annual report. | Not stated in the reviewed official FY26 annual-report/results index; obtain the audited report for the period and basis to compare. |
| Operating and net margins | FY25 consolidated operating profit margin: 6.82%; net profit margin: 5.07%, per the company’s FY 2024-25 annual report. | Not stated in the reviewed official FY26 annual-report/results index; obtain margins on a consistent accounting basis. |
| Store footprint | 500 stores and 20.6 million square feet at March 31, 2026, per Avenue Supermarts’ FY 2025-26 annual report. | Not stated in the reviewed official FY26 annual-report/results index; collect the store count and covered formats from Trent’s report. |
| Sales productivity | Annualised sales revenue per retail business area: ₹33,422 per square foot in FY26 and ₹33,896 in FY25, per Avenue Supermarts’ FY 2025-26 annual report. | Not stated in the reviewed official FY26 annual-report/results index. Do not substitute a different sales-area definition or period. |
| Comparable-store growth, cash conversion, capex and valuation | Not stated in the figures above; retrieve relevant FY reports and dated market data before comparing. | Not stated in the reviewed official FY26 annual-report/results index; retrieve relevant FY reports and dated market data before comparing. |
One useful reading of Avenue Supermarts’ FY25 consolidated results is that revenue from operations grew faster than profit after tax: 16.87% versus 6.78%, a difference of 10.09 percentage points. That is a prompt to investigate the income statement and operating drivers, not an explanation by itself. Margin movement, expense growth, tax and other items can affect the relationship; the two growth rates alone do not identify the cause.
Keep the year labels attached to every number. FY25 means the fiscal year ended in 2025, while the reported FY26 operating measures refer to the fiscal year ended in 2026 or the position at March 31, 2026, depending on the metric. The distinction between an annual flow, such as revenue over a fiscal year, and a point-in-time figure, such as stores at the year end, matters. A store count at March 31 should not be presented as if it were an average count for the full year.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Comes with Proper Binding
Separate growth from new-store expansion
Retail revenue can rise because existing stores sell more, because the company opens stores, because recently opened stores mature, or because of changes in format and category mix. These sources of growth have different implications for future returns. Store additions can increase sales while also requiring property, fit-out, inventory, staffing and distribution investment.
- Use the same fiscal year and accounting basis. Compare consolidated revenue with consolidated revenue, or standalone with standalone. Label each year explicitly; do not compare Avenue Supermarts FY25 revenue with Trent FY26 revenue and call it a like-for-like growth comparison.
- Find comparable-store or like-for-like growth disclosures. Record the company’s exact definition, eligible-store age or maturity window, period, and whether it covers all formats. Compare the figures only if those definitions align. If they do not, present them separately rather than ranking them.
- Separate store openings from underlying store performance. Set the revenue-growth figure beside net store additions and, where disclosed, mature-store growth. A growing store base is evidence of expansion, not proof that new stores earn adequate returns.
- Check the time needed for new locations to mature. Look for cohort or store-age information, ramp-up costs and sales progression in company reporting. Without those details, group revenue growth cannot show how quickly new investment pays back.
Avenue Supermarts reported 415 stores at March 31, 2025 and 500 at March 31, 2026. Its retail business area moved from 17.2 million to 20.6 million square feet over those reported dates. Those are increases of roughly 20.5% in store count and 19.8% in area, calculated from the company’s figures. They describe the footprint change; they do not establish the return earned on the additional capacity.
For a careful comparison, look for both gross openings and closures, not just the net change in stores, if the reports provide them. Also check which formats are included in a group count and whether the company counts stores at year end or uses another convention. Those details are especially important for a multi-format operator: a total store count can combine very different store sizes and concepts. If no comparable-store growth metric is disclosed, state that gap rather than trying to infer same-store performance by dividing revenue growth by store-count growth.
Read sales per square foot with its denominator attached
Avenue Supermarts disclosed annualised sales revenue per retail business area of ₹33,896 per square foot in FY25 and ₹33,422 in FY26. The latter is about 1.4% lower than the former, calculated from the reported values. The company also reported 39.8 crore bill cuts in FY26 versus 35.3 crore in FY25. These measures provide context on area productivity and transaction volume, but neither one alone explains changes in sales, store profitability or customer behavior.
Keep the disclosure’s wording intact: this is an annualised revenue measure per retail business area, not a universal industry measure. Before comparing it with any Trent figure, verify what area is included, whether the figure is annualised or for the full year, which formats and stores it covers, and whether the period is the same. If Trent does not report a sufficiently comparable denominator, leave the numeric comparison out rather than creating a false precision.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →A year-over-year movement in sales per area deserves investigation, not an immediate conclusion. It could reflect several operating and measurement factors, but the disclosed change alone does not identify a cause. Check the company’s explanation and the detailed definitions before linking the measure to store openings, mix or demand. Bill cuts can likewise add context about transactions, but do not equal unique customers: one customer may make multiple purchases, and the figure does not reveal average bill size.
Store counts and floor area measure scale. They do not tell an investor whether a location is profitable after rent, labor and other operating costs, how much capital was required to open it, or how much cash it generates over its life. Productivity is one input to store economics, not a substitute for them.
Compare profitability without mixing definitions
Avenue Supermarts’ FY25 annual report gives consolidated operating profit margin of 6.82% and net profit margin of 5.07%, alongside consolidated revenue from operations and profit after tax. For Trent, collect the matching audited consolidated measures for the same fiscal year before comparing. Where a company reports standalone as well as consolidated results, label the chosen basis in every chart, table or calculation.
- Gross margin: Compare only if both companies disclose a consistently defined figure. Product mix differs, and gross margin does not account for all store and corporate expenses.
- Operating margin: Confirm which operating-profit measure is used and how leases, exceptional items and other income are treated. A label that sounds similar may not represent the same calculation.
- Net margin and profit growth: Use the same accounting basis and fiscal period. Net profit can reflect financing, tax and non-operating items as well as retail operations.
- Format mix: For Trent, group-level results can combine concepts with different sales patterns and economics. Examine format disclosures where available before attributing a change in group margin to one concept.
For a disciplined comparison, calculate each margin from the same stated numerator and denominator if the company’s published presentation permits it, and show the formula. If the reports do not disclose sufficient detail to reconcile the measures, call that limitation out instead of treating the percentages as directly comparable.
Margins are ratios, so the numerator matters as much as the sales denominator. Do not compare an operating-profit margin calculated from one definition with a reported margin based on another profit subtotal. Likewise, compare profit growth with profit growth—not revenue growth with profit growth—and note whether either year includes exceptional items. For the FY25 Avenue Supermarts figures, the stated basis is consolidated; carry that basis through any calculation you make from those values.
Test whether growth converts to cash and earns its capital
Retail expansion consumes cash before it may produce mature-store returns. A useful review puts operating performance beside cash generation, working capital and the cost of adding capacity. The company reports, rather than headline revenue alone, should answer these questions.
- Cash conversion: Compare cash flow from operations with profit over multiple fiscal years. Investigate a persistent gap by examining working-capital movements and non-cash items; a single year can be affected by timing.
- Inventory: Review inventory balances, inventory days or turns if consistently disclosed, and any explanation of ageing or markdowns. Grocery and fashion inventory have different product cycles, so the same raw ratio should be interpreted in context.
- Capital expenditure: Identify spending on new stores, renovations, warehouses and other infrastructure. Pair capex with store openings and subsequent sales or returns where the company reports them.
- Leases and other obligations: Check lease liabilities and lease costs when assessing operating performance and enterprise value. A comparison can change materially depending on whether lease obligations are included in the measure.
- Incremental returns: Ask whether additional sales and operating profit justify the incremental property, inventory and infrastructure capital. Store count growth by itself cannot answer this.
Useful return measures require consistent definitions. For example, return on invested capital depends on how invested capital and operating profit are defined; the calculation should state whether lease liabilities, cash and exceptional items are included. If the two companies’ disclosures do not support a consistent calculation, avoid presenting a single ratio as a decisive ranking.
To make the cost question concrete, track the reported capital expenditure alongside net additions to stores and changes in distribution or packing capacity. This still will not produce a precise cost per store unless the company provides a clear allocation: total capex can cover existing-store work and shared infrastructure as well as new locations. Do not divide all company capex by store openings and label the result a store-opening cost without explaining that limitation.
Working capital deserves format-aware interpretation. Inventory is central to a retailer’s ability to meet demand, but the timing, perishability and markdown exposure of grocery, FMCG and fashion goods differ. A higher inventory balance is not automatically a warning sign, just as a lower balance is not automatically better. Compare inventory and cash-flow trends over several years, read management’s explanations, and consider whether sales growth and store expansion are changing the level of stock the business needs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Put valuation after the operating comparison
A business-quality comparison is not a stock-valuation comparison. Even strong growth or margins do not establish what an investor is paying for future earnings. No current share price or valuation multiple is established in the company figures above, so a live P/E or enterprise-value comparison cannot be stated from them.
- Timestamp the price. Record the exchange, share-price date and currency. Retail-stock valuations can change as share prices and reported earnings change.
- Define the earnings period for P/E. State whether earnings are trailing reported, a named fiscal year, or an estimate. Use the same basis for both companies and identify any exceptional items that affect earnings.
- Define enterprise value consistently. State how debt, cash and lease liabilities are treated before comparing an EV-based multiple. A multiple with leases included is not directly comparable to one that excludes them.
- Test the valuation against operating evidence. Consider revenue growth, margins, cash conversion, capex and returns on incremental capital together. A multiple cannot resolve missing comparability in those underlying measures.
Use Trent’s official annual-report and financial-results materials for its audited figures, and the relevant company annual reports for operating definitions. Then refresh share prices and disclose the date and calculation method of any valuation. Without those inputs, the honest conclusion is that the operating models can be described, but relative stock attractiveness has not been established.
A valuation table should therefore show more than two multiples. Include the price date, exchange, earnings period and accounting basis, and explain the calculation. If using enterprise value, spell out how cash, borrowings and lease obligations are treated. A lower multiple does not, by itself, identify the better investment; it must be considered alongside the quality and durability of the earnings being valued.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallA practical comparison checklist
- Match fiscal years and consolidated or standalone accounting basis.
- Describe format mix before comparing growth or margins.
- Separate revenue growth into existing-store performance and footprint expansion where comparable disclosures exist.
- Check comparable-store definitions and maturity windows rather than relying on the label alone.
- Use sales per square foot only when the period, area denominator and format coverage align.
- Put margins beside cash flow, inventory, capex, leases and new-store economics.
- Date the share prices, define the earnings period and state lease and cash treatment for valuation multiples.
For each table row, preserve a short audit trail: the source document, fiscal year, consolidated or standalone basis, unit and formula where relevant. Use “not disclosed” or “not comparable” when that is the honest entry. This prevents a tidy-looking table from implying more precision than the company reports support.
Best Value
This framework supports a descriptive comparison, not a personalized investment recommendation or price target. Avenue Supermarts’ FY25 audited results and FY26 operating measures are useful inputs, but a numerical verdict against Trent requires the matching audited Trent disclosures and a dated valuation calculation.
Frequently Asked Questions
Can I compare Avenue Supermarts’ FY26 operating measures directly with Trent’s FY26 results?
Only after obtaining Trent’s audited FY26 figures and checking that each measure uses the same period, accounting basis and definition. Avenue Supermarts reported 500 stores, 20.6 million square feet and ₹33,422 annualised revenue per retail business area square foot for FY26. The Trent official index confirms FY26 report and results materials exist, but the comparable audited values are not established here.
Does a higher store count mean a retailer is growing more successfully?
No. Store count measures footprint, not store profitability or returns on invested capital. Pair net additions with comparable-store growth, mature-store performance, capex, cash generation and the time new locations take to mature.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsWhy not compare sales per square foot for DMart and Trent?
You can compare the metric only if the area denominator, period, annualisation method and store or format coverage align. Avenue Supermarts disclosed annualised revenue per retail business area square foot; do not substitute a differently defined Trent figure or treat the two as directly comparable without checking the reports.
What does Avenue Supermarts’ lower FY26 sales-per-area figure tell investors?
It shows the reported measure moved from ₹33,896 per square foot in FY25 to ₹33,422 in FY26, about 1.4% lower. That movement does not establish why it changed or prove weaker store economics. Read the company’s definitions and explanations, and consider the measure alongside store additions, area, margins and cash returns.
Which financial statements should I use: standalone or consolidated?
Use the same basis for both companies and label it for every figure. Consolidated results include the group basis reported by the company; standalone results do not represent the same scope. Do not mix the two in growth rates, margins or valuation calculations.
How should I compare the valuations of Avenue Supermarts and Trent?
Use dated share prices and state the exchange, currency and earnings period behind P/E. For enterprise-value multiples, specify how debt, cash and lease liabilities are treated. Then consider the multiple beside growth, margins, cash conversion, capex and returns on incremental capital; a multiple alone is not a verdict.
The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →The Bottom Line
Avenue Supermarts and Trent have different retail mixes, so compare them through matched fiscal-year figures for growth, store productivity, profitability, cash needs and valuation—not store count alone. Avenue Supermarts’ FY25 audited results and FY26 footprint measures provide useful reference points, but Trent’s comparable audited figures and dated market multiples must be checked before drawing a numerical conclusion. Scale and operating growth are not, by themselves, evidence that either stock is more attractive.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
