Brokerages split on DMart after Q2 results show 18% revenue growth but weak same-store sales; CLSA bullish with target near 723 rupees while Citi maintains sell with target near 3,300 rupees; Motilal Oswal neutral with…

Brokerages split on DMart after Q2 results show 18% revenue growth but weak same-store sales; CLSA bullish with target near 723 rupees while Citi maintains sell with target near 3,300 rupees; Motilal Oswal neutral with target 4,000.

Mon 5 Oct 2026

CLSA target price

723 rupees per share

Citi target price

3,300 rupees per share

Motilal Oswal target price

4,000 rupees

Standalone revenue growth

18 percent

Prior quarter revenue growth

15 percent

Heard on business television between 15:05:37 - 15:08:37 IST.

• CLSA has a bullish target of about 723 rupees (likely a scaled figure) while Citi maintains a sell rating with a target of almost 3,300 rupees, reflecting a big divergence between brokerages.
• Siddharth Kemka of Motilal Oswal said standalone revenue growth recovered to 18% from 15% in Q1, slightly ahead of his estimate of 16% but in line with street expectations.
• He noted same-store sales growth was missing, and post-Q1 management had tempered store addition targets of 15%, saying the accelerated pace of FY26 is unlikely to repeat.
• He said same-store sales will remain constrained by capacity limitations and intensifying quick-commerce competition in metro catchment areas.
• Motilal Oswal rates the stock neutral with a target price of around 4,000 rupees, citing limited near-term positive catalysts as DMart Ready focuses on profitability over expansion.

The call above is Siddharth Kemka, Motilal Oswal Financial Services's, reported here as they made it. Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.