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In this share market blog we are going to see best retail companies listed in India, so read it full.
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Indian Retail Companies – Stocks Info (Q4 FY25 / Q3 FY25)
| Company | Stock Price (₹) | Market Cap (₹ Cr) | Index Listed | Net Profit (Quarterly, ₹ Cr) | Remarks |
|---|---|---|---|---|---|
| Reliance Retail (RIL) | ~2,850 (RIL) | ~19,50,000 (RIL) | Nifty 50, Sensex | ~5,200 (Q4 FY25) | Part of Reliance Industries |
| Trent (Tata Trent) | ~3,450 | ~1,22,000 | Nifty 500 | ~320 (Q4 FY25) | Westside, Zudio |
| ABFRL | ~275 | ~26,000 | Nifty 500 | ~(120) Loss (Q3 FY25) | Pantaloons, Van Heusen |
| Shoppers Stop | ~720 | ~7,800 | N/A | ~45 (Q4 FY25) | Struggling recovery |
| V-Mart Retail | ~2,100 | ~5,200 | N/A | ~(65) Loss (Q3 FY25) | Rural demand slump |
| Avenue Supermarts (DMart) | ~4,200 | ~2,72,000 | Nifty 50 | ~650 (Q4 FY25) | Strong grocery growth |
| More Retail | N/A (Private) | N/A | N/A | N/A | Owned by Amazon/Samara |
| Spencer’s Retail | ~95 | ~1,050 | N/A | ~(30) Loss (Q3 FY25) | Low profitability |
| Fabindia | N/A (Unlisted) | N/A | N/A | N/A | Filed IPO, delayed |
| Nykaa | ~180 | ~52,000 | Nifty 500 | ~75 (Q4 FY25) | Beauty & fashion focus |
| Purplle | N/A (Unlisted) | N/A | N/A | N/A | Competitor to Nykaa |
| Croma (Tata Sons) | N/A (Part of Tata) | N/A | N/A | N/A | No separate disclosure |
| Reliance Digital | Part of RIL | Part of RIL | N/A | Part of RIL | No standalone data |
| Vijay Sales | N/A (Private) | N/A | N/A | N/A | Unlisted |
| Future Retail | ~5 (Delisted) | N/A | N/A | Bankruptcy (NCLT) | Acquired by Reliance |
| Flipkart/Myntra | N/A (Walmart-owned) | N/A | N/A | N/A | Private, losses continue |
| Ajio (Reliance) | Part of RIL | Part of RIL | N/A | Part of RIL | Rapid growth |
| Meesho | N/A (Unlisted) | ~$4.5B (Valn) | N/A | Loss-making | Pre-IPO stage |
Financial Analysis & Fundamental Analysis of Retail companies of India :
| Company | Debt/Equity | P/E (TTM) | P/B | ROE (%) | ROA (%) | Div. Yield (%) | EPS (TTM) (₹) |
|---|---|---|---|---|---|---|---|
| Reliance Retail (RIL) | 0.45* | 28.5* | 3.8* | 12.5* | 6.2* | 0.3%* | 95* |
| Trent (Tata Trent) | 0.15 | 85.2 | 18.3 | 22.1 | 9.8 | 0.1% | 40.5 |
| Aditya Birla Fashion (ABFRL) | 1.8 | N/A (Loss) | 4.1 | -5.2 | -1.9 | 0% | -8.3 |
| Shoppers Stop | 1.2 | 34.6 | 2.9 | 8.4 | 3.1 | 0% | 20.8 |
| V-Mart Retail | 0.9 | N/A (Loss) | 2.5 | -9.1 | -3.5 | 0% | -32.4 |
| Avenue Supermarts (DMart) | 0.05 | 102.4 | 16.7 | 16.3 | 10.5 | 0.2% | 41.0 |
| Spencer’s Retail | 2.3 | N/A (Loss) | 1.2 | -18.7 | -6.4 | 0% | -12.6 |
| Nykaa | 0.3 | 145.8 | 8.9 | 6.2 | 3.8 | 0% | 1.2 |
Key Insights (FY25 Trends):
1. Debt/Equity (Lower = Better)
- DMart (0.05) is virtually debt-free, while Spencer’s (2.3) & ABFRL (1.8) are highly leveraged.
- Trent (0.15) maintains a conservative balance sheet.
2. Valuation (P/E & P/B)
- DMart (P/E 102.4, P/B 16.7) trades at a premium due to consistent growth.
- Trent (P/E 85.2, P/B 18.3) is expensive but justified by high ROE (22%).
- Nykaa (P/E 145.8) is still priced for growth despite low profitability.
3. Profitability (ROE & ROA)
- Trent (ROE 22%, ROA 9.8%) is the most efficient among peers.
- ABFRL, V-Mart, Spencer’s are loss-making (negative ROE/ROA).
- DMart (ROE 16.3%, ROA 10.5%) shows strong asset utilization.
4. Dividends & EPS
- Only Reliance & DMart pay dividends (yields below 0.5%).
- Highest EPS: DMart (₹41), Trent (₹40.5).
- Negative EPS: ABFRL (-₹8.3), V-Mart (-₹32.4).
Piotroski F-Score for Retail Companies (FY25)
| Company | F-Score (/9) | Verdict |
|---|---|---|
| Trent (Tata Trent) | 8 | Strong Buy ✅ |
| Reliance Retail (RIL) | 7 | Buy ✅ |
| Avenue Supermarts (DMart) | 7 | Buy ✅ |
| Nykaa | 5 | Hold ⚠️ |
| Shoppers Stop | 4 | Risky Hold ⚠️ |
| Aditya Birla Fashion (ABFRL) | 3 | Sell ❌ |
| V-Mart Retail | 2 | Sell ❌ |
| Spencer’s Retail | 1 | Distress ❌ |
Key Analysis :
✅ Top Picks (High F-Score):
- Trent (8/9) → Strong profitability, zero debt, best-in-class ROE.
- DMart (7/9), Reliance Retail (7/9) → Efficient operations but margin pressures.
⚠️ Moderate (4-5/9):
- Nykaa (5/9) → Growth but high cash burn.
- Shoppers Stop (4/9) → Struggling with debt.
❌ Avoid (F-Score ≤3):
- ABFRL (3/9), V-Mart (2/9), Spencer’s (1/9) → High debt, losses, weak liquidity.
Key Takeaways
- ✅ Best Picks: Trent (8), DMart & Reliance Retail (7).
- ⚠️ Caution Needed: Nykaa (5), Shoppers Stop (4).
- ❌ Avoid: ABFRL (3), V-Mart (2), Spencer’s (1).
Credit Ratings of Indian Retail Companies
| Company | Rating (Long-Term) | Agency | Outlook | Remarks |
|---|---|---|---|---|
| Reliance Retail (RIL) | AAA | CRISIL | Stable | Strong parent backing, low leverage |
| Trent (Tata Group) | AA+ | ICRA | Positive | Healthy cash flows, low debt |
| Aditya Birla Fashion (ABFRL) | BBB | CARE | Negative | High debt, weak profitability |
| Shoppers Stop | BB+ | India Ratings | Stable | Moderate leverage, slow recovery |
| Avenue Supermarts (DMart) | AA | CRISIL | Stable | Debt-free, strong liquidity |
| V-Mart Retail | BB | ICRA | Negative | High debt, rural demand risks |
| Spencer’s Retail | B | CARE | Negative | Liquidity stress, losses |
| Nykaa | A- | India Ratings | Stable | Growth-focused, moderate leverage |
Key Insights
- Highest Rated (Low Risk):
- Reliance Retail (AAA) – Backed by RIL’s financial strength.
- DMart (AA) – Zero debt, consistent profitability.
- Moderate Risk:
- Trent (AA+) – Strong Tata Group support but smaller scale.
- Nykaa (A-) – Growth-driven but faces competition.
- High Risk (Speculative Grade):
- ABFRL (BBB), Shoppers Stop (BB+) – Leverage concerns.
- V-Mart (BB), Spencer’s (B) – Liquidity risks, losses.
Rating Scale Explained
- AAA to AA-: Low default risk (Investment Grade).
- A+ to BBB-: Moderate risk.
- BB+ and below: Speculative/Junk grade (high default risk).
Final Words :
Indian Retail Sector: Investment Analysis (2025-2030 Outlook)
| Company | Future Prospects | Financial Strength (★/5) | Bullish 👍 | Bearish 👎 | Short-Term (<1Y) | Long-Term (5Y+) | Sector-Wise Pros & Cons |
|---|---|---|---|---|---|---|---|
| Reliance Retail | Dominates omnichannel, JioMart scaling | ★★★★★ | High (50%+ market share) | Regulatory risks | Hold (Expensive) | Buy (Monopoly potential) | Pros: Tech integration, rural reach. Cons: Valuation bubble. |
| Trent (Tata) | Zudio/Westside expansion (20% CAGR) | ★★★★☆ | High (Fashion growth) | Competition from Zara | Buy (Momentum) | Strong Buy (Tata backing) | Pros: Premiumization. Cons: Inventory risks. |
| ABFRL | Turnaround bet (Pantaloons revival) | ★★☆☆☆ | Low (Debt-heavy) | Cash burn | Avoid | Speculative | Pros: Brand portfolio. Cons: High leverage. |
| DMart | Steady grocery growth (15% CAGR) | ★★★★☆ | Moderate (Defensive) | Margin pressure | Hold | Buy (FMCG demand) | Pros: Low-cost model. Cons: Slow e-com. |
| Nykaa | Beauty leader, fashion struggling | ★★★☆☆ | Moderate (Niche) | Profitability doubts | Hold (Volatile) | Buy (Premiumization) | Pros: Brand loyalty. Cons: Competition. |
| V-Mart | Rural recovery play | ★★☆☆☆ | Low (Macro risks) | Debt issues | Avoid | Risky | Pros: Value segment. Cons: Demand slump. |
| Spencer’s | Survival uncertain | ★☆☆☆☆ | None | Bankruptcy risk | Sell | Avoid | Pros: None. Cons: Dead business. |
Sector-Wise Investment Thesis
✅ Good Investments
- Trent – Best-in-class ROE (22%), Tata’s fashion monopoly.
- Reliance Retail – JioMart + Ajio = Ecosystem play.
- DMart – Inflation-resistant grocery demand.
❌ Bad Investments
- ABFRL – Debt (D/E 1.8x), inconsistent profits.
- V-Mart – Rural disposable income crisis.
- Spencer’s – NCLT risks.
⚡ High-Risk, High-Reward
- Nykaa – If profitability improves.
Key Metrics Driving Ratings
- Financial Strength: Reliance (5★), Trent/DMart (4★), Nykaa (3★).
- Bullishness: Trent > Reliance > DMart.
- Bearishness: Spencer’s > ABFRL > V-Mart.
Short-Term (2025): Buy Trent, Hold DMart/Reliance.
Long-Term (2030): Reliance/Trent for growth, DMart for stability.
Final Advice
- Aggressive Investors: Trent + Reliance.
- Conservative Investors: DMart.
- Avoid: ABFRL, V-Mart, Spencer’s.
I hope you like this article regarding retail sector full stocks analysis of Indian retail companies.
Happy Investing
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