Avenue SupermartsNSE:DMART +0.15%99 Graham Number is ₹618.75 as of Mar. 2026, which is 100% below its 10-year median of 8.35. GuruFocus rates NSE:DMART with a GF Score™ of 99/100 and a GF Value™ of ₹5,556.81 (Modestly Undervalued). Among 237 Retail - Defensive companies, Avenue Supermarts ranks worse than 96.2% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-08), the stock price of Avenue Supermarts is ₹4070.90. Avenue Supermarts's graham number for the quarter that ended in Mar. 2026 was ₹618.75. Therefore, Avenue Supermarts's Price to Graham Number ratio for today is 6.58.
The historical rank and industry rank for Avenue Supermarts's Graham Number or its related term are showing as below:
NSE:DMART'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 5.92 Med: 8.35 Max: 12.18
Current: 6.58
During the past 13 years, the highest Price to Graham Number ratio of Avenue Supermarts was 12.18. The lowest was 5.92. And the median was 8.35.
NSE:DMART's Price-to-Graham-Number is ranked worse than 96.2% of 237
companies
in the Retail - Defensive industry
Industry Median: 1.32
vs NSE:DMART: 6.58
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Avenue Supermarts (NSE:DMART) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Avenue Supermarts's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
4070.90
/
618.75
=
6.58
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Avenue Supermarts Graham Number Related Terms
Avenue Supermarts Graham Number Historical Data
* Premium members only.
The historical data trend for Avenue Supermarts's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:DMART vs WMT, COST, TGT: Graham Number Comparison
For the Discount Stores subindustry, Avenue Supermarts's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Avenue Supermarts Price-to-Graham-Number vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Avenue Supermarts's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Avenue Supermarts's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Avenue Supermarts (NSE:DMART) has a Graham Number of ₹618.75 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Avenue Supermarts and its competitors. This is 7310% above median its historical median of 8.35. Over the past decade, Avenue Supermarts' Graham Number has ranged from 5.92 to 12.18. According to the industry distribution chart, Avenue Supermarts ranks #228 out of 237 companies in the Retail - Defensive industry, placing it in the top 96.2%.
Is Avenue Supermarts' Graham Number too high?
Avenue Supermarts' current Graham Number of ₹618.75 is 7310% above median its 10-year median of 8.35. Over the past 10 years, this metric has ranged from a low of 5.92 to a high of 12.18. Based on the distribution chart, Avenue Supermarts ranks #228 out of 237 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Avenue Supermarts has a GF Score™ of 99/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Avenue Supermarts' Graham Number compare to WMT and COST?
According to the Retail - Defensive industry distribution chart, Avenue Supermarts ranks #228 out of 237 companies for Graham Number. This places Avenue Supermarts in the lower half of its industry. The industry median Graham Number is 1.32. Historically, Avenue Supermarts' own Graham Number has ranged from 5.92 to 12.18 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Retail - Defensive company?
The median Graham Number among Retail - Defensive companies is 1.32, based on 237 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Avenue Supermarts and its competitors. For the Retail - Defensive industry, the median Graham Number is 1.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Avenue Supermarts's current Graham Number is ₹618.75, which is 7310% above median its own 10-year median of 8.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Avenue Supermarts stock overvalued right now?
Based on GuruFocus' analysis, Avenue Supermarts (NSE:DMART) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹5,556.81, compared to a current price of ₹4,070.90 — trading 26.7% below its estimated fair value. The current Graham Number is ₹618.75, which is 7310% above median its 10-year median of 8.35. Avenue Supermarts' overall GF Score™ is 99/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Avenue Supermarts (NSE:DMART), the current Graham Number is ₹618.75 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Avenue Supermarts (NSE:DMART) Overvalued in 2026?
Based on GuruFocus' analysis, Avenue Supermarts stock appears to be undervalued.
The current stock price of ₹4,070.90 is trading 26.7% below its estimated GF Value™ of ₹5,556.81.
GuruFocus considers Avenue Supermarts to be Modestly Undervalued.
Key valuation signals for NSE:DMART:
Graham Number: ₹618.75 (7310% above median its 10-year median of 8.35)
GF Value™: ₹5,556.81 vs. price of ₹4,070.90 (26.7% below fair value)
No single metric tells the full story. See the NSE:DMART stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Avenue Supermarts Ltd is an India-based company engaged in the business of organized retail and operates supermarkets under the brand name of D-Mart. It provides products under the categories of Foods, Non-Foods (FMCG) and General Merchandise and Apparel. Foods category includes products such as dairy, staples, groceries, snacks, frozen products, processed foods, beverages and confectionary and fruits and vegetables. Non-Foods (FMCG) comprises home care products, personal care products, toiletries and other over-the-counter products. General Merchandise and Apparel include bed and bath, toys and games, crockery, plastic goods, garments, footwear, utensils and home appliances. The business operations of the company are principally carried out in India.
99GF Score
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