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DMart an ace in India’s retail space

Ankur Mittal (Department of General Management, University of Petroleum and Energy Studies, Dehradun, India)
Anshul Jain (Department of Accounting and Finance Area, Management Development Institute, Gurgaon, India)
Tarun Dhingra (Department of General Management, University of Petroleum and Energy Studies, Dehradun, India)

Publication date: 21 May 2021


Learning outcomes

The instructor can use this for covering the concept of competitive advantage and valuation. To explore the relationship between superior profitability with business model and identify the source of competitive advantage. Determining the value of business through discounted cash flow (DCF) approach.

Case overview/synopsis

This case is based on the growth path of a retail chain company, DMart (Avenue Supermarket Private Limited), in the rapidly growing organized retail industry in India. It operates a unique business model that garners significant revenue growth with high profitability. The case covers the competitive advantages of DMart with respect to its peers and its valuation through the DCF model.

Complexity academic level

The case is suitable for teaching basic courses in corporate valuation and strategy at the post-graduate level. The following courses can also make use of this case: financial management, corporate finance and strategic management in emerging markets.

Supplementary materials

Teaching Notes are available for educators only.

Subject code

CSS 1: Accounting and Finance.



Disclaimer. This case is written solely for educational purposes and is not intended to represent successful or unsuccessful managerial decision-making. The authors may have disguised names; financial and other recognizable information to protect confidentiality.


Mittal, A., Jain, A. and Dhingra, T. (2021), "DMart an ace in India’s retail space", , Vol. 11 No. 1.



Emerald Publishing Limited Bingley, United Kingdom

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