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Summary: DMart’s parent, Avenue Supermarts, has surged over 7 per cent in a single day, after the management announced a positive piece of news in their FY26 first quarter meeting. So, let’s understand what triggered investor optimism, and which mutual funds are riding the DMart wave.
Shares of Avenue Supermarts, the parent company of DMart, soared over 7 per cent on Wednesday. The trigger? The company’s decisive pushback against the rising tide of quick-commerce (QC) competitors like Blinkit and Zepto.
During its Q1 FY26 investor call, DMart announced the addition of 50 new stores in FY25, significantly higher than the 41 stores in FY24 and 40 in FY23.
Therefore, the store expansion momentum was enough to send the stock flying.
Why the 7 per cent surge matters
In the last couple of years, many investors and analysts had begun questioning DMart’s long-term growth story. Its capital-efficient but cautious pace of store additions had been contrasted with the rapid-fire expansion of e-commerce and quick commerce platforms.
But the latest update signals a renewed aggression, one that seems aimed at protecting its turf while reassuring long-term investors that DMart remains a serious player in Indian retail.
So, who’s benefiting from the rally?
We dug into the data to find out which diversified equity funds had the highest exposure to Avenue Supermarts, as of June 2025.
Here’s what we found:
| Fund name | Value Research Rating | Net asset (% in DMart) | Amount invested (Rs cr) |
|---|---|---|---|
| ICICI Pru Flexicap | ★★★★★ | 5.91% | 1,061.40 |
| Quant Large Cap | Unrated | 5.91% | 162.8 |
| ICICI Pru ELSS Tax Saver | ★★ | 5.10% | 747 |
| UTI Large Cap> | ★★★ | 3.64% | 475.4 |
| UTI Flexi Cap | ★ | 3.62% | 952.3 |
| Only diversified equity funds considered; data as of June 30, 2025 | |||
What the table tells us
- ICICI Prudential Mutual Fund is leading the pack, with both its Flexicap and ELSS schemes holding a significant chunk of DMart. Together, they’ve invested over Rs 1,800 crore in the stock.
- UTI Mutual Fund also features prominently, with its Large Cap and Flexi Cap schemes allocating over Rs 1,400 crore to Avenue Supermarts.
Interestingly, even though it doesn’t appear in the top five individual schemes, Axis Mutual Fund has a massive combined exposure to DMart. In fact, its large-cap and ELSS funds alone account for Rs 1,273 crore in investments, making Axis the second-largest AMC (fund house) backer of DMart after ICICI Prudential.
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