KOTAK ON AVENUE SUPERMARTS
Q1 FY26 Same Store Sake Growth & Margins Were Both Under Pressure
Proportion Of Low-Margin Foods Category Increased Impacting Gross Margins
Margin Decline Driven By Lower-Than-Expected Gross Margins & Higher Employee Costs
Valuations Remain Punchy & Hence Retain 'Sell' Rating
Q1 FY26 Same Store Sake Growth & Margins Were Both Under Pressure
Proportion Of Low-Margin Foods Category Increased Impacting Gross Margins
Margin Decline Driven By Lower-Than-Expected Gross Margins & Higher Employee Costs
Valuations Remain Punchy & Hence Retain 'Sell' Rating
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