Avenue Supermarts Ltd. shares fell as much as 4% in early Mumbai trading on Thursday after the operator of the DMart retail chain reported first-quarter revenue that undershot analysts’ projections. Standalone revenue for the three months ended 30 June rose 16.2% from a year earlier to Rs 15,932 crore, roughly 2% below consensus estimates. The company opened nine new stores during the quarter, taking its total to 424, and said same-store sales likely grew 3–4%. Broker views remain divided. CLSA reiterated an “outperform” rating with a Rs 5,549 price target, arguing that DMart’s product mix should lift margins sequentially. Macquarie kept its “underperform” call and cut its target to Rs 3,000, citing slower sales momentum, while Morgan Stanley maintained an “underweight” stance with a Rs 3,260 target and forecast the EBITDA margin will narrow to about 7.8% from 8.7% a year earlier.