Masterclass Case Study: Radhakishan Damani's DMart, A Two Decade Build

A masterclass case study for serious independent investors, HNIs and portfolio managers in training on one of the most studied business builds in Indian markets. Radhakishan Damani spent decades as a Dalal Street investor before he opened the first DMart store in Powai in 2002, and he built Avenue Supermarts the way a patient investor would: owned stores, everyday low cost, fast supplier payments, cluster expansion and almost no outside equity until the 2017 IPO. This course traces that build from the founder's market years through the founding decisions, takes the unit economics apart line by line, follows the IPO and the listed years, and asks why the market has paid such a rich multiple for a business with thin margins. It then tests the model against COVID-19, quick commerce and a full bear case, and closes by turning the story into a checklist, a screener.in screen and a capstone thesis you write yourself. Educational content only, not investment advice.