Avenue Supermarts Ltd

Rating action

• Assigned ICRA AAA (Stable) to the proposed Rs 1,000 crore NCDs

Instruments Rated

• Non-Convertible Debentures (Proposed); Rs 1,000 crore; Rating: ICRA AAA (Stable)

Rating Agency

• ICRA Limited

Outlook

• Stable

Rationale

• Rationale not provided; rating based on instrument terms and ongoing review

Validity & Review

• Rating valid through the life of the programme until withdrawn

Material changes

• No material changes disclosed

Notes

• Any term/size changes require rating review

Store opening

• New store opened at Bhukum, Pune today; total stores now 508.

AGM details

• Date and time: 19 August 2026 at 11:00 IST.
• Mode: Video conferencing / OA VM.
• Record date: 12 August 2026; shareholders on record: 5,56,120.
• Meeting conducted under MCA/SEBI guidelines via VC/OAVM.

Resolutions proposed

• 1: Adoption of audited standalone and consolidated financial statements.
• 2: Re-appointment of Bhaskaran N as Director.
• 3: Re-appointment of Elvin Machado as Director.
• 4: Independent Directors’ commission up to 1% of net profit.
• 5: Re-appointment of Bhaskaran N as Whole-time Director (COO).
• 6: Related party: sale of goods to Avenue E-Commerce Limited.
• 7: Related party: sale of assets to Avenue E-Commerce Limited.
• 8: Related party: purchase of assets from Avenue E-Commerce Limited.
• 9: Related party: further investment in Avenue E-Commerce Limited.
• 10: Related party: Management & Business Support Services to Avenue E-Commerce Limited.
• 11: Related party: Deputation of personnel with Avenue E-Commerce Limited.

Voting results by resolution

• 1: Passed; 100% assent, no dissent.
• 2: Passed; 99.81% assent, 0.19% dissent.
• 3: Passed; 99.75% assent, 0.25% dissent.
• 4: Passed; 100% assent, no dissent.
• 5: Passed; 99.63% assent, 0.37% dissent.
• 6: Passed; 100% assent, no dissent.
• 7: Passed; 100% assent, no dissent.
• 8: Passed; 100% assent, no dissent.
• 9: Passed; 100% assent, no dissent.
• 10: Passed; 100% assent, no dissent.
• 11: Passed; 100% assent, no dissent.

Dividend

• No dividend proposed or declared.

Director changes

• Re-appointment of Bhaskaran N as Director and COO for tenure 17 Oct 2026 to 31 May 2028.
• Re-appointment of Elvin Machado as Director.
• No other director retirements or resignations noted.

Auditors

• No change in statutory auditor; adoption of financials includes auditor reports.

Material related party transactions

• Resolution 6: sale of goods to Avenue E-Commerce Limited; max value disclosed.
• Resolution 7: sale of assets to Avenue E-Commerce Limited; max Rs 5 crore.
• Resolution 8: purchase of assets from Avenue E-Commerce Limited; max Rs 5 crore.
• Resolution 9: further investment in Avenue E-Commerce Limited; max Rs 500 crore.
• Resolution 10: management & business support services to Avenue E-Commerce Limited; max Rs 6 crore annually.
• Resolution 11: deputation of personnel with Avenue E-Commerce Limited; max Rs 10 crore annually.

Commercial Paper issuance

• Issuance of unsecured commercial paper for Rs 200 crore.
• Tenure: 90 days; allotment date 20 August 2026; maturity 18 November 2026.
• Coupon 6.50%; interest payable at maturity.
• Credit rating: ICRA A1+; listing proposed on BSE Limited.
• Unsecured instrument with no collateral over assets.

Store opening

• Opened a new store at Navsari, Amravati (Maharashtra); total stores now 507.

AGM highlights

• AGM held on 19 August 2026 at 11:00 AM via VC/ OAVM.
• Ordinary business: adopt Audited standalone and consolidated financial statements for year ended 31 March 2026.
• Ordinary business: re-appoint Bhaskaran N as director on rotation.
• Ordinary business: re-appoint Elvin Machado as director on rotation.
• Special business: approve Commission to Independent Directors for five years from 1 April 2027.
• Special business: re-appoint Bhaskaran N as Whole-time Director from 17 Oct 2026 to 31 May 2028.
• Special business: related party sale of goods to Avenue E-Commerce Limited up to Rs 3,500 crore.
• Special business: related party sale of assets to Avenue E-Commerce Limited up to Rs 5 crore.
• Special business: related party purchase of assets from Avenue E-Commerce Limited up to Rs 5 crore.
• Special business: further investment in share capital of Avenue E-Commerce Limited up to Rs 500 crore.
• Special business: management and business support services to Avenue E-Commerce Limited up to Rs 6 crore annually.
• Special business: deputation of personnel to Avenue E-Commerce Limited up to Rs 10 crore annually.

CP issuance details

• Unsecured Rs 300 crore commercial paper issued.
• Tenor is 90 days; allotment date 11 August 2026; maturity 9 November 2026.
• Coupon rate 6.70%; interest payable at maturity on 9 November 2026.
• Proposed listing on BSE Limited.
• Credit rating ICRA A1+.
• Security: unsecured.

Rating Action

• ICRA reaffirmed the Commercial Paper rating at ICRA A1+ for an enhanced Rs 1,300 crore limit.
• Enhanced limit increased from Rs 800 crore to Rs 1,300 crore.
• Rating action date: August 5, 2026.

Investor meetings

• Capital Research: one-on-one meeting in Mumbai, in-person and virtual.
• ICICI Prudential Mutual Fund: one-on-one meeting in Mumbai, in-person.
• Nippon India Mutual Fund: one-on-one meeting in Mumbai, in-person.
• No unpublished price-sensitive information was shared with Analysts/Institutional Investors.

Meeting Details

• Date: 28 July 2026.
• Conference call: Analysts/Institutional Investors (virtual).
• One-on-one: SBI Mutual Fund (Mumbai, in-person).
• One-on-one: SBI Pension Fund (Mumbai, in-person).

Participants

• Company representative: Company Secretary & Compliance Officer.
• Analysts/institutional investors participated; no company management names disclosed.

Purpose

• General investor interaction as part of Analyst/Investor Meet 2026.

Additional Notes

• Audio recording of conference call available on company website.