In olden days, a grocer used to be seen a trader, and hence was enjoying lowest PE on bourses.
Trend changed, sector name changed. Transporter now called Logistic. Hair Dresser as Personal Care, Grocer as Retailer, Bulk Drug maker as API Maker, which has made PE to multiply by number of times, for all these sectors.

Avenue Supermarts, popularly known as D Mart, is ruling at PE of 150x plus, and PBV of 20x plus, based on FY22 optimistic earnings estimates. Infact, retail space is getting crowded in India, with Amazon and Walmart (through Flipkart) both MNCs with deep pockets, while Jio Mart, Tata, Spencers, V Mart, Future Group, AB Fashion and many more Indian aspirants, has plans to come with ambitious plans and mega capital outlay of USD 2 to USD 20 billion.

In such a case, can one company, having not been able to withstand Covid aftermath, which was infact a blessing for the retailer (read Grocers) not even be able to match 9M numbers of FY21, YoY (when other many sectors seen having done that largely in H1 FY21 itself) deserve this kind of hefty valuations? NSE company page shows PE of D Mart at 180x and Sector PE of 45x, but vested interest Media will show it at 100x or so for stock, taking charitable projections, which even management of the company will either get shocked or will get shiver in the spine, seeing them grossly unrealistic.

It reminds us of Educomp &  Everonn two companies, enjoying similar valuations about a decade back, perceived to be seen the only option to make India literate. Suzlon valuation also gives shivers in spine, when a decade back, all energy deployed by the experts, made it went in the air. Shankara Building, a  retailer already seen valuation nose diving from Rs. 2,200 in Dec 2017 to Rs. 350 now.

Kettle is seen hot than water.