Trent Limited
NSE: TRENT · BSE: 500251 · Tata Group · Westside · Zudio · Star
Mkt Cap
₹1.53 lakh cr
P/E FY27E
70.6x
CMP (intraday 6-Oct)
₹2,877

Trent Limited NSE: TRENT · BSE: 500251

Tata Group fashion & lifestyle retailer (Westside, Zudio, Samoh, Burnt Toast; Star grocery JV). Data as of 6-Oct-2026 ~11:06 IST. ₹ crore unless stated; per-share data post 1:2 bonus (53.32 cr shares) unless marked pre-bonus.

₹20,074 crFY26 revenue (consol.), +17.2%
₹1,721 crFY26 PAT (consol.), +12.2%; SA ₹1,968 cr
18.7% / 13.5%EBITDA margin: reported post-Ind AS 116 / company Op. (post-rent)
27.6% / 28%RoE / RoCE FY26 (consol.)

Quick verdict scorecard

BusinessStrong100% own-label, 1,342 stores, best margins in value fashion
ManagementMediumStrong execution; 25% aspiration missed; chair exit Nov-26, no successor
FinancialStrongDebt-free ex-leases; AA+; but FCF after lease ~₹108 cr
ValuationExpensive84.8x TTM, 70.6x FY27E, 57.2x FY28E P/E
OverallNeutralQuality priced in; entry ≈₹2,300–2,500
Market dataValue
CMP (intraday 6-Oct-2026, ~11:06 IST, Yahoo)₹2,876.80 ≈ ₹2,877
Previous close 5-Oct-2026₹2,575 (Business Today); Yahoo ₹2,580
6-Oct range: open / high / low₹2,800 / ₹2,909 / ₹2,782.30
+10% band hit₹2,832.50; band relaxed (F&O stock)
Market cap @ ₹2,877 (53.3232 cr sh)₹1,53,411 cr
Market cap @ ₹2,575₹1,37,307 cr
52-week high (bonus-adj.)₹3,399.70 (~6-Jul-2026)
52-week low (bonus-adj.)₹2,183.67 (30-Mar-2026)
CMP vs 52W high / low−15.4% / +31.8%
All-time high₹8,345.85 pre-bonus 14-Oct-24 (≈₹5,564); alt. ₹8,234.95 on 11-Oct-24 (≈₹5,490)
Shares outstanding53,32,32,301 (FV ₹1)
Index membershipNifty 50 / Sensex constituent; F&O
Listing dateNot Available — not found in inputs
Promoter (Tata group) / pledge37.01% / 0%
RatingsCARE AA+ (Stable)/A1+ 12-May-26; ICRA AA+ (Stable) 7-May-26
Company overview
Registered officeBombay House, Mumbai; corporate office Trent House, BKC, Mumbai
OriginsRetail business since 1998 (Westside, ex-Littlewoods Bengaluru store), set up by Simone Tata with Lakmé sale proceeds; 74th AGM held 2026
PromoterTata Sons 32.45% + Tata Investment Corp 4.28% + Ewart 0.28%
Chairman / MD / CFONoel N. Tata (retires Nov-2026) / P. Venkatesalu (MD since Oct-2024) / Neeraj Basur
Employees31,226 permanent; 38,417 incl. contract (BRSR FY26); attrition 59%
SectorSpecialty retail — apparel, beauty, footwear; grocery via JV
Stores 30-Sep-20261,342 fashion (Zudio ~1,000 incl. 7 UAE; Westside ~311 [Est.]; others ~31) + Star 86 (Jun-26)
Retail area18.04 mn sq ft fashion (Jun-26); 330 cities
AuditorDeloitte Haskins & Sells LLP (to 2027 AGM); BSR & Co. from FY28
Latest eventQ2 FY27 business update 5-Oct-26: SA revenue ₹5,788 cr (+23%); full results ~early Nov-26
What Trent is, in plain English. Trent designs and sells its own brands — no third-party labels, no factories. Zudio sells sub-₹999 fashion and beauty from ~11,000 sq ft stores, mostly in Tier II/III towns; Westside is a ~24,000 sq ft mid-premium department store. Vendors (≈95% in India) manufacture; Trent buys outright, distributes via its own DCs and sells from ~1,340 mostly company-operated stores. It also owns 50% of Star (grocery, with Tesco), 51% of Booker India, and financial 20% stakes in Zara India and Massimo Dutti India.
Valuation (consol.)@ ₹2,877 CMP@ ₹2,575 prior close
P/E TTM (owners' EPS ₹33.93)84.8x75.9x
P/E FY26 (EPS ₹32.25)89.2x79.8x
P/E FY27E (consensus EPS ₹40.73)70.6x63.2x
P/E FY28E (consensus EPS ₹50.28)57.2x51.2x
P/B (BVPS ₹131.0, Mar-26)22.0x19.7x
EV/EBITDA TTM post-116 (EV incl. leases; EBITDA ₹3,927 cr)39.5x35.4x
EV/EBITDA FY26 post-116 (₹3,745 cr)41.4x37.1x
EV/Op. EBITDA TTM pre-116 (EV ex-leases; ~₹2,912 cr)52.5x47.0x
P/S TTM (rev. ₹20,946 cr)7.3x6.6x
Dividend yield (₹4 post-bonus)0.14%0.16%
FCF yield pre-lease (FY26 ₹905 cr)0.59%0.66%

EV = mcap + ₹2,561 cr debt incl. leases − ₹929 cr cash & liquid investments (Mar-26). The ₹500 cr NCD redemption (29-May-26) is EV-neutral. At CMP the forward P/E is 70.6x FY27E and 57.2x FY28E (~57x is the FY28E multiple, not FY27E). TTM EBITDA ₹3,927 cr is the sum of the last four reported quarters; FY26 quarters sum to ₹3,656 cr vs the ₹3,745 cr annual figure, so an annual roll-forward (3,745 + 1,119 − 848 = ₹4,016 cr) gives ~38.6x. [Est.]

Data freshness: prices 6-Oct-2026 ~11:06 IST (market open); financials to Q1 FY27 (6-Aug-2026); shareholding Jun-2026 (Sep-26 due ~21-Oct).

Analyst Notes

[Analyst View] — Aamara Capital lead analyst, 6-Oct-2026

What just happened. The Q2 FY27 business update (5-Oct) showed standalone revenue of ₹5,788 cr, +23% YoY, the best print in six quarters. It came despite Dussehra/Diwali shifting into Q3, and beat Morgan Stanley (20%), HSBC (19%) and Citi (18%). Citi estimates revenue per sq ft fell 8.4% YoY, against −12.2% in Q1 and −16.1% in Q3 FY26. The stock had drifted to ₹2,575, below even Citi's Sell target of ₹2,950. It hit the +10% band (₹2,832.50); the band was relaxed and it traded at ~₹2,877 (high ₹2,909).

What has not changed. All of Trent's growth comes from new space. LFL has been "low single digit" for six straight quarters (Q3 FY26 was marginally negative). In FY26, retail area grew ~30% while standalone revenue grew 18.2%. Our revenue per average sq ft fell 13.2% to ~₹12,629 [Est.]. Management's ~25% CAGR aspiration has now been missed for six quarters: 20% → 17% → 16% → 20% → 19% → 23%. Store additions are back-ended again: H1 FY27 net adds were 11 Westside and 36 Zudio, against AGM guidance of ~50 and 200–250 a year. H2 needs ~39 Westside and 164–214 Zudio. Citi called Q2 adds "below expectations".

The quality is real. FY26 consolidated reported EBITDA margin was 18.7% (Op. EBITDA, post-rent, 13.5%). Standalone Q1 FY27 margins were 19.6% reported and 14.9% Op., with gross margin at 46.6%. RoE is 27.6% and RoCE 28%. The cash conversion cycle is down to 35 days from 71. Trent has had no financial debt since the ₹500 cr NCD was repaid on 29-May-2026, and carries AA+ ratings. Margins have beaten expectations for four straight quarters.

But the cash and the consolidated picture are thinner than the headline. FY26 OCF of ₹2,668 cr is pre-rent. After ₹797 cr of lease principal, FCF was ₹108 cr; after all lease cash it was −₹65 cr. That is a 0.07% FCF yield at CMP. Consolidated PAT grew 12% against standalone +24%. The ₹246.49 cr gap is now fully bridged from the annual report: the ITRIPL buyback gain (₹136.86 cr) and an intra-group PPE sale to Netria (₹167.42 cr of assets; ₹95.80 cr net PPE swing) flatter standalone and are eliminated on consolidation. JV/associate profit share collapsed from ₹86.50 cr to ₹3.90 cr: the Star JV (THPL) lost ₹129.47 cr and Trent is down to 20% of Zara India. Zudio UAE lost ₹13.56 cr.

Capital intensity is rising. The board has an enabling approval for a ₹2,500 cr raise (22-Apr-26; no launch found). Part of it is earmarked for a faster Star roll-out and retail real estate via a new subsidiary, Netria. That money would go to a 12-year-old JV that still loses money, while the core is net cash.

Ownership and governance. FII holding fell from 27.87% (Jun-24) to 15.14% (Jun-26), absorbed by DIIs (23.3%). MFs trimmed at the margin in Aug–Sep 2026. Chairman Noel Tata steps down in Nov-2026 at 70 with no successor named, while he leads the Tata Trusts side of the dispute with Tata Sons (17-Sep-26 Chandrasekaran reappointment; RBI's 11-Sep-26 CIC-exemption rejection). His son Neville Tata runs Star; the AR shows ₹2.33 cr of "remuneration to director's relative" [inferred to be him].

What is priced. At ₹2,877 the stock trades at 84.8x TTM, 70.6x FY27E and 57.2x FY28E EPS, and 39.5x post-116 / 52.5x pre-116 EV/EBITDA. Consensus EPS growth is ~26% (FY27) and ~23.5% (FY28), a PEG of ~2.8x. The median target of ₹3,500 offers +21.7%. Targets imply ~59x (Citi) to ~77x (ICICI) FY28E EPS, median ~70x. The market is paying a premium multiple for growth that is space-led with falling unit productivity.

Bottom line. Neutral. This is a best-in-class franchise at a full price. We would turn constructive below ~₹2,500 (≈50x FY28E), or on evidence of LFL at mid-single digit or better together with H2 store delivery. Q2 results (early Nov) and the chair succession are the next tests.

Business Deep-Dive

Pure retailer, no manufacturing (BRSR). ~100% own-label. ~600 mn units/yr handled [Est., BRSR intensities]; implied ~₹330/unit.

Corporate structure (31-Mar-2026)

EntityStakeRoleAccounting
Trent Ltd (standalone)—Westside, Zudio India, Samoh, Burnt Toast, Utsa, POME, westside.comParent
Booker India Ltd51% (Tesco 49%)Cash-and-carry; THPL Support Services merged in w.e.f. 1-Feb-26 (website lists as Trent Business Support Services)Subsidiary
Fiora Hypermarket Ltd100% of Booker (51% eff.)Part of Star network, Zudio-in-Star, StarQuik; merged with Fiora Online w.e.f. 1-Dec-25; renamed 15/16-Jan-26Step-down sub.
Trent Hypermarket Pvt Ltd (THPL)50% (Tesco 50%)Star hyper/supermarkets; operates Zudio SIS in StarJV
Trent MAS Fashion Pvt Ltd50% (MAS Amity, Singapore)Intimate/activewear design and manufacturing; JV signed 20-Jan-23JV
Inditex Trent Retail India (ITRIPL)20.00% (34.94% Mar-25; 49% pre-Aug-24)Zara IndiaAssociate
Massimo Dutti India20% (49% pre-Mar-25)Massimo Dutti IndiaAssociate
Trent Global Holdings (Mauritius)100%Holding; branch office in SpainSubsidiary
Trent Global Trading LLC (Dubai)100% via TGHLZudio UAE (inc. Feb-24)Step-down sub.
Nahar Retail Trading Services100%Westside franchise/property operationsSubsidiary
Netria Property Holdings100% via NaharReal estate; inc. 4-Sep-25; supports Star real-estate planStep-down sub.
Fiora Business Support Services100%Shared services, sourcing support, warehousingSubsidiary
Trent Foundation100%CSR (Section 8, from 1-Oct-24)Subsidiary

No current Burberry JV. Commonwealth Developers (reported acquired Aug-2020) is absent from the FY26 AR. Misbu is a Star own brand.

Store network — Westside + Zudio (stacked), fashion total on top
566Mar-23 777Mar-24 1,043Mar-25 1,286Mar-26 1,312Jun-26 1,342Sep-26 ZudioWestside (Mar-23/24 totals = W+Z only)
StoresMar-23Mar-24Mar-25Mar-26Jun-26Sep-26
Westside214232248300301~311 [Est.]
Zudio (incl. UAE, Zudio-in-Star)352545765 (2 UAE)963 (6 UAE)982 (7 UAE)~999–1,000+
Other concepts——302329~31–32 [Est.]
Fashion total——1,0431,2861,3121,342
Star (THPL + FHL)6366788486n.d.
Total incl. Star (ICICI)6298431,0911,347——

Reconciliation: 300 + 963 + 23 = 1,286. Excluding 6 UAE stores gives 1,280 (BRSR, 318 Indian cities). BRSR counts 1,175 company-operated stores, which leaves ~105 franchise or THPL-run SIS stores [Est.]. Zudio at Sep-26 computes to 982 + 17 = 999, against the company's "crossed 1,000" (gross/net or timing difference).

Net adds (gross/net)Q1FY26Q2FY26Q3FY26Q4FY26FY26Q1FY27Q2FY27
Westside1/019/1317/1723/2260/52 (8 closed)1/1n.d./10
Zudio11/144/4048/48109/109212/198 (14 closed)22/19n.d./17
Retail area (mn sq ft)FY23FY24FY25FY26Jun-26
Westside4.04.55.57.37.15+
Zudio3.04.98.010.410.80+
Fashion total7.09.413.517.718.04
Star———~1.41.52+
Total incl. Star (ICICI)8.010.414.919.1—

Cities: 321 (Mar-26; 318 India + 3 UAE) → 330 (Jun-26). Westside is in 97 cities, Zudio in 310 → 321, Star in 12. Footprint covers 27 states and 4 UTs.

Westside (1998)

Lifestyle department store, aspirational to mid-premium; ~100% exclusive in-house brands. Stores are 20–30k sq ft (avg ~24k [Est.]) with capital employed of ₹9–11 cr/store (ICICI). Brands: Nuon, E.T.A, WES, WES Lounge, L.O.V., Wardrobe, Utsa, Utsa Kids, Studiowest, Vark, Wunderlove, Superstar Wunderlove, StudioFit, HOP, Bombay Paisley, Soleplay, Westside Home, Luna Blu, Ascot, Gia Curves, Zuba, Nuio Flexi, Y&F, POME (LGD jewellery in 22 stores). Online: westside.com (27-Nov-2020), Tata Neu, Tata CliQ. Online is ~6% of Westside (~₹300 cr in FY26), with online revenue +25% in Q4 FY26 and digital volumes +32%. Implied Westside revenue is ₹5,000–6,900 cr [Est.; online-share math / third party ~35%]; Bernstein's "~40% of area/revenue" would imply ~₹7,900 cr, so the range is wide and undisclosed. ~80% sourced in India. Third-party estimate ~₹12,000/sq ft. Targets: ~700 stores long term and ~50/yr (AGM 2026); Westside CEO Shailina Parti has said "up to 100/yr" (Bloomberg, 20-Jul-26). Community events: Wesness and YNG.

Zudio (2016) — the engine

Value fashion, nearly all priced below ₹999 (beauty entry points ₹99–149), plus Zudio Beauty. Stores are 7–12k sq ft (avg ~11k [Est.]) with capital employed of ₹3–4 cr/store. ~700 stores (73% of domestic) are in Tier II/III; over 80% of openings go to Tier II/III and peripheral micro-markets. No e-commerce and little discounting. Revenue passed US$1 bn in FY25; analysts estimate 56–66% of standalone. Third-party unit economics (low confidence): ₹18–20k/sq ft, 34–35% gross margin, 11–12% pre-Ind AS EBITDA. Targets: ~5,000 stores long term and 200–250/yr (ICICI models 180–190). UAE: 2 → 6 → 7 stores; FY26 total income ₹60.73 cr (+146%), loss ₹13.56 cr; "2–3 years of incubation". The 1,000th store opened in Q2 FY27.
Incubation conceptLaunchedWhatScale
Samoh2023Premium occasion/ethnic wear7 stores, 3 cities
Burnt ToastAug-2025Gen-Z/Gen-Alpha lifestyle12 stores, 7 cities
Utsa—Ethnic wear; standalone stores cut from 20+ to 4 (28-Aug-26; aggregator-reported, not in a company filing)Wind-down
POMEOct-2024Lab-grown diamond jewellerySIS in 22 Westside stores
Zudio Beauty2024–25Value beauty; standalone stores from Bengalurun.d.
Emerging categories (cr units)FY23FY24FY25FY263-yr CAGR
Beauty2.24.98.18.6 (+6%)~57.5%
Innerwear1.73.45.05.8~50.5%
Footwear1.11.92.72.9~38.1%

Emerging categories are >21% of fashion revenue (Q4 FY26, Q1 FY27). BRSR mix: apparel 86.05%, non-apparel 13.95%. Beauty volume growth slowed to +6% in FY26, from +65% in FY25.

Star (brand basis)FY23FY24FY25FY26Q1FY27
Stores6366788486
Own-brand share57%65%70%73%74%
Revenue (₹ cr, ex-GST, incl. Zudio SIS)——~3,4053,494 (+2.6%)885 (+8.7%)
Q1 revenue history439588762814885

Star: 12 cities (Maharashtra, Karnataka, Gujarat, Telangana). Own brands: Star, Fabsta, Klia, Skye, Smartle, Zudio, Misbu, Vaayo. Q1 FY27 mix: fresh 20%, staples 24%, FMCG 23%, GM/apparel 33%. ~2,000 direct farmers supply >80% of vegetables and >65% of fruit. FY26 refits included ESLs and open-deck chillers, plus a Bengaluru staples repack unit. Plan: 25–40 stores a year (vs 5–6 historically).

FacilityDetail
Fashion stores1,312 (Jun-26), 18.04 mn sq ft, 330 cities
Star stores86, 1.52 mn sq ft, 12 cities
Offices / DCs / sourcing29 locations in 9 cities (BRSR) + Spain branch office
Named DCsLonikand, Pune (WD18); Jaipur (WD31); Vapi, Gujarat (WD14); ~6 main DCs implied [Est.]
Renewables3 DCs with rooftop solar; "~50% of DCs on renewables"; renewables ~0.2% of total energy
Star back-endBengaluru staples repack unit; THPL warehousing now in Booker
TechnologyRFID across the supply chain; reusable totes; IoT HVAC in ~80% of eligible stores (733); GenAI for trend work; PLM rolled out to vendors
Certification / IPStatus
ISO 27001:2022; PCI-DSSHeld
SEDEX SMETA 4-pillar (vendors)93% of purchases by value (91.3% FY25); target 100% by FY27
Vendor Code of Conduct100% adopted (98% FY25)
BIS (footwear); FSC (paper)Held
TBEM / THSMS; BRSR CoreAssessed; reasonable assurance by BDO India
Patents / R&DNone disclosed; R&D nil; IP = trademarks (Westside, Zudio, Samoh, etc.)
Exports0.21% of standalone turnover (UAE)

Operating model: in-house design → vendors (outright purchase, not sale-or-return) → DCs → stores. End-of-season sales in Aug/Jan; stock >365 days fully provided. Inventory turns 3.2x → 4.8x (FY23–26). Zero data breaches in FY26.

Segment Analysis

Single Ind AS 108 reportable segment ("retailing/trading of merchandise predominantly in India") on both bases — AR Note 38. No brand-level P&L. Pseudo-segments below are by legal perimeter.

Standalone (Westside+Zudio India+others)FY24FY25FY26Q1FY26Q1FY27Q2FY27
Revenue11,926.616,668.119,701.44,7815,6665,788
YoY+54.6%+39.8%+18.2%+19.8%+18.5%+22.5%
Gross margin45.2%44.4%44.5%45.1%46.6%NA
Reported EBITDA (post-116; ICICI/company)1,926.92,754.03,643.38381,111NA
Reported EBITDA margin16.2%16.5%18.5%17.5%19.6%NA
Op. EBITDA (pre-116, company)~1,395 (11.7%, MOSL)~2,116*2,687 (13.6%)~623847 (14.9%)NA
Op. EBIT (margin)———551 (11.5%)732 (12.9%)NA
PAT (adj. FY24 ex-exceptional; FY26 adj. labour code)1,070.31,584.81,986.9423532NA

*Back-calculated. Quarterly reported EBITDA 838 + 813 + 1,073 + 919 = 3,643 ties to FY26. Screener puts standalone FY26 EBITDA at ₹3,705 cr (18.8%), a different classification. H1 FY27 revenue ₹11,454 cr vs ₹9,505 cr (+20.5%). Q1 Op. EBIT history: FY23 ₹154 cr (9.3%), FY24 ₹199 cr (7.8%), FY25 ₹432 cr (10.8%), FY26 ₹551 cr, FY27 ₹732 cr. Q2 FY27 is a revenue-only update; other lines are Not Available until results (~early Nov-26).

Star / THPL JV (50%)FY23FY24FY25FY26
THPL revenue (ICICI)1,811.02,188.92,732.72,750.9 (+0.7%)
THPL total income (AR)——2,699.332,773.55
Gross margin18.8%20.3%20.0%17.9%
EBITDA−7.125.5−12.0−60.4 (−2.2%)
Loss before tax ex-exceptional——−91.96−127.92
Total comprehensive income——−71.46−129.47 (−81% worse)
Trent's 50% share in consol.——−35.73−64.73
Other perimetersFY25FY26Δ
Zudio UAE (TGTL) total income24.6960.73+146%
Zudio UAE comprehensive income−3.58−13.56~3.8x worse
Zara India (ITRIPL) total income2,839.502,767.75−2.5% (revenue −1.1%)
ITRIPL comprehensive income299.47204.08−32%
Massimo Dutti India total income101.23128.93+27%
Booker India consol. PAT−29.743.43turned positive
Fiora Hypermarket comprehensive income−14.56−2.70narrowed
Trent MAS Fashion comprehensive income−18.45−3.15narrowed
Capital allocation (ICICI from AR)FY23FY24FY25FY26
Growth capex6129161,4211,925
Inventory investment514228464240
Downstream investments (JVs/subs)100101183184
Fastest growers. Zudio: area +30% in FY26 and ~3.5x since FY23. Beauty and innerwear volumes: 50–58% CAGR over FY23–26. From small bases: Zudio UAE (+146%) and Massimo Dutti (+27% total income). Revenue per sq ft by city tier (FY26 AR via ICICI): metro >₹15,300, Tier II ₹13,390, rest of India ₹12,504.
Under pressure. Star/THPL: revenue flat, gross margin −210 bp, EBITDA loss ₹12 → ₹60 cr, comprehensive loss +81%. Zara India: revenue down, PAT −32%. Zudio UAE: loss ~3.8x wider. Core: LFL low single digit; revenue per sq ft −6% to −13%. Management focus: Zudio density, Westside ramp-up ("next growth driver"), Star "reconfiguration" plus 25–40 stores a year, incubation of Samoh/Burnt Toast over 2–3 years.

Financials: P&L

Consolidated unless [SA]. Reported EBITDA = post-Ind AS 116 (rent capitalised). Op. EBITDA = company KPI ex-lease impact (post-rent). Growth is never computed across bases.

Consolidated revenue (₹ cr, bars) and reported EBITDA margin (line)
4,4988,24212,37517,13520,074 13.2%13.5%15.9%16.5%18.7% FY22FY23FY24FY25FY26
₹ cr (consol.)FY22FY23FY24FY25FY26
Revenue from operations4,4988,24212,37517,13520,074
YoY+73%+83%+50%+38%+17%
Gross profit1,9173,3835,2397,2318,508
Gross margin42.6%41.0%42.3%42.2%42.4%
Reported EBITDA (post-116, ex-OI)5951,1141,9712,8203,745
Reported EBITDA margin13.2%13.5%15.9%16.5%18.7%
Op. EBITDA (pre-116, company)NANANA~2,162*2,702
Op. EBITDA marginNANANA~12.6%13.5%
Lease gap (reported − Op.)———~658~1,043 (5.2% of rev.)
Other income (Screener)152341989**30585 (AR: 114.84)
D&A incl. ROU (P&L)3114946718951,361 (+52%)
Operating EBIT (ex-OI)2846201,3001,9252,384
Op. EBIT margin6.3%7.5%10.5%11.2%11.9%
Finance cost (mostly lease)325409368200233
PBT reported1115521,9212,0302,236
PBT margin2.5%6.7%15.5%11.8%11.1%
Tax rate69%29%23%24%23%
PAT total353941,4771,5341,721
PAT to owners1064451,4871,5471,720
PAT margin (owners)2.4%5.4%12.0%9.0%8.6%
Normalised PAT106445~1,0451,5471,720 (co. adj. 1,741)
EPS ₹ (post-bonus)1.988.3427.8829.0132.25

*Back-calculated. **FY24 includes a ₹576.07 cr exceptional gain from the Ind AS 116 lease reassessment (ICRA). On a normalised basis FY25 PAT grew ~+48%, not +4%. [SA] FY24: reported ₹1,435 cr vs adjusted ₹1,070 cr. FY26 carries a Labour Codes exceptional of ₹25.79 cr SA / ₹26.11 cr consol. (Q3 FY26). Other income: AR ₹114.84 cr (FY25 ₹218.56 cr) vs Screener ₹85 cr (₹305 cr) — classification differs.

[SA] annualFY22FY23FY24FY25FY26TTM Jun-26
Revenue3,8817,71511,92716,66819,70120,586
EBITDA post-116 (Screener)6511,1551,9732,8123,7053,916
EBITDA margin16.8%15.0%16.5%16.9%18.8%19.0%
Op. EBITDA pre-116NANA~1,395~2,1162,6872,911
PAT2505551,4361,5851,9682,077
Consol. owners' PAT − SA PAT (drag)−144−110+51−38−248—

FY26 audited headline (AR, ₹ cr; FY25 in brackets)

LineStandaloneConsolidated
Revenue from operations19,701.41 (16,668.11)20,074.21 (17,134.61)
Other income374.46 (329.37)114.84 (218.56)
PBT before exceptional2,537.332,258.69
Exceptional (Labour Codes)(25.79)(26.11)
Share of JV/associatesn/a3.90 (86.50)
PBT2,511.542,236.48
Tax (deferred)543.72 (−22.13)515.15 (−59.39)
PAT1,967.82 (1,584.84)1,721.33 (1,534.41); owners 1,719.65; NCI 1.68
EPS ₹ pre-bonus / post-bonus55.36 / 36.9048.37 / 32.25

Standalone → consolidated PAT bridge (fully reconciled, AR §4)

#ItemPAT effect
AITRIPL buyback gain eliminated (proceeds 146.35 − cost 9.49; 94,900 shares)−136.86
BIntra-group PPE profit eliminated (mainly ₹167.42 cr sale to Netria; SA +86.78 → consol. −9.02)−95.80
CAssociate dividends replaced by equity method (ITRIPL 32.00 + MD 1.80)−33.80
DSubsidiary dividends eliminated (FBSSL)−20.19
EShare of JV/associates (ITRIPL +68.06, MD +2.34, THPL −64.73, Trent MAS −1.58)+3.90
E2Trent MAS impairment reversed+3.35
FSubsidiaries' results and other entries (residual)+4.34
—PBT bridge subtotal (2,511.54 → 2,236.48)−275.06
GTax: DTA on eliminated intra-group gain (+23.52) and subsidiary tax+28.57
—Total (1,967.82 → 1,721.33)−246.49

On an owners basis the drag is ₹248.17 cr (1,967.82 − 1,719.65). A is an exact match; F is a residual; the Netria-specific gain is not disclosed. The earlier "~₹190 cr unexplained" framing is superseded. Standalone FY26 PAT is flattered by ~₹233 cr of non-recurring pre-tax gains.

Last 8 quarters — consolidated

Quarterly consolidated revenue (₹ cr) and reported EBITDA margin
4,1574,6574,2174,8834,8185,3455,0285,755 15.5%18.2%15.4%17.4%16.9%20.2%18.1%19.4% Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27
QuarterRevenueYoYQoQEBITDA (post-116)MarginYoYPATYoYQoQ
Q2 FY254,157+39.4%+1.3%64615.5%+41.4%335+46.9%−14.3%
Q3 FY254,657+34.3%+12.0%84718.2%+34.7%497+34.0%+48.4%
Q4 FY254,217+27.9%−9.4%65115.4%+38.5%312−56.2%*−37.2%
Q1 FY264,883+19.0%+15.8%84817.4%+38.3%425+8.7%+36.2%
Q2 FY264,818+15.9%−1.3%81616.9%+26.3%373+11.3%−12.2%
Q3 FY265,345+14.8%+10.9%1,08120.2%+27.6%510+2.6%**+36.7%
Q4 FY265,028+19.2%−5.9%91118.1%+39.9%413+32.4%−19.0%
Q1 FY275,755+17.9%+14.5%1,11919.4%+32.0%518+21.9%+25.4%
Q2 FY27 (update)NA (SA 5,788)SA +23%—Not Available — full results ~early Nov-2026

*Q4 FY24 base includes the ₹576 cr exceptional gain. **Q3 FY26 hit by the labour-code charge and other income of ₹5 cr vs ₹80 cr. Consolidated Op. EBITDA (incl. JV share): Q1 FY26 ~638 (13.1%), Q2 ~574 derived (11.9%), Q3 837 (15.7%, +20%), Q4 653 (13.0%, +44%), Q1 FY27 848 (14.7%, +33%; Op. EBIT ₹724 cr, +29%).

[SA] QuarterRevenueYoYEBITDA post-116Op. EBITDA pre-116Op. EBIT marginPATPAT YoY
Q2 FY254,036+39.6%643 (15.9%)NANA423+46%
Q3 FY254,535+36.9%843 (18.6%)~66813.2%469+36%
Q4 FY254,106+28.8%656 (16.0%)~4679.7%350−46%*
Q1 FY264,781+19.8%838 (17.5%)~62311.5%423+24%
Q2 FY264,724+17.0%813 (17.2%)~57410.2%451+7%
Q3 FY265,259+16.0%1,073 (20.4%)822 (15.6%)13.8%640+36%
Q4 FY264,937+20.2%919 (18.6%)668 (13.5%)11.5%455+30%
Q1 FY275,666+18.5%1,111 (19.6%)847 (14.9%)12.9%532+26%
Q2 FY275,788+22.5%Not Available (business update only)
Earnings quality. Growth is organic and volume/space-led (no acquisitions). Margin gains come from operating leverage, not gross margin (consolidated flat at ~42%; SA ~44.5%). In Q4 FY26, employee cost per sq ft fell 15% and rent per sq ft 21%; HDFC says RFID manpower gains are "largely realized". D&A rose from 5.2% to 6.8% of revenue, so FY26 PAT grew +11% against EBITDA +33%. Citi argues Q4 gross margin (+171 bp) was helped by an inventory-provision reversal. Revenue bases differ: business updates gave Q1/Q2 FY26 as ₹5,061/₹5,002 cr vs reported ₹4,781/₹4,724 cr.

Balance Sheet, Cash Flow & Ratios

₹ cr, 31-Mar (consol.)FY22FY23FY24FY25FY26
Net fixed assets incl. ROU4,6944,5232,5723,9755,671
Goodwill4949494949
Other intangibles2129252423
LT investments (incl. JV stakes)757564696846737
Inventory8681,3611,5832,0452,289 (AR KAM 2,199.53)
Trade receivables1834826351
Other receivables/advances132171203364618
Cash + liquid investments6086291,014973929
Total assets7,7268,0827,1629,42011,729
Trade payables3786657749281,211
NCD 5.78% (₹500 cr)497498499499500 (redeemed 29-May-26)
Lease liabilities4,2283,9661,2541,7382,061 (855 cur. + 1,207)
Total debt incl. leases4,7254,4641,7532,2372,561
Net debt ex-leases(111)(131)(515)(474)(429) net cash
Net debt incl. leases4,1173,8357391,2641,632
Net worth (owners)2,3642,5964,0685,4626,985
Total equity incl. NCI2,4102,6634,1035,5837,108
BVPS ₹ (post-bonus)44.348.776.3102.4131.0

The FY24 drop in fixed assets and leases is accounting (Ind AS 116 reassessment), not disposals. [SA] FY26 (ICICI): net worth ₹7,703 cr, leases ₹2,008 cr, inventory ₹2,269 cr, debtors ₹71 cr, cash ₹264 cr + current investments ₹524 cr, creditors ₹1,220 cr, net block ₹5,030 cr (gross ₹8,099 cr), CWIP ₹193 cr. AR KAM: SA inventory ₹2,177.87 cr = 17.81% of total assets.

OCF (black), capex (gold), FCF after lease principal (grey) — ₹ cr
2,6681,763108−282−147 FY22FY23FY24FY25FY26
Cash flow (consol.)FY22FY23FY24FY25FY26
PAT (owners)1064451,4871,5471,720
D&A (cash-flow statement)3064886668901,355
Δ working capital(430)(293)(272)(568)(399)
OCF (reported, pre-rent)585951,3491,6612,668
Capex (gross)(271)(503)(737)(1,268)(1,763)
FCF pre-lease(213)92612393905
Screener FCF(152)371955799931
Lease principal(69)(140)(278)(540)(797)
FCF after lease principal(282)(48)334(147)108
Interest paid(246)(359)(309)(134)(173)
FCF after all lease cash(528)(407)25(281)(65)
JV/associate investments(66)(52)(62)(37)(92)
Dividends paid(43)(39)(78)(114)(178)
OCF/PAT0.55x1.34x0.91x1.07x1.55x
Rent-adjusted (OCF−lease−interest)/PATn.m.0.21x0.51x0.64x0.99x
OCF/EBITDA (reported OCF ÷ post-116 EBITDA, computed)10%53%68%59%71%
CFO/OP (Screener basis, not comparable)23%71%84%76%86%

D&A differs by source: ₹1,355 cr in the cash-flow statement (stockanalysis) vs ₹1,361 cr in the P&L (Screener). FCF yield at CMP (₹1,53,411 cr): 0.59% pre-lease; 0.07% after lease principal; −0.04% after all lease cash. OCF conflict: CARE cites ₹3,063 cr and ICRA ">₹3,000 cr" for FY26; ICICI's SA construction is ₹3,169 cr; the company SA figure is ₹2,630 cr; reported consolidated is ₹2,668 cr (used here). FY26 capex of ₹1,763 cr (SA fixed-asset investment ₹1,713 cr; ICICI SA incl. other outflows ₹2,862 cr) absorbs essentially all post-rent cash (~₹1,700 cr). ICRA projects capex of ₹1,500–1,700 cr a year.

Working capital daysFY22FY23FY24FY25FY26
Debtor days1.51.52.41.30.9
Inventory days (COGS)122.7102.281.075.472.2
Creditor days (COGS)53.550.039.634.238.2
Cash conversion cycle70.753.743.842.534.9
Screener WC days42291615−2

[SA] ICICI: inventory days 58/52/46 and CCC 33/30/22 (FY24–26). CARE operating cycle 25 days (FY26) vs 27 (FY25). ICRA NWC/OI 6.3% (8.2% FY24). BRSR payable days 24.09 vs 21.36.

Ratios (consol.)FY22FY23FY24FY25FY26
RoE (owners)4.5%17.9%44.6% (31.4% norm.)32.5%27.6%
RoCE (Screener)7%12%24%31%28% (co. >29%)
RoCE [SA] (ICICI)——24.1%29.3%27.9%
ROIC1.5%6.4%17.0%24.1%22.9%
D/E incl. leases2.00x1.72x0.43x0.41x0.37x
D/E ex-leases0.21x0.19x0.12x0.09x0.07x → 0 post May-26
Debt/EBITDA7.9x4.0x0.9x0.8x0.7x
EBITDA/finance cost1.8x2.7x5.4x14.1x16.1x (CARE 21.82x)
Current ratio2.732.172.021.831.26 (~1.5x ex-NCD)
Asset turnover0.67x1.04x1.62x2.07x1.90x
Fixed-asset turnover0.96x1.82x4.81x4.31x3.54x
Inventory turnover3.98x4.36x4.85x5.46x5.34x

RoE alternatives: Screener 27.7%; ICICI SA 29.2%. ICRA's upgrade trigger (RoCE >25% sustained) has been met for two years. CARE's negative trigger is gearing >2x incl. leases (now 0.36x).

Debt instrumentAmountTerms / status
NCD INE849A08082₹500 cr5.78%; issued 31-May-21; redeemed 29-May-2026 (Reg. 57)
Proposed NCD₹500 crCARE AA+ (Stable) assigned 12-May-26 ("Complex"); board approved 26-Mar-26; no issuance found
Commercial paper₹500 cr limit (from ₹300 cr)CARE A1+; ICRA A1+; none outstanding evidenced
Fund-based WC limits₹285.01 cr (CARE); ₹350 cr (ICRA)Unutilised in the 12 months to Mar-26
Non-fund-based BG/LC₹65 crCARE A1+
Lease liabilities₹2,061 cr consol. / ₹2,008 cr SAThe only material obligations; no term loans; lenders not identified (CARE annexure unretrievable)
AgencyRatingLatestHistory
CAREAA+ (Stable) / A1+12-May-2026Same on 23-Nov-23, 22-Nov-24, 21-Nov-25
ICRAAA+ (Stable); A1+ (CP)7-May-2026AA+ since 16-May-22 (11-May-23, 10-May-24, 8-May-25)
CRISIL / India RatingsNone found——

Rating drivers: Tata Sons parentage (₹950 cr infusion in FY20), net cash, ~100% private label. Constraints: Booker/Star losses requiring "regular funding support", discretionary demand, competition. CARE (May-26) flags West Asia conflict "near-term demand pressure".

Equity dilution & share count

Share count (cr)
33.2335.5535.5553.32 FY15–19FY20FY21–26Jun-26 bonus
DateEventShares (cr)Dilution
FY15–19Steady state33.23—
Aug-2019 (FY20)Preferential: 2,31,70,731 sh at ₹410 to Tata Sons (≈₹950 cr)35.55+7.0%
FY21–26No QIP, preferential, warrants or rights; no buybacks ever35.550%
5-Jun-20261:2 bonus (first ever): 17,77,44,100 sh; postal ballot 96.45% for; record date 4-Jun (moved from 29-May)53.32Non-dilutive
22-Apr-2026ESOP 2026 pool: up to 8,88,700 sh pre-bonus (0.25%); shareholder approval 91.62%; extendable to group employees—≤0.25%
19-Jun-2026NRC grant: 11,13,500 options at ₹2,652; performance vesting; 1-yr exercise window. The grant exceeds the pre-bonus pool, which implies a bonus-adjusted pool of ~13,33,050 [Est.]. At CMP the options are in the money(+0.11 cr potential)~0.21%
Pending₹2,500 cr raise (enabling, 22-Apr-26; rights preferred; no launch found by 6-Oct-26). At CMP ~0.87 cr sh (+1.6%); at a 15–25% rights discount 1.02–1.16 cr sh (+1.9–2.2%) [Est.]—~1.6–2.2%
DividendDPS pre-bonus ₹DPS post-bonus ₹Outgo ₹ crPayout
FY221.701.136057%
FY232.201.477818%
FY243.202.131148%
FY255.003.3317811.5%
FY266.004.00213.29~12.4%

FY26 dividend: declared 22-Apr-26; record date 10/12-Jun (after the bonus record date), so reported as adjusted to ₹4 per post-bonus share; AGM 23-Jun; paid on/after 26-Jun-26.

Contingent liabilities & commitments (AR, ₹ cr)

ItemSA FY26SA FY25Consol. group FY26Share of JV/assoc.
Indirect tax1.550.453.384.78
Income tax32.4646.9879.07 (94.90)7.52
Claims against company9.299.069.29—
Claims not acknowledged as debt2.480.402.4823.56
Other———0.20
Total~45.78~56.89~94.22 [Est.]~36.06
Capital commitments76.81203.79111.80 (+18.53 JV)—

~₹46.6 cr of the income-tax contingency sits in subsidiaries (not split). A third-party figure of ₹97.88 cr (Anand Rathi) is on a different basis. Neither total exceeds ~1.4% of net worth. Key BS risks: lease commitments, outright-purchase inventory, and funding needs at Star/Booker.

Management, Promoters & Governance

AreaAssessmentKey point
PromoterStrongTata group 37.01%, flat; zero pledge; Tata Trusts–Tata Sons conflict is an overhang
Leadership transitionKey eventNoel Tata exits Nov-2026 (age 70); no successor named as of 6-Oct-26
ManagementStableMD Venkatesalu with Trent since 2008; no CXO exits in 3 years
BoardAdequate, thin4 of 8 independent (exactly 50%); interlocks with Noel Tata-chaired boards
Related partiesWatchTHPL limit ₹2,000 cr (FY26); Neville Tata runs Star; ITRIPL stake sold near book
AuditorCleanUnmodified FY26 opinions; no EoM; mandatory rotation to BSR from FY28
Promoter entity (Jun-26)%Shares (cr, post-bonus)
Tata Sons Pvt Ltd (~66% owned by Tata Trusts; SP group largest minority, ~18.4% reported)32.45%~17.30
Tata Investment Corp4.28%~2.28
Ewart Investments0.28%—
Total promoter (pledge 0%)37.01%~19.73
Noel N. Tata — Chairman since Mar-2014; on the board since 1998; first MD Jun-1999 to Aug-2010. Educated at the University of Sussex and INSEAD IEP. Irish citizen. Half-brother of the late Ratan Tata; son of Simone Tata (Trent founder); married to Aloo Mistry (daughter of Pallonji Mistry). Children: Leah (IHCL), Maya (ex-Tata Capital; Tata Medical Center Trust board), Neville. Other roles: Chairman of Tata Trusts (from 11-Oct-2024), Voltas, Tata Investment Corp, Tata International, THPL, Tata International West Asia DMCC; Vice-Chairman of Tata Steel and Titan; Tata Sons nominee director; Smiths Group plc director. As MD of Tata International (2010–21) he took revenue from ~US$0.5 bn to >US$3 bn. Under him Trent went from ₹2,334 cr revenue (FY14, ₹138 cr loss) to ₹20,074 cr (FY26). Birth year is reported as 1956 or 1957 (sources conflict). At the 74th AGM (23-Jun-26) he said it was his "last AGM as Chairman". The 70-year rule is a Tata group norm, not law, and does not apply to his Tata Trusts chairmanship.
DateTata Sons / Tata Trusts conflict
11-Oct-2024Noel Tata becomes Chairman of Tata Trusts
Oct-2025Mehli Mistry voted out as trustee; challenges this before the Charity Commissioner
11/12-Nov-2025SDTT inducts Neville Tata and Bhaskar Bhat as trustees (3 years); Venu Srinivasan named Vice-Chairman
Feb-2026Noel Tata seeks assurance that Tata Sons stays unlisted
Apr–May 2026Srinivasan and Vijay Singh back listing; their reappointments fail under the 2025 Maharashtra trusts ordinance; SRTT meetings blocked
12-Aug-2026Chandrasekaran says he won't seek another term (tenure ends 20-Feb-27)
11-Sep-2026RBI rejects Tata Sons' CIC-exemption application, effectively forcing a listing
17-Sep-2026Tata Sons board reappoints Chandrasekaran for 5 years, 4–1, Noel Tata dissenting; listing approved. Trusts call it "illegal"; litigation likely
20-Sep-2026Tata Trusts restate the reappointment is "void" (special-voting clause in Articles); ratification needed at the Tata Sons AGM (Bloomberg, reviewer web check)
Key managementRoleBackground
P. Venkatesalu (DIN 02190892)MD (since Oct-2024)SIIB Pune, CFA (ICFAI), Harvard AMP; TAS 2001; Tata Sons Group Finance; joined Trent 2008; ED & CFO to ~FY21; ED & CEO Oct-21. Nominee director on THPL, Booker, Trent MAS; director of ITRIPL, MD India, Nahar, Fiora. FY26 pay ₹14.77 cr (basic 2.93, perqs 3.27, PLI/LTIP-2022 8.43, retirals 0.15; no options); 420.91x median employee; +9.88%
Neeraj BasurCFO~23 years; ex-Group CFO Blue Star, CFO Max Bupa, SVP Max India; start date May-21 or Jun-22 (sources conflict)
Krupa AnandparaCompany SecretaryAuthorised KMP
Vinod KapoteCTOPer MarketScreener
Varsha AgarwalHead of Internal AuditAppointed Aug-2026
Shailina PartiCEO, WestsideBloomberg 20-Jul-26: up to 100 stores/yr; 400–500 AI-assisted designs/week; e-com target 10%
Neville N. TataCEO, Star Bazaar (since Aug-2024)Chairman's son; Bayes Business School; joined Trent 2016 (packaged foods, Zudio); SDTT trustee. AR: "Remuneration to director's relative" ₹2.33 cr (₹3.05 cr FY25) — the only listed relative of KMP, so [inferred] him
MD pay (Trendlyne)FY20FY21FY22FY23FY24FY25FY26
₹ cr2.72.13.35.47.113.514.8
YoY+11.9%−22.2%+59.7%+62.2%+31.0%+89.7%+9.9%
#DirectorCategorySinceBackground
1Noel N. TataChairman, NED, non-independent1998Retires Nov-2026
2P. VenkatesaluMD, executive~2016Re-appointed by rotation at 2026 AGM
3Harish R. BhatNED, non-independent2014BITS, IIM-A; TAS 1987; ex-MD Tata Global Beverages; Tata Starbucks, Croma
4Bahram N. Vakil (DIN 00283980)NED, non-independent23-Apr-2026AZB & Partners co-founder; Vice-Chairman of TICL; BASF India; ex-Voltas, L&T; 5.16% voted against
5Jayesh T. MerchantIndependentAug-2020 (Tofler 22-Jul-21)Ex-CFO Asian Paints; on TICL, Voltas, Kotak Trustee, Lenskart
6Ravneet Singh GillIndependent29-Dec-2021Ex-MD Yes Bank, CEO Deutsche Bank India; second term approved 2026
7Hema RavichandarIndependent29-Dec-2021Ex-Infosys HR head; Bosch, IHCL; second term — 12.66% (5.35 cr votes) against
8Kiran Mazumdar-ShawIndependent9-Apr-2024Biocon founder; term to ~Apr-2029

Board: 8 directors, 4 independent (50%, the LODR 17(1)(b) floor), 2 women. Exits: J. Holtzhausen (10-Aug-24), Bhaskar Bhat (30-Aug-24, age limit). 74th AGM (23-Jun-26, VC, 110 members holding 22.38 cr shares) passed all 7 resolutions: SA and consolidated accounts, ₹6 dividend, Venkatesalu re-appointment, Gill, Ravichandar, Vakil. NED commission FY26 (₹ lakh): Noel Tata 120, Merchant 90, Ravichandar 85, H. Bhat 80, Gill 70, Mazumdar-Shaw 50, "Given" 45 (total ₹5.40 cr). Unresolved: "Given" does not match any director in the board table above (possibly a part-year director); identity Not Available in inputs. Sitting fees ₹0.78 cr. KMP salary ₹23.24 cr.

Shareholding

Shareholding % — Promoter (gold), FII (red), DII (blue), Public (grey)
010203040 27.915.123.337.01 Jun-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26
% equityJun-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26
Promoter37.0137.0137.0137.0137.0137.0137.0137.01
FII/FPI27.8721.6819.718.416.815.615.5915.14
DII total13.1815.2517.218.520.021.522.423.3
— Mutual funds——11.8913.1213.5214.1913.9214.64
— Insurance——4.254.034.515.286.366.09
Public/others21.9526.0526.126.126.225.925.024.6
Shareholders (lakh)2.473.46—4.21—5.085.135.20
Pledge00000000

Jun-24/Dec-24 are Screener basis; the rest are Trendlyne (Screener Jun-26 DII 23.07, public 24.57/24.76). Sep-26 pattern not yet filed (due ~21-Oct-26); a "Sep-2026 FII 16.81%" claim actually matches Sep-25. FPI count went from 856 to 890 in Q1 FY27; institutions 38.41%.

Notable holder (Jun-26)%Note
Siddhartha Yog (Xander/Virtuous Retail)4.53% (24.14 mn sh)Bought from Dodona in Aug–Sep-24 blocks at ₹7,115–7,533 pre-bonus (₹649 cr, ₹718 cr, ₹808.5 cr)
LIC3.03%Insurance category 4.0% → 6.1%
ICICI Pru MF (BAF 2.59%)~2.57%ICICI Pru Focused sold 1.5 mn sh in Sep-26
Nippon India MF (Large Cap)2.37%Core holding
SBI MF (incl. Nifty 50 ETF 2.13%)2.17%Arbitrage book added in Aug-26
UTI MF1.41%UTI Large Cap top Sep-26 buyer (+0.33 mn)
Axis MF<1%Cut Large Cap −29.7%, Flexi Cap −31.1% (Aug-26)
R. Damani (Derive Trading)<1% (from 1.2%)Below 1% in Sep-25 quarter

Siddhartha Yog and LIC percentages are aggregator-reported (not from the filed pattern). MF schemes holding: ~532; 78.40 mn → 77.59 mn shares (Jul → Aug-26). Historical SAST exits: Arisaig 7.14 mn (Feb-22), Wasatch 7.28 mn (Nov-22).

Insider / blockPartyQtyPrice ₹Value
11-Jun-26Krutika Mehta (Sr Mgr Secretarial) — bonus credit then market sale117,1342,808.20₹32.9 cr
6-May-26Rajnikant A. Shah — trading plan (approved 10-Dec-25)5,0004,102.70 pre₹2.05 cr
9-Sep-25Rajnikant A. Shah2,5005,522.40 pre₹1.38 cr
6-Jan-26NSE blocks (undisclosed)——₹182.45 cr
13-Jul-26NSE block97,9852,896.60₹28.38 cr
6-Aug-26NSE block100,5843,073₹30.91 cr
~Sep/Oct-26NSE blocks150,548 / 66,9512,824 / 2,825.20₹42.51 / 18.91 cr

No promoter, director or KMP trades in FY26/FY27. Confirm trading-window compliance for the Mehta sale.

Related-party transactions — standalone FY26 (AR Note 39, ₹ cr; FY25 in brackets)

CounterpartyRelationTransactions
Tata SonsInvesting party 32.45%Purchase/services 46.63 (38.14) — consistent with the brand fee (0.25% of revenue = ₹49 cr [Est.]); dividend paid 57.67; payable 26.71
THPLJV 50%Sales 840.79 (866.71); purchases 253.12 (265.60); equity subscription 87.34 (27.51); receivables 19.28; payables 24.90; material RPT limit ₹2,000 cr FY26 (₹1,133.55 cr FY25; ₹912.37 cr FY24)
Trent MAS FashionJV 50%Purchases 66.20; subscription 5.00 (9.00); impairment 3.35
ITRIPLAssociate 20%Dividend 32.00; buyback proceeds 146.35 (FY25 105.08)
Massimo Dutti IndiaAssociate 20%Dividend 1.80
Fiora Business SupportSub 100%Services 290.26 (229.75); dividend 20.00; payables 65.57
Fiora HypermarketStep-down subSales 137.76; purchases 45.06; PPE sale 0.72
Booker IndiaSub 51%Sales 1.15; purchases 43.06; FY25 subscription 97.31
Nahar RetailSub 100%Loan 161.00 (ICD 7.75%, ≤3 yrs, on-lent to Netria); subscription 76.49; interest 6.48; PPE sale 2.12
Netria PropertyStep-down subPPE sold by Trent 167.42; recoveries 12.01
Trent Global Holdings / UAE LLCSubsSubscription 14.90; UAE sales 43.31 (17.31); receivable 28.02
Trent FoundationSubCSR 2.33
VoltasTata groupPPE purchase 130.75 (118.78); purchases 10.73
Tata Unistore / Digital / AIG / Comms / Power / TCSTata group30.88 / sales 23.48 (+3% CCPS 31.11) / 19.55 / 11.73 / 6.99 / 6.65
Tata InternationalTata groupInterest 9.20 on 9.20% perpetual NCD of 100
Air India / TICLTata groupSales 9.18 / dividend paid 7.60
Gratuity trustEmployee trustContribution 60.34 (9.35)

Consolidated Note 39 adds: THPL purchases 404.41 (477.48), PPE 9.27; Voltas PPE 131.63; Tata Consumer purchases 1.96; plus TATA 1mg and Solutions Infini. Other RPTs: THPL Support Services sold by THPL to Booker for ₹166.36 cr (Mar-25). ITRIPL: Aug-24 buyback 49% → 34.94% (₹105.08 cr; ~1.40 lakh sh); 21-Nov-25 Trent tendered 94,900 sh at ₹15,421.85 = ₹146.35 cr → 20% (carrying value ₹230.44 cr, 4.22% of NW). AR share counts (1,77,520 → 82,620) imply 5.08 lakh ITRIPL shares pre-buyback with Inditex not tendering, so implied equity ≈₹783 cr: ~1.2x book, ~2.6–3.8x PAT [Est.]. ~₹251 cr received for 29 pp. Massimo Dutti: 29% sold for ₹20.75 cr (Mar-25).

Subsidiaries & JVs (AOC-1, ₹ cr)

EntityHoldingTurnover FY26 (FY25)PAT FY26 (FY25)
Nahar Retail100%30.46 (26.40)0.26 (1.55)
— Netria Property100% via Nahar7.26−0.92
Trent Global Holdings consol.100%66.70 (25.43)−15.32 (12.79)
Fiora Business Support100%298.93 (242.81)17.05 (18.29)
Booker India consol.51%462.48 (506.34)3.43 (−29.74)
Trent Foundation100%nil−0.08
THPL (JV)50%2,773.55 (2,699.33)−129.47 (−71.46)
Trent MAS (JV)50%82.83 (0.32)−3.15 (−18.45)
ITRIPL (assoc.)20.00% (34.94%)2,767.75 (2,839.50)204.08 (299.47)
Massimo Dutti (assoc.)20%128.93 (101.23)11.69 (10.19)

8 subsidiaries, 2 JVs, 2 associates; no material subsidiary. Fiora Online merged (NCLT 17-Nov-25; 30,44,744 sh issued). FY25: Fiora Hypermarket turnover ₹228.9 cr, NW ₹64.0 cr; Fiora Online ₹110.1 cr, NW −₹12.5 cr.

YearDealOutcome
1998Littlewoods store → Westside~311 stores; worked
2004Star Bazaar launchedPersistently loss-making
2005–08Landmark bookstores 76% → 100%Failed as books; repositioned (Misbu)
2009/2011Zara, Massimo Dutti JVs with InditexProfitable; cut to 20% near book
2014Tesco buys 50% of THPL (~£85m)Still loses ₹129 cr/yr
2016Zudio>1,000 stores; big success
2018–1951% Booker India (~₹22 cr)Marginal; needed funding
2020 / 2023Commonwealth Developers (reported) / Trent MAS JVAbsent from FY26 AR / early stage
2024–26Zudio UAE; Burnt Toast; Netria; Utsa cut to 4Early / watch / pruning

Auditor

ItemDetail
Statutory auditorDeloitte Haskins & Sells LLP (FRN 117366W/W-100018; partner Kedar Raje); since 2017 AGM; term ends 2027 AGM
SuccessorB S R & Co. LLP recommended 6-Aug-26 for FY28–FY32 (mandatory rotation)
FY26 opinionUnmodified SA and consol.; no qualification; no emphasis of matter; IFC unmodified; signed 22-Apr-26
KAMs (SA)Inventory existence/valuation (₹2,177.87 cr); IT controls; impairment of THPL (₹841.29 cr) and Booker (₹348.52 cr) investments. Outcome: no impairment booked on THPL or Booker despite THPL's loss widening 81%; only ₹3.35 cr on Trent MAS
KAMs (consol.)Inventory (₹2,199.53 cr, 18.75% of assets); IT systems
Other matter4 subs audited by others (assets ₹415.31 cr); 2 associates (share ₹70.35 cr)

Governance red flags

#ItemSeverity
1Chairman succession during Tata Sons–Trusts disputeMedium
2Chairman's son runs loss-widening Star (₹2.33 cr pay [inferred])Medium
3AGM dissent: 12.66% Ravichandar, 5.16% Vakil, ~8.4% ESOPLow–Med
4Board independence at 50% floor; interlocks (TICL, Voltas)Low–Med
5BSE/NSE penalty intimations; GST orders (Gujarat, Jaipur, Raipur, Pune), CBIC fine (FY25; amounts not extracted)Low
6ITRIPL stake sold near book; Netria real-estate vehicleWatch
7No public earnings calls or transcriptsWatch
8SEBI/MCA action; pledge; auditor resignationNone found

Supply Chain

↑ Upstream — what Trent depends on

Finished goods from third-party vendors: wovens, knits, ethnic, denim, kidswear, innerwear (part via the Trent MAS JV), footwear, beauty (contract formulators), home, accessories, LGD jewellery. For Star: produce from ~2,000 farmers, staples, and FMCG (branded and private-label packers). Services: leases (partly revenue-share), logistics, RFID, IT/AI, grid power.

BRSR metricFY25FY26
Inputs sourced in India (value)90.54%95.12%
Implied imports~9.5%~4.9%
From MSMEs17.29%11.39%
Trading houses % of purchases5.39%7.40%
Number of trading houses1,7881,924
Top-10 trading houses % of TH purchases64.47%37.09% (~2.7% of total)
Related-party share of purchases0.04%0.06%
Payable days21.3624.09

Westside imports ~20%; Zudio sources "nearly all" in India. Country of origin is not disclosed. No merchandise vendor is named. Likely clusters (inferred): Tiruppur knits, Bengaluru/NCR/Mumbai wovens, Jaipur/Surat/Ahmedabad ethnic. A falling MSME share points to vendor consolidation. Single-source pockets: Trent MAS (innerwear), Tata Neu/CliQ (Westside online), beauty formulators, landlords.

InputMove (2026)Pass-through
Cotton Shankar-6₹52,000/candy (1-Mar) → ₹63,000 (6-Apr, +21%) → ~₹55,500 (Sep)Lagged via vendor renegotiation
Polyester fibre / PV yarn₹101 → ₹131/kg (+30%) / ₹218 → ₹235/kg (+8%)MMF GST cut to 5% helps
Labour (vendors)West Asia conflict hit supplier labour availability"Calibrating price architecture"
Own costsStaff 27,887 → 31,226; grid power +42%RFID, variable rent

Gross margin still rose 171 bp (Q4 FY26) and 150 bp (Q1 FY27, to 46.6%). The sub-₹999 ceiling limits headline price hikes. Bangladesh land-port ban (17-May-25) caused 2–3 week delays and ~25% lower supply in sub-₹1,000 categories.

↓ Downstream — who depends on Trent

ChannelShare
Physical stores~98–99% of SA revenue [Est.]
Westside online (westside.com, Tata Neu, Tata CliQ)~6% of Westside ≈ 1.5% of SA
Zudio onlineNone (deliberately offline)
Star online (StarQuik)Not disclosed

B2C; no customer concentration; sales to dealers "Not Applicable"; collection in 1–2 days. B2B exceptions: Booker cash-and-carry, Zudio SIS in Star, franchise stores, UAE exports (0.21%). Customer grievances rose to 301,943 (from 224,715, +34%); 36 carry-bag cases pending; zero recalls. Stickiness comes from brand and price architecture, cluster density, fast refresh and the Westside loyalty/Tata Neu link, but consumer switching costs are near zero. Leases: tenors not disclosed (industry norm 9–15 years with 3–5 year lock-ins); Tesco JVs in place since 2014.

Value chain: cotton/polyester → spinners/mills (price-takers) → ~95%-India contract manufacturers (1,900+ trading houses; SMETA 93%) → Trent (design, buying, DCs, ~600 mn units [Est.], GM 44.5–46.6%) → Zudio / Westside / online / incubation formats → Indian consumer. Parallel grocery chain: farmers + FMCG → Bengaluru repack → Star (GM ~18%, EBITDA negative).
PlayerPricing power
TrentStrongest — 100% own-label sets retail price; scale buyer; does not squeeze vendor credit (24 days)
Vendors/millsWeak — fragmented, replaceable, fibre price-takers
ConsumersHigh elasticity in value; caps pass-through
LandlordsModerate — prime Tier II/III sites contested; variable rent shares risk
Star (grocery)Low vs DMart/quick-commerce; 74% own-brand is the lever

Competitive Position

Trent is #1 among listed pure-play fashion retailers by revenue, profit and market cap. Its share is ~2.1% of a ₹9.3 lakh cr apparel market (FY25), ~5.2% of organised (41%), and ~1.7%/~4% on an apparel-only basis [Est.; mixes FY26 revenue with FY25 market]. Reliance's fashion arm (Trends 2,500+ stores, Yousta, Ajio, Shein) is larger in absolute terms. Management cites ~2% share.

Industry sourceSizeProjectionCAGR
CareEdge (Jan-26)₹9.30 lakh cr (~US$112 bn) FY25~₹16 lakh cr (US$176–193 bn) FY3010–12% ahead (7% FY18–25)
IMARCUS$88 bn 2025US$117 bn 2034~3.2%
Mordor/KenUS$110 bn 2025US$191 bn 20319.6%
Market Research OutlookUS$115.5 bn 2025US$218 bn 20329.6%
Redseer (aspirational retail)₹68–72 tn CY23₹104–112 tn CY28~9%

Organised is ~41% (→60%+ by FY30); e-commerce ~22% of organised (→25%); sub-₹2,500 products are ~2/3 of sector revenue.

Peer (FY26)Mcap ₹ crRevenueGrowthEBITDA%PAT%RoEP/E FY26P/E TTMEV/EBITDAMoat
Trent @ ₹2,8771,53,41120,074+17.2%18.7%8.6%27.6%89.2x84.8x41.4xOwn-brand engine, Tata
DMart~2,33,35468,821+15.9%7.5%4.3%12.9%78.6x76.3x~45xOwned stores, EDLP
Vishal Mega Mart47,12912,906+20.4%14.6% (adj. 10.2%)6.5%~12%56.2x52.8x~25xTier III, 75% PL, SSSG 11%
V-Mart5,9373,789+16%13.5%3.3%~12%47.9x~43x~14xEast/North Tier III/IV
ABLBL9,0628,396+7.2%17.0%2.0%14.9%53.0xn.a.~8.5xMenswear brands
ABFRL5,6898,177+11.2%11.8%−10.2%neg.n.m.n.m.~12xPantaloons; OWND loss
Shoppers Stop4,3955,043+9.0%14.8%−0.7%−6.4%n.m.n.m.~10xFirst Citizen; Intune sub-scale
Go Fashion1,639838−1.2%28.6%7.0%8.5%27.8x30.7x~9xCategory specialist

Trent row recomputed at CMP (EV ₹1,55,043 cr). DMart mcap is implied from its EV calculation. Peer EV/EBITDA for VMM and V-Mart is approximate (estimated leases).

PeerKey operating data
DMartFY26 SA revenue ₹66,968 cr (+15.9%), EBITDA ₹5,255 cr (7.85%), PAT ₹3,224 cr; 500 stores (+85); LFL 8.1%. Q1 FY27 ₹18,795 cr (+14.9%), PAT ₹860 cr; 503 stores
Vishal Mega MartFY26 EBITDA ₹1,884 cr (adj. ₹1,321 cr), PAT ₹839 cr (+32.8%); 795 stores (205 Tier I / 189 Tier II / 401 Tier III), 13.45 mn sq ft. Q1 FY27 ₹3,727 cr (+18.7%), PAT ₹259 cr, SSSG 10%, 819 stores in 559 cities; PL 75.2%; apparel ~44% of FY24 sales; promoter 40.1%
V-MartFY26 EBITDA ₹513 cr; PAT ₹124 cr (+171%); SSSG 5% (Q4 12%); 577 stores (+92). Q1 FY27 ₹1,089 cr (+23%), SSSG 9%, 600 stores; FY27 guide 15–20%
ABLBLEBITDA ₹1,429 cr (+90 bp); PAT ₹171 cr (₹209 cr normalised); net debt ₹726 cr; 3,300+ stores
ABFRLEBITDA ₹967 cr (+28%); loss ₹830 cr; ad spend ₹707 cr. Pantaloons ₹4,560 cr (16.2% segment margin); TMRW ₹876 cr (+34%; margin −23.8%); Ethnic ₹2,227 cr; OWND 79 stores
Shoppers StopSA ₹4,708 cr; loss ₹36 cr; LFL 4.7%; CFO ₹301 cr. Q1 FY27 ₹1,536 cr, PAT ₹5 cr, 288 stores; Intune ₹82 cr (LFL 10%)
Go FashionEBITDA 28.3%; PAT ₹59 cr (−37%); 802 EBOs; SSSG −3.6% (9M); buyback done
Unlisted / otherLatestNotes
Reliance Retail₹3,70,026 cr FY26 (+11.8%); EBITDA ₹27,034 cr20,169 stores; Trends 2,500+ in 1,000+ cities; Yousta (55 stores Oct-24, 1,000 target); Shein India ~0.65 mn MAU
Lifestyle Intl (Max)₹11,766 cr FY25 (+4.9%); PAT ₹415 crMax ~530 stores; closest Tier II rival
Zara India (20% assoc.)₹2,749 cr (−1.1%); PAT ₹204 cr (−32%)20/22/25 stores (sources conflict)
H&M India₹3,595 cr FY25 (+9.6%)Uniqlo is the breakout
Myntra₹6,043 cr FY25 (+18%); PAT ₹548 crM-Now 30-minute delivery
MeeshoQ1 FY27 ₹3,713 cr (+48%); loss ₹133 crNMV +34%; sub-₹500 unbranded
NEWME, SnitchSmallNEWME 50 stores by Dec-26
vs peerTrent strongerTrent weaker
RelianceProfitability, Zudio recall, speedCapital, real estate, 1,000+ cities, omnichannel, Shein
DMartMargin 18.7% vs 7.5%; RoEOwned stores; LFL 8.1%; grocery traffic
VMMMargin, RoE, brandSSSG 10–11% vs Trent LSD; 559 cities; ~40% cheaper EV/EBITDA
V-MartMargins, design, balance sheetSSSG +9% Q1 FY27 (+12% Q4); cheaper
ABFRL / ABLBLProfitable; ~1,000 Zudio vs 79 OWND; growthBrand breadth; menswear above ₹2,500; MBO reach
Shoppers StopZudio ~40–45x Intune revenueDept-store LFL 4.7%; beauty partnerships
Myntra/MeeshoPhysical try-and-buy, no returns costOnline growth; Zudio has no e-com/q-com
Porter forceIntensityComment
New entrantsMed-HighLow capital per box; Reliance/Shein/NEWME/Landmark
Supplier powerLowFragmented; US-tariff-hit exporters seek domestic orders
Buyer powerHighZero switching costs; price-elastic
SubstitutesMed-HighUnorganised 59%; Meesho; quick fashion; thrift
RivalryHigh, risingAll chase Tier II/III youth; sector LFL compressing
PolicyDateImpact
GST 2.0 garments: ≤₹2,500 at 5%; >₹2,500 at 18%22-Sep-25Zudio neutral; Westside positive (passed on); Zara negative
GST on MMF fibre 18→5%, yarn 12→5%22-Sep-25Fixes inverted duty; vendor cost tailwind
Labour codes21-Nov-25₹25.8/26.1 cr exceptional; recurring cost undisclosed
QCO withdrawals (PFY, VSF)Nov-25–Jun-26Cheaper synthetic inputs
US 50% tariff on textiles27-Aug-25Vendor leverage up; cluster employment down
Bangladesh land-port ban17-May-25Transitional supply shortfall
Textiles PLI ₹10,683 crOngoingExpands MMF supply base

Moat durability: medium and eroding at the margin. Margins expanding and rival value formats loss-making (OWND, Intune) vs LFL low single digit for 6+ quarters and revenue per sq ft down for 6+ quarters. Fake "Zudio franchise" scams (up to ₹65 lakh lost) are a reputational nuisance.

Risks & Red Flags

#RiskCat.Sev.ExplanationMitigant
1Cannibalisation / falling store productivityExecutionHighFY26 area +30% vs revenue +18%; rev/sq ft −16.1%/−11.6%/−12.2%/−8.4% (Citi, Q3FY26–Q2FY27)New stores mature in 12–24 months; Q2 decline narrowed
2Persistently weak LFLBusinessHighLSD for 6 quarters (Q3FY26 negative); peers VMM 10–11%, V-Mart 9%Q2 +23% despite festive shift; Q2FY26 base soft
3Valuation de-ratingFinancialHigh84.8x TTM, 70.6x FY27E; 3–4 pt revenue misses have caused 8–19% one-day fallsRoE 27.6%; DII support
4Value-fashion competitionBusinessHighReliance Yousta/Trends/Shein, Max, VMM, V-Mart, OWND, Intune, D2CCost leadership; rivals loss-making
5Store-add under-deliveryExecutionMed-HighH1FY27 net 11 W / 36 Z vs ~50 / 200–250 guidance; Westside 50 vs 100 messagingFY26 met on a full-year basis (back-ended)
6Discretionary slowdownMacroMed-High"Calibrated" demand; West Asia; tariffsTrade-down; GST/income-tax cuts
7Star/THPL losses and capital drainFinancialMedium−₹129.47 cr (+81%); 25–40 stores/yr and real estate plannedTesco shares 50%; 74% own-brand
8Chair transition / Tata conflictGovernanceMediumExit Nov-26, no successor; contested group politicsLong-tenured MD; stable 37%
9Related party / family opticsGovernanceMediumNeville Tata runs Star; ITRIPL sold near bookAudit committee; disclosed
10Low true FCF / capital intensityFinancialMediumFCF after leases ₹108 cr / −₹65 cr; ₹2,500 cr raiseNet cash; AA+
11Input-cost inflationBusinessMediumCotton +21%, polyester +30% (Mar–Apr-26); sub-₹999 ceilingMix; GST MMF cut; vendor leverage
12Margin-lever exhaustionBusinessMediumRFID gains "largely realized"; Citi provision-reversal pointMix, lower discounting
13Online / quick-commerce disruptionBusinessMediumM-Now, Meesho +34% NMV; Zudio offline onlyPhysical ~78% of organised
14Rental inflation / lease riskBusinessMediumRivals bid for the same high streets; leases ₹2,061 crVariable rent; anchor-tenant status
15Key-person dependenceExecutionMediumSmall Zudio leadership teamProcesses; Tata depth
16Equity dilutionFinancialLow-Med₹2,500 cr ≈1.6% of mcap; ESOP ~0.21%Rights preferred; Tata likely subscribes
17Labour codes / wagesRegulatoryLow-Med₹26 cr one-off plus recurringAutomation
18Sourcing / trade policyRegulatoryLow-MedBangladesh ban; anti-dumping95% domestic
19Inventory / fashion riskBusinessLow-MedOutright buying; markdowns>365-day stock fully provided; RFID
20ESG (textile waste, vendor labour)ESGLow-MedFast-fashion scrutiny; EPRSMETA 93%; BRSR assurance
21GST threshold changeRegulatoryLow₹2,500 slab could moveZudio <₹1,000
22UAE / incubation lossesExecutionLowUAE −₹13.56 cr; Utsa cut; MAS JV impairment ₹3.35 crTest-and-learn
23Associate erosion (Zara)FinancialLowShare of profit 104.63 → 68.06Non-core
24Tax / litigationRegulatoryLowIncome-tax contingency ₹32.46 cr SA / ₹79.07 cr group; GST orders<1.5% of NW
25Brand misuse (franchise scams)BusinessLowFake Zudio franchise sitesNo public franchising
ScreenStatus
Rising debtNo — debt-free ex-leases after 29-May-26
Margin deteriorationNo at EBITDA; PAT growth lags (D&A +52%, other income down)
Productivity declineYes — key flag
SA vs consol. gapReconciled — ₹246.49 cr; one-off gains flatter SA
Auditor concernsNone
Promoter selling / pledgeNo
FII exodusYes — 27.87% → 15.14%
DilutionPending — ₹2,500 cr enabling; ESOP 2026
Cash conversionAmber — rent-adjusted ~1.0x PAT in FY26, below 1x in FY23–25

Commentary, Guidance & Sentiment

Trent holds no quarterly earnings calls and publishes no transcripts (~30 analyst meets in FY26; group meet 12-Aug-26). "Concall" content is drawn from presentations, press releases, AGMs, business updates and broker notes.

QuarterGrowth / marginManagement wordsBrokers / stock
Q4 FY25 (4/29-Apr-25)+28% (vs ~35% expected); 765 Z / 248 W—−19.3% intraday to ₹4,488 pre (7-Apr, US tariff crash)
Q1 FY26 (AGM 3-Jul-25; 6-Aug-25)+20%; margin +~240 bp; LFL LSD"Around 20%"; ~25% CAGR sustainable; 200+ stores; LFL low-to-mid single digit−7% to −12%; Nuvama to Hold (₹5,884 pre)
Q2 FY26 (6-Oct / 7-Nov-25)+17%; 17.2% (+134 bp); GM −44 to −88 bp; Op. EBIT 10.2%"Continuing competitive intensity"; rains; GST transitionCiti to Sell; GS EPS cut; −6.8% to ₹4,311 pre
Q3 FY26 (5-Jan / 4-Feb-26)+16%; 20.4% (+194 bp); LFL marginally negativeFestive-shift; pivot to North/East−8% on update; HDFC to Add; RFID gains "largely realized"
Q4 FY26 (22-Apr-26)+20.2%; 18.6% (+242 bp); GM 44.3% (+171 bp)LFL "muted near term"; growth "not structurally dependent on LFL"; 30–40 W, 180–190 ZBonus, ₹6 DPS, ₹2,500 cr raise; −3.7%
AGM 23-Jun-26—"Last AGM as Chairman"; 10x vision (2.5x run-rate); ~50 W/yr (700 LT); 200–250 Z/yr (5,000 LT); 25–40 Star+4.2% to ₹3,273
Q1 FY27 (6-Jul / 6-Aug-26)+18.5%; 19.6% (+210 bp); GM 46.6%; LFL LSD"Discretionary demand remained calibrated"; cluster-level share−12% to ₹2,942 (7-Jul); 14 houses raised targets
Q2 FY27 (5-Oct-26)+23% (₹5,788 cr); H1 +21%Zudio crosses 1,000; 1,342 stores+10% band; high ₹2,909; MS "strong beat"; Citi Sell ₹2,950, adds "below expectations"

Guidance vs outcome

GuidanceOutcomeVerdict
~25% revenue CAGR (AGM 2025)20/17/16/20/19/23% quarterly; FY26 +18.2%Missed ×6
Q1 FY26 "around 20%"+20% (business-update basis)Met
200+/250+ stores FY26250 net (272 gross); 109 Zudio in Q4 aloneMet, back-ended
LFL low-to-mid single digitLSD, LSD, negative, LSD, LSDBottom/missed
Low double-digit LFL over the medium term (management target)Low single digit for six quartersFar off
Star 110–120 stores by FY2684 (Mar-26), 86 (Jun-26)Missed
~50 W, 200–250 Z per year (AGM 2026)H1 FY27: 11 W, 36 ZAt risk
Margins protected+134/+194/+242/+210 bpDelivered
FY26 capex ₹1,200–1,300 cr₹1,713 cr SAExceeded
Incubation "2–3 years"No scale disclosures; Utsa cutOpaque
10x revenue (AGM 2023)~2.5x run-rate (mgmt); FY26 ≈2x FY23Untestable

Tone: candid reset (Jul-25) → cautious, external attribution (Nov-25) → defensive on demand (Feb-26) → confident on capital (Apr-26) → visionary (Jun-26) → measured (Aug-26). Recurring pattern: a different external reason for weak LFL almost every quarter; cannibalisation acknowledged by brokers, not by management (MOSL relays "easing").

Analyst Q&A themes that reveal hidden risk

  1. Cannibalisation and rev/sq ft erosion (Citi, Goldman, ICICI) — the core bear case.
  2. Value-fashion competition: Yousta, Style Up, Intune, V2, V-Mart, Ajio; no switching costs.
  3. Margin-lever exhaustion (HDFC, Q3 FY26).
  4. Store-pipeline execution; repeated H1 under-delivery (Citi, Q2 FY27).
  5. Star economics and "reconfiguration"; a use of the ₹2,500 cr raise.
  6. Capital-raise intent "beyond India"; no ROCE target for new capital (Exencial).
  7. Governance and succession amid the Tata Sons/Trusts fight (Bloomberg, 30-Sep-26).
  8. Valuation asymmetry: P/E ~200x (Sep-24) → 60–90x; 3–4 pt misses cause 8–12% falls.
Revenue per sq ft, YoY (Citi estimates)
0% −16.1%−11.6%−12.2%−8.4% Q3FY26Q4FY26Q1FY27Q2FY27

ICICI estimate for Q4 FY26: ~−6%. The Q1 FY27 −12.2% is attributed to Citi (heard/narrative) and to KSL (market input). Revenue per store: ~−11% (Q3 FY26), ~−5% (Q1 FY27).

Broker rating changes (12 months)

DateHouseActionTargetReason
10-Nov-25CitiDowngrade to Sell7,150 → 4,350 preModerating growth, competition
10-Nov-25GS / Jefferies / MSNeutral / Hold / OW kept4,920 / 5,000 / 5,456 preWeak EBIT, LFL; 17% "multi-quarter low"
~6-Jan-26HDFC SecuritiesUpgrade Reduce → Add4,700 pre~50% drawdown
10–13-Jan-26MacquarieOutperform4,900 preWeakness cyclical; ROCE 30.7%
5-Feb-26Antique / Axis / Jefferies / MSTargets cut5,700→4,792; 5,100→4,430; 4,600→4,575; 5,456→4,963 preModerating growth
6-Apr-26GoldmanNeutral4,110 → 4,080 preLFL 3–4%; Zudio overlap; RM inflation
16-Apr-26HSBCBuy5,300 → 4,800 pre~200 Zudio adds
22–23-Apr-26Citi / Nuvama / othersSell 4,100; Hold 4,543→4,828; resets higherpre-bonusQ4 Op. EBITDA +40–44%
6-May-26GeojitUpgrade Hold → Buy4,712 pre—
17-Jun-26CitiSell (CEO tour)2,733 postDemand healthy; valuation
Apr–Aug-26NuvamaUpgrade Hold → Buy3,219 → 3,591 postMargin surprise
6–7-Aug-2614 housesMostly raisedMS 3,151→3,406; UBS 3,633→3,800; Citi 2,733→2,950; GS 2,886→3,000; Axis 3,340→3,640; MOFSL 3,500→3,775Margin beat
6-Oct-26Citi / MS / HSBC / MacquarieReiterated2,950 / 3,406 / 3,390 / 3,600Growth to 23%

Bonus conversion (×2/3): Citi 4,100 → 2,733; Jefferies 4,675 → ~3,117; HDFC 4,500 → 3,000; MOFSL 5,250 → 3,500; GS 4,330 → 2,886; UBS 5,450 → 3,633; Nuvama 4,828 → 3,219. Bernstein's "cut" from 5,000 to 3,500 is really a raise (5,000 pre = 3,333 post). Pre-window: GS downgraded Buy → Neutral (6,970 → 5,500) on cannibalisation (2025); UBS upgraded (4,650 → 6,200, early 2025); Macquarie initiated at 7,000 (28-Mar-25).

Stock moves

DateMoveTrigger
14-Oct-24ATH ₹8,345.85 pre~200x trailing P/E
30-Jun-2552W high ₹6,259 prePre-AGM rally
CY2025−41% to −42%First calendar-year decline in 12 years
30-Mar-26Low ₹3,276 pre (₹2,185 post)Macro, FII outflows
6-Apr-26+6%Q4 +20%; ~+30% in a month
17-Jun-26+5–7%Citi tour "demand healthy"
6-Jul-26₹3,343 close (52W high ~₹3,399.7)Bernstein Westside note
7-Jul-26−12% to ~₹2,931–2,942Q1 +19% vs 22–23% expected
Aug–5-Oct-26~₹3,070 → ₹2,575Cause not established; MF trimming; retail interest −40% (INDmoney)
6-Oct-26+10–12.75% to ₹2,832–2,909Q2 +23%

Forums: ValuePickr (thread 26168) holders are long but disillusioned (flat SSSG, Star, ₹2,500 cr raise, CFO/EBITDA <70%, Westside 50-vs-100). INDmoney user investment −41.7%, search −39% (Aug–Sep-26). Bears: Kohli Substack (10-Jul-26), DSIJ, InvestingPro; SBICAPS "avoid fresh buying" (undated). Reddit/X not accessed.

Growth, Outlook & Valuation

No order book (B2C retail). Substitutes are the store pipeline, area growth and LFL.

PipelineGuidanceFY27 to dateH2 needed
Westside~50/yr (AGM); "up to 100" (Westside CEO); 700 LT11 net~39
Zudio200–250/yr; 5,000 LT36 net164–214
Star25–40/yr+5 opened in Q1 (net +2: 84 → 86)20–35 (on openings)
CapexICRA ₹1,500–1,700 cr/yr——
₹2,500 cr raiseStore upgrades; brands/categories/geographies; supply chain & automation; digital/AI; Star + retail real estateNot launched—
12-month catalysts: Q2 FY27 results (~early Nov-26: LFL, GM, Star); chair succession (Nov-26); Q3 FY27 update (~early Jan-27, festive quarter); Sep-26 shareholding (~21-Oct: FII stabilisation?); mode and pricing of the ₹2,500 cr raise; H2 store delivery.
3–5 year drivers: Zudio to 5,000 stores and North/East; Westside acceleration and online to 10%; beauty/innerwear/footwear (>21%); Star scale-up; international (UAE test); 10x revenue vision; organised share 41% → 60%.

Consensus estimates (post-bonus)

MetricFY26AFY27EFY28E
Revenue (MarketScreener, 27 analysts)20,07424,246 (+20.8%)29,175
Revenue range (Yahoo/LSEG)—23,489–26,38827,557–33,052
EBITDA3,7454,5475,557
Net income1,7202,174 (+26.4%)2,682
EPS ₹32.2540.7350.28
P/E @ ₹2,87789.2x70.6x57.2x
P/E @ ₹2,57579.8x63.2x51.2x
ICICI Direct EBITDA (margin)—4,504 (18.7%)5,684 (19.1%)

MOFSL FY26–28E: revenue / pre-Ind AS EBITDA / adj. PAT CAGR 21%/22%/11%. ICICI: 23%/25%/22–23%. In Apr-26 the stock traded at 72x FY27E / 60x FY28E (CNBC-TV18). Yahoo's EPS of 59.5/72.8 is on the pre-bonus count.

Multiples vs history

Consol.FY24FY25FY263-yr avgNow @ ₹2,877vs avg
Price (post-bonus)~2,632~3,541~2,197—2,877—
P/E94.4x122.0x68.1x94.9x84.8x TTM−11%
P/B34.5x34.6x16.8x28.6x22.0x−23%
EV/EBITDA post-11671.6x67.4x31.7x56.9x39.5x−31%
P/S11.3x11.0x5.8x9.4x7.3x−22%
Dividend yield0.08%0.09%0.18%0.12%0.14%—

Brokerage targets (post-bonus)

Target distribution vs CMP ₹2,877 (gold line) and 5-Oct close ₹2,575 (grey)
Citi (Sell)Goldman (Neutral)HDFC Sec (Add)Kotak (Reduce)Jefferies (Hold)IIFL (Add)Geojit (Buy)Joindre (Buy)HSBC (Buy)Morgan Stanley (OW)Systematix (Hold)Bernstein (OP)Elara (Acc.)Ambit (Buy)Nuvama (Buy)Macquarie (OP)Axis (Buy)MOFSL (Buy)UBS (Buy)ICICI Dir. (Buy)Antique (unverified) ₹2,877₹2,575₹2,000₹4,455
HouseRatingTarget ₹Datevs ₹2,877vs ₹2,575Thesis
CitiSell2,9507-Aug / 6-Oct-26+2.5%+14.6%Rev/sq ft; competition; cannibalisation
Goldman SachsNeutral3,000~7-Aug-26+4.3%+16.5%LFL 3–4%; RM inflation
HDFC SecuritiesAdd3,000pre-Q1+4.3%+16.5%Upgraded Jan-26
Kotak IEReduce3,025 (FV)7-Jul-26+5.1%+17.5%Rev/sq ft; Star
JefferiesHold3,11012-Jun-26+8.1%+20.8%Store-led growth
IIFLAdd3,140Aug-26+9.1%+21.9%Valuation-aware
GeojitBuy~3,1416-May-26+9.2%+22.0%4,712 pre-bonus
JoindreBuy3,3574-Sep-26+16.7%+30.4%—
HSBCBuy3,3906-Oct-26+17.8%+31.7%Runway; Star scale-up
Morgan StanleyOW3,4066-Oct-26+18.4%+32.3%"Strong beat"
SystematixHold3,500Aug-26+21.7%+35.9%—
BernsteinOP3,50017-Jul-26+21.7%+35.9%Westside next engine
ElaraAccumulate3,500Aug-26+21.7%+35.9%—
AmbitBuy3,520–3,536Aug-26+22.9%+37.3%—
NuvamaBuy3,591~7-Aug-26+24.8%+39.5%Margin surprise
MacquarieOP3,6006-Oct-26+25.1%+39.8%Weakness cyclical
Axis SecuritiesBuy3,640Aug-26+26.5%+41.4%—
MOFSLBuy3,7756-Aug-26+31.2%+46.6%LFL recovery
UBSBuy3,800Aug-26+32.1%+47.6%Supply chain, runway
ICICI DirectBuy3,86226-Jun-26+34.2%+50.0%FY28E EBITDA 5,684
AntiqueBuy4,455 (unverified)Aug-26+54.8%+73.0%May be stale/unadjusted
Median / mean / mean ex-Antique—3,500 / 3,441 / 3,390—+21.7 / +19.6 / +17.8%+35.9 / +33.7 / +31.7%14 Buy-type, 2 Add, 3 Hold, 2 Sell/Reduce

Bloomberg (6-Aug-26): 20 Buy / 5 Hold / 2 Sell, consensus ₹3,218 pre-raises; Trendlyne ₹3,394; MarketScreener ₹3,396. Citi's ₹1,822 (NiftyTrader/Whalesbook) is a double bonus-adjustment error and is discarded. Centrum (Neutral, ₹4,500 pre) is stale. No public JPMorgan/CLSA/Nomura coverage found. Implied FY28E P/E: Citi 58.7x, median 69.6x, ICICI 76.8x [Est.].

Final Verdict

Business QualityStrong
Management QualityMedium
Financial QualityStrong
ValuationExpensive
Overall ViewNeutral
Bull case
  1. Q2's 23% with narrowing rev/sq ft decline (−8.4%) marks the cannibalisation trough; the festive Q3 prints 25%+.
  2. Margins keep surprising (19.6% SA, GM 46.6%), and consensus FY27 revenue growth (20.8%) looks low against H1 at 21%.
  3. Westside at 50–100 stores/yr becomes a second engine; FII selling exhausts at 15%. Debt-free and AA+.
Bear case
  1. LFL stays low single digit; growth is bought with space while revenue per sq ft falls; the 25% aspiration keeps slipping.
  2. Capital intensity rises (₹2,500 cr raise, Star real estate) while true FCF is ~0; Star losses widen.
  3. At 70.6x FY27E, a 3–4 pt growth miss (H2 store adds) means another 10–20% de-rating, with chair succession inside a contested Tata group.
Scenario (12–18m) [Analyst View]FY28E EPS ₹P/EValue ₹vs ₹2,877Prob.
Bull53.065x3,445+20%25%
Base50.352–60x (mid 55x)2,615–3,017 (2,766)−4%50%
Bear45.045x2,025−30%25%
Weighted——~2,750−4%—
Base case: revenue compounds ~20% on store adds, margins hold at ~19% reported, and the multiple drifts toward 55x FY28E as the stock waits for proof on LFL. The price ends roughly flat from ₹2,877.
5 things to remember
  1. FY26 consol.: ₹20,074 cr revenue, 18.7% reported / 13.5% Op. EBITDA margin, PAT ₹1,721 cr, RoE 27.6%.
  2. LFL low single digit for 6 quarters; area +30% vs revenue +18%.
  3. FCF after leases ₹108 cr; debt-free ex-leases since 29-May-26.
  4. The SA–consol. gap of ₹246.49 cr is mainly one-off ITRIPL/Netria gains (−₹232.66 cr) plus eliminated dividends (−₹53.99 cr); Star's −₹64.73 cr share is offset by ITRIPL's +₹68.06 cr.
  5. 84.8x TTM / 70.6x FY27E / 57.2x FY28E at ₹2,877.
5 questions before investing
  1. What is Q2/Q3 FY27 LFL, and is rev/sq ft decline <5%?
  2. Will H2 deliver ~39 Westside and 164+ Zudio net adds?
  3. Who succeeds Noel Tata, and is it a Tata Sons or Trusts nominee?
  4. What ROCE hurdle applies to the ₹2,500 cr raise and to Star/Netria real estate?
  5. Does gross margin hold under cotton/polyester inflation without provision reversals?
Final opinion: Trent is India's best-run fashion retailer, but at ₹2,877 the stock already prices ~25% EPS compounding at 70x+ forward earnings, while its unit economics are still deteriorating. Neutral — accumulate only below ~₹2,500 (≈50x FY28E) or on hard evidence of LFL recovery.

Sources

Merged and de-duplicated from all seven inputs (financials, business, governance, narrative, market, street, annual report). All accessed 6-Oct-2026 unless dated.

Company filings & primary

FY26 Integrated Annual Report (accounts 22-Apr-26) https://docs.trent-tata.com/Annual_Report_FY_2025-26.pdf · https://trentlimited.com/pages/annual-reports

BRSR FY26 https://docs.trent-tata.com/Business_Responsibility_and_Sustainability_Report_FY_2025-26.pdf

Q1 FY27 deck (6-Aug-26) https://docs.trent-tata.com/Investor_Presentation_Q1_FY27.pdf · PR https://docs.trent-tata.com/Press_Release_Q1FY27.pdf

Q4 FY26 PR (22-Apr-26) https://docs.trent-tata.com/Press_Release_Q4_FY26.pdf · deck https://docs.trent-tata.com/Investor_Presentation_Q4_FY26.pdf

AGM Notice FY26 https://docs.trent-tata.com/AGM_Notice_FY_2026-26.pdf · FY25 https://docs.trent-tata.com/AGM_Notice_FY_2024-25.pdf

NSE board outcome 22-Apr-26 https://nsearchives.nseindia.com/corporate/TRENT_22042026163223_OutcomeofBMFINAL.pdf · BSE 6-Aug-26 auditor https://www.bseindia.com/xml-data/corpfiling/AttachHis/9513ecde-5f6a-461e-b619-4c63b5617c80.pdf

trentlimited.com pages: /non-convertible-debentures-new · /subsidiaries-associates-and-jvs-new · /subsidiary-financials · /board-of-directors · /agm-documents · /other-disclosures · /authorised-kpm-s-for-disclosures · /secretarial-compliance-report · /investor-analyst-meets · /financial-information (all https://trentlimited.com/pages/…)

Westside GST benefit https://www.westside.com/pages/gst-benefits

Ratings

CARE 12-May-26 https://www.careratings.com/upload/CompanyFiles/PR/202605120534_Trent_Limited.pdf · CARE 21-Nov-25 https://www.careratings.com/upload/CompanyFiles/PR/202511121132_Trent_Limited.pdf

ICRA 7-May-26 https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/142890 · ICRA 8-May-25 https://www.icra.in/Rating/ShowRationalReportFilePdf/134956

Databases

https://www.screener.in/company/TRENT/consolidated/ · https://www.screener.in/company/TRENT/ · https://stockanalysis.com/quote/nse/TRENT/financials/ (+ /balance-sheet/ /cash-flow-statement/ /ratios/ /statistics/) · https://www.tickertape.in/stocks/trent-TREN

Trendlyne: https://trendlyne.com/equity/share-holding/1412/TRENT/latest/trent-ltd/ · https://trendlyne.com/equity/insider-trading-sast/all/TRENT/1412/trent-ltd/ · https://trendlyne.com/equity/director-salary-history/D-02190892/p-venkatesalu/ · https://trendlyne.com/equity/director-salary-history/357371/bahram-n-vakil/ · https://trendlyne.com/research-reports/stock/1412/TRENT/trent-ltd/ · https://trendlyne.com/equity/consensus-estimates/1412/TRENT/trent-ltd/ · https://trendlyne.com/equity/monthly-mutual-fund-share-holding/1412/TRENT/latest/trent-ltd/

https://www.tijorifinance.com/company/trent-limited/shareholding/ · https://choiceindia.com/stocks/trent-ltd-shareholding-pattern · https://anandrathi.com/stocks/trent/balance-sheet-analysis/100251 · https://www.indmoney.com/stocks/trent-ltd-share-price · https://finance.yahoo.com/quote/TRENT.NS/analysis/

MarketScreener: https://www.marketscreener.com/quote/stock/TRENT-LIMITED-46728633/company/ · …/finances/ · Commonwealth https://www.marketscreener.com/quote/stock/TRENT-LIMITED-46728633/news/Trent-Limited-acquired-Common-Wealth-Developers-Limited-36136050/ · Zudio Dubai …/news/Tent-Limited-Announces-Opening-of-Zudio-Store-in-Dubai-UAE-Through-Trent-Global-Trading-LLC-47795809/ · https://www.marketscreener.com/insider/NEERAJ-BASUR-A0RET9/

Broker research

ICICI Direct: https://www.icicidirect.com/mailcontent/idirect_trent_q4fy26.pdf · https://mailcontent.icicidirect.com/mailcontent/idirect_coupdate_trent_jun26.pdf · https://www.icicidirect.com/research/equity/finace/trent-ltd-q4fy26-results-strong-quarter-store-expansion-to-drive-growth · https://www.icicidirect.com/research/equity/trending-news/trent-q4-pat-up-30-to-455cr-ebitda-margins-beat-1-2-bonus-2500cr-rights-issue · https://www.icicidirect.com/research/equity/trending-news/trent-reports-strong-q2fy26-performance-with-revenue-growth

MOSL AR update https://images.assettype.com/bloombergquint/2024-06/a535fe3a-922b-4a48-a428-1aa5a62e0d32/Motilal_Oswal_Trent_Annual_Report_Update.pdf · HSIE https://hdfcsky.com/news/hsie-institutional-report-trent-feb-05-2026 · https://hdfcsky.com/news/trent-share-price-drops-after-fy26-earnings-bonus-issue-and-dividend-announcement · Axis Q3 https://simplehai.axisdirect.in/images/2024/Trent-Ltd---Q3FY26-Result-Update---05022026.pdf

Results, updates & corporate news

https://www.businesstoday.in/markets/trending-stocks/story/trent-shares-hit-upper-circuit-post-q2-business-update-hsbc-sees-upside-559714-2026-10-06 · https://www.goodreturns.in/news/trent-shares-hit-upper-circuit-jumps-12-after-q2-update-brokerage-issue-sell-call-despite-23-rev-1539385.html · https://www.angelone.in/news/stocks/trent-share-price-gains-over-11-as-q2-fy27-revenue-jumps-23-to-5-788-crore · https://upstox.com/news/market-news/stocks/trent-shares-in-focus-after-q2-revenue-jumps-23-yo-y-zudio-crosses-1-000-store-milestone/article-201309/ · https://www.storyboard18.com/amp/brand-makers/trent-q2-revenue-rises-23-percent-to-rs-5788-crore-ws-l-112031.htm · https://www.sahi.com/news/trent-q2-standalone-revenue-up-23-to-5-788-crore-opens-1-000th-zudio-store · https://www.kotakneo.com/news/stocks/trent-q2-fy27-revenue-zudio-crosses-1000-stores/ · https://www.ad-hoc-news.de/boerse/news/nebenwerte/trent-reports-23-percent-growth-and-morgan-stanley-rates-trent-stock-overweight/70238381

Q1 FY27: https://upstox.com/news/market-news/earnings/trent-q1-results-net-profit-rises-26-to-532-crore-ebitda-margin-expands-by-210-basis-points/article-198234/ · https://scanx.trade/stock-market-news/companies/trent-revenue-rises-19-to-5-666-crore-in-q1fy27/44897259 · https://www.business-standard.com/amp/companies/quarterly-results/indian-fashion-retailer-trent-s-quarterly-profit-jumps-on-expansion-spree-126080601224_1.html · https://www.kotakneo.com/news/stocks/trent-q1-fy-2026-27-results-net-profit-rises/ · https://www.multibagg.ai/market-pulse/articles/trent-q1fy27-97339 · https://www.niftytrader.in/markets/trent-q1-fy27-results-today/ · https://es.tradingview.com/news/urn:summary_document_slides:quartr.com:3974990:0-trent-q1-fy27-revenue-rose-18-to-5-755-crore-with-robust-margins-and-network-expansion/ · https://www.indmoney.com/blog/stocks/why-trent-share-crashed-today · https://www.briefs.co/news/trent-stock-falls-11-after-revenue-miss-analysts-turn-wary/ · https://ground.news/article/trent-q1-update-standalone-revenue-rises-19-driven-by-zudio-expansion · https://www.multibagg.ai/market-pulse/articles/trent-shares-fall-q1fy27-update-cmrai84eqli72oi0i1x2en8lf · https://www.kotakneo.com/news/stocks/trent-shares-fall-q1-business-update-revenue-growth-july-2026/ · https://upstox.com/news/market-news/stocks/trent-shares-decline-2-5-ahead-of-q1-fy-27-earnings-what-shareholders-need-to-know/article-198201/ · https://www.equitymaster.com/detail.asp?date=7%2F7%2F2026&story=4

FY26/Q4: https://www.sahi.com/blogs/trent-q4-fy-26-results-revenue-jumps-20-pat-rises-30-1-2-bonus-issue-announced · https://upstox.com/news/market-news/earnings/trent-q4-firm-announces-bonus-shares-in-1-2-ratio-6-per-share-dividend-declared/article-192574/ · https://www.angelone.in/news/stocks/trent-limited-q4-fy26-results-revenue-up-20-percent-profit-surges-43-percent-announces-1-2-bonus-shares · https://tradebrains.in/trent-announces-12-bonus-issue-2500-cr-fundraise-as-fy26-profit-jumps-24/ · https://scanx.trade/stock-market-news/companies/trent-limited-files-integrated-annual-report-for-fy2025-26-revenue-rises-18-20-network-expands-to-1-286-stores/41666462 · https://www.storyboard18.com/brand-marketing/trent-fy26-profit-rises-24-percent-despite-higher-joint-venture-losses-ws-l-100857.htm · https://www.storyboard18.com/brand-marketing/trent-posts-double-digit-fy26-growth-on-rapid-zudio-expansion-ws-l-94283.htm · https://scanx.trade/stock-market-news/companies/trent-limited-reports-strong-20-revenue-growth-in-q4fy26-expands-store-network-to-1-286-outlets/36990033

Bonus/dividend: https://scanx.trade/stock-market-news/companies/trent-limited-completes-1-2-bonus-share-allotment-capital-rises/42211599 · https://www.angelone.in/news/stocks/trent-share-price-in-focus-sets-may-29-as-record-date-for-1-2-bonus-shares · https://www.angelone.in/news/stocks/trent-share-price-in-focus-revises-record-date-for-1-2-bonus-shares-issuance-from-may-29-to-june-4-2026 · https://www.angelone.in/news/stocks/trent-bonus-issue-and-dividend-2026-check-record-dates-eligibility-and-key-details · https://www.outlookbusiness.com/corporate/zudio-westside-parent-trent-fixes-bonus-dividend-record-dates-agm-scheduled

Earlier quarters: https://www.business-standard.com/markets/capital-market-news/trent-gains-after-q3-pat-climbs-36-yoy-to-rs-640-cr-126020500307_1.html · https://upstox.com/news/market-news/stocks/trent-s-share-price-has-fallen-23-over-past-six-months-here-s-what-you-need-to-know-about-the-company-s-expansion-plans/article-189499/ · https://www.business-standard.com/amp/markets/news/trent-s-q2-update-disappointed-street-but-analysts-still-bullish-125100701276_1.html · https://upstox.com/news/market-news/earnings/trent-q4-revenue-at-indian-rupee3298-crore-up-by-51percent/article-83121/ · https://www.angelone.in/news/stocks/trent-share-price-declines-over-7-after-q3fy26-and-9mfy26-business-update · https://www.plindia.com/news/trent-stock-drops-8-percent-post-q3-update-despite-steady-growth-pl-capital/ · https://www.indianretailer.com/news/trent-ltd-reports-17-pc-revenue-growth-driven-store-expansion · https://www.businesstoday.in/markets/stocks/story/trent-ltd-revenue-growth-q2-fy26-store-expansion-496983-2025-10-06 · https://upstox.com/news/market-news/stocks/trent-shares-in-focus-post-soft-q2-analysts-say-company-s-growth-rate-to-moderate-further/article-184309/ · https://upstox.com/news/market-news/stocks/trent-shares-slide-nearly-40-in-a-year-here-is-why-the-stock-is-underperforming/article-182563/ · https://upstox.com/news/market-news/stocks/trent-share-price-zudio-westside-operator-plunges-over-19-post-q4-business-update/article-158600/ · https://alphastreet.com/india/trent-q1-fy26-earnings-results-9-rise-in-profits/ · https://www.angelone.in/news/market-updates/trent-share-price-in-focus-revenue-rises-20-percent-yoy-in-q1-fy26-results · https://www.samco.in/knowledge-center/articles/trent-share-price-slumps-10-after-slower-growth-guidance-in-agm/ · https://www.indmoney.com/blog/stocks/why-trent-share-is-falling · https://www.businessupturn.com/finance/stock-market/trent-shares-fall-over-6-after-q2-earnings-should-you-buy-hold-or-sell-explained/

AGM/strategy: https://www.multibagg.ai/market-pulse/articles/trent-10x-revenue-store-expansion-cmqrsw84w14kjpe0jbrv1dpjw · https://www.multibagg.ai/market-pulse/articles/trent-westside-zudio-store-expansion-cmr4ukwob02xypo0jka29zwa1 · https://www.multibagg.ai/market-pulse/articles/trent-zudio-5000-store-plan-cmr9d6zrn03mkoi0i7yhs0bae · https://www.storyboard18.com/brand-makers/trent-still-in-early-growth-phase-confident-of-10x-revenue-milestone-noel-tata-99795.htm · https://www.business-standard.com/markets/capital-market-news/trent-rallies-after-mgmt-flags-potential-growth-outlook-in-47th-agm-126062400675_1.html · https://www.business-standard.com/markets/news/trent-share-price-tanks-42-so-far-in-2025-set-for-first-calendar-year-decline-in-12-years-is-trent-a-good-stock-to-buy-125120300270_1.html · https://www.indianretailer.com/news/retail-india-news-trent-eyes-international-expansion-revenue-growth-accelerates · https://scanx.trade/stock-market-news/companies/trent-limited-schedules-analyst-meet-for-august-12-2026/47661606 · https://www.whalesbook.com/news/English/consumer-products/Trent-Plans-10x-Growth-Aims-for-5000-Zudio-Stores/6a3ab6f7a1c5bf084329f449 · https://www.whalesbook.com/news/English/consumer-products/Trent-Targets-5000-Zudio-Stores-As-Brokerages-Raise-Outlook/6a3b5073a1c5bf08432a3039 · https://www.bloomberg.com/news/articles/2026-07-20/tata-s-fashion-brand-westside-plans-biggest-push-yet-with-100-annual-stores · https://finance.yahoo.com/small-business/articles/tata-westside-plans-100-store-091653362.html

JVs/portfolio: https://apparelresources.com/business-news/retail/inditex-raise-stake-zara-india-joint-venture-trent-80/ · https://in.apparelresources.com/business-news/retail/inditex-raise-stake-zara-india-joint-venture-trent-80/ · https://www.franchiseindia.com/insights/en/news/trent-to-divest-29-stake-in-india-jv-with-massimo-dutti-for-rs-2075-cr.55843 · https://fashionunited.uk/news/business/inditex-ups-stake-in-indian-joint-venture-for-zara/2025111084807 · https://www.investywise.com/trent-limited-itripl-share-transaction/ · https://www.tipranks.com/news/company-announcements/trent-limited-completes-buyback-offer-with-itripl · https://www.investywise.com/trent-limited-amalgamation-of-fiora-hypermarket-and-fiora-online/ · https://www.tipranks.com/news/company-announcements/trent-limited-subsidiary-acquires-thpl-support-services · https://www.tipranks.com/news/company-announcements/trent-subsidiaries-thpl-support-services-and-booker-india-merge-to-streamline-wholesale-operations · https://www.capitalmarket.com/markets/news/corporate-news/Trent-announces-incorporation-of-step-down-subsidiary-Netria-Property-Holdings/1635862 · https://masholdings.com/media-centre/mas-announces-a-joint-venture-with-the-tata-groups-trent-ltd-in-india/ · https://www.just-style.com/news/mas-partners-with-trent-on-india-intimate-wear-business/ · https://www.storyboard18.com/brand-makers/tatas-trent-pours-out-stake-in-zara-india-massimo-dutti-to-boost-own-retail-brands-70012.htm · https://www.indianretailer.com/news/trent-reduces-stake-zara-joint-venture-it-expands-retail-footprint · https://www.outlookbusiness.com/news/zaras-india-fy26-profit-falls-32-to-204-cr-revenue-slips · https://www.siliconindia.com/startup/startup-funding/trent-acquires-51-stake-in-booker-india-nwid-19283.html · https://www.franchiseindia.com/insights/en/news/neville-tata-takes-over-star-bazaar.34637 · https://propnewstime.com/getdetailsStories/OTgxNA==/trent-s-star-bazaar-aims-for-90-stores-by-the-end-of-2024 · https://www.business-standard.com/markets/capital-market-news/trent-rallies-on-launch-of-new-lab-grown-diamond-brand-pome-124100800704_1.html · https://indianretailer.com/news/retail-india-news-zudio-expands-globally-launches-first-international-store-dubai · https://www.exchange4media.com/marketing-news/trent-ltd-sees-39-jump-in-net-profit-in-fy25-zudio-revenues-top-1-billion-143039.html · https://www.imagesbof.in/the-trent-fashion-machine-how-zudio-changed-the-rules-of-scale/ · https://www.equentis.com/blog/zudios-impact-on-trents-133-growth/ · https://x.com/WizardsUnknown/status/2009182155428254110 (low confidence)

Governance & Tata group

https://www.business-standard.com/companies/news/noel-tata-to-step-down-as-trent-chairman-after-nearly-three-decades-126062400886_1.html · https://english.dainikjagranmpcg.com/business/noel-tata-to-step-down-as-trent-chairman/article-20576 · https://www.freepressjournal.in/business/noel-tata-to-step-down-as-trent-chairman-after-nearly-three-decades-at-the-helm · https://www.storyboard18.com/brand-makers/noel-tata-to-step-down-as-trent-chairman-after-nearly-three-decades-ws-l-102198.htm · https://www.peoplematters.in/news/leadership/noel-tata-to-step-down-as-trent-chairman-after-building-a-rs-2-lakh-crore-retail-giant-50512 · https://www.outlookbusiness.com/corporate/noel-tata-signals-retirement-as-trents-chairman-at-agm · https://www.whalesbook.com/news/English/consumer-products/Noel-Tata-to-Retire-as-Trent-Chairman-by-November-2026/6a3b869da1c5bf08432a6c34 · https://www.indiaherald.com/Business/Read/994892581/Noel-Tata-Steps-Down-as-Trent-Chairman-%E2%80%93-Tata-Succession

https://www.businesstoday.in/latest/corporate/story/it-is-now-time-to-move-on-noel-tata-opposes-chandrasekarans-fresh-term-at-tata-sons-556223-2026-09-17 · https://businesstoday.in/magazine/deep-dive/story/how-that-battle-at-the-tata-sons-is-testing-how-far-a-board-can-go-559527-2026-10-05 · https://www.businesstoday.in/magazine/deep-dive/story/trust-gap-widens-why-the-road-ahead-for-the-listing-of-tata-sons-remains-uncertain-533134-2026-05-25 · https://www.businesstoday.in/latest/corporate/story/noel-tata-on-tata-sons-listing-hope-rbi-will-engage-with-us-and-find-a-solution-to-avoid-listing-558713-2026-09-30 · https://www.aljazeera.com/news/2026/9/25/tata-v-tata-whats-behind-indias-big-boardroom-brawl · https://bloomberg.com/news/articles/2026-09-30/why-noel-tata-s-battle-at-tata-sons-shows-inherited-power-has-limits · https://www.thenewsminute.com/news/n-chandrasekaran-to-exit-as-tata-sons-chairman-wont-seek-reappointment · https://www.tatatrusts.org/media/press-releases/board-of-trustees-of-sir-dorabji-tata-trust-inducts-mr-bhaskar-bhat-and-mr-neville-tata-as-trustees

https://www.whalesbook.com/corporate-news/English/consumer-products/Trent-Ltd-AGM-All-resolutions-passed-board-appointments-face-institutional-dissent/6a3a93477465030c38b5a744 · https://www.whalesbook.com/corporate-news/English/consumer-products/Trent-Shareholders-Back-Bonus-Shares-and-New-ESOP-Plan/6a16f4290c0232fe81a7d38f · https://scanx.trade/stock-news/trent-ltd · https://scanx.trade/stock-market-news/companies/trent-limited-concludes-74th-agm-approves-fy26-results/43775741 · https://www.business-standard.com/markets/capital-market-news/trent-announces-cessation-of-directors-124080900930_1.html · https://www.business-standard.com/amp/article/pti-stories/trent-raises-over-rs-1-000-cr-via-preferential-allotment-of-shares-to-tata-sons-119080900230_1.html · https://www.business-standard.com/companies/news/here-s-how-much-royalty-tata-group-companies-will-pay-for-the-tata-name-124051000147_1.html · https://en.wikipedia.org/wiki/Noel_Tata · https://en.wikipedia.org/wiki/Trent_Limited

Street, flows & sentiment

https://www.businesstoday.in/markets/stocks/story/trent-shares-rs-2950-or-rs-4450-valuations-demanding-but-is-the-stock-still-a-buy-547811-2026-08-07 · https://www.businesstoday.in/markets/stocks/story/trent-q1-results-today-earnings-expectations-key-things-to-watch-target-prices-547531-2026-08-06 · https://www.businesstoday.in/markets/stocks/story/trent-amid-falling-fii-stake-tata-group-multibagger-up-from-march-low-price-targets-548997-2026-08-13 · https://www.businesstoday.in/markets/stocks/story/trent-shares-fall-31-percent-from-52-week-high-price-target-and-outlook-533198-2026-05-25 · https://www.business-standard.com/markets/news/trent-down-over-2-after-q1-brokerages-bullish-see-up-to-21-upside-126080700247_1.html · https://www.business-standard.com/markets/news/trent-q3fy26-results-trigger-mixed-brokerage-calls-on-growth-margins-126020500240_1.html · https://www.business-standard.com/markets/news/hdfc-securities-sees-strong-growth-prospects-for-trent-upgrades-to-add-126010600129_1.html · https://www.business-standard.com/markets/news/trent-once-a-d-st-darling-now-testing-investor-patience-what-lies-ahead-126031600110_1.html · https://www.business-standard.com/markets/news/trent-stock-gains-2-5-up-5th-day-bernstein-ow-sees-westside-driving-growth-126070300487_1.html

https://www.whalesbook.com/news/English/brokerage-reports/Trent-Faces-Analyst-Split-as-Citi-Issues-Sell-Rating/6a4c79a534df961837f6e309 · https://www.whalesbook.com/news/English/consumer-products/Trent-Stock-Hits-52-Week-Low-Zudios-Growth-Stalls-Amid-Competition/69b76eb58a7d0a3f923d67de · https://www.whalesbook.com/news/English/consumer-products/Trent-Stock-Plunges-37percent-Zudio-and-Westside-Strategy-Fuels-Analyst-Optimism/69c951732850f02827f3cd37 · https://univest.in/blogs/trent-share-price-citi-sell-nifty-gainer-june-2026 · https://www.tradingview.com/news/moneycontrol:7bf8d4ce0094b:0-trent-stock-jumps-7-top-nifty-gainer-today-citi-says-sell-but-sees-strong-demand-across-categories/ · https://www.tradingview.com/news/cnbctv:46f0972b6094b:0/ · https://m.dailyhunt.in/news/india/english/analytics+insight-epaper-anycinst/trent+shares+fall+246+despite+strong+q4+results+citi+issues+sell+call+goldman+neutral-newsid-n709664492 · https://scanx.trade/stock-market-news/stocks/macquarie-initiates-buy-rating-on-trent-with-4-900-target-price-sees-21-upside-potential/29825411 · https://scanx.trade/stock-market-news/stocks/radhakishan-damani-exits-trent-stake-amid-stock-s-36-decline-from-peak/23023919

https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/2471843/jefferies-keeps-their-hold-rating-on-trent-limited-trent/ · https://www.investing.com/news/analyst-ratings/ubs-raises-trent-stock-rating-to-buy-with-higher-price-target-93CH-3994016 · https://ca.investing.com/news/analyst-ratings/goldman-sachs-downgrades-trent-stock-to-neutral-on-zudio-cannibalization-concerns-93CH-4114747 · https://in.investing.com/news/investment-ideas/investingpros-fair-value-warned-trent-was-overvalued-before-47-drop-93CH-5453795 · https://www.businessupturn.com/finance/stock-market/siddhartha-yog-buys-10-73-lakh-trent-shares-in-block-deal-dodona-holdings-seller/ · https://www.business-standard.com/amp/companies/news/entrepreneur-siddhartha-yog-buys-over-one-mn-shares-of-trent-for-rs-718-cr-124090201137_1.html · https://forum.valuepickr.com/t/trent-a-value-unlocking-story-from-the-house-of-tata/26168 · https://aadityakohlli.substack.com/p/revenue-per-sqft-trents-nightmare · https://exencialrp.substack.com/p/trent-ltd-108 · https://insights.dsij.in/dsijarticledetail/trent-from-flawless-execution-to-valuation-reality-54854 · https://www.indmoney.com/blog/mutual-funds/stocks-mutual-funds-bought-sold-august-2026 · https://gulfnews.com/your-money/saving-investment/tatas-trent-stock-starts-rebound-after-35-plunge-from-peak-best-time-to-buy-cheap-1.500189719

Industry, policy & inputs

https://www.careratings.com/uploads/newsfiles/1768407809_Indian%20Apparel%20Retail%20Market%20to%20Touch%20Rs%2016%20Lakh%20Crore.pdf · https://www.ibef.org/news/india-s-apparel-retail-market-poised-to-reach-us-193-billion-by-fy30-careedge · https://apparelresources.com/business-news/retail/indian-apparel-retail-market-poised-reach-us-176-billion-2029-30-careedge/ · https://www.indianretailer.com/article/retail-business/retail-trends/value-fashion-drive-12-13-pc-growth-organized-apparel · https://www.imarcgroup.com/india-apparel-market · https://www.kenresearch.com/industry-reports/india-apparel-market · https://marketresearchoutlook.com/research-report/india-fashion-retail-market/ · https://upstox.com/news/market-news/ipo/vishal-mega-mart-ipo-analysing-the-financial-performance-and-peer-comparison-in-organized-retail/article-133837/

https://www.apparelviews.com/premium-apparel-above-rs-2500-will-get-costlier-under-new-gst/ · https://www.caclubindia.com/articles/gst-on-clothes-with-latest-tax-rates-amp-hsn-code-w-e-f-22-sep-25-55551.asp · https://www.pib.gov.in/FactsheetDetails.aspx?Id=150293&reg=48&lang=2 · https://taxguru.in/goods-and-service-tax/gst-reform-lowered-rates-textiles-garments.html · https://kredily.com/new-labour-codes/ · https://www.fibre2fashion.com/news/fibre-news/qco-removal-lifts-apparel-sector-polyester-yarn-growth-to-stay-flat-306652-newsdetails.htm · https://www.bennycotts.com/blog/qco-rollback-fibre-yarn-imports-2026 · https://www.indmoney.com/blog/stocks/us-50-tariff-shock-what-it-means-for-india-s-textile-exports · https://www.angelone.in/news/economy/from-zudio-to-lifestyle-fashion-retailers-face-inventory-crunch-after-bangladesh-import-ban · https://apparelresources.com/business-news/retail/post-bangladesh-import-ban-inventory-crunch-hits-indian-fashion-retailers/ · https://apparelresources.com/business-news/trade-business-news/cotton-prices-rise-india-amid-supply-concerns/ · https://www.fibre2fashion.com/news/prime-content/textile-news/south-india-cotton-yarn-stable-despite-polyester-price-volatility-308913-newsdetails.htm · https://www.bankbazaar.com/commodity-price/cotton-price.html · https://nextwhatbusiness.com/zudio-franchise/

Peers

Screener: DMART, VMM, ABLBL, ABFRL, SHOPERSTOP, GOCOLORS (https://www.screener.in/company/…) · https://scanx.trade/stock-market-news/companies/avenue-supermarts-fy26-results-revenue-rises-15-9-to-66-968-cr/46523060 · https://www.business-standard.com/companies/quarterly-results/avenue-supermarts-q1fy27-results-net-profit-rises-11-3-revenue-up-14-8-126071100612_1.html · https://www.multibagg.ai/market-pulse/articles/vmm-fy26-93929 · https://www.investywise.com/vishal-mega-mart-limited-q4-fy26-earnings-results/ · https://upstox.com/news/market-news/earnings/vishal-mega-mart-q1-profit-jumps-26-yo-y-to-206-crore-revenue-jumps-19-shares-fall/article-197451/ · https://www.whalesbook.com/corporate-news/English/consumer-products/Vishal-Mega-Mart-Q1-FY27-Revenue-Jumps-187percent-to-indian-rupee3727-Cr-PAT-Up-256percent/6a68600f98a9268fb178213b · https://www.kotakneo.com/news/market-news/v-mart-retail-q4fy26-results-revenue-ebitda-growth-store-expansion/ · https://www.whalesbook.com/corporate-news/English/consumer-products/V-Mart-Retail-FY26-Revenue-Rises-16percent-to-Rs-3789-Cr-Declares-Rs-1-Dividend/6a6b401110bce1fd2034d5c2 · https://www.business-standard.com/markets/v-mart-retail-ltd-share-price-34162.html · https://www.arthneeti.com/insights/v-mart-retail-ltd-q1-fy27-earnings · https://www.ablbl.in/wp-content/uploads/2026/05/ABLBL_Press-Release_Q4-FY26.pdf · https://www.whalesbook.com/corporate-news/English/consumer-products/Aditya-Birla-Lifestyle-Brands-Revenue-Up-12percent-Eyes-Debt-Free-Status-on-Margin-Gains/6a01ecb1707d23e84457ed13 · https://www.fibre2fashion.com/news/retail-results/india-s-abfrl-s-fy26-revenue-rises-11-on-pantaloons-tmrw-growth-310553-newsdetails.htm · https://www.storyboard18.com/brand-marketing/abfrl-fy26-losses-widen-despite-revenue-growth-ws-l-106424.htm · https://web.indiaretailing.com/shoppers-stop-fy26-standalone-revenue-rises-6-to-rs-4708-crore-adds-27-stores · https://www.whalesbook.com/corporate-news/English/consumer-products/Shoppers-Stop-FY26-Net-Loss-indian-rupee36-Cr-Despite-8percent-Revenue-Growth/6a3ce20a7465030c38b83b70 · https://www.indianretailer.com/news/shoppers-stop-q1-results-fy27-revenue-rs-1536-cr-back-profit · https://www.franchiseindia.com/insights/en/news/go-fashion-india-limited-reports-fy26-revenue-of-838-crore.58820 · https://www.outlookbusiness.com/corporate/reliance-retail-fy26-revenue-at-37-lakh-crore-hits-20000-store-milestone · https://www.indianretailer.com/news/reliance-retail-reports-rs-37-lakh-cr-revenue-fy26-profit-rises-12-pc · https://apparelresources.com/business-news/retail/reliance-retail-plans-open-1000-yousta-stores-two-years/ · https://relianceretail.com/our-business.html · https://retailupdates.news/2026/08/10/shein-valuation-drops-75-percent/ · https://www.theweek.in/wire-updates/business/2025/10/09/dcm130-biz-lifestyle-revenue.html · https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/LifestyleInternationalPrivateLimited_March%2012_%202026_RR_388482.html · https://www.business-standard.com/industry/news/h-m-s-revenue-gap-widens-in-fy25-uniqlo-emerges-as-breakout-story-126012201235_1.html · https://entrackr.com/fintrackr/myntra-profit-zooms-18x-to-rs-548-cr-in-fy25-10452797 · https://entrackr.com/fintrackr/meesho-records-rs-3713-cr-revenue-in-q1-fy27-narrows-losses-by-54-12191236 · https://upstox.com/news/market-news/earnings/meesho-q1-fy-27-results-net-loss-narrows-to-1-328-crore-yo-y-nmv-sees-yearly-growth-of-34/article-197467/ · https://www.whalesbook.com/news/English/consumer-products/Fashion-Startup-NEWME-Plans-50-Stores-by-December-2026/6a3aabeda1c5bf084329ec81

Open gaps (not available in inputs)

Sep-2026 shareholding (due ~21-Oct) · Q2 FY27 full results (~early Nov) · chair successor · ₹2,500 cr raise launch/exchange-filing confirmation · brand-fee label for Tata Sons ₹46.63 cr · tax-contingency split · Netria-specific gain · lender names · lease tenors · Westside/Zudio revenue split · Booker store count · 2024-25 penalty amounts · SEBI-orders sweep · identity of NED "Given" · Reddit/X · listing date and equity ISIN.