Trent Limited (TRENT)
Large CapConsumer stocks · Large cap · NSE
Trent Limited operates a portfolio of fashion and lifestyle retail formats, including Westside and Zudio, with a significant store footprint across India and UAE. The company focuses on developing own brands and direct-to-consumer distribution, expanding its presence across Tier I, II, and III cities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +18% YoY · PAT +22% YoY · margin expansion · +14% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,755 Cr | +17.9% | +14.5% |
| EBITDA | ₹1,119 Cr | +32.0% | +22.8% |
| Operating margin | 19.0% | +200 bps | +100 bps |
| PAT | ₹518 Cr | +21.9% | +25.4% |
| PAT margin | 9.0% | +30 bps | +79 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Consolidated Q4 FY26 revenue grew 19% YoY to INR 5,028 Cr, with Operating EBIT up 42% to INR 543 Cr and PAT up 33% to INR 413 Cr, indicating strong profitability despite cautious consumer spending.
The company delivered robust top-line and profit growth, primarily driven by aggressive store expansion, particularly Zudio in Tier II/III cities. While like-for-like growth is low and consumer sentiment is cautious, management's focus on own brands, stable pricing, and efficiency initiatives supports the long-term growth thesis. Proposed fund-raising signals continued investment.
Star Product Category Split (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Aggressive Store Network Expansion
We now operate a significant portfolio of over 1250 'large-box' fashion stores, with presence across 321 cities. We consistently launched c. 250 new stores across our brands annually over the last few years.
Focus on Tier II/III Cities for Zudio
Over 80% of new Zudio stores during FY26 were opened in Tier II, III cities and in peripheral new growth micro-markets, positioning for stronger economic growth in these regions.
Growth in Emerging Categories
The emerging categories, including beauty & personal care, innerwear and footwear contribute to over 21% of our revenues.
Online Channel and Omnichannel Experience
Westside online together with our proposition on the Tata Neu platform continues to witness traction and grow profitably. Online revenues grew 25% in Q4FY26.
Total Store Count
As of 31st March 2026, our store portfolio included 300 Westside, 963 Zudio (including 6 stores in the UAE) and 23 stores across other lifestyle concepts, totaling 1,286 stores.
Q4 FY26 Store Openings
In Q4FY26, we opened 23 Westside and 109 Zudio stores (including 2 stores in the UAE).
FY26 Annual Store Openings
For the full year FY26, we opened 60 Westside and 212 Zudio stores (including 4 in the UAE).
Retail Area Footprint
We operated with a footprint of over 17.7 million sqft. across our fashion brands as of March 31, 2026.
Strong Underlying Market Opportunities
Structurally the demand levels and the underlying market opportunities remain strong.
Encouraging Outcomes from Cluster Strategy
Greater presence in select clusters coupled with better customer proposition is starting to deliver encouraging initial outcomes from a revenue density as well as profitability perspective.
Growth Opportunities in Newer Markets
The newer markets that we are now entering, afford substantial growth opportunities, and yet, will mature over time in terms of adoption of fashion trends and density of consumption.
Moderation of Discretionary Spending
Consumers are spending with caution, resulting in moderation of discretionary spending on the back of continuing macro uncertainties and potential increase in cost of living.
Geopolitical Disruptions
The duration and intensity of disruptions in the Middle East along with its second order effect on supply chain, commodity prices and inflation in general has potential implications for near term demand.
Inflationary Pressures on Input Costs
Input costs of select raw materials are beginning to witness some inflationary pressures.
Low Like-for-Like Growth
Like-for-like growth for our fashion portfolio in Q4FY26 and for FY26 was in the low single digits.
Macroeconomic Uncertainties
Economic conditions affecting demand / supply and price conditions in the domestic markets in which the Company operates.
Competitive Intensity
Given the size and attractiveness of the fashion/ lifestyle market in India, the competitive intensity has been high over the past few years.
Maturity Profile of Newer Stores
The maturity profile of newer stores has implications for increased depreciation relative to revenues.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Retail performance is often seasonal, making year-over-year comparisons more relevant for understanding underlying business trends and growth. The company also reports annual store additions and full-year performance.
Pricing Strategy
Our pricing has remained stable and is not used as a short-term demand management lever.
Operating EBIT Margin (Standalone)
Operating EBIT Margin for Q4 FY26 was 11.5%.
New Store Location Strategy
Over 80% of new Zudio stores in FY26 were opened in Tier II, III cities and in peripheral new growth micro-markets.
Premiumization Focus
We remain focused on strengthening our core to drive efficiencies, enhancing our product proposition, on-trend fashion and driving premiumisation by way of desirable products, convenience and experience.
Strategic Fund Raising
The Board approved in-principle a proposal for raising additional funds of c. Rs. 2500 crores to accelerate investments in store upgrades, new brands, supply chain, and digital initiatives.
Focus on Own Brands and Differentiation
Our model involving a portfolio of own brands and direct-to-consumer distribution, affords us the ability to integrally differentiate the customer value proposition.
Efficiency and Cost Optimization
Focus on optimising costs together with realising operating efficiencies is integral to our strategy. Investments in automation and technology have aided in delivery of encouraging operating economics.
Stable Price Architecture
We believe a stable price architecture, a consistent focus on driving efficiencies and maintaining a relatively stable margin profile over time would yield better salience for our brands.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Annual Store Opening Run Rate | Consistently c. 250 new stores across brands annually. | Maintenance of aggressive network expansion and store opening pace, especially in Tier II/III cities. |
| Like-for-Like (LFL) Growth | Low single digits for fashion portfolio in Q4FY26 and FY26. | Improvement in LFL growth as newer markets mature and consumer sentiment stabilizes. |
| Westside Online Revenue Growth | Grew 25% in Q4FY26, contributing over 6% of Westside revenues. | Sustained strong growth and increasing contribution from online channels to overall revenue. |
| Return on Capital Employed (ROCE) | Over 29% in FY26. | Maintenance or improvement in ROCE, indicating efficient capital deployment amidst expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -1.0% / mo · MACD − · near 52W low
Technical chart
TRENTdaily · 1Y · AUTO-24.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.0% over last month) — short-term momentum negative.
- RSI(14) at 39 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 49% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 19.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.5%.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Fair-value margin of safety is negative at -140.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 99th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 99th pctile, median 66 · Large: 94th pctile, median 73
23 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸9 years of positive FCF.
- ▸ROCE is 28.3%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 83.20
- P/B
- 21.78
- EV/EBITDA
- 28.61
- Market Cap
- 152131.00Cr
Profitability
- ROE
- 27.70%
- ROCE
- 28.30%
- ROA
- 15.47%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 51.00%
- EPS 5Y
- 69.00%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 71.00%
Balance Sheet
- Debt/Equity
- 0.37
- Interest Coverage
- 22.45×
- Altman Z
- 9.93
- Book Value
- 131.00
Cash Flow
- FCF Yield
- 0.72%
- FCF Positive Y
- 9/5
- OCF
- 2668.00 Cr
- EPS TTM
- 33.93
Shareholding
- Promoter Hold
- 37.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.