Announcement
Announcement under Regulation 30 (LODR)-Resignation of Director 18 Oct - Intimation of resignation of Non-Executive Non-Independent Director of the Company
Source: Bse
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.
₹2,891.6
-67.10 · -2.27%
Market cap ₹1,57,767 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result06 Aug, 07:08 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 -1.4% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 60
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TRENTD candles · FIT view+0.9%Latest close ₹2891.60 on 2026-10-19
Bar
-2.2%
RSI
54
MACD hist
24.39
52W pos
58%
2026-10-19O ₹2958.00H ₹2958.00L ₹2867.00C ₹2891.60Vol 8.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TRENTNifty Consumer DurablesNifty 500
- TRENT
- -1.2%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +4.4 pp
Chart stats
19 Oct 2026- From 52W high
- -14.9%
- 52W range position
- 58%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.71x
- Avg traded value
- ₹324 Cr
- 20D price channel
- ₹2,545.8 - ₹3,004.7
₹3,399.7
₹2,183.8 - ₹3,399.7
₹72.7
Latest completed session
20-session average
47.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +17.9% · PAT +21.9% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-155.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +18% YoY · PAT +22% YoY · margin expansion · +14% QoQ
Filed 06 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 86.30
- P/B
- 22.59
- EV/EBITDA
- 29.66
- Market Cap
- 157767.00Cr
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
- 0.69%
- FCF Positive Y
- 9/5
- OCF
- 2668.00 Cr
- EPS TTM
- 33.93
Shareholding
- Promoter Hold
- 37.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 20.1k+17.2% vs prev
Net Profit
₹ CrLatest: 1,721+12.2% vs prev
Return on Equity
%Latest: 24.6-12.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 54.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 54 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 15% off 52W high · 32% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
55
RS percentile
Stage 2 UptrendRecent S2
1M return
+2.4%
3M return
-1.2%
6M return
-2.2%
1Y return
-8.2%
RS 1D
-4
RS 20D
+11
Sector rank
#8
Industry rank
#21
Stage evidence
- Price is 2.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.4%.
50-DMA
price above
200-DMA
price above
S2 entered
09 Oct 2026
S2 age
7 trading sessions
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 95.52-1.25%
RS vs Nifty 50096
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth20/25
Quality18/20
Balance Sheet8/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
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 -155.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
86.3
PB
22.6
EV/EBITDA
29.7
ROE
27.7%
ROCE
28.3%
FCF Yield
0.7%
Debt/Equity
0.4
MoS
-155.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-155.9%
Previous: -155.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
57
57
57
57
57
57
57
57
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹316.24
-814.4% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹1,129.87
-155.9% MoS
PEG
1.24
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ABFRL
Large
Aditya Birla Fashion and Retail Limited
Retail
match 81
19
—
-13.6%
—
OVERVALUED
DMART
Large
Avenue Supermarts Limited
Retail
match 60
35
70.0
12.9%
-108%
WATCHLIST
TRAVELFOOD
Large
Travel Food Services Limited
Retail
match 57
60
33.2
35.3%
+1%
UNDERVALUED
SAPPHIRE
Large
Sapphire Foods India Limited
Retail
match 54
30
2616.0
-1.0%
-6447%
OVERVALUED
KALYANKJIL
Mid
Kalyan Jewellers India Limited
Retail
match 54
57
38.9
24.8%
-19%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T07:10:04.933Z
Management commentary snapshot
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.
Current business mix
Star Product Category Split (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Fresh19.0%
Staples28.0%
FMCG23.0%
General Merchandise & Apparel30.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
24 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Consumer: 99th pctile, median 66 · Large: 94th pctile, median 73
Evidence depth
Financial-only
24 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching Trent Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Q2FY27 revenue rose 23% to Rs 5,788 crore; Trent opened its 1000th Zudio store.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep - Trent’s Zudio crosses 1,000 stores milestone on 11 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 6 Aug - Board approved Q1 FY27 results; Varsha Agarwal to head Internal Audit from 1 September 2026, BSR recommended as auditor.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug - Intimation of schedule of Analyst / Institutional Investors Meetings
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Intimation of schedule of Analyst / Institutional Investors Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Newspaper Advertisement for Notice of Special Window for re-lodgement of transfer requests of physical shares
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug - Newspaper Publication on Unaudited Financial Results (Standalone and Consolidated) for the quarter ended 30th June 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jun - Notice of Special Window for re-lodgement of transfer requests of physical shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 5 Jun - Trent allotted 17.77 crore bonus shares in 1:2 ratio; paid-up capital rose to ₹53.32 crore.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.