Is Trent’s moderated growth pace the new normal?

Trent Ltd shares fell as much as 12% to around Rs 2,947 after its Q1FY27 update disappointed on revenue growth. Standalone revenue rose 18.5% year-on-year to Rs 5,666 crore, below Motilal Oswal's expectation of about 22% growth. The growth was driven by around 26% rise in store count, while revenue per store declined about 5% year-on-year, and analysts from Bernstein peg about 20% as the new normal growth rate, with the stock's P/E of nearly 68 on FY27 estimates appearing pricey.