NSE: TRENT · BSE: 500251
TRENT LTD
Operates a multi-brand specialty retail chain across India. The fashion portfolio consists of Westside (lifestyle apparel and accessories, 301 stores at end of Q1 FY27), Zudio (value fashion, 982 stores including 7 in the UAE), Samoh, and the newer brand Burnt Toast. Star runs supermarkets with a 73% own-brand contribution across 84 stores. The network stood at 1,312 stores at end of Q1 FY27 and 1,286 stores across 321 cities at end of FY26, with retail area exceeding 17.7 million sq ft; 289 stores were added during FY26 alone. FY26 revenue from operations was Rs 19,701 crore, up 18.2% year-on-year. Q1 FY27 standalone revenue (excluding GST) was Rs 5,666 crore, up 19% from Rs 4,781 crore in Q1 FY26. The largest cost line is other operating expenses at 18.8% of revenue, followed by employee costs at 6.8% and depreciation at 6.8%; capex ran at 8.8% of revenue to fund the store roll-out. EBITDA margin for FY26 stood at 18.74%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Westside, Zudio, Star, Samoh and Burnt Toast. Specialty retail with rapid multi-brand store roll-out and a heavy mix of own-brand merchandise.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,498 | 8,242 | 12,375 | 17,135 | 20,074 |
| EBITDA (ex other income) | 546 | 1,071 | 2,498 | 2,758 | 3,647 |
| margin % | 12.1 | 13.0 | 20.2 | 16.1 | 18.2 |
| Owners' profit | 106 | 445 | 1,487 | 1,547 | 1,720 |
| EPS, as reported (₹) | 2.98 | 12.51 | 41.82 | 43.51 | 48.37 |
| ROE % · ROCE % | 1.4 · 5.8 | 14.8 · 12.0 | 36.0 · 37.7 | 27.5 · 28.1 | 24.2 · 28.2 |
| Debt / equity (x) | 0.21 | 0.19 | 0.12 | 0.09 | 0.07 |
| Cash from operations | 58 | 595 | 1,349 | 1,661 | 2,668 |
| Capex | (271) | (503) | (737) | (1,268) | (1,763) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,157 | 4,657 | 4,217 | 4,883 | 4,818 | 5,345 | 5,028 | 5,755 |
| Profit before tax | 461 | 620 | 417 | 555 | 478 | 664 | 535 | 702 |
| Net profit | 335 | 497 | 312 | 425 | 373 | 510 | 413 | 518 |
| EPS (₹) | 9.53 | 13.99 | 8.95 | 12.09 | 10.60 | 14.42 | 11.26 | 9.73 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD ◆ | 1,54,511 | 63.0 | 21.74 | 41.1 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD | 1,19,913 | 180.1 | 13.55 | 62.3 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED | 11,751 | 29.1 | 7.69 | 16.1 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 8,818 | 49.8 | 6.24 | 6.9 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,243 | 52.0 | 10.52 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED | 5,667 | 3.6 | 6.28 | 12.0 | 18.0 | 14.2 | 41.6 | 14.1 |
| ADITYA BIRLA FASHION & RT | 4,870 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
| ARVIND FASHIONS LIMITED | 4,855 | 40.5 | 4.18 | 7.4 | 15.8 | 12.9 | 19.1 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.0 | 26.0 | 16 of 19 | 17% |
| P/B | 21.7 | 3.9 | 14 of 14 | 0% |
| ROCE | 26.2 | 10.0 | 2 of 20 | 95% |
| ROE | 24.2 | 11.7 | 1 of 14 | 100% |
| Debt / Equity | 0.1 | 0.1 | 6 of 14 | 62% |
| EBITDA margin | 20.1 | 15.7 | 6 of 14 | 62% |
| Revenue growth | 17.8 | 16.6 | 8 of 16 | 53% |
| Profit growth | 22.0 | 20.6 | 6 of 13 | 58% |
| Market cap | 154511 | 724 | 1 of 20 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Nahar, Trent's unit, signs term sheet to sell 100% of Netria | strategic transactions | medium | — | — |
| 23 Oct 2026 · Reminder on equity share transfers to IEPF | compliance | minimal | — | — |
| 19 Oct 2026 · Trent Ltd: Non-Executive Director Harish Bhat resigns | management changes | medium | — | — |
| 19 Oct 2026 · Trent Ltd: Special window for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 18 Oct 2026 · Trent Ltd: Non-Executive Director Harish Bhat resigns from board | management changes | medium | — | — |
| 6 Oct 2026 · Trent board to consider Q2 and H1 FY26-27 results on 29 Oct 2026 | results | low | — | — |
| 5 Oct 2026 · Trent Q2FY27 revenue up 23% YoY at Rs 5,788 Cr; Zudio hits 1000 stores | business updates | high | — | — |
| 5 Oct 2026 · Trent files routine SEBI Regulation 74(5) certificate for Q2 FY26 | compliance | minimal | — | — |
| 17 Sept 2026 · Trading Window Closes Ahead of Q2 Results | compliance | minimal | — | — |
| 11 Sept 2026 · Zudio crosses 1,000 stores milestone | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.