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Model Note · TRENT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TRENT LTD Discounted cash flow · base FY26
TRENT LTD
Value per share, this model₹708
CMP 2026-09-10₹2,802.40
Difference(74.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TRENT LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
17% a year
FY26 17.2% · 5-yr CAGR 50.6%
EBITDA margin
18.2%
FY26 18.2% · 5-yr average 15.9%
Depreciation · capex, % of revenue
6.8% · 8.8%, fading to 1.2× depreciation
FY26 6.8% · 8.8%
Working capital, % of added revenue · tax
5.6% · 23.1%
21 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta 1.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹219 · ₹0 · ₹0 cr
FY26 net debt ₹219 cr
Shares
53.32 crore
53.32 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
20,074
23,487
27,480
32,151
37,617
44,012
growth %
17.2
17.0
17.0
17.0
17.0
17.0
EBITDA
3,647
4,275
5,001
5,852
6,846
8,010
Depreciation
(1,361)
(1,597)
(1,869)
(2,186)
(2,558)
(2,993)
NOPAT
1,758
2,059
2,409
2,819
3,298
3,858
less capex
(1,763)
(2,067)
(2,374)
(2,726)
(3,130)
(3,591)
less working-capital build
—
(191)
(224)
(262)
(306)
(358)
Free cash flow to firm
—
1,398
1,680
2,017
2,420
2,902
Present value
1,327
1,436
1,554
1,679
1,814
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · TRENT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7,811
PV of the terminal value (79% of EV)
30,135
Enterprise value
37,946
less net debt
(219)
less non-controlling interest
0
add non-operating investments
0
Equity value
37,727
÷ 53.32 crore shares
₹708
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
732
788
856
938
1,041
10.5%
673
719
775
841
922
11.0%
622
662
708
762
827
11.5%
579
612
651
696
749
12.0%
540
569
602
640
684
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
