TRENT
Large CapTrent Limited
Consumer
Trent Limited is a prominent Indian retail company operating fashion concepts like Westside and Zudio, and food & grocery stores under Star. As of March 31, 2026, it had 1,286 stores across 321 cities, with a retail area of 17.70 Mn sq. ft. The company focuses on own brands and direct-to-consumer distribution.
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 is neutral, 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 31 Mar 2026
Excellent · 80/100Rev +19% YoY · PAT +32% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,028 Cr | +19.2% | -5.9% |
| EBITDA | ₹911 Cr | +39.9% | -15.7% |
| Operating margin | 18.0% | +300 bps | -200 bps |
| PAT | ₹413 Cr | +32.4% | -19.0% |
| PAT margin | 8.2% | +81 bps | -133 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Trent reports strong Q4 FY26 consolidated revenue growth of 19% YoY to Rs 5,028 Cr, with operating EBIT up 42% YoY to Rs 543 Cr and PAT up 33% YoY to Rs 413 Cr, driven by robust store expansion and improved operating economics.
The company delivered strong top-line and profitability growth, supported by aggressive store expansion and operational efficiencies. While like-for-like growth is low, management attributes this to new market penetration, which requires a longer maturity period. The planned fundraise signals continued investment in growth and infrastructure, reinforcing the long-term expansion thesis despite near-term discretionary spending moderation.
Star Product Category Split (Q4 FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Aggressive Store Expansion
Consistently launched c. 250 new stores across brands annually over the last few years, including 212 Zudio and 60 Westside stores in FY26.
Tier II/III City Penetration
Over 80% of new Zudio stores in FY26 were opened in Tier II, III cities and peripheral new growth micro-markets.
Emerging Categories
Beauty & personal care, innerwear, and footwear contribute to over 21% of total revenues.
Online Channel Growth
Westside online grew by 25% in Q4 FY26, contributing over 6% of Westside revenues, with high volumes vs. comparative players.
Total Store Additions (FY26)
Opened 60 Westside and 212 Zudio stores (including 4 in UAE) in FY26. Consolidated 8 Westside and 14 Zudio stores.
Total Store Additions (Q4 FY26)
Opened 23 Westside and 109 Zudio stores (including 2 in UAE) in Q4 FY26. Consolidated 1 Westside store.
New City Presence
Expanded presence to 47 new cities in Q4 FY26.
Strong Underlying Market Opportunities
Structurally, the demand levels and underlying market opportunities in India remain strong.
Scale and Sourcing Diversity
Company's scale coupled with diversity of sourcing hubs aids in maintaining consistent availability across channels.
Distinctive Market Positioning
Emphasis on own brands, credible quality, nimble responsiveness, and relative price stability contributes to distinctive market positioning.
Improved Operating Economics
Growing presence with more customer-friendly stores and density in select markets is yielding higher cluster-level revenues & profitability.
Moderation of Discretionary Spending
Consumers are spending with caution, resulting in moderation of discretionary spending due to macro uncertainties and potential increase in cost of living.
Geopolitical Situation Impact
Duration and intensity of Middle East disruptions, with second-order effects on supply chain, commodity prices, and inflation, have potential implications for near-term demand.
Inflationary Pressures
Input costs of select raw materials are beginning to witness some inflationary pressures.
Labor Availability
Some impact on the availability of labor for suppliers in certain geographies.
Competitive Intensity
The fashion/lifestyle market in India has high competitive intensity, though no material shifts are currently observed.
New Store Maturity Profile
Newer markets entered by the company mature over a two-to-three year period, meaning initial revenue profiles are not comparable to existing portfolios.
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.
Financial results for retail are seasonal, making YoY comparisons essential for understanding underlying performance. However, store expansion and new market penetration are sequential growth drivers, warranting QoQ analysis for momentum and execution.
Consolidated Revenue from Operations
Rs 5,028 Cr in Q4 FY26, up 19% YoY.
Consolidated Operating EBIT
Rs 543 Cr in Q4 FY26, up 42% YoY (including share from JVs & Assoc.).
Consolidated PAT
Rs 413 Cr in Q4 FY26, up 33% YoY.
Standalone Operating EBIT Margin
11.5% in Q4 FY26, up from 9.7% in Q4 FY25.
Fundraising for Accelerated Investments
Board approved in-principle to raise c. Rs. 2500 crores to accelerate investments in store upgrades, new brands, supply chain, digital initiatives, and faster Star store rollout.
Strategic Focus
Focused on strengthening core, enhancing product proposition, on-trend fashion, and driving premiumization through desirable products, convenience, and experience.
Competitive Moat
Seeks to build upon and deepen its competitive moat by growing the relevance of its brands across target audiences.
Operating Model Preference
Prefers to retain operating control of stores and ownership of merchandise, with a Company-Operated model and selective franchising.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Annual Store Expansion Rate | c. 250 new stores annually across brands. | Sustained pace of store additions, especially in Tier II/III cities, and successful ramp-up of new stores. |
| Like-for-like (LFL) Growth | Low single digits for fashion portfolio in Q4 FY26 and FY26. | Improvement in LFL growth as newer markets mature and consumer sentiment stabilizes. |
| Fundraising Progress | Board approved in-principle to raise c. Rs. 2500 crores. | Timelines and successful execution of the capital raising program and deployment of funds into identified growth areas. |
| Operating EBIT Margin | Standalone Op. EBIT Margin at 11.5% in Q4 FY26. | Maintenance of stable margin profile amidst inflationary pressures and new store ramp-up costs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -1.7% / mo · near 52W low
Technical chart
TRENTdaily · 3Y-35.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 19. Wait for confirmation.
- SMA20 falling (~7.9% over last month) — short-term momentum negative.
- RSI(14) at 19 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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.
- Growth contributes 20/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Fair-value margin of safety is negative at -10.0%.
- Valuation is weaker at 1/30; 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
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 98th 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: 98th pctile, median 67 · Large: 95th pctile, median 74
28 documents indexed, 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 0.8%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 84.10
- P/B
- 20.79
- EV/EBITDA
- 28.95
- Market Cap
- 145234.00Cr
Profitability
- ROE
- 27.70%
- ROCE
- 28.30%
- ROA
- 14.67%
- Dividend Y
- 0.22%
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
- 16.07×
- Altman Z
- 9.81
- Book Value
- 131.00
Cash Flow
- FCF Yield
- 0.75%
- FCF Positive Y
- 9/5
- OCF
- 2668.00 Cr
- EPS TTM
- 32.25
Shareholding
- Promoter Hold
- 37.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.