Trent
Trent
Consumer Discretionary F&OKey Fundamentals
LargecapSpeciality RetailRetailTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company has delivered good profit growth of 68.7% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.6%
- Company's median sales growth is 27.2% of last 10 years
Weaknesses
1- Stock is trading at 21.4 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3h agoTrent Ltd, with a market cap of approximately ₹1,47,876 Cr, has delivered exceptional compounded profit growth of 69% CAGR over 5 years and sales growth of 51% CAGR over the same period, but trades at a PE of 82x and 21.3x book value. The stock has corrected 18% over the last 1 year after a strong 34% CAGR over the preceding 10 years.
- Exceptional profit growth of 69% CAGR over 5 years and 71% CAGR over 3 years demonstrates strong operating leverage and scaling ability
- Robust sales growth of 51% CAGR over 5 years and 35% CAGR over 3 years indicates sustained consumer demand and successful store expansion
- Consistent ROE track record with 3-year average of 29% and last year at 28%, well above cost of equity for most consumer discretionary firms
- Long-term 10-year stock CAGR of 34% reflects sustained value creation over multiple market cycles
- 10-year median sales growth of 27.2% shows the company has maintained a durable growth trajectory, not just a recent spike
- TTM sales growth of 17% indicates continued momentum even on a much larger revenue base of over ₹16,000 Cr
- 10-year compounded profit growth of 43% suggests the business model has steadily improved profitability as it scaled
- Tata Group parentage provides supply chain advantages, brand trust, and access to capital for continued expansion in the organized retail space
- PE ratio of 82x is extremely elevated, pricing in years of flawless execution with very little margin of safety
- Price-to-book of 21.3x is exceptionally high, meaning investors are paying a steep premium over the company's net asset value
- Stock has declined 18% over the last 1 year, indicating the market is already repricing the rich valuations
- Dividend yield of just 0.14% offers negligible income return, making the investment entirely dependent on capital appreciation
- TTM profit growth has decelerated to 15% from the 3-year CAGR of 71%, suggesting the high-growth phase may be moderating
- TTM sales growth has also slowed to 17% from a 5-year CAGR of 51%, indicating a natural base effect as the company scales
- At 82x PE, even a modest earnings miss or margin compression could trigger a sharp de-rating in the stock price
- Consumer discretionary spending is cyclical and sensitive to macroeconomic slowdowns, inflation, and shifts in consumer sentiment
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Utsa stores slashed to four Aug 28
Trent cut Utsa ethnicwear standalone stores from over 20 to just four due to weak sales traction. No timeline or location details were disclosed.
- Zudio crosses 1,000 stores Sep 12
Zudio hit the 1,000-store milestone in value-fashion retail, having served over 100 million customers. Disclosure made Sep 11, 2026 under SEBI Regulation 30.
- Analyst meetings scheduled September Aug 31
Trent scheduled analyst and institutional investor meetings on Sep 2 and Sep 16, 2026, participating in the Elara India Dialogue and Jefferies 5th India Forum.
TL;DR: Trent's value-fashion engine Zudio is firing on all cylinders with 1,000 stores and 100M+ customers served, underscoring strong execution in its core growth format. However, the sharp pullback of Utsa standalone stores from 20-plus to four signals that the ethnicwear vertical has not found product-market fit. Near-term catalysts include upcoming analyst meetings in September that may offer clarity on format strategy. The key question is whether Zudio's momentum can more than offset drag from underperforming formats like Utsa.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,628 | 2,982 | 3,467 | 3,298 | 4,104 | 4,157 | 4,657 | 4,217 | 4,883 | 4,818 | 5,345 | 5,028 | 5,755 |
| Expenses | 2,261 | 2,526 | 2,838 | 2,828 | 3,491 | 3,511 | 3,809 | 3,566 | 4,036 | 4,002 | 4,264 | 4,117 | 4,636 |
| Operating Profit | 367 | 457 | 629 | 470 | 613 | 646 | 847 | 651 | 848 | 816 | 1,081 | 911 | 1,119 |
| OPM % | 14% | 15% | 18% | 14% | 15% | 16% | 18% | 15% | 17% | 17% | 20% | 18% | 19% |
| Other Income | 79 | 105 | 110 | 695 | 101 | 51 | 80 | 74 | 50 | 28 | 5 | 28 | 30 |
| Interest | 92 | 95 | 99 | 33 | 32 | 33 | 37 | 38 | 40 | 42 | 43 | 44 | 47 |
| Depreciation | 141 | 152 | 165 | 213 | 181 | 197 | 245 | 272 | 293 | 325 | 367 | 377 | 410 |
| PBT | 212 | 314 | 475 | 919 | 501 | 467 | 646 | 416 | 565 | 477 | 676 | 519 | 692 |
| Tax % | 21% | 27% | 22% | 23% | 22% | 28% | 23% | 25% | 25% | 22% | 25% | 20% | 25% |
| Net Profit | 167 | 228 | 371 | 712 | 391 | 335 | 497 | 312 | 425 | 373 | 510 | 413 | 518 |
| EPS in Rs | 3.25 | 4.4 | 7.02 | 13.21 | 7.36 | 6.35 | 9.33 | 5.97 | 8.06 | 7.07 | 9.62 | 7.51 | 9.73 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,284 | 1,686 | 1,812 | 2,157 | 2,630 | 3,486 | 2,593 | 4,498 | 8,242 | 12,375 | 17,135 | 20,074 | 20,945 |
| Expenses | 2,196 | 1,596 | 1,679 | 1,949 | 2,390 | 2,957 | 2,479 | 3,903 | 7,128 | 10,404 | 14,315 | 16,329 | 17,018 |
| Operating Profit | 88 | 90 | 134 | 208 | 241 | 529 | 114 | 595 | 1,114 | 1,971 | 2,820 | 3,745 | 3,928 |
| OPM % | 3.8% | 5% | 7% | 10% | 9% | 15% | 4.4% | 13% | 14% | 16% | 16% | 19% | 19% |
| Other Income | 208 | 86 | 81 | 27 | 30 | 147 | 199 | 152 | 341 | 989 | 305 | 85 | 90 |
| Interest | 22 | 48 | 46 | 44 | 51 | 263 | 261 | 325 | 409 | 368 | 200 | 233 | 175 |
| Depreciation | 75 | 39 | 41 | 46 | 52 | 247 | 257 | 311 | 494 | 671 | 895 | 1,361 | 1,478 |
| PBT | 200 | 90 | 128 | 147 | 168 | 165 | -205 | 111 | 552 | 1,921 | 2,030 | 2,236 | 2,364 |
| Tax % | 35% | 39% | 34% | 41% | 44% | 36% | -12% | 69% | 29% | 23% | 24% | 23% | — |
| Net Profit | 129 | 55 | 85 | 87 | 95 | 106 | -181 | 35 | 394 | 1,477 | 1,534 | 1,721 | 1,815 |
| EPS in Rs | 2.6 | 1.11 | 1.7 | 1.74 | 1.95 | 2.3 | -2.74 | 1.98 | 8.34 | 27.88 | 29.01 | 32.25 | 33.93 |
| Div. Payout % | 26% | 54% | 39% | 44% | 45% | 29% | -15% | 57% | 18% | 8% | 11% | 8% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 33 | 33 | 33 | 33 | 33 | 36 | 36 | 36 | 36 | 36 | 36 | 36 |
| Reserves | 1,389 | 1,431 | 1,514 | 1,562 | 1,613 | 2,352 | 2,277 | 2,328 | 2,560 | 4,032 | 5,426 | 6,949 |
| Borrowings | 267 | 400 | 392 | 391 | 494 | 300 | 2,964 | 4,725 | 4,464 | 1,753 | 2,237 | 2,561 |
| Other Liabilities | 518 | 292 | 283 | 349 | 418 | 2,819 | 447 | 637 | 1,022 | 1,341 | 1,721 | 2,183 |
| Total Liabilities | 2,207 | 2,157 | 2,222 | 2,336 | 2,559 | 5,507 | 5,724 | 7,726 | 8,082 | 7,162 | 9,420 | 11,729 |
| Fixed Assets | 668 | 477 | 549 | 613 | 662 | 2,738 | 3,054 | 4,687 | 4,527 | 2,450 | 3,895 | 5,519 |
| CWIP | 92 | 55 | 5 | 10 | 87 | 23 | 108 | 105 | 102 | 224 | 180 | 254 |
| Investments | 740 | 1,067 | 1,080 | 1,023 | 883 | 1,515 | 1,487 | 1,284 | 1,110 | 1,416 | 1,480 | 1,385 |
| Other Assets | 706 | 558 | 588 | 691 | 927 | 1,230 | 1,075 | 1,651 | 2,343 | 3,072 | 3,865 | 4,571 |
| Total Assets | 2,207 | 2,157 | 2,222 | 2,336 | 2,559 | 5,507 | 5,724 | 7,726 | 8,082 | 7,162 | 9,420 | 11,729 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -10 | 109 | 102 | 77 | 21 | 361 | 285 | 58 | 595 | 1,349 | 1,661 | 2,668 |
| Investing | -306 | -98 | -44 | -4 | -37 | -809 | 18 | 56 | -103 | -508 | -923 | -1,577 |
| Financing | 310 | -13 | -51 | -74 | 37 | 452 | -283 | -108 | -491 | -629 | -694 | -1,148 |
| Net Cash Flow | -6 | -2 | 7 | -1 | 21 | 5 | 20 | 6 | 1 | 211 | 44 | -57 |
| Free Cash Flow | -166 | -21 | 34 | -30 | -174 | 247 | 194 | -152 | 371 | 955 | 799 | 931 |
| CFO/OP | 4 | 144 | 105 | 61 | 41 | 84 | 251 | 23 | 71 | 84 | 76 | 86 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 3 | 3 | 1 | 3 | 2 | 2 | 3 | 1 | 2 | 2 | 1 | 1 |
| Inventory Days | 91 | 128 | 126 | 122 | 138 | 118 | 102 | 128 | 105 | 83 | 77 | 74 |
| Days Payable | 61 | 76 | 70 | 74 | 68 | 58 | 65 | 56 | 51 | 41 | 35 | 39 |
| Cash Conversion Cycle | 33 | 55 | 58 | 51 | 72 | 62 | 40 | 74 | 55 | 45 | 43 | 36 |
| Working Capital Days | -15 | -25 | 36 | 41 | 24 | 39 | -14 | 42 | 29 | 16 | 15 | -2 |
| ROCE % | 4% | 7% | 9% | 10% | 11% | 17% | 1% | 7% | 12% | 24% | 31% | 28% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY15–FY26.
Documents
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Company Information
Trent Ltd is engaged in retailing of apparels, footwear, accessories, toys, games, food, grocery & non food products through various of its retail formats/ concepts.[1]
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