Discretionary: Zudio in tier-2/3
Trent is engaged in retailing / trading of apparels, footwear, accessories, etc. It operates through ‘Westside’, ‘Zudio’, ‘Utsa’ and ‘Samoh’ retail formats. Westside - Trent’s flagship format offers apparel, footwear and accessories for men, women and children, along with furnishings, decor and a range of home accessories. Operating with a predominantly exclusive brands model, Westside continues to demonstrate the ability to compete effectively in the market place. Zudio is a value retail format catering to apparels and footwear for men, women and children. Utsa is a modern Indian lifestyle format which offers ethnic apparel, beauty products and accessories. Samoh offers luxurious occasion and ethnic wear for men and women.
Trent Limited engages in the retailing and trading of apparels, footwear, accessories, food, grocery, and non-food products in India. The company provides apparel, footwear, and accessories for men, women, and children, as well as furnishings, decor, and a range of home accessories under the Westside brand; apparels and footwear for men, women, and children under the Zudio brand; apparel, footwear, innerwear, beauty, and accessories for women under the Utsa brand; and luxurious, differentiated, and elevated occasion wear for men and women under the Samoh brand. It also operates Star Hypermarket, a convenience store chain that offers a range of products, including staple foods, beverages, health and beauty products, apparel, home furnishings, vegetables, fruits, dairy, and non-vegetarian products; and Booker Wholesale, a cash and carry chain of stores, which provides various products, such as staple foods, beverages, health and beauty products, dairy, non-vegetarian products, and non-food products to caterers, retailers, and other businesses. In addition, the company engages in the operation of StarQuik for online grocery retailing. Further, it operates a youth-focused fashion brand under the Burnt Toast brand name. Additionally, the company engages in the provision of business support and outsourcing services relating to accounting, merchandising, human resources, payroll, sourcing, warehousing, distribution, etc.; franchisee business; invest and deploy funds related to acquisition, purchase, development, construction, leasing, sale, or otherwise dealing in real estate properties; and investment activities. It offers its products online through Westside.com, Tata CliQ, and Tata Neu, as well as My Star App. Trent Limited was incorporated in 1952 and is based in Mumbai, India.
Key people: Mr. Venkatesalu Palaniswamy (MD & Executive Director) · Mr. Neeraj Basur ACA, ACS, M.Com (Chief Financial Officer) · Mr. P. K. Anand (Senior Vice-President of Operations) · Mr. S. W. Kamat (General Manager of Finance & Accounts) · Ms. Krupa Ketan Anandpara (Company Secretary & Compliance Officer) · Mr. Manish Kumar B.Sc., M.S.J.R., M.Sc., P.G.D.P. (Head of Human Recourse)
Trent major competitors are FSN E-Comm. Ventur., Avenue Supermarts, Metro Brands, Bata india, Aditya Vision, V2 Retail, Electronics Mart Ind. Market Cap of Trent is ₹1,49,737 Crs. While the median market cap of its peers are ₹8,188 Crs.
Trent seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Tata Group fashion retailer running Westside (mid-premium own-brand department stores, 301 stores), Zudio (value fashion, 982 stores, ~Rs 300-1,000 price points) and Star Bazaar grocery (86 stores, via JV with Tesco), plus a 49% stake in Zara India (Inditex Trent). Operates 1,312 stores across 330 cities and >18 mn sq ft as of 30-Jun-2026, up from 1,043 stores / 242 cities a year earlier. Zudio has grown its store network at a ~42% CAGR over four years and is India's largest value-fashion chain by store count; India's organised apparel market share for Trent is not disclosed in sources used.
Stock is -23% over one year (screener) and trades at ~65x FY27E on derived numbers vs the 100x+ forward multiples of 2024 when Zudio growth was 50%+; still the most expensive listed Indian retailer at 21.7x book. EV/EBITDA 37.7x; dividend yield 0.1%.
| V-Mart Retail | V-Mart (mcap Rs 6,518 cr, 47x PE, ROE 14%, 600 stores) grew Q1FY27 sales 23% but carries Rs 958 cr borrowings on a Rs ~1,200 cr net worth and has a history of loss-making years (LimeRoad); Trent's ROE is double and its scale (Rs 20,000 cr revenue vs Rs 3,789 cr) gives sourcing advantages. |
| Shoppers Stop | Shoppers Stop is loss-making (FY26 PAT -Rs 36 cr, Q1FY27 - Rs 14 cr), ROE -6%, borrowings Rs 3,317 cr on mcap of Rs 4,272 cr; department-store model is being disrupted by exactly the own-brand value formats Trent runs. |
| ABFRL | ABFRL lost Rs 830 cr in FY26 and Rs 249 cr in Q1FY27 with Rs 6,189 cr borrowings and promoter holding down to 46.6% from 55.5% (repeated equity raises); Trent is self-funding growth at 28% ROE. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
FMCG — 9.5%: the main stake, for the first time in ten years
Every era in Indian markets has a sector nobody wants right before it becomes the main stake. Post-COVID, demonetisation, GST and a capex-first fiscal stance took money out of household hands and consumption went into a five-year hiatus. Starting in 2024 the wheel turned: states began putting money directly into households — women-centric cash transfers alone run at ~₹1.7 lakh crore a year across fifteen-plus states and 120 million beneficiaries, and our aggregate estimate of the welfare shift is close to ₹6 lakh crore, or 1.7% of GDP. Add GST 2.0 (September 2025 moved soaps, toothpaste, biscuits, noodles, apparel under ₹2,500 to the 5% slab), 125 bp of rate cuts and a normal monsoon, and the income impulse is real. The evidence is arriving: ex-cigarette staples volumes are at a two-year high, rural volumes have out-grown urban for seven straight quarters, and we expect a broad set of companies to print double-digit growth this year. The setup mirrors 2021 in reverse. Then, consumption's fundamentals were eroding but investors would not let go of the multiples. Today the money has moved but nobody is looking — HUL is down from ₹2,250 to ₹1,960, Britannia −17% and Trent −23% over a year, Varun −14%. We are buying the operating leverage of a volume recovery in franchises whose multiples have compressed to 40–50x from 55–70x. The sales point is not "India has a large population"; it is that a cash-flow transfer the size of the IT salary bill has already happened.
Nestlé India is a superb business at 60x+ with the least GST benefit and the slowest volume growth of the group; ITC is cigarettes-led (we specifically exclude cigarettes from the volume thesis) and now a hotels demerger story; Dabur and Godrej Consumer have weaker execution and portfolio issues (honey/chyawanprash seasonality; GCPL's African drag). Marico is a copra-cost story, not a volume story. Tata Consumer pays 60x for tea. In discretionary, V-Mart and ABFRL lack Trent's unit economics and balance sheet, and Shoppers Stop is the wrong price point for a transfer-led recovery.