Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: TRENT· FMCGCore · Aug 26Large cap

Trent

Discretionary: Zudio in tier-2/3

Last close: ₹2,635.00; 29 Sept 2026 · reference
1D · 1M: +0.3% · −9.1%; price-only
Weight: 3.1%; 31 Jul 2026 · Aug rank 7
Thesis review: 8 Sep 2026; Why We Own, p33

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Broker research · 2 reports

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedBUYdailymulti-company

Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)

19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗

Target: ₹4,455
At report: ₹2,942
Vs our close: +69.1%

Trent appears only in the Valuation Guide appendix (no dedicated commentary), rated BUY with a large implied upside (51%).

Key points

Valuation Guide: TP Rs 4,455 (51% upside), Mcap $16.4bn, FY27E/FY28E/FY29E EPS Rs 45.0/57.6/72.1, P/E 65.4x/51.1x/40.8x

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Systematix Institutional EquitiesHOLDsector previewmulti-company

Consumer Discretionary: Growth momentum builds, margin sustainability key monitorable - 4QFY26 Result Preview

10 Apr 2026 · Chetan Mahadik, Vijay Jangir · 9 pp · open PDF ↗

Target: ₹4,561
At report: ₹3,963
Vs our close: +73.1%

Trent is expected to post ~20% YoY revenue growth in Q4FY26 driven by aggressive Zudio and Westside store additions, with EBITDA margin expanding to 17.0%, though Systematix rates the stock HOLD given valuation (71x FY27E PE).

Key points

Q4FY26E Revenue Rs 49,370 mn (+20.2% YoY, -6.1% QoQ)
Q4FY26E EBITDA Rs 8,393 mn (+27.9% YoY), EBITDA margin 17.0% (+101 bps YoY)
Q4FY26E Adj PAT Rs 3,688 mn (+5.4% YoY, -44.6% QoQ)
Added 22 Westside and 109 Zudio stores in 4QFY26
FY25-28E CAGR: Revenue 17.2%, EBITDA 20.0%, Adj EPS 15.4%
Valuation on FY27E: PE 71x, EV/EBITDA 35x; FY26E/FY27E/FY28E Adj EPS Rs 54.1/55.6/66.9

Extraction note: This Systematix sector preview covers 14 Consumer Discretionary companies (ABFRL, ABLBL, Bluestone Jewellery, Aditya Vision, Allied Blenders, Arvind Fashion, Avenue Super Mart/DMart, Page Industries, Radico Khaitan, Raymond Lifestyle, Thomas Cook, Tilaknagar Industries, Trent, V …

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft

Strengths

Fastest-growing scaled retailer in India: 5-yr sales CAGR 51% and profit CAGR 69% (screener); FY26 revenue Rs 20,074 cr (+17%) and Q1FY27 +18% even in a soft discretionary environment.
Zudio runway: 982 stores in 330 cities as of Jun-26 (+269 stores YoY across formats); >80% of new Zudio outlets are in tier-2/3 markets, where the GST cut on apparel (5% slab threshold raised from Rs 1,000 to Rs 2,500 from 22-Sep-2025) directly covers Zudio's price points.
Margin expansion despite inflation: OPM rose from 17% (Q1FY26) to 19% (Q1FY27) on own-brand sourcing, private-label mix and calibrated pricing; ROE has held at 28-29% for three years.
Valuation reset creates entry: PE has compressed from >100x to ~81x trailing / ~65x FY27E (derived) with consensus target Rs 3,454 and 13 of 14 brokerages at Buy/Add/Neutral.

Weaknesses

vs 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.
vs 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.

Opportunities

Q2FY27 business update (early Oct-2026) and results (early Nov-2026): festive-season LFL and Zudio store adds are the key watch items.
Zudio international/Westside expansion and potential Star Bazaar restructuring with Tesco - management has flagged 'range of interventions' on sourcing that could lift FY27 margins.
Inclusion/weight changes in Nifty 50 (Trent is a constituent) and MSCI rebalances drive passive flows; stock is -23% YoY so any LFL recovery to mid-single-digit would trigger re-rating.

Threats

LFL deceleration: fashion like-for-like growth is low-single-digit and Q1FY27 sales-per-sq-ft continued to decline ~10% YoY as new stores cannibalise clusters; growth is almost entirely store-count driven (Business Standard, 7-Aug-2026).
Store-add pace slowed to 20 net in Q1FY27 (vs 85+ per quarter at peak); any sustained slowdown breaks the 20%+ revenue growth that justifies ~65-80x PE - Citi's Sell (TP Rs 2,950) rests on this.
Input-cost inflation and West Asia shipping disruption flagged by management; Star Bazaar (86 stores) remains a sub-scale grocery format competing with DMart and quick commerce.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

August 2026 top-30 disclosure — rank 7, FMCG, Core. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
One-pager, "Why We Own What We Own" — p33, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

Company filings

Investor documents (Tijori knowledge base)

annual reports

earnings releases

investor presentations

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Ownership

Shareholding · Jun'26

Promoter	37.01%
Indian Promoters	37.01%
Tata Sons Private Limited	32.45%
Tata Investment Corporation Limited	4.28%
Ewart Investments Limited	0.28%
Coastal Cloud Canada Corporation	0.00%
Coastal Cloud NA LLC	0.00%
Coastal Cloud Holdings, LLC	0.00%
Coastal Cloud LLC	0.00%
Coastal Cloud Intermediate, LLC	0.00%
ClassEdge Ventures Limited	0.00%
CC StructureCo, LLC	0.00%
Public Shareholding	62.99%
Institutions	38.41%