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 ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

5.0

Profitability

4.0

Balance sheet

3.9

Cash conversion

4.1

Valuation

3.1

Sales20,074 cr FY26

Net Profit1,720 cr FY26

Operating margin18.6% FY26

ROCE29.6% FY26

Revenue CAGR 3y

34.5%

5y 50.6%

Net profit CAGR 3y

56.9%

Operating margin

18.6%

3y avg 15.3%

CFO / PAT, 3y

1.19x

FCF ₹2,685 cr cumulative

ROCE

29.6%

3y avg 29.1%

Debt / equity

0.07x

interest cover 10.6x

Cash conversion cycle

3 days

13 days three years earlier

P/E

82.3x

PEG 1.4 on 3y PAT growth

Promoter holding

37.0%

FII 15.1% · DII 23.1%

Growth. Revenue compounded 34.5% a year over FY23–FY26, net profit 56.9%; the latest year grew 17.2% (profit 11.2%). · Tijori P&L, annual
Margins. Operating margin 18.6% in FY26, +3.3 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.19x reported profit across the last three years; free cash flow of ₹2,685 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 29.6% and ROE 24.6% in FY26 (three-year average ROCE 29.1%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.07x, interest covered 10.6x by EBIT in FY26. · Tijori ratios sheet
Valuation. 82.3x trailing earnings, 30.5x EV/EBITDA, 16.8x book — 1.4x the three-year profit growth rate; dividend yield 0.2%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 17.9% YoY, net profit 20.7% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Promoter Holding: Promoter has not sold any shares in the last 90 days
Retail Holding: Retail has been selling the stock which is usually a good time to buy
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
ROE: Financial leverage has increased roe over 10 years
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Trent

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	24.62%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	24.62%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	28.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹1,720 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹1,830 cr
	Tijori screener	TTM	trailing 12 months	₹1,829 cr
	House model (one-pager)	FY26	standalone, annual	₹1,721 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹519 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	82.00x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	68.11x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	91.60x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	21.17x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	16.77x
Market cap	BSE master	2026-09-28	BSE full market cap	₹1,48,161 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹1,47,897 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹1,60,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	37.01%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	12,375	17,135	20,074
EBITDA (₹ cr)	1,971	2,820	3,745
Net profit (₹ cr)	1,477	1,534	1,721
ROE (%)	28.0	29.0	28.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	2,157	2,630	3,486	2,593	4,498	8,242	12,375	17,135	20,074	20,945
Operating Expenses	1,943	2,389	2,929	2,409	3,904	7,129	10,404	14,315	16,337	16,991
Raw Material	1,070	1,460	1,952	1,372	2,920	5,211	7,124	10,143	11,497	0
Material Cost (%)	47.81	49.86	53.98	59.16	55.17	57.26	56.23	56.55	56.12	-1.73
Employee Cost	230	287	359	302	399	655	1,037	1,308	1,355	1,404
Power & Fuel Cost	53	59	67	49	72	144	229	350	476	—
Operating Profit	214	241	557	184	594	1,113	1,971	2,820	3,737	3,954
Other Income	44	41	149	202	175	261	289	219	115	104
OPM (%)	9.94	9.16	15.97	7.10	13.21	13.51	15.92	16.46	18.62	18.88
Depreciation and Amortisation	46	52	247	257	311	494	671	895	1,361	1,478
Interest	44	51	263	261	325	409	368	200	233	175
Profit Before Tax	147	168	165	-205	111	552	1,921	2,030	2,236	2,379
Tax	60	74	59	-24	77	158	443	495	515	549
Net Profit	87	97	123	-146	106	445	1,487	1,547	1,720	1,830
Number of shares(Crs)	33	33	36	36	36	36	36	36	36	—
Dividend Payout Ratio(%)	43.94	44.55	28.94	—	57.11	17.59	7.65	11.49	12.40	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	3.23	4.35	4.33	1.63	0.21	1.34	2.35	6.22	11.14	10.61
Cash Conversion Cycle	-12.23	-14.54	-7.55	2.20	1.15	1.81	13.06	8.73	5.35	3.31
Inventory Days	55.35	50.56	53.54	53.21	66.78	48.35	45.56	40.29	35.98	36.99
Days Receivable	1.79	1.63	2.01	1.62	2.44	1.46	1.08	1.59	1.44	0.97
Days Payable	69.37	66.74	63.10	52.63	68.08	47.99	33.57	33.15	32.06	34.65
Debt to Equity Ratio	0.25	0.25	0.30	0.13	0.13	0.21	0.19	0.12	0.09	0.07
Free Cash Flow/Sales (%)	1.87	-1.39	-6.63	7.08	7.48	-3.38	4.51	7.72	4.66	4.64
Free Cash Flow(est) (Crs)	33.87	-29.95	-174.00	247.00	194.00	-152.00	371.00	955.00	799.00	931.00
Gross Margin (%)	51.37	52.19	50.14	46.02	40.84	44.83	42.74	43.77	43.45	43.88
Op Profit Margin (%)	7.58	9.94	9.16	15.97	7.10	13.21	13.51	15.92	16.46	18.62
Net Profit Margin (%)	4.68	4.03	3.69	3.52	-5.64	2.35	5.39	12.01	9.03	8.57
ROCE (%)	9.36	12.32	11.63	9.35	2.64	6.60	12.89	28.55	29.10	29.61
ROIC (%)	12.08	17.07	11.35	6.31	-2.11	1.65	8.35	30.95	30.49	32.04
ROE (%)	5.48	5.45	5.89	5.14	0.00	4.48	17.13	36.55	28.32	24.62
Net Profit Margin (%)	4.68	4.03	3.69	3.52	-5.64	2.35	5.39	12.01	9.03	8.57
P/E	104.00	132.00	123.00	139.00	n.m.	429.00	110.00	94.41	122.00	68.11
Price to Book	5.70	7.21	7.26	7.13	11.55	19.19	18.83	34.51	34.57	16.77
EV/EBITDA	46.39	45.87	43.90	24.47	69.84	59.53	35.87	62.20	62.19	30.46
Dividend Yield (%)	0.38	0.33	0.36	0.21	0.08	0.13	0.16	0.08	0.09	0.18

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.