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
Where the price sits
52-week range, house target and street targets
52w low ₹2,19752w high ₹4,832
- Reference close₹2,635
- Antique Stock Broking Limited · BUY₹4,455
- Systematix Institutional Equities · HOLD₹4,561
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹2,788
Price (2026-09-07)
91.6x / 82.3x
FY27E / FY28E P/E (Buoyant sheet)
28.8%
FY27E ROE (Buoyant sheet)
81.3x
Trailing P/E
21.7x
Price / book
19%
EPS CAGR FY26–28E
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%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 104.0x | 132.0x | 123.0x | 139.0x | n.m. | 429.0x | 110.0x | 94.4x | 122.0x | 68.1x |
| Price to Book | 5.7x | 7.2x | 7.3x | 7.1x | 11.6x | 19.2x | 18.8x | 34.5x | 34.6x | 16.8x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
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