Trent Limited (TRENT) AI Stock Analysis

• Market Cap: ₹1.29T
• Dividend Yield: 0.12%
• Average Volume (3M): 160.31K
• Price to Earnings (P/E): 74.2
• Beta (1Y): 1.35
• Revenue Growth: 23.62%
• EPS Growth: -10.39%
• Country: IN
• Employees: 25,277
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 18.00
• Shares Outstanding: 355,487,460
• 10 Day Avg. Volume: 51,002
• 30 Day Avg. Volume: 160,306
• PEG Ratio: 31.72
• Price to Book (P/B): 36.30
• Price to Sales (P/S): 11.57
• P/FCF Ratio: 504.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹4,770.00
• Price Target Upside: -0.84% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 51.38
• Revenue Forecast (FY): ₹199.17B

• Rating: 66 Neutral
• Price Target: ₹3,927.00 ▼(-18.37% Downside)
• Action: Reiterated Date: 01/07/26
• Date: Action: Reiterated 01/07/26

The score is primarily supported by strong financial performance (growth, profitability improvement, and healthy cash generation). It is meaningfully constrained by weak technicals (price below key moving averages with negative MACD) and expensive valuation (very high P/E with minimal dividend yield).

Positive Factors

Sustained Revenue Growth

Multi-year revenue expansion from 25.77B to 171.35B demonstrates durable top-line momentum and increasing scale. Coupled with improving gross and EBIT margins, this suggests the business has strengthened pricing, sourcing and cost control levers that support higher sustainable profits over the medium term.

Strong Cash Generation

Operating cash flow consistently exceeding net income and positive free cash flow growth indicate robust cash conversion and disciplined capex. This supports reinvestment in stores, inventory and private labels while preserving liquidity, enabling durable funding for expansion without excessive external borrowing.

Improving Balance Sheet

A growing equity base and declining leverage improve financial flexibility and resilience. Lower relative debt reduces refinancing risk and interest burden, enabling Trent to pursue strategic store rollouts and absorb retail cyclical shocks while maintaining capacity to invest in supply chain and private-label programs for long-term competitiveness.

Negative Factors

Moderate Equity Ratio

A moderate equity ratio signals that asset utilization and return on assets may not be optimal, potentially reflecting idle store capital or inventory inefficiencies. Over the medium term this can cap return expansion and necessitate focused improvements in working capital and store productivity to lift ROA and shareholder returns.

Recent EPS Contraction

Negative EPS growth indicates recent pressure on per-share profitability, which may stem from margin mix shifts, higher operating costs, or one-off items. If persistent, declining EPS can constrain reinvestment and weaken investor confidence; management must convert revenue growth into stable per-share earnings over time.

Higher Cyclical Sensitivity

A beta above 1.3 shows earnings and returns are more sensitive to economic cycles, reflecting discretionary retail exposure. Over 2-6 months this raises downside risk during macro slowdowns and implies the company's revenue and margins could swing more materially than peers when consumer demand softens.

Trent Limited Business Overview & Revenue Model

Company Description

Trent Limited, together with its subsidiaries, operates a chain of retail stores primarily under the Westside brand in India. The company's Westside stores provides women's wear, men's wear, kids' wear, footwear, innerwear, beauty, accessories, and home furniture products. It also operates hypermarket and supermarket stores under the Star Market brand, which offer food and groceries, home care, apparel, home decor, health and beauty products, and non-vegetarian products. In addition, the company provides lifestyle products, including toys, frontlist books, and sports merchandise under the Landmark brand. Further, it offers apparels and footwear for men, women, and children under the Zudio brand; and ethnic apparels, beauty products, and accessories under the Utsa brand. As of March 31, 2022, the company operated 200 Westside stores; 61 Star Market stores; and 233 Zudio stores. Trent Limited was incorporated in 1952 and is based in Mumbai, India.

How the Company Makes Money

Trent primarily makes money by selling merchandise to consumers through its retail store network and associated channels. The core revenue stream is retail sales from its formats: (1) Fashion and lifestyle retail (notably Westside and Zudio), where revenue is generated from the sale of apparel and lifestyle products; private-label products are an important component in such formats because they typically allow better control over pricing, sourcing, and gross margins versus purely third-party branded goods. (2) Food and grocery retail (Star), where revenue comes from the sale of daily-need consumer staples and packaged/fresh foods with typically higher volume and lower unit margins than fashion. In addition to direct product sales, Trent can earn ancillary retail income related to its operations (for example, income streams tied to retail space and vendor arrangements), but specific line-item contributions are not provided here (null). Significant factors influencing earnings include store expansion and same-store sales growth, product mix (private label vs. third-party brands), inventory management and discounting, and operating leverage from scale across sourcing, logistics, and store operations. Significant partnerships or specific commercial arrangements and their quantitative impact are not provided here (null).

Trent Limited Financial Statement Overview

Summary

Strong multi-year revenue and profit growth with improving gross/EBIT margins. Cash generation is solid with operating cash flow consistently exceeding net income and positive free cash flow growth. Balance sheet is stable with a growing equity base and manageable leverage, though equity ratio is only moderate.

Income Statement

Trent Limited exhibits robust growth with a strong revenue trajectory, increasing from 25.77 billion to 171.35 billion over five years. Gross profit and EBIT margins have improved significantly, indicating enhanced efficiency and profitability. Net income has consistently risen, reflecting solid bottom-line performance. The company demonstrates resilience and effective cost management, contributing to high profitability scores in the apparel retail sector.

Balance Sheet

The balance sheet reflects a solid financial position with a healthy equity base growing from 23.13 billion to 54.62 billion. The debt-to-equity ratio shows manageable leverage, decreasing over time, which enhances financial stability. However, the equity ratio is moderate, indicating room for improvement in asset utilization. Overall, Trent maintains a stable balance sheet, supporting its growth trajectory.

Cash Flow

Trent's cash flow management is strong, with operating cash flow consistently outpacing net income, indicating robust cash generation. Free cash flow growth has been positive, supporting reinvestment and expansion opportunities. The company demonstrates effective capital expenditure management, enhancing its cash flow score. Despite some fluctuations in investing and financing cash flows, overall liquidity remains sound.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	185.75B	171.35B	123.75B	82.42B	44.98B	25.93B
Gross Profit	78.06B	72.31B	52.39B	33.83B	19.17B	9.78B
EBITDA	25.86B	21.55B	14.77B	7.24B	3.33B	-226.60M
Net Income	16.22B	15.47B	14.87B	4.45B	1.06B	-1.46B
Balance Sheet
Total Assets	107.35B	94.20B	71.62B	80.82B	77.26B	57.24B
Cash, Cash Equivalents and Short-Term Investments	11.10B	9.73B	10.14B	6.29B	6.08B	7.46B
Total Debt	23.49B	22.37B	17.53B	44.64B	47.25B	29.66B
Total Liabilities	45.21B	38.36B	30.59B	54.19B	53.16B	33.66B
Stockholders Equity	61.02B	54.62B	40.68B	25.95B	23.64B	23.13B
Cash Flow
Free Cash Flow	4.86B	3.93B	6.12B	914.80M	-2.12B	2.60B
Operating Cash Flow	15.32B	16.61B	13.49B	5.95B	584.80M	3.74B
Investing Cash Flow	-10.29B	-9.24B	-5.08B	-1.03B	560.30M	156.50M
Financing Cash Flow	-6.49B	-6.94B	-6.29B	-4.91B	-1.08B	-2.83B

Trent Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4810.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TRENT, the sentiment is Negative. The current price of 4810.5 is above the 20-day moving average (MA) of 3802.42, above the 50-day MA of 3920.99, and above the 200-day MA of 4730.69, indicating a bearish trend. The MACD of -118.57 indicates Positive momentum. The RSI at 38.15 is Neutral, neither overbought nor oversold. The STOCH value of 48.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TRENT.

Trent Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VARROC	69 Neutral	₹80.00B	-220.37	―	0.16%	7.38%	-73.62%
TRENT	66 Neutral	₹1.29T	74.16	―	0.12%	23.62%	-10.39%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MANYAVAR	61 Neutral	₹88.48B	26.22	―	1.37%	5.77%	-4.37%
JUBLFOOD	61 Neutral	₹315.34B	130.51	―	0.21%	29.48%	-6.19%
ABFRL	48 Neutral	₹72.01B	-15.34	―	―	-32.83%	31.19%

Trent Limited Corporate Events

Trent Schedules One-on-One Meeting With Hill Fort Capital

Trent Limited has notified the stock exchanges about a scheduled one-on-one meeting with institutional investor Hill Fort Capital on March 18, 2026, as part of its ongoing engagement with the analyst and investor community. The company emphasized that the interaction will adhere to disclosure norms, confirming that no unpublished price-sensitive information will be shared, underscoring its commitment to regulatory compliance and transparent investor communication.

Trent Subsidiaries THPL Support Services and Booker India Merge to Streamline Wholesale Operations

Trent Limited has announced that its step-down subsidiary THPL Support Services Limited has been amalgamated with Booker India Limited, a direct subsidiary, following approval of the merger scheme by the National Company Law Tribunal’s Mumbai bench, with the order becoming effective on 1 February 2026. The transaction, which involves no cash consideration because THPL is a wholly owned subsidiary of Booker India, is aimed at rationalising and simplifying the group structure to drive organisational, financial and operational efficiencies, while leaving Trent’s own shareholding pattern unchanged and reinforcing the integration of warehousing capabilities with its Booker Wholesale cash-and-carry business serving small business customers across India.