Trent (TRENT) · mywealthgrid

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About

Trent is the Tata Group's retail flagship, operating Westside and Zudio across the consumer discretionary sector. With a market cap of ₹1,05,867.9 Cr, it scales a dual-brand strategy—premium positioning in Westside and value fashion with Zudio—generating recent quarterly revenues around ₹5,600 Cr and maintaining operating margins of 18–20%.

Founded: 1952
Face value: ₹1

Market cap

₹91,719 Cr

P/E

50.7×

P/B

13.1×

Dividend yield

0.2%

ROE

27.6%

ROCE

30.5%

Debt / equity

0.07

OPM

18.3%

EPS (TTM)

₹50.9

Book value

₹196.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High valuation (PE 58.52) leaves little room for earnings misses; the 15.77% 1y decline despite consistent margins suggests growth expectations unmet.

Operating margin volatility across recent quarters (16.96%–20.41% range) indicates demand or cost swings; verify underlying drivers and sustainability.

Consumer discretionary spending is cyclically sensitive; verify employment trends, credit availability, and income growth supporting discretionary demand.

Fashion retail carries inventory and real-estate risks; verify lease cost escalation, inventory turnover, and store productivity trends.

Generated analysis · source review pending

Growth drivers

Zudio positioned as 'breakout value-fashion chain'; verify store expansion pace, unit economics, and market share trajectory.

Operating margins sustained at 19–20% in recent quarters despite stable revenues; verify capex needs and funding without margin dilution.

Strong cash generation from dividend and bonus (June 2026); verify capital allocation between store expansion and shareholder returns.

Dual-brand strategy (Westside premium, Zudio value) reaches multiple segments; verify penetration potential and market opportunity in each.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,580.0-2.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 34.9% (3-yr avg)
+High return on capital employed of 29%
+Profit CAGR of 57% over the last 3 years
+Revenue CAGR of 50.6% over the last 5 years
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 14.4×

Cons

−Trading at 13.1× book value
−Low dividend payout of 7.9% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

63/100

Business quality: 82
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
EternalETERNALETERNAL	₹3,03,227 Cr	₹3,03,227 Cr	₹67,408 Cr	₹1,687 Cr	2.2%	₹433 Cr	0.7%	3%	1.2%	2
Avenue SupermartsDMARTDMART	₹2,47,845 Cr	₹2,50,270 Cr	₹71,256 Cr	₹5,387 Cr	7.5%	₹3,058 Cr	4.3%	17.7%	12.9%	29
Lenskart Solutions LimitedLENSKARTLENSKART	₹1,20,170 Cr	₹1,20,390 Cr	₹9,634 Cr	₹2,005 Cr	19.9%	₹655 Cr	5.7%	8.6%	6.7%	19
The Indian Hotels Company LimitedINDHOTELINDHOTEL	₹1,02,200 Cr	₹1,02,251 Cr	₹9,987 Cr	₹3,291 Cr	33%	₹2,146 Cr	23.2%	17%	17.2%	-191
Meesho LimitedMEESHOMEESHO	₹99,812 Cr	₹99,812 Cr	₹12,626 Cr	₹-1,485 Cr	-11.8%	₹-1,358 Cr	-10.8%	-23.8%	-31%	-40
FSN E-Commerce VenturesNYKAANYKAA	₹92,936 Cr	₹93,683 Cr	₹10,649 Cr	₹848 Cr	7.5%	₹256 Cr	2%	25.3%	14.6%	71
TrentTRENTTRENT	₹91,719 Cr	₹92,219 Cr	₹20,945 Cr	₹3,954 Cr	18.3%	₹1,809 Cr	8.6%	30.5%	27.6%	36
Info Edge (India) LimitedNAUKRINAUKRI	₹77,808 Cr	₹77,808 Cr	₹3,375 Cr	₹1,249 Cr	35.7%	₹1,600 Cr	53.7%	4.9%	4%	-19
Swiggy LimitedSWIGGYSWIGGY	₹65,695 Cr	₹65,795 Cr	₹24,904 Cr	₹-2,927 Cr	-14%	₹-3,749 Cr	-18%	-24.6%	-19.7%	-16
Vishal Mega Mart LimitedVMMVMM	₹46,609 Cr	₹46,609 Cr	₹13,493 Cr	₹1,969 Cr	14.6%	₹892 Cr	6.5%	15.7%	12.1%	17
Indian Railway Catering & TourismIRCTCIRCTC	₹36,328 Cr	₹36,328 Cr	₹5,425 Cr	₹1,655 Cr	32%	₹1,393 Cr	26.7%	43.7%	35%	-967
Physicswallah LimitedPWLPWL	₹34,365 Cr	₹34,376 Cr	₹4,106 Cr	₹389 Cr	9.5%	₹20 Cr	-0.6%	2.8%	-0.5%	-317

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,157	2,630	3,486	2,593	45	8,242	12,375	17,135	20,074
COGS	1,032	1,311	1,882	1,534	25	4,720	6,959	9,689	11,265
Gross profit	1,126	1,319	1,604	1,059	20	3,522	5,416	7,445	8,810
	925	1,091	1,091	958	14	2,365	3,371	4,601	5,132
	201	228	514	101	6	1,157	2,046	2,845	3,677
OPM %	9.3%	8.7%	14.7%	3.9%	12.9%	14%	16.5%	16.6%	18.3%
Depreciation	46	52	247	257	3	494	671	895	1,361
Interest	31	37	246	249	3	369	319	139	168
	44	41	145	201	1	258	865	219	89
Profit before tax	147	168	165	-205	1	552	1,921	2,030	2,236
Tax	60	74	59	-24	1	158	443	495	515
Tax %	40.7%	43.7%	35.8%	-11.6%	69.4%	28.7%	23.1%	24.4%	23%
	87	95	106	-181	0	394	1,477	1,534	1,721
PAT margin %	4%	3.6%	3%	-7%	0.8%	4.8%	11.9%	9%	8.6%
EPS (₹)	2.6	2.9	3.5	-4.1	3	12.5	41.8	43.5	48.4
EPS adjusted (₹)	1.7	2	2.3	-2.7	0	8.3	27.9	29	32.3
	43.9%	44.5%	28.3%	—	57%	17.6%	7.7%	11.5%	8.3%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	33	33	33	33	36	36	36	36	36	36	36
Reserves	1,453	1,514	1,562	1,613	2,352	2,277	2,328	2,560	4,032	5,426	6,949
Minority interest	3	1	1	—	80	44	46	67	35	122	123
	96	291	391	394	300	0	497	498	499	499	500
	475	383	348	518	2,740	3,366	4,819	4,921	2,561	3,337	4,121
Total equity & liabilities	2,060	2,222	2,336	2,559	5,507	5,724	7,726	8,082	7,162	9,420	11,729
	378	489	553	604	697	3,026	4,659	4,500	2,423	3,868	5,489
CWIP	46	5	10	87	23	108	105	102	224	180	254
Investments	1,037	1,080	1,023	883	1,515	1,515	1,312	1,137	1,443	1,507	1,415
	598	648	750	985	3,272	1,075	1,651	2,343	3,072	3,865	4,571
Total assets	2,060	2,222	2,336	2,559	5,507	5,724	7,726	8,082	7,162	9,420	11,729

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50.1%	46%	40.8%	44.8%	42.7%	43.8%	43.5%	43.9%
EBITDA margin %	8.7%	15.6%	6.6%	12.8%	13%	15.5%	16.1%	18.3%
EBIT margin %	6.7%	8.5%	-3.3%	5.8%	7%	10.1%	10.9%	11.5%
PAT margin %	3.6%	3%	-7%	0.8%	4.8%	11.9%	9%	8.6%
Working capital
Receivable days	31	22	3	148	2	2	1	1
Inventory days	138	118	102	12,767	105	83	77	74
Payable days	133	100	65	5,562	51	41	35	39
NWC days	37	40	40	7,353	55	45	43	36
Leverage
Current ratio	1.53	3.5	1.85	2.72	2.17	2.02	1.82	1.26
Debt to EBITDA	1.73	0.55	0	86.65	0.46	0.26	0.18	0.14
Debt to equity	0.24	0.13	0	0.21	0.19	0.12	0.09	0.07
Interest coverage	5.9	1.8	0.5	1.4	2.3	4.8	15	14.4
Asset turnover	1.03	0.63	0.45	0.01	1.02	1.73	1.82	1.71
Return ratios
Return on assets %	3.7%	1.9%	-3.2%	0%	4.9%	20.6%	16.3%	14.7%
Return on capital employed %	11.7%	12.6%	2.3%	0.1%	12%	24.4%	32%	30.5%
Return on equity %	5.8%	4.4%	-7.8%	0%	15.2%	36.3%	28.1%	24.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	37.01%	37.01%	37.01%	37.01%	37.01%	37.01%	37.01%	37.01%	37.01%	37.01%	37.01%	37.01%
	26.17%	25.91%	26.8%	27.87%	26.62%	21.68%	19.66%	18.39%	16.82%	15.62%	15.59%	15.14%
	14.91%	14.84%	13.91%	13.19%	13.39%	15.29%	17.24%	18.54%	19.85%	21.37%	22.2%	23.08%
	0%	0%	0%	0%	0%	0%	0%	0%	0.13%	0.13%	0.17%	0.19%
	21.91%	22.24%	22.28%	21.93%	22.98%	26.02%	26.09%	26.06%	26.19%	25.87%	25.03%	24.58%
No. of shareholders	—	—	—	—	—	—	—	—	4,88,273	5,07,525	5,12,623	5,20,340

Promoter holding up 0 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
RAJNIKANT A. SHAHEmployees/Designated Employees	SellMarket Sale	2,500	₹1.38 cr	0.02% → 0.02%	10 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

72 deals · 23 Sept 2021 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	50,897	₹5,364.00	₹27.30 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	50,897	₹5,364.00	₹27.30 Cr
19 Nov 2024	SIDDHARTHA YOG	Block	NSE	Buy	13,02,164	₹6,475.00	₹843.15 Cr
19 Nov 2024	DODONA HOLDINGS LIMITED	Block	NSE	Sell	13,02,164	₹6,475.00	₹843.15 Cr
13 Nov 2024	SIDDHARTHA YOG	Block	NSE	Buy	13,52,380	₹6,495.00	₹878.37 Cr
13 Nov 2024	DODONA HOLDINGS LIMITED	Block	NSE	Sell	13,52,380	₹6,495.00	₹878.37 Cr
7 Nov 2024	SIDDHARTHA YOG	Block	NSE	Buy	13,68,010	₹6,445.00	₹881.68 Cr
7 Nov 2024	DODONA HOLDINGS LIMITED	Block	NSE	Sell	13,68,010	₹6,445.00	₹881.68 Cr
4 Nov 2024	SIDDHARTHA YOG	Block	NSE	Buy	12,00,920	₹6,985.00	₹838.84 Cr
4 Nov 2024	DODONA HOLDINGS LIMITED	Block	NSE	Sell	12,00,920	₹6,985.00	₹838.84 Cr

1–10 of 72

1 / 8

Mr. Noel Naval TataNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Harish BhatNon-Executive - Non Independent Director
Mr. Jayesh Tulsidas MerchantNon-Executive - Independent Director
Mr. Ravneet Singh GillNon-Executive - Independent Director
Ms. Hema RavichanderNon-Executive - Independent Director
Ms. Kiran Mazumdar ShawNon-Executive - Independent Director
Mr. Bahram Navroz VakilNon-Executive - Non Independent Director
Mr. Venkatesalu PalaniswamyExecutive Director-MD
Mr. Neeraj BasurChief Financial Officer
Ms. Krupa AnandparaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹2,621.6 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹2,642.6	-9.2	-0.3%	₹2,642.6	40,606	-115	3,409	225
23 Nov 2026	₹2,650.9	-14.2	-0.5%	₹2,650.9	829	+113	172	225
29 Dec 2026	₹2,666.5	-7.7	-0.3%	₹2,666.5	34	+34	43	225

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

149

across 18 fund houses

Held by these funds

11.51%

of the company's equity

All mutual funds

14.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

149 schemes · 18 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	64.54 L	1,858.8	0.87%	1.816%	+33,946
BSE Sensex ETF	SBI Mutual Fund	44.2 L	1,273	1.04%	1.243%	+43,825
LARGE CAP FUND	Nippon India Mutual Fund	24.41 L	702.87	1.3%	0.687%	-0
ETF NIFTY 50 BEES	Nippon India Mutual Fund	20.26 L	583.39	0.87%	0.57%	+40,930
Large Cap Fund	ICICI Prudential Mutual Fund	19.85 L	571.65	0.71%	0.558%	+1.2 L
Multi Cap FundNEW	Nippon India Mutual Fund	16.83 L	484.56	0.86%	0.473%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	16.05 L	462.22	0.88%	0.451%	—
Nifty 50 ETF	ICICI Prudential Mutual Fund	13.44 L	386.97	0.87%	0.378%	+32,380

1–8 of 149

1 / 19

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

15 Jul 2026, 11:31 amBoard Meeting

Board Meeting Intimation for Notice Of Board Meeting

Exchange filing PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	50.1%	46%	40.8%	44.8%	42.7%	43.8%	43.5%	43.9%
EBITDA margin %	8.7%	15.6%	6.6%	12.8%	13%	15.5%	16.1%	18.3%
EBIT margin %	6.7%	8.5%	-3.3%	5.8%	7%	10.1%	10.9%	11.5%
PAT margin %	3.6%	3%	-7%	0.8%	4.8%	11.9%	9%	8.6%
Working capital
Receivable days	31	22	3	148	2	2	1	1
Inventory days	138	118	102	12,767	105	83	77	74
Payable days	133	100	65	5,562	51	41	35	39
NWC days	37	40	40	7,353	55	45	43	36
Leverage
Current ratio	1.53	3.5	1.85	2.72	2.17	2.02	1.82	1.26
Debt to EBITDA	1.73	0.55	0	86.65	0.46	0.26	0.18	0.14
Debt to equity	0.24	0.13	0	0.21	0.19	0.12	0.09	0.07
Interest coverage	5.9	1.8	0.5	1.4	2.3	4.8	15	14.4
Asset turnover	1.03	0.63	0.45	0.01	1.02	1.73	1.82	1.71
Return ratios
Return on assets %	3.7%	1.9%	-3.2%	0%	4.9%	20.6%	16.3%	14.7%
Return on capital employed %	11.7%	12.6%	2.3%	0.1%	12%	24.4%	32%	30.5%
Return on equity %	5.8%	4.4%	-7.8%	0%	15.2%	36.3%	28.1%	24.6%

21

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	2,200	₹6.1	32	+14	25
0	0	0	₹404.7	2,300	₹10.4	310	+45	312
0	0	0	₹0.0	2,350	₹13.8	214	+131	151
13	+10	15	₹262.4	2,400	₹19.5	456	+30	335
4	0	0	₹222.8	2,450	₹27.5	198	+16	148
153	+5	21	₹181.2	2,500	₹38.1	461	-4	707
55	+16	34	₹145.6	2,550	₹52.0	416	+44	398
867	+51	606	₹111.8	2,600	₹70.7	1,047	+190	1,057

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
15 Jul 2026, 11:31 am	Board Meeting	Board Meeting Intimation for Notice Of Board Meeting	PDF
6 Jul 2026, 6:46 pm	Company Update General	Update For Q1FY27	PDF
3 Jul 2026, 2:47 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	28	361	374	1	595	1,349	1,661	2,668
	-46	-816	16	1	-103	-508	-923	-1,578
	38	452	-372	-1	-491	-629	-694	-1,148
Net cash flow	21	-2	18	0	1	211	44	-58
Free cash flow	-165	205	260	-2	91	612	393	905
CFO / Operating profit %	12.4%	66.4%	217.5%	10.1%	55.4%	70.2%	60.2%	72.6%

Trent

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

22

1

1

21

Compounded sales growth

Compounded profit growth

Return on equity

Trent

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Announcements

Futures3

Annual reports

Credit ratings

Dividends22

Board meetings1

Stock splits1

Option chain21

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

22

1

1

21