Trent Limited — Aamara Capital Research

Trent Limited NSE: TRENT · BSE: 500251

Tata Group fashion & lifestyle retailer (Westside, Zudio, Samoh, Burnt Toast; Star grocery JV). Data as of 6-Oct-2026 ~11:06 IST. ₹ crore unless stated; per-share data post 1:2 bonus (53.32 cr shares) unless marked pre-bonus.

₹20,074 crFY26 revenue (consol.), +17.2%

₹1,721 crFY26 PAT (consol.), +12.2%; SA ₹1,968 cr

18.7% / 13.5%EBITDA margin: reported post-Ind AS 116 / company Op. (post-rent)

27.6% / 28%RoE / RoCE FY26 (consol.)

Quick verdict scorecard

BusinessStrong100% own-label, 1,342 stores, best margins in value fashion

ManagementMediumStrong execution; 25% aspiration missed; chair exit Nov-26, no successor

FinancialStrongDebt-free ex-leases; AA+; but FCF after lease ~₹108 cr

ValuationExpensive84.8x TTM, 70.6x FY27E, 57.2x FY28E P/E

OverallNeutralQuality priced in; entry ≈₹2,300–2,500

Market data	Value
CMP (intraday 6-Oct-2026, ~11:06 IST, Yahoo)	₹2,876.80 ≈ ₹2,877
Previous close 5-Oct-2026	₹2,575 (Business Today); Yahoo ₹2,580
6-Oct range: open / high / low	₹2,800 / ₹2,909 / ₹2,782.30
+10% band hit	₹2,832.50; band relaxed (F&O stock)
Market cap @ ₹2,877 (53.3232 cr sh)	₹1,53,411 cr
Market cap @ ₹2,575	₹1,37,307 cr
52-week high (bonus-adj.)	₹3,399.70 (~6-Jul-2026)
52-week low (bonus-adj.)	₹2,183.67 (30-Mar-2026)
CMP vs 52W high / low	−15.4% / +31.8%
All-time high	₹8,345.85 pre-bonus 14-Oct-24 (≈₹5,564); alt. ₹8,234.95 on 11-Oct-24 (≈₹5,490)
Shares outstanding	53,32,32,301 (FV ₹1)
Index membership	Nifty 50 / Sensex constituent; F&O
Listing date	Not Available — not found in inputs
Promoter (Tata group) / pledge	37.01% / 0%
Ratings	CARE AA+ (Stable)/A1+ 12-May-26; ICRA AA+ (Stable) 7-May-26

Company overview
Registered office	Bombay House, Mumbai; corporate office Trent House, BKC, Mumbai
Origins	Retail business since 1998 (Westside, ex-Littlewoods Bengaluru store), set up by Simone Tata with Lakmé sale proceeds; 74th AGM held 2026
Promoter	Tata Sons 32.45% + Tata Investment Corp 4.28% + Ewart 0.28%
Chairman / MD / CFO	Noel N. Tata (retires Nov-2026) / P. Venkatesalu (MD since Oct-2024) / Neeraj Basur
Employees	31,226 permanent; 38,417 incl. contract (BRSR FY26); attrition 59%
Sector	Specialty retail — apparel, beauty, footwear; grocery via JV
Stores 30-Sep-2026	1,342 fashion (Zudio ~1,000 incl. 7 UAE; Westside ~311 [Est.]; others ~31) + Star 86 (Jun-26)
Retail area	18.04 mn sq ft fashion (Jun-26); 330 cities
Auditor	Deloitte Haskins & Sells LLP (to 2027 AGM); BSR & Co. from FY28
Latest event	Q2 FY27 business update 5-Oct-26: SA revenue ₹5,788 cr (+23%); full results ~early Nov-26

What Trent is, in plain English. Trent designs and sells its own brands — no third-party labels, no factories. Zudio sells sub-₹999 fashion and beauty from ~11,000 sq ft stores, mostly in Tier II/III towns; Westside is a ~24,000 sq ft mid-premium department store. Vendors (≈95% in India) manufacture; Trent buys outright, distributes via its own DCs and sells from ~1,340 mostly company-operated stores. It also owns 50% of Star (grocery, with Tesco), 51% of Booker India, and financial 20% stakes in Zara India and Massimo Dutti India.

Valuation (consol.)	@ ₹2,877 CMP	@ ₹2,575 prior close
P/E TTM (owners' EPS ₹33.93)	84.8x	75.9x
P/E FY26 (EPS ₹32.25)	89.2x	79.8x
P/E FY27E (consensus EPS ₹40.73)	70.6x	63.2x
P/E FY28E (consensus EPS ₹50.28)	57.2x	51.2x
P/B (BVPS ₹131.0, Mar-26)	22.0x	19.7x
EV/EBITDA TTM post-116 (EV incl. leases; EBITDA ₹3,927 cr)	39.5x	35.4x
EV/EBITDA FY26 post-116 (₹3,745 cr)	41.4x	37.1x
EV/Op. EBITDA TTM pre-116 (EV ex-leases; ~₹2,912 cr)	52.5x	47.0x
P/S TTM (rev. ₹20,946 cr)	7.3x	6.6x
Dividend yield (₹4 post-bonus)	0.14%	0.16%
FCF yield pre-lease (FY26 ₹905 cr)	0.59%	0.66%

EV = mcap + ₹2,561 cr debt incl. leases − ₹929 cr cash & liquid investments (Mar-26). The ₹500 cr NCD redemption (29-May-26) is EV-neutral. At CMP the forward P/E is 70.6x FY27E and 57.2x FY28E (~57x is the FY28E multiple, not FY27E). TTM EBITDA ₹3,927 cr is the sum of the last four reported quarters; FY26 quarters sum to ₹3,656 cr vs the ₹3,745 cr annual figure, so an annual roll-forward (3,745 + 1,119 − 848 = ₹4,016 cr) gives ~38.6x. [Est.]

Data freshness: prices 6-Oct-2026 ~11:06 IST (market open); financials to Q1 FY27 (6-Aug-2026); shareholding Jun-2026 (Sep-26 due ~21-Oct).

Analyst Notes

[Analyst View] — Aamara Capital lead analyst, 6-Oct-2026

What just happened. The Q2 FY27 business update (5-Oct) showed standalone revenue of ₹5,788 cr, +23% YoY, the best print in six quarters. It came despite Dussehra/Diwali shifting into Q3, and beat Morgan Stanley (20%), HSBC (19%) and Citi (18%). Citi estimates revenue per sq ft fell 8.4% YoY, against −12.2% in Q1 and −16.1% in Q3 FY26. The stock had drifted to ₹2,575, below even Citi's Sell target of ₹2,950. It hit the +10% band (₹2,832.50); the band was relaxed and it traded at ~₹2,877 (high ₹2,909).

What has not changed. All of Trent's growth comes from new space. LFL has been "low single digit" for six straight quarters (Q3 FY26 was marginally negative). In FY26, retail area grew ~30% while standalone revenue grew 18.2%. Our revenue per average sq ft fell 13.2% to ~₹12,629 [Est.]. Management's ~25% CAGR aspiration has now been missed for six quarters: 20% → 17% → 16% → 20% → 19% → 23%. Store additions are back-ended again: H1 FY27 net adds were 11 Westside and 36 Zudio, against AGM guidance of ~50 and 200–250 a year. H2 needs ~39 Westside and 164–214 Zudio. Citi called Q2 adds "below expectations".

The quality is real. FY26 consolidated reported EBITDA margin was 18.7% (Op. EBITDA, post-rent, 13.5%). Standalone Q1 FY27 margins were 19.6% reported and 14.9% Op., with gross margin at 46.6%. RoE is 27.6% and RoCE 28%. The cash conversion cycle is down to 35 days from 71. Trent has had no financial debt since the ₹500 cr NCD was repaid on 29-May-2026, and carries AA+ ratings. Margins have beaten expectations for four straight quarters.

But the cash and the consolidated picture are thinner than the headline. FY26 OCF of ₹2,668 cr is pre-rent. After ₹797 cr of lease principal, FCF was ₹108 cr; after all lease cash it was −₹65 cr. That is a 0.07% FCF yield at CMP. Consolidated PAT grew 12% against standalone +24%. The ₹246.49 cr gap is now fully bridged from the annual report: the ITRIPL buyback gain (₹136.86 cr) and an intra-group PPE sale to Netria (₹167.42 cr of assets; ₹95.80 cr net PPE swing) flatter standalone and are eliminated on consolidation. JV/associate profit share collapsed from ₹86.50 cr to ₹3.90 cr: the Star JV (THPL) lost ₹129.47 cr and Trent is down to 20% of Zara India. Zudio UAE lost ₹13.56 cr.

Capital intensity is rising. The board has an enabling approval for a ₹2,500 cr raise (22-Apr-26; no launch found). Part of it is earmarked for a faster Star roll-out and retail real estate via a new subsidiary, Netria. That money would go to a 12-year-old JV that still loses money, while the core is net cash.

Ownership and governance. FII holding fell from 27.87% (Jun-24) to 15.14% (Jun-26), absorbed by DIIs (23.3%). MFs trimmed at the margin in Aug–Sep 2026. Chairman Noel Tata steps down in Nov-2026 at 70 with no successor named, while he leads the Tata Trusts side of the dispute with Tata Sons (17-Sep-26 Chandrasekaran reappointment; RBI's 11-Sep-26 CIC-exemption rejection). His son Neville Tata runs Star; the AR shows ₹2.33 cr of "remuneration to director's relative" [inferred to be him].

What is priced. At ₹2,877 the stock trades at 84.8x TTM, 70.6x FY27E and 57.2x FY28E EPS, and 39.5x post-116 / 52.5x pre-116 EV/EBITDA. Consensus EPS growth is ~26% (FY27) and ~23.5% (FY28), a PEG of ~2.8x. The median target of ₹3,500 offers +21.7%. Targets imply ~59x (Citi) to ~77x (ICICI) FY28E EPS, median ~70x. The market is paying a premium multiple for growth that is space-led with falling unit productivity.

Bottom line. Neutral. This is a best-in-class franchise at a full price. We would turn constructive below ~₹2,500 (≈50x FY28E), or on evidence of LFL at mid-single digit or better together with H2 store delivery. Q2 results (early Nov) and the chair succession are the next tests.

Business Deep-Dive

Pure retailer, no manufacturing (BRSR). ~100% own-label. ~600 mn units/yr handled [Est., BRSR intensities]; implied ~₹330/unit.

Corporate structure (31-Mar-2026)

Entity	Stake	Role	Accounting
Trent Ltd (standalone)	—	Westside, Zudio India, Samoh, Burnt Toast, Utsa, POME, westside.com	Parent
Booker India Ltd	51% (Tesco 49%)	Cash-and-carry; THPL Support Services merged in w.e.f. 1-Feb-26 (website lists as Trent Business Support Services)	Subsidiary
Fiora Hypermarket Ltd	100% of Booker (51% eff.)	Part of Star network, Zudio-in-Star, StarQuik; merged with Fiora Online w.e.f. 1-Dec-25; renamed 15/16-Jan-26	Step-down sub.
Trent Hypermarket Pvt Ltd (THPL)	50% (Tesco 50%)	Star hyper/supermarkets; operates Zudio SIS in Star	JV
Trent MAS Fashion Pvt Ltd	50% (MAS Amity, Singapore)	Intimate/activewear design and manufacturing; JV signed 20-Jan-23	JV
Inditex Trent Retail India (ITRIPL)	20.00% (34.94% Mar-25; 49% pre-Aug-24)	Zara India	Associate
Massimo Dutti India	20% (49% pre-Mar-25)	Massimo Dutti India	Associate
Trent Global Holdings (Mauritius)	100%	Holding; branch office in Spain	Subsidiary
Trent Global Trading LLC (Dubai)	100% via TGHL	Zudio UAE (inc. Feb-24)	Step-down sub.
Nahar Retail Trading Services	100%	Westside franchise/property operations	Subsidiary
Netria Property Holdings	100% via Nahar	Real estate; inc. 4-Sep-25; supports Star real-estate plan	Step-down sub.
Fiora Business Support Services	100%	Shared services, sourcing support, warehousing	Subsidiary
Trent Foundation	100%	CSR (Section 8, from 1-Oct-24)	Subsidiary

No current Burberry JV. Commonwealth Developers (reported acquired Aug-2020) is absent from the FY26 AR. Misbu is a Star own brand.

Store network — Westside + Zudio (stacked), fashion total on top

Stores	Mar-23	Mar-24	Mar-25	Mar-26	Jun-26	Sep-26
Westside	214	232	248	300	301	~311 [Est.]
Zudio (incl. UAE, Zudio-in-Star)	352	545	765 (2 UAE)	963 (6 UAE)	982 (7 UAE)	~999–1,000+
Other concepts	—	—	30	23	29	~31–32 [Est.]
Fashion total	—	—	1,043	1,286	1,312	1,342
Star (THPL + FHL)	63	66	78	84	86	n.d.
Total incl. Star (ICICI)	629	843	1,091	1,347	—	—

Reconciliation: 300 + 963 + 23 = 1,286. Excluding 6 UAE stores gives 1,280 (BRSR, 318 Indian cities). BRSR counts 1,175 company-operated stores, which leaves ~105 franchise or THPL-run SIS stores [Est.]. Zudio at Sep-26 computes to 982 + 17 = 999, against the company's "crossed 1,000" (gross/net or timing difference).

Net adds (gross/net)	Q1FY26	Q2FY26	Q3FY26	Q4FY26	FY26	Q1FY27	Q2FY27
Westside	1/0	19/13	17/17	23/22	60/52 (8 closed)	1/1	n.d./10
Zudio	11/1	44/40	48/48	109/109	212/198 (14 closed)	22/19	n.d./17

Retail area (mn sq ft)	FY23	FY24	FY25	FY26	Jun-26
Westside	4.0	4.5	5.5	7.3	7.15+
Zudio	3.0	4.9	8.0	10.4	10.80+
Fashion total	7.0	9.4	13.5	17.7	18.04
Star	—	—	—	~1.4	1.52+
Total incl. Star (ICICI)	8.0	10.4	14.9	19.1	—

Cities: 321 (Mar-26; 318 India + 3 UAE) → 330 (Jun-26). Westside is in 97 cities, Zudio in 310 → 321, Star in 12. Footprint covers 27 states and 4 UTs.

Westside (1998)

Lifestyle department store, aspirational to mid-premium; ~100% exclusive in-house brands. Stores are 20–30k sq ft (avg ~24k [Est.]) with capital employed of ₹9–11 cr/store (ICICI). Brands: Nuon, E.T.A, WES, WES Lounge, L.O.V., Wardrobe, Utsa, Utsa Kids, Studiowest, Vark, Wunderlove, Superstar Wunderlove, StudioFit, HOP, Bombay Paisley, Soleplay, Westside Home, Luna Blu, Ascot, Gia Curves, Zuba, Nuio Flexi, Y&F, POME (LGD jewellery in 22 stores). Online: westside.com (27-Nov-2020), Tata Neu, Tata CliQ. Online is ~6% of Westside (~₹300 cr in FY26), with online revenue +25% in Q4 FY26 and digital volumes +32%. Implied Westside revenue is ₹5,000–6,900 cr [Est.; online-share math / third party ~35%]; Bernstein's "~40% of area/revenue" would imply ~₹7,900 cr, so the range is wide and undisclosed. ~80% sourced in India. Third-party estimate ~₹12,000/sq ft. Targets: ~700 stores long term and ~50/yr (AGM 2026); Westside CEO Shailina Parti has said "up to 100/yr" (Bloomberg, 20-Jul-26). Community events: Wesness and YNG.

Zudio (2016) — the engine

Value fashion, nearly all priced below ₹999 (beauty entry points ₹99–149), plus Zudio Beauty. Stores are 7–12k sq ft (avg ~11k [Est.]) with capital employed of ₹3–4 cr/store. ~700 stores (73% of domestic) are in Tier II/III; over 80% of openings go to Tier II/III and peripheral micro-markets. No e-commerce and little discounting. Revenue passed US$1 bn in FY25; analysts estimate 56–66% of standalone. Third-party unit economics (low confidence): ₹18–20k/sq ft, 34–35% gross margin, 11–12% pre-Ind AS EBITDA. Targets: ~5,000 stores long term and 200–250/yr (ICICI models 180–190). UAE: 2 → 6 → 7 stores; FY26 total income ₹60.73 cr (+146%), loss ₹13.56 cr; "2–3 years of incubation". The 1,000th store opened in Q2 FY27.

Incubation concept	Launched	What	Scale
Samoh	2023	Premium occasion/ethnic wear	7 stores, 3 cities
Burnt Toast	Aug-2025	Gen-Z/Gen-Alpha lifestyle	12 stores, 7 cities
Utsa	—	Ethnic wear; standalone stores cut from 20+ to 4 (28-Aug-26; aggregator-reported, not in a company filing)	Wind-down
POME	Oct-2024	Lab-grown diamond jewellery	SIS in 22 Westside stores
Zudio Beauty	2024–25	Value beauty; standalone stores from Bengaluru	n.d.

Emerging categories (cr units)	FY23	FY24	FY25	FY26	3-yr CAGR
Beauty	2.2	4.9	8.1	8.6 (+6%)	~57.5%
Innerwear	1.7	3.4	5.0	5.8	~50.5%
Footwear	1.1	1.9	2.7	2.9	~38.1%

Emerging categories are >21% of fashion revenue (Q4 FY26, Q1 FY27). BRSR mix: apparel 86.05%, non-apparel 13.95%. Beauty volume growth slowed to +6% in FY26, from +65% in FY25.

Star (brand basis)	FY23	FY24	FY25	FY26	Q1FY27
Stores	63	66	78	84	86
Own-brand share	57%	65%	70%	73%	74%
Revenue (₹ cr, ex-GST, incl. Zudio SIS)	—	—	~3,405	3,494 (+2.6%)	885 (+8.7%)
Q1 revenue history	439	588	762	814	885

Star: 12 cities (Maharashtra, Karnataka, Gujarat, Telangana). Own brands: Star, Fabsta, Klia, Skye, Smartle, Zudio, Misbu, Vaayo. Q1 FY27 mix: fresh 20%, staples 24%, FMCG 23%, GM/apparel 33%. ~2,000 direct farmers supply >80% of vegetables and >65% of fruit. FY26 refits included ESLs and open-deck chillers, plus a Bengaluru staples repack unit. Plan: 25–40 stores a year (vs 5–6 historically).

Facility	Detail
Fashion stores	1,312 (Jun-26), 18.04 mn sq ft, 330 cities
Star stores	86, 1.52 mn sq ft, 12 cities
Offices / DCs / sourcing	29 locations in 9 cities (BRSR) + Spain branch office
Named DCs	Lonikand, Pune (WD18); Jaipur (WD31); Vapi, Gujarat (WD14); ~6 main DCs implied [Est.]
Renewables	3 DCs with rooftop solar; "~50% of DCs on renewables"; renewables ~0.2% of total energy
Star back-end	Bengaluru staples repack unit; THPL warehousing now in Booker
Technology	RFID across the supply chain; reusable totes; IoT HVAC in ~80% of eligible stores (733); GenAI for trend work; PLM rolled out to vendors

Certification / IP	Status
ISO 27001:2022; PCI-DSS	Held
SEDEX SMETA 4-pillar (vendors)	93% of purchases by value (91.3% FY25); target 100% by FY27
Vendor Code of Conduct	100% adopted (98% FY25)
BIS (footwear); FSC (paper)	Held
TBEM / THSMS; BRSR Core	Assessed; reasonable assurance by BDO India
Patents / R&D	None disclosed; R&D nil; IP = trademarks (Westside, Zudio, Samoh, etc.)
Exports	0.21% of standalone turnover (UAE)

Operating model: in-house design → vendors (outright purchase, not sale-or-return) → DCs → stores. End-of-season sales in Aug/Jan; stock >365 days fully provided. Inventory turns 3.2x → 4.8x (FY23–26). Zero data breaches in FY26.

Segment Analysis

Single Ind AS 108 reportable segment ("retailing/trading of merchandise predominantly in India") on both bases — AR Note 38. No brand-level P&L. Pseudo-segments below are by legal perimeter.

Standalone (Westside+Zudio India+others)	FY24	FY25	FY26	Q1FY26	Q1FY27	Q2FY27
Revenue	11,926.6	16,668.1	19,701.4	4,781	5,666	5,788
YoY	+54.6%	+39.8%	+18.2%	+19.8%	+18.5%	+22.5%
Gross margin	45.2%	44.4%	44.5%	45.1%	46.6%	NA
Reported EBITDA (post-116; ICICI/company)	1,926.9	2,754.0	3,643.3	838	1,111	NA
Reported EBITDA margin	16.2%	16.5%	18.5%	17.5%	19.6%	NA
Op. EBITDA (pre-116, company)	~1,395 (11.7%, MOSL)	~2,116*	2,687 (13.6%)	~623	847 (14.9%)	NA
Op. EBIT (margin)	—	—	—	551 (11.5%)	732 (12.9%)	NA
PAT (adj. FY24 ex-exceptional; FY26 adj. labour code)	1,070.3	1,584.8	1,986.9	423	532	NA

*Back-calculated. Quarterly reported EBITDA 838 + 813 + 1,073 + 919 = 3,643 ties to FY26. Screener puts standalone FY26 EBITDA at ₹3,705 cr (18.8%), a different classification. H1 FY27 revenue ₹11,454 cr vs ₹9,505 cr (+20.5%). Q1 Op. EBIT history: FY23 ₹154 cr (9.3%), FY24 ₹199 cr (7.8%), FY25 ₹432 cr (10.8%), FY26 ₹551 cr, FY27 ₹732 cr. Q2 FY27 is a revenue-only update; other lines are Not Available until results (~early Nov-26).

Star / THPL JV (50%)	FY23	FY24	FY25	FY26
THPL revenue (ICICI)	1,811.0	2,188.9	2,732.7	2,750.9 (+0.7%)
THPL total income (AR)	—	—	2,699.33	2,773.55
Gross margin	18.8%	20.3%	20.0%	17.9%
EBITDA	−7.1	25.5	−12.0	−60.4 (−2.2%)
Loss before tax ex-exceptional	—	—	−91.96	−127.92
Total comprehensive income	—	—	−71.46	−129.47 (−81% worse)
Trent's 50% share in consol.	—	—	−35.73	−64.73

Other perimeters	FY25	FY26	Δ
Zudio UAE (TGTL) total income	24.69	60.73	+146%
Zudio UAE comprehensive income	−3.58	−13.56	~3.8x worse
Zara India (ITRIPL) total income	2,839.50	2,767.75	−2.5% (revenue −1.1%)
ITRIPL comprehensive income	299.47	204.08	−32%
Massimo Dutti India total income	101.23	128.93	+27%
Booker India consol. PAT	−29.74	3.43	turned positive
Fiora Hypermarket comprehensive income	−14.56	−2.70	narrowed
Trent MAS Fashion comprehensive income	−18.45	−3.15	narrowed

Capital allocation (ICICI from AR)	FY23	FY24	FY25	FY26
Growth capex	612	916	1,421	1,925
Inventory investment	514	228	464	240
Downstream investments (JVs/subs)	100	101	183	184

Fastest growers. Zudio: area +30% in FY26 and ~3.5x since FY23. Beauty and innerwear volumes: 50–58% CAGR over FY23–26. From small bases: Zudio UAE (+146%) and Massimo Dutti (+27% total income). Revenue per sq ft by city tier (FY26 AR via ICICI): metro >₹15,300, Tier II ₹13,390, rest of India ₹12,504.

Under pressure. Star/THPL: revenue flat, gross margin −210 bp, EBITDA loss ₹12 → ₹60 cr, comprehensive loss +81%. Zara India: revenue down, PAT −32%. Zudio UAE: loss ~3.8x wider. Core: LFL low single digit; revenue per sq ft −6% to −13%. Management focus: Zudio density, Westside ramp-up ("next growth driver"), Star "reconfiguration" plus 25–40 stores a year, incubation of Samoh/Burnt Toast over 2–3 years.

Financials: P&L

Consolidated unless [SA]. Reported EBITDA = post-Ind AS 116 (rent capitalised). Op. EBITDA = company KPI ex-lease impact (post-rent). Growth is never computed across bases.

Consolidated revenue (₹ cr, bars) and reported EBITDA margin (line)

₹ cr (consol.)	FY22	FY23	FY24	FY25	FY26
Revenue from operations	4,498	8,242	12,375	17,135	20,074
YoY	+73%	+83%	+50%	+38%	+17%
Gross profit	1,917	3,383	5,239	7,231	8,508
Gross margin	42.6%	41.0%	42.3%	42.2%	42.4%
Reported EBITDA (post-116, ex-OI)	595	1,114	1,971	2,820	3,745
Reported EBITDA margin	13.2%	13.5%	15.9%	16.5%	18.7%
Op. EBITDA (pre-116, company)	NA	NA	NA	~2,162*	2,702
Op. EBITDA margin	NA	NA	NA	~12.6%	13.5%
Lease gap (reported − Op.)	—	—	—	~658	~1,043 (5.2% of rev.)
Other income (Screener)	152	341	989**	305	85 (AR: 114.84)
D&A incl. ROU (P&L)	311	494	671	895	1,361 (+52%)
Operating EBIT (ex-OI)	284	620	1,300	1,925	2,384
Op. EBIT margin	6.3%	7.5%	10.5%	11.2%	11.9%
Finance cost (mostly lease)	325	409	368	200	233
PBT reported	111	552	1,921	2,030	2,236
PBT margin	2.5%	6.7%	15.5%	11.8%	11.1%
Tax rate	69%	29%	23%	24%	23%
PAT total	35	394	1,477	1,534	1,721
PAT to owners	106	445	1,487	1,547	1,720
PAT margin (owners)	2.4%	5.4%	12.0%	9.0%	8.6%
Normalised PAT	106	445	~1,045	1,547	1,720 (co. adj. 1,741)
EPS ₹ (post-bonus)	1.98	8.34	27.88	29.01	32.25

*Back-calculated. **FY24 includes a ₹576.07 cr exceptional gain from the Ind AS 116 lease reassessment (ICRA). On a normalised basis FY25 PAT grew ~+48%, not +4%. [SA] FY24: reported ₹1,435 cr vs adjusted ₹1,070 cr. FY26 carries a Labour Codes exceptional of ₹25.79 cr SA / ₹26.11 cr consol. (Q3 FY26). Other income: AR ₹114.84 cr (FY25 ₹218.56 cr) vs Screener ₹85 cr (₹305 cr) — classification differs.

[SA] annual	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Revenue	3,881	7,715	11,927	16,668	19,701	20,586
EBITDA post-116 (Screener)	651	1,155	1,973	2,812	3,705	3,916
EBITDA margin	16.8%	15.0%	16.5%	16.9%	18.8%	19.0%
Op. EBITDA pre-116	NA	NA	~1,395	~2,116	2,687	2,911
PAT	250	555	1,436	1,585	1,968	2,077
Consol. owners' PAT − SA PAT (drag)	−144	−110	+51	−38	−248	—

FY26 audited headline (AR, ₹ cr; FY25 in brackets)

Line	Standalone	Consolidated
Revenue from operations	19,701.41 (16,668.11)	20,074.21 (17,134.61)
Other income	374.46 (329.37)	114.84 (218.56)
PBT before exceptional	2,537.33	2,258.69
Exceptional (Labour Codes)	(25.79)	(26.11)
Share of JV/associates	n/a	3.90 (86.50)
PBT	2,511.54	2,236.48
Tax (deferred)	543.72 (−22.13)	515.15 (−59.39)
PAT	1,967.82 (1,584.84)	1,721.33 (1,534.41); owners 1,719.65; NCI 1.68
EPS ₹ pre-bonus / post-bonus	55.36 / 36.90	48.37 / 32.25

Standalone → consolidated PAT bridge (fully reconciled, AR §4)

#	Item	PAT effect
A	ITRIPL buyback gain eliminated (proceeds 146.35 − cost 9.49; 94,900 shares)	−136.86
B	Intra-group PPE profit eliminated (mainly ₹167.42 cr sale to Netria; SA +86.78 → consol. −9.02)	−95.80
C	Associate dividends replaced by equity method (ITRIPL 32.00 + MD 1.80)	−33.80
D	Subsidiary dividends eliminated (FBSSL)	−20.19
E	Share of JV/associates (ITRIPL +68.06, MD +2.34, THPL −64.73, Trent MAS −1.58)	+3.90
E2	Trent MAS impairment reversed	+3.35
F	Subsidiaries' results and other entries (residual)	+4.34
—	PBT bridge subtotal (2,511.54 → 2,236.48)	−275.06
G	Tax: DTA on eliminated intra-group gain (+23.52) and subsidiary tax	+28.57
—	Total (1,967.82 → 1,721.33)	−246.49

On an owners basis the drag is ₹248.17 cr (1,967.82 − 1,719.65). A is an exact match; F is a residual; the Netria-specific gain is not disclosed. The earlier "~₹190 cr unexplained" framing is superseded. Standalone FY26 PAT is flattered by ~₹233 cr of non-recurring pre-tax gains.

Last 8 quarters — consolidated

Quarterly consolidated revenue (₹ cr) and reported EBITDA margin

Quarter	Revenue	YoY	QoQ	EBITDA (post-116)	Margin	YoY	PAT	YoY	QoQ
Q2 FY25	4,157	+39.4%	+1.3%	646	15.5%	+41.4%	335	+46.9%	−14.3%
Q3 FY25	4,657	+34.3%	+12.0%	847	18.2%	+34.7%	497	+34.0%	+48.4%
Q4 FY25	4,217	+27.9%	−9.4%	651	15.4%	+38.5%	312	−56.2%*	−37.2%
Q1 FY26	4,883	+19.0%	+15.8%	848	17.4%	+38.3%	425	+8.7%	+36.2%
Q2 FY26	4,818	+15.9%	−1.3%	816	16.9%	+26.3%	373	+11.3%	−12.2%
Q3 FY26	5,345	+14.8%	+10.9%	1,081	20.2%	+27.6%	510	+2.6%**	+36.7%
Q4 FY26	5,028	+19.2%	−5.9%	911	18.1%	+39.9%	413	+32.4%	−19.0%
Q1 FY27	5,755	+17.9%	+14.5%	1,119	19.4%	+32.0%	518	+21.9%	+25.4%
Q2 FY27 (update)	NA (SA 5,788)	SA +23%	—	Not Available — full results ~early Nov-2026

*Q4 FY24 base includes the ₹576 cr exceptional gain. **Q3 FY26 hit by the labour-code charge and other income of ₹5 cr vs ₹80 cr. Consolidated Op. EBITDA (incl. JV share): Q1 FY26 ~638 (13.1%), Q2 ~574 derived (11.9%), Q3 837 (15.7%, +20%), Q4 653 (13.0%, +44%), Q1 FY27 848 (14.7%, +33%; Op. EBIT ₹724 cr, +29%).

[SA] Quarter	Revenue	YoY	EBITDA post-116	Op. EBITDA pre-116	Op. EBIT margin	PAT	PAT YoY
Q2 FY25	4,036	+39.6%	643 (15.9%)	NA	NA	423	+46%
Q3 FY25	4,535	+36.9%	843 (18.6%)	~668	13.2%	469	+36%
Q4 FY25	4,106	+28.8%	656 (16.0%)	~467	9.7%	350	−46%*
Q1 FY26	4,781	+19.8%	838 (17.5%)	~623	11.5%	423	+24%
Q2 FY26	4,724	+17.0%	813 (17.2%)	~574	10.2%	451	+7%
Q3 FY26	5,259	+16.0%	1,073 (20.4%)	822 (15.6%)	13.8%	640	+36%
Q4 FY26	4,937	+20.2%	919 (18.6%)	668 (13.5%)	11.5%	455	+30%
Q1 FY27	5,666	+18.5%	1,111 (19.6%)	847 (14.9%)	12.9%	532	+26%
Q2 FY27	5,788	+22.5%	Not Available (business update only)

Earnings quality. Growth is organic and volume/space-led (no acquisitions). Margin gains come from operating leverage, not gross margin (consolidated flat at ~42%; SA ~44.5%). In Q4 FY26, employee cost per sq ft fell 15% and rent per sq ft 21%; HDFC says RFID manpower gains are "largely realized". D&A rose from 5.2% to 6.8% of revenue, so FY26 PAT grew +11% against EBITDA +33%. Citi argues Q4 gross margin (+171 bp) was helped by an inventory-provision reversal. Revenue bases differ: business updates gave Q1/Q2 FY26 as ₹5,061/₹5,002 cr vs reported ₹4,781/₹4,724 cr.

Balance Sheet, Cash Flow & Ratios

₹ cr, 31-Mar (consol.)	FY22	FY23	FY24	FY25	FY26
Net fixed assets incl. ROU	4,694	4,523	2,572	3,975	5,671
Goodwill	49	49	49	49	49
Other intangibles	21	29	25	24	23
LT investments (incl. JV stakes)	757	564	696	846	737
Inventory	868	1,361	1,583	2,045	2,289 (AR KAM 2,199.53)
Trade receivables	18	34	82	63	51
Other receivables/advances	132	171	203	364	618
Cash + liquid investments	608	629	1,014	973	929
Total assets	7,726	8,082	7,162	9,420	11,729
Trade payables	378	665	774	928	1,211
NCD 5.78% (₹500 cr)	497	498	499	499	500 (redeemed 29-May-26)
Lease liabilities	4,228	3,966	1,254	1,738	2,061 (855 cur. + 1,207)
Total debt incl. leases	4,725	4,464	1,753	2,237	2,561
Net debt ex-leases	(111)	(131)	(515)	(474)	(429) net cash
Net debt incl. leases	4,117	3,835	739	1,264	1,632
Net worth (owners)	2,364	2,596	4,068	5,462	6,985
Total equity incl. NCI	2,410	2,663	4,103	5,583	7,108
BVPS ₹ (post-bonus)	44.3	48.7	76.3	102.4	131.0

The FY24 drop in fixed assets and leases is accounting (Ind AS 116 reassessment), not disposals. [SA] FY26 (ICICI): net worth ₹7,703 cr, leases ₹2,008 cr, inventory ₹2,269 cr, debtors ₹71 cr, cash ₹264 cr + current investments ₹524 cr, creditors ₹1,220 cr, net block ₹5,030 cr (gross ₹8,099 cr), CWIP ₹193 cr. AR KAM: SA inventory ₹2,177.87 cr = 17.81% of total assets.

OCF (black), capex (gold), FCF after lease principal (grey) — ₹ cr

Cash flow (consol.)	FY22	FY23	FY24	FY25	FY26
PAT (owners)	106	445	1,487	1,547	1,720
D&A (cash-flow statement)	306	488	666	890	1,355
Δ working capital	(430)	(293)	(272)	(568)	(399)
OCF (reported, pre-rent)	58	595	1,349	1,661	2,668
Capex (gross)	(271)	(503)	(737)	(1,268)	(1,763)
FCF pre-lease	(213)	92	612	393	905
Screener FCF	(152)	371	955	799	931
Lease principal	(69)	(140)	(278)	(540)	(797)
FCF after lease principal	(282)	(48)	334	(147)	108
Interest paid	(246)	(359)	(309)	(134)	(173)
FCF after all lease cash	(528)	(407)	25	(281)	(65)
JV/associate investments	(66)	(52)	(62)	(37)	(92)
Dividends paid	(43)	(39)	(78)	(114)	(178)
OCF/PAT	0.55x	1.34x	0.91x	1.07x	1.55x
Rent-adjusted (OCF−lease−interest)/PAT	n.m.	0.21x	0.51x	0.64x	0.99x
OCF/EBITDA (reported OCF ÷ post-116 EBITDA, computed)	10%	53%	68%	59%	71%
CFO/OP (Screener basis, not comparable)	23%	71%	84%	76%	86%

D&A differs by source: ₹1,355 cr in the cash-flow statement (stockanalysis) vs ₹1,361 cr in the P&L (Screener). FCF yield at CMP (₹1,53,411 cr): 0.59% pre-lease; 0.07% after lease principal; −0.04% after all lease cash. OCF conflict: CARE cites ₹3,063 cr and ICRA ">₹3,000 cr" for FY26; ICICI's SA construction is ₹3,169 cr; the company SA figure is ₹2,630 cr; reported consolidated is ₹2,668 cr (used here). FY26 capex of ₹1,763 cr (SA fixed-asset investment ₹1,713 cr; ICICI SA incl. other outflows ₹2,862 cr) absorbs essentially all post-rent cash (~₹1,700 cr). ICRA projects capex of ₹1,500–1,700 cr a year.

Working capital days	FY22	FY23	FY24	FY25	FY26
Debtor days	1.5	1.5	2.4	1.3	0.9
Inventory days (COGS)	122.7	102.2	81.0	75.4	72.2
Creditor days (COGS)	53.5	50.0	39.6	34.2	38.2
Cash conversion cycle	70.7	53.7	43.8	42.5	34.9
Screener WC days	42	29	16	15	−2

[SA] ICICI: inventory days 58/52/46 and CCC 33/30/22 (FY24–26). CARE operating cycle 25 days (FY26) vs 27 (FY25). ICRA NWC/OI 6.3% (8.2% FY24). BRSR payable days 24.09 vs 21.36.

Ratios (consol.)	FY22	FY23	FY24	FY25	FY26
RoE (owners)	4.5%	17.9%	44.6% (31.4% norm.)	32.5%	27.6%
RoCE (Screener)	7%	12%	24%	31%	28% (co. >29%)
RoCE [SA] (ICICI)	—	—	24.1%	29.3%	27.9%
ROIC	1.5%	6.4%	17.0%	24.1%	22.9%
D/E incl. leases	2.00x	1.72x	0.43x	0.41x	0.37x
D/E ex-leases	0.21x	0.19x	0.12x	0.09x	0.07x → 0 post May-26
Debt/EBITDA	7.9x	4.0x	0.9x	0.8x	0.7x
EBITDA/finance cost	1.8x	2.7x	5.4x	14.1x	16.1x (CARE 21.82x)
Current ratio	2.73	2.17	2.02	1.83	1.26 (~1.5x ex-NCD)
Asset turnover	0.67x	1.04x	1.62x	2.07x	1.90x
Fixed-asset turnover	0.96x	1.82x	4.81x	4.31x	3.54x
Inventory turnover	3.98x	4.36x	4.85x	5.46x	5.34x

RoE alternatives: Screener 27.7%; ICICI SA 29.2%. ICRA's upgrade trigger (RoCE >25% sustained) has been met for two years. CARE's negative trigger is gearing >2x incl. leases (now 0.36x).

Debt instrument	Amount	Terms / status
NCD INE849A08082	₹500 cr	5.78%; issued 31-May-21; redeemed 29-May-2026 (Reg. 57)
Proposed NCD	₹500 cr	CARE AA+ (Stable) assigned 12-May-26 ("Complex"); board approved 26-Mar-26; no issuance found
Commercial paper	₹500 cr limit (from ₹300 cr)	CARE A1+; ICRA A1+; none outstanding evidenced
Fund-based WC limits	₹285.01 cr (CARE); ₹350 cr (ICRA)	Unutilised in the 12 months to Mar-26
Non-fund-based BG/LC	₹65 cr	CARE A1+
Lease liabilities	₹2,061 cr consol. / ₹2,008 cr SA	The only material obligations; no term loans; lenders not identified (CARE annexure unretrievable)

Agency	Rating	Latest	History
CARE	AA+ (Stable) / A1+	12-May-2026	Same on 23-Nov-23, 22-Nov-24, 21-Nov-25
ICRA	AA+ (Stable); A1+ (CP)	7-May-2026	AA+ since 16-May-22 (11-May-23, 10-May-24, 8-May-25)
CRISIL / India Ratings	None found	—	—

Rating drivers: Tata Sons parentage (₹950 cr infusion in FY20), net cash, ~100% private label. Constraints: Booker/Star losses requiring "regular funding support", discretionary demand, competition. CARE (May-26) flags West Asia conflict "near-term demand pressure".

Equity dilution & share count

Share count (cr)

Date	Event	Shares (cr)	Dilution
FY15–19	Steady state	33.23	—
Aug-2019 (FY20)	Preferential: 2,31,70,731 sh at ₹410 to Tata Sons (≈₹950 cr)	35.55	+7.0%
FY21–26	No QIP, preferential, warrants or rights; no buybacks ever	35.55	0%
5-Jun-2026	1:2 bonus (first ever): 17,77,44,100 sh; postal ballot 96.45% for; record date 4-Jun (moved from 29-May)	53.32	Non-dilutive
22-Apr-2026	ESOP 2026 pool: up to 8,88,700 sh pre-bonus (0.25%); shareholder approval 91.62%; extendable to group employees	—	≤0.25%
19-Jun-2026	NRC grant: 11,13,500 options at ₹2,652; performance vesting; 1-yr exercise window. The grant exceeds the pre-bonus pool, which implies a bonus-adjusted pool of ~13,33,050 [Est.]. At CMP the options are in the money	(+0.11 cr potential)	~0.21%
Pending	₹2,500 cr raise (enabling, 22-Apr-26; rights preferred; no launch found by 6-Oct-26). At CMP ~0.87 cr sh (+1.6%); at a 15–25% rights discount 1.02–1.16 cr sh (+1.9–2.2%) [Est.]	—	~1.6–2.2%

Dividend	DPS pre-bonus ₹	DPS post-bonus ₹	Outgo ₹ cr	Payout
FY22	1.70	1.13	60	57%
FY23	2.20	1.47	78	18%
FY24	3.20	2.13	114	8%
FY25	5.00	3.33	178	11.5%
FY26	6.00	4.00	213.29	~12.4%

FY26 dividend: declared 22-Apr-26; record date 10/12-Jun (after the bonus record date), so reported as adjusted to ₹4 per post-bonus share; AGM 23-Jun; paid on/after 26-Jun-26.

Contingent liabilities & commitments (AR, ₹ cr)

Item	SA FY26	SA FY25	Consol. group FY26	Share of JV/assoc.
Indirect tax	1.55	0.45	3.38	4.78
Income tax	32.46	46.98	79.07 (94.90)	7.52
Claims against company	9.29	9.06	9.29	—
Claims not acknowledged as debt	2.48	0.40	2.48	23.56
Other	—	—	—	0.20
Total	~45.78	~56.89	~94.22 [Est.]	~36.06
Capital commitments	76.81	203.79	111.80 (+18.53 JV)	—

~₹46.6 cr of the income-tax contingency sits in subsidiaries (not split). A third-party figure of ₹97.88 cr (Anand Rathi) is on a different basis. Neither total exceeds ~1.4% of net worth. Key BS risks: lease commitments, outright-purchase inventory, and funding needs at Star/Booker.

Management, Promoters & Governance

Area	Assessment	Key point
Promoter	Strong	Tata group 37.01%, flat; zero pledge; Tata Trusts–Tata Sons conflict is an overhang
Leadership transition	Key event	Noel Tata exits Nov-2026 (age 70); no successor named as of 6-Oct-26
Management	Stable	MD Venkatesalu with Trent since 2008; no CXO exits in 3 years
Board	Adequate, thin	4 of 8 independent (exactly 50%); interlocks with Noel Tata-chaired boards
Related parties	Watch	THPL limit ₹2,000 cr (FY26); Neville Tata runs Star; ITRIPL stake sold near book
Auditor	Clean	Unmodified FY26 opinions; no EoM; mandatory rotation to BSR from FY28

Promoter entity (Jun-26)	%	Shares (cr, post-bonus)
Tata Sons Pvt Ltd (~66% owned by Tata Trusts; SP group largest minority, ~18.4% reported)	32.45%	~17.30
Tata Investment Corp	4.28%	~2.28
Ewart Investments	0.28%	—
Total promoter (pledge 0%)	37.01%	~19.73

Noel N. Tata — Chairman since Mar-2014; on the board since 1998; first MD Jun-1999 to Aug-2010. Educated at the University of Sussex and INSEAD IEP. Irish citizen. Half-brother of the late Ratan Tata; son of Simone Tata (Trent founder); married to Aloo Mistry (daughter of Pallonji Mistry). Children: Leah (IHCL), Maya (ex-Tata Capital; Tata Medical Center Trust board), Neville. Other roles: Chairman of Tata Trusts (from 11-Oct-2024), Voltas, Tata Investment Corp, Tata International, THPL, Tata International West Asia DMCC; Vice-Chairman of Tata Steel and Titan; Tata Sons nominee director; Smiths Group plc director. As MD of Tata International (2010–21) he took revenue from ~US$0.5 bn to >US$3 bn. Under him Trent went from ₹2,334 cr revenue (FY14, ₹138 cr loss) to ₹20,074 cr (FY26). Birth year is reported as 1956 or 1957 (sources conflict). At the 74th AGM (23-Jun-26) he said it was his "last AGM as Chairman". The 70-year rule is a Tata group norm, not law, and does not apply to his Tata Trusts chairmanship.

Date	Tata Sons / Tata Trusts conflict
11-Oct-2024	Noel Tata becomes Chairman of Tata Trusts
Oct-2025	Mehli Mistry voted out as trustee; challenges this before the Charity Commissioner
11/12-Nov-2025	SDTT inducts Neville Tata and Bhaskar Bhat as trustees (3 years); Venu Srinivasan named Vice-Chairman
Feb-2026	Noel Tata seeks assurance that Tata Sons stays unlisted
Apr–May 2026	Srinivasan and Vijay Singh back listing; their reappointments fail under the 2025 Maharashtra trusts ordinance; SRTT meetings blocked
12-Aug-2026	Chandrasekaran says he won't seek another term (tenure ends 20-Feb-27)
11-Sep-2026	RBI rejects Tata Sons' CIC-exemption application, effectively forcing a listing
17-Sep-2026	Tata Sons board reappoints Chandrasekaran for 5 years, 4–1, Noel Tata dissenting; listing approved. Trusts call it "illegal"; litigation likely
20-Sep-2026	Tata Trusts restate the reappointment is "void" (special-voting clause in Articles); ratification needed at the Tata Sons AGM (Bloomberg, reviewer web check)

Key management	Role	Background
P. Venkatesalu (DIN 02190892)	MD (since Oct-2024)	SIIB Pune, CFA (ICFAI), Harvard AMP; TAS 2001; Tata Sons Group Finance; joined Trent 2008; ED & CFO to ~FY21; ED & CEO Oct-21. Nominee director on THPL, Booker, Trent MAS; director of ITRIPL, MD India, Nahar, Fiora. FY26 pay ₹14.77 cr (basic 2.93, perqs 3.27, PLI/LTIP-2022 8.43, retirals 0.15; no options); 420.91x median employee; +9.88%
Neeraj Basur	CFO	~23 years; ex-Group CFO Blue Star, CFO Max Bupa, SVP Max India; start date May-21 or Jun-22 (sources conflict)
Krupa Anandpara	Company Secretary	Authorised KMP
Vinod Kapote	CTO	Per MarketScreener
Varsha Agarwal	Head of Internal Audit	Appointed Aug-2026
Shailina Parti	CEO, Westside	Bloomberg 20-Jul-26: up to 100 stores/yr; 400–500 AI-assisted designs/week; e-com target 10%
Neville N. Tata	CEO, Star Bazaar (since Aug-2024)	Chairman's son; Bayes Business School; joined Trent 2016 (packaged foods, Zudio); SDTT trustee. AR: "Remuneration to director's relative" ₹2.33 cr (₹3.05 cr FY25) — the only listed relative of KMP, so [inferred] him

MD pay (Trendlyne)	FY20	FY21	FY22	FY23	FY24	FY25	FY26
₹ cr	2.7	2.1	3.3	5.4	7.1	13.5	14.8
YoY	+11.9%	−22.2%	+59.7%	+62.2%	+31.0%	+89.7%	+9.9%

#	Director	Category	Since	Background
1	Noel N. Tata	Chairman, NED, non-independent	1998	Retires Nov-2026
2	P. Venkatesalu	MD, executive	~2016	Re-appointed by rotation at 2026 AGM
3	Harish R. Bhat	NED, non-independent	2014	BITS, IIM-A; TAS 1987; ex-MD Tata Global Beverages; Tata Starbucks, Croma
4	Bahram N. Vakil (DIN 00283980)	NED, non-independent	23-Apr-2026	AZB & Partners co-founder; Vice-Chairman of TICL; BASF India; ex-Voltas, L&T; 5.16% voted against
5	Jayesh T. Merchant	Independent	Aug-2020 (Tofler 22-Jul-21)	Ex-CFO Asian Paints; on TICL, Voltas, Kotak Trustee, Lenskart
6	Ravneet Singh Gill	Independent	29-Dec-2021	Ex-MD Yes Bank, CEO Deutsche Bank India; second term approved 2026
7	Hema Ravichandar	Independent	29-Dec-2021	Ex-Infosys HR head; Bosch, IHCL; second term — 12.66% (5.35 cr votes) against
8	Kiran Mazumdar-Shaw	Independent	9-Apr-2024	Biocon founder; term to ~Apr-2029

Board: 8 directors, 4 independent (50%, the LODR 17(1)(b) floor), 2 women. Exits: J. Holtzhausen (10-Aug-24), Bhaskar Bhat (30-Aug-24, age limit). 74th AGM (23-Jun-26, VC, 110 members holding 22.38 cr shares) passed all 7 resolutions: SA and consolidated accounts, ₹6 dividend, Venkatesalu re-appointment, Gill, Ravichandar, Vakil. NED commission FY26 (₹ lakh): Noel Tata 120, Merchant 90, Ravichandar 85, H. Bhat 80, Gill 70, Mazumdar-Shaw 50, "Given" 45 (total ₹5.40 cr). Unresolved: "Given" does not match any director in the board table above (possibly a part-year director); identity Not Available in inputs. Sitting fees ₹0.78 cr. KMP salary ₹23.24 cr.

Shareholding

Shareholding % — Promoter (gold), FII (red), DII (blue), Public (grey)

% equity	Jun-24	Dec-24	Mar-25	Jun-25	Sep-25	Dec-25	Mar-26	Jun-26
Promoter	37.01	37.01	37.01	37.01	37.01	37.01	37.01	37.01
FII/FPI	27.87	21.68	19.7	18.4	16.8	15.6	15.59	15.14
DII total	13.18	15.25	17.2	18.5	20.0	21.5	22.4	23.3
— Mutual funds	—	—	11.89	13.12	13.52	14.19	13.92	14.64
— Insurance	—	—	4.25	4.03	4.51	5.28	6.36	6.09
Public/others	21.95	26.05	26.1	26.1	26.2	25.9	25.0	24.6
Shareholders (lakh)	2.47	3.46	—	4.21	—	5.08	5.13	5.20
Pledge	0	0	0	0	0	0	0	0

Jun-24/Dec-24 are Screener basis; the rest are Trendlyne (Screener Jun-26 DII 23.07, public 24.57/24.76). Sep-26 pattern not yet filed (due ~21-Oct-26); a "Sep-2026 FII 16.81%" claim actually matches Sep-25. FPI count went from 856 to 890 in Q1 FY27; institutions 38.41%.

Notable holder (Jun-26)	%	Note
Siddhartha Yog (Xander/Virtuous Retail)	4.53% (24.14 mn sh)	Bought from Dodona in Aug–Sep-24 blocks at ₹7,115–7,533 pre-bonus (₹649 cr, ₹718 cr, ₹808.5 cr)
LIC	3.03%	Insurance category 4.0% → 6.1%
ICICI Pru MF (BAF 2.59%)	~2.57%	ICICI Pru Focused sold 1.5 mn sh in Sep-26
Nippon India MF (Large Cap)	2.37%	Core holding
SBI MF (incl. Nifty 50 ETF 2.13%)	2.17%	Arbitrage book added in Aug-26
UTI MF	1.41%	UTI Large Cap top Sep-26 buyer (+0.33 mn)
Axis MF	<1%	Cut Large Cap −29.7%, Flexi Cap −31.1% (Aug-26)
R. Damani (Derive Trading)	<1% (from 1.2%)	Below 1% in Sep-25 quarter

Siddhartha Yog and LIC percentages are aggregator-reported (not from the filed pattern). MF schemes holding: ~532; 78.40 mn → 77.59 mn shares (Jul → Aug-26). Historical SAST exits: Arisaig 7.14 mn (Feb-22), Wasatch 7.28 mn (Nov-22).

Insider / block	Party	Qty	Price ₹	Value
11-Jun-26	Krutika Mehta (Sr Mgr Secretarial) — bonus credit then market sale	117,134	2,808.20	₹32.9 cr
6-May-26	Rajnikant A. Shah — trading plan (approved 10-Dec-25)	5,000	4,102.70 pre	₹2.05 cr
9-Sep-25	Rajnikant A. Shah	2,500	5,522.40 pre	₹1.38 cr
6-Jan-26	NSE blocks (undisclosed)	—	—	₹182.45 cr
13-Jul-26	NSE block	97,985	2,896.60	₹28.38 cr
6-Aug-26	NSE block	100,584	3,073	₹30.91 cr
~Sep/Oct-26	NSE blocks	150,548 / 66,951	2,824 / 2,825.20	₹42.51 / 18.91 cr

No promoter, director or KMP trades in FY26/FY27. Confirm trading-window compliance for the Mehta sale.

Related-party transactions — standalone FY26 (AR Note 39, ₹ cr; FY25 in brackets)

Counterparty	Relation	Transactions
Tata Sons	Investing party 32.45%	Purchase/services 46.63 (38.14) — consistent with the brand fee (0.25% of revenue = ₹49 cr [Est.]); dividend paid 57.67; payable 26.71
THPL	JV 50%	Sales 840.79 (866.71); purchases 253.12 (265.60); equity subscription 87.34 (27.51); receivables 19.28; payables 24.90; material RPT limit ₹2,000 cr FY26 (₹1,133.55 cr FY25; ₹912.37 cr FY24)
Trent MAS Fashion	JV 50%	Purchases 66.20; subscription 5.00 (9.00); impairment 3.35
ITRIPL	Associate 20%	Dividend 32.00; buyback proceeds 146.35 (FY25 105.08)
Massimo Dutti India	Associate 20%	Dividend 1.80
Fiora Business Support	Sub 100%	Services 290.26 (229.75); dividend 20.00; payables 65.57
Fiora Hypermarket	Step-down sub	Sales 137.76; purchases 45.06; PPE sale 0.72
Booker India	Sub 51%	Sales 1.15; purchases 43.06; FY25 subscription 97.31
Nahar Retail	Sub 100%	Loan 161.00 (ICD 7.75%, ≤3 yrs, on-lent to Netria); subscription 76.49; interest 6.48; PPE sale 2.12
Netria Property	Step-down sub	PPE sold by Trent 167.42; recoveries 12.01
Trent Global Holdings / UAE LLC	Subs	Subscription 14.90; UAE sales 43.31 (17.31); receivable 28.02
Trent Foundation	Sub	CSR 2.33
Voltas	Tata group	PPE purchase 130.75 (118.78); purchases 10.73
Tata Unistore / Digital / AIG / Comms / Power / TCS	Tata group	30.88 / sales 23.48 (+3% CCPS 31.11) / 19.55 / 11.73 / 6.99 / 6.65
Tata International	Tata group	Interest 9.20 on 9.20% perpetual NCD of 100
Air India / TICL	Tata group	Sales 9.18 / dividend paid 7.60
Gratuity trust	Employee trust	Contribution 60.34 (9.35)

Consolidated Note 39 adds: THPL purchases 404.41 (477.48), PPE 9.27; Voltas PPE 131.63; Tata Consumer purchases 1.96; plus TATA 1mg and Solutions Infini. Other RPTs: THPL Support Services sold by THPL to Booker for ₹166.36 cr (Mar-25). ITRIPL: Aug-24 buyback 49% → 34.94% (₹105.08 cr; ~1.40 lakh sh); 21-Nov-25 Trent tendered 94,900 sh at ₹15,421.85 = ₹146.35 cr → 20% (carrying value ₹230.44 cr, 4.22% of NW). AR share counts (1,77,520 → 82,620) imply 5.08 lakh ITRIPL shares pre-buyback with Inditex not tendering, so implied equity ≈₹783 cr: ~1.2x book, ~2.6–3.8x PAT [Est.]. ~₹251 cr received for 29 pp. Massimo Dutti: 29% sold for ₹20.75 cr (Mar-25).

Subsidiaries & JVs (AOC-1, ₹ cr)

Entity	Holding	Turnover FY26 (FY25)	PAT FY26 (FY25)
Nahar Retail	100%	30.46 (26.40)	0.26 (1.55)
— Netria Property	100% via Nahar	7.26	−0.92
Trent Global Holdings consol.	100%	66.70 (25.43)	−15.32 (12.79)
Fiora Business Support	100%	298.93 (242.81)	17.05 (18.29)
Booker India consol.	51%	462.48 (506.34)	3.43 (−29.74)
Trent Foundation	100%	nil	−0.08
THPL (JV)	50%	2,773.55 (2,699.33)	−129.47 (−71.46)
Trent MAS (JV)	50%	82.83 (0.32)	−3.15 (−18.45)
ITRIPL (assoc.)	20.00% (34.94%)	2,767.75 (2,839.50)	204.08 (299.47)
Massimo Dutti (assoc.)	20%	128.93 (101.23)	11.69 (10.19)

8 subsidiaries, 2 JVs, 2 associates; no material subsidiary. Fiora Online merged (NCLT 17-Nov-25; 30,44,744 sh issued). FY25: Fiora Hypermarket turnover ₹228.9 cr, NW ₹64.0 cr; Fiora Online ₹110.1 cr, NW −₹12.5 cr.

Year	Deal	Outcome
1998	Littlewoods store → Westside	~311 stores; worked
2004	Star Bazaar launched	Persistently loss-making
2005–08	Landmark bookstores 76% → 100%	Failed as books; repositioned (Misbu)
2009/2011	Zara, Massimo Dutti JVs with Inditex	Profitable; cut to 20% near book
2014	Tesco buys 50% of THPL (~£85m)	Still loses ₹129 cr/yr
2016	Zudio	>1,000 stores; big success
2018–19	51% Booker India (~₹22 cr)	Marginal; needed funding
2020 / 2023	Commonwealth Developers (reported) / Trent MAS JV	Absent from FY26 AR / early stage
2024–26	Zudio UAE; Burnt Toast; Netria; Utsa cut to 4	Early / watch / pruning

Auditor

Item	Detail
Statutory auditor	Deloitte Haskins & Sells LLP (FRN 117366W/W-100018; partner Kedar Raje); since 2017 AGM; term ends 2027 AGM
Successor	B S R & Co. LLP recommended 6-Aug-26 for FY28–FY32 (mandatory rotation)
FY26 opinion	Unmodified SA and consol.; no qualification; no emphasis of matter; IFC unmodified; signed 22-Apr-26
KAMs (SA)	Inventory existence/valuation (₹2,177.87 cr); IT controls; impairment of THPL (₹841.29 cr) and Booker (₹348.52 cr) investments. Outcome: no impairment booked on THPL or Booker despite THPL's loss widening 81%; only ₹3.35 cr on Trent MAS
KAMs (consol.)	Inventory (₹2,199.53 cr, 18.75% of assets); IT systems
Other matter	4 subs audited by others (assets ₹415.31 cr); 2 associates (share ₹70.35 cr)

Governance red flags

#	Item	Severity
1	Chairman succession during Tata Sons–Trusts dispute	Medium
2	Chairman's son runs loss-widening Star (₹2.33 cr pay [inferred])	Medium
3	AGM dissent: 12.66% Ravichandar, 5.16% Vakil, ~8.4% ESOP	Low–Med
4	Board independence at 50% floor; interlocks (TICL, Voltas)	Low–Med
5	BSE/NSE penalty intimations; GST orders (Gujarat, Jaipur, Raipur, Pune), CBIC fine (FY25; amounts not extracted)	Low
6	ITRIPL stake sold near book; Netria real-estate vehicle	Watch
7	No public earnings calls or transcripts	Watch
8	SEBI/MCA action; pledge; auditor resignation	None found

Supply Chain

↑ Upstream — what Trent depends on

Finished goods from third-party vendors: wovens, knits, ethnic, denim, kidswear, innerwear (part via the Trent MAS JV), footwear, beauty (contract formulators), home, accessories, LGD jewellery. For Star: produce from ~2,000 farmers, staples, and FMCG (branded and private-label packers). Services: leases (partly revenue-share), logistics, RFID, IT/AI, grid power.

BRSR metric	FY25	FY26
Inputs sourced in India (value)	90.54%	95.12%
Implied imports	~9.5%	~4.9%
From MSMEs	17.29%	11.39%
Trading houses % of purchases	5.39%	7.40%
Number of trading houses	1,788	1,924
Top-10 trading houses % of TH purchases	64.47%	37.09% (~2.7% of total)
Related-party share of purchases	0.04%	0.06%
Payable days	21.36	24.09

Westside imports ~20%; Zudio sources "nearly all" in India. Country of origin is not disclosed. No merchandise vendor is named. Likely clusters (inferred): Tiruppur knits, Bengaluru/NCR/Mumbai wovens, Jaipur/Surat/Ahmedabad ethnic. A falling MSME share points to vendor consolidation. Single-source pockets: Trent MAS (innerwear), Tata Neu/CliQ (Westside online), beauty formulators, landlords.

Input	Move (2026)	Pass-through
Cotton Shankar-6	₹52,000/candy (1-Mar) → ₹63,000 (6-Apr, +21%) → ~₹55,500 (Sep)	Lagged via vendor renegotiation
Polyester fibre / PV yarn	₹101 → ₹131/kg (+30%) / ₹218 → ₹235/kg (+8%)	MMF GST cut to 5% helps
Labour (vendors)	West Asia conflict hit supplier labour availability	"Calibrating price architecture"
Own costs	Staff 27,887 → 31,226; grid power +42%	RFID, variable rent

Gross margin still rose 171 bp (Q4 FY26) and 150 bp (Q1 FY27, to 46.6%). The sub-₹999 ceiling limits headline price hikes. Bangladesh land-port ban (17-May-25) caused 2–3 week delays and ~25% lower supply in sub-₹1,000 categories.

↓ Downstream — who depends on Trent

Channel	Share
Physical stores	~98–99% of SA revenue [Est.]
Westside online (westside.com, Tata Neu, Tata CliQ)	~6% of Westside ≈ 1.5% of SA
Zudio online	None (deliberately offline)
Star online (StarQuik)	Not disclosed

B2C; no customer concentration; sales to dealers "Not Applicable"; collection in 1–2 days. B2B exceptions: Booker cash-and-carry, Zudio SIS in Star, franchise stores, UAE exports (0.21%). Customer grievances rose to 301,943 (from 224,715, +34%); 36 carry-bag cases pending; zero recalls. Stickiness comes from brand and price architecture, cluster density, fast refresh and the Westside loyalty/Tata Neu link, but consumer switching costs are near zero. Leases: tenors not disclosed (industry norm 9–15 years with 3–5 year lock-ins); Tesco JVs in place since 2014.

Value chain: cotton/polyester → spinners/mills (price-takers) → ~95%-India contract manufacturers (1,900+ trading houses; SMETA 93%) → Trent (design, buying, DCs, ~600 mn units [Est.], GM 44.5–46.6%) → Zudio / Westside / online / incubation formats → Indian consumer. Parallel grocery chain: farmers + FMCG → Bengaluru repack → Star (GM ~18%, EBITDA negative).

Player	Pricing power
Trent	Strongest — 100% own-label sets retail price; scale buyer; does not squeeze vendor credit (24 days)
Vendors/mills	Weak — fragmented, replaceable, fibre price-takers
Consumers	High elasticity in value; caps pass-through
Landlords	Moderate — prime Tier II/III sites contested; variable rent shares risk
Star (grocery)	Low vs DMart/quick-commerce; 74% own-brand is the lever

Competitive Position

Trent is #1 among listed pure-play fashion retailers by revenue, profit and market cap. Its share is ~2.1% of a ₹9.3 lakh cr apparel market (FY25), ~5.2% of organised (41%), and ~1.7%/~4% on an apparel-only basis [Est.; mixes FY26 revenue with FY25 market]. Reliance's fashion arm (Trends 2,500+ stores, Yousta, Ajio, Shein) is larger in absolute terms. Management cites ~2% share.

Industry source	Size	Projection	CAGR
CareEdge (Jan-26)	₹9.30 lakh cr (~US$112 bn) FY25	~₹16 lakh cr (US$176–193 bn) FY30	10–12% ahead (7% FY18–25)
IMARC	US$88 bn 2025	US$117 bn 2034	~3.2%
Mordor/Ken	US$110 bn 2025	US$191 bn 2031	9.6%
Market Research Outlook	US$115.5 bn 2025	US$218 bn 2032	9.6%
Redseer (aspirational retail)	₹68–72 tn CY23	₹104–112 tn CY28	~9%

Organised is ~41% (→60%+ by FY30); e-commerce ~22% of organised (→25%); sub-₹2,500 products are ~2/3 of sector revenue.

Peer (FY26)	Mcap ₹ cr	Revenue	Growth	EBITDA%	PAT%	RoE	P/E FY26	P/E TTM	EV/EBITDA	Moat
Trent @ ₹2,877	1,53,411	20,074	+17.2%	18.7%	8.6%	27.6%	89.2x	84.8x	41.4x	Own-brand engine, Tata
DMart	~2,33,354	68,821	+15.9%	7.5%	4.3%	12.9%	78.6x	76.3x	~45x	Owned stores, EDLP
Vishal Mega Mart	47,129	12,906	+20.4%	14.6% (adj. 10.2%)	6.5%	~12%	56.2x	52.8x	~25x	Tier III, 75% PL, SSSG 11%
V-Mart	5,937	3,789	+16%	13.5%	3.3%	~12%	47.9x	~43x	~14x	East/North Tier III/IV
ABLBL	9,062	8,396	+7.2%	17.0%	2.0%	14.9%	53.0x	n.a.	~8.5x	Menswear brands
ABFRL	5,689	8,177	+11.2%	11.8%	−10.2%	neg.	n.m.	n.m.	~12x	Pantaloons; OWND loss
Shoppers Stop	4,395	5,043	+9.0%	14.8%	−0.7%	−6.4%	n.m.	n.m.	~10x	First Citizen; Intune sub-scale
Go Fashion	1,639	838	−1.2%	28.6%	7.0%	8.5%	27.8x	30.7x	~9x	Category specialist

Trent row recomputed at CMP (EV ₹1,55,043 cr). DMart mcap is implied from its EV calculation. Peer EV/EBITDA for VMM and V-Mart is approximate (estimated leases).

Peer	Key operating data
DMart	FY26 SA revenue ₹66,968 cr (+15.9%), EBITDA ₹5,255 cr (7.85%), PAT ₹3,224 cr; 500 stores (+85); LFL 8.1%. Q1 FY27 ₹18,795 cr (+14.9%), PAT ₹860 cr; 503 stores
Vishal Mega Mart	FY26 EBITDA ₹1,884 cr (adj. ₹1,321 cr), PAT ₹839 cr (+32.8%); 795 stores (205 Tier I / 189 Tier II / 401 Tier III), 13.45 mn sq ft. Q1 FY27 ₹3,727 cr (+18.7%), PAT ₹259 cr, SSSG 10%, 819 stores in 559 cities; PL 75.2%; apparel ~44% of FY24 sales; promoter 40.1%
V-Mart	FY26 EBITDA ₹513 cr; PAT ₹124 cr (+171%); SSSG 5% (Q4 12%); 577 stores (+92). Q1 FY27 ₹1,089 cr (+23%), SSSG 9%, 600 stores; FY27 guide 15–20%
ABLBL	EBITDA ₹1,429 cr (+90 bp); PAT ₹171 cr (₹209 cr normalised); net debt ₹726 cr; 3,300+ stores
ABFRL	EBITDA ₹967 cr (+28%); loss ₹830 cr; ad spend ₹707 cr. Pantaloons ₹4,560 cr (16.2% segment margin); TMRW ₹876 cr (+34%; margin −23.8%); Ethnic ₹2,227 cr; OWND 79 stores
Shoppers Stop	SA ₹4,708 cr; loss ₹36 cr; LFL 4.7%; CFO ₹301 cr. Q1 FY27 ₹1,536 cr, PAT ₹5 cr, 288 stores; Intune ₹82 cr (LFL 10%)
Go Fashion	EBITDA 28.3%; PAT ₹59 cr (−37%); 802 EBOs; SSSG −3.6% (9M); buyback done

Unlisted / other	Latest	Notes
Reliance Retail	₹3,70,026 cr FY26 (+11.8%); EBITDA ₹27,034 cr	20,169 stores; Trends 2,500+ in 1,000+ cities; Yousta (55 stores Oct-24, 1,000 target); Shein India ~0.65 mn MAU
Lifestyle Intl (Max)	₹11,766 cr FY25 (+4.9%); PAT ₹415 cr	Max ~530 stores; closest Tier II rival
Zara India (20% assoc.)	₹2,749 cr (−1.1%); PAT ₹204 cr (−32%)	20/22/25 stores (sources conflict)
H&M India	₹3,595 cr FY25 (+9.6%)	Uniqlo is the breakout
Myntra	₹6,043 cr FY25 (+18%); PAT ₹548 cr	M-Now 30-minute delivery
Meesho	Q1 FY27 ₹3,713 cr (+48%); loss ₹133 cr	NMV +34%; sub-₹500 unbranded
NEWME, Snitch	Small	NEWME 50 stores by Dec-26

vs peer	Trent stronger	Trent weaker
Reliance	Profitability, Zudio recall, speed	Capital, real estate, 1,000+ cities, omnichannel, Shein
DMart	Margin 18.7% vs 7.5%; RoE	Owned stores; LFL 8.1%; grocery traffic
VMM	Margin, RoE, brand	SSSG 10–11% vs Trent LSD; 559 cities; ~40% cheaper EV/EBITDA
V-Mart	Margins, design, balance sheet	SSSG +9% Q1 FY27 (+12% Q4); cheaper
ABFRL / ABLBL	Profitable; ~1,000 Zudio vs 79 OWND; growth	Brand breadth; menswear above ₹2,500; MBO reach
Shoppers Stop	Zudio ~40–45x Intune revenue	Dept-store LFL 4.7%; beauty partnerships
Myntra/Meesho	Physical try-and-buy, no returns cost	Online growth; Zudio has no e-com/q-com

Porter force	Intensity	Comment
New entrants	Med-High	Low capital per box; Reliance/Shein/NEWME/Landmark
Supplier power	Low	Fragmented; US-tariff-hit exporters seek domestic orders
Buyer power	High	Zero switching costs; price-elastic
Substitutes	Med-High	Unorganised 59%; Meesho; quick fashion; thrift
Rivalry	High, rising	All chase Tier II/III youth; sector LFL compressing

Policy	Date	Impact
GST 2.0 garments: ≤₹2,500 at 5%; >₹2,500 at 18%	22-Sep-25	Zudio neutral; Westside positive (passed on); Zara negative
GST on MMF fibre 18→5%, yarn 12→5%	22-Sep-25	Fixes inverted duty; vendor cost tailwind
Labour codes	21-Nov-25	₹25.8/26.1 cr exceptional; recurring cost undisclosed
QCO withdrawals (PFY, VSF)	Nov-25–Jun-26	Cheaper synthetic inputs
US 50% tariff on textiles	27-Aug-25	Vendor leverage up; cluster employment down
Bangladesh land-port ban	17-May-25	Transitional supply shortfall
Textiles PLI ₹10,683 cr	Ongoing	Expands MMF supply base

Moat durability: medium and eroding at the margin. Margins expanding and rival value formats loss-making (OWND, Intune) vs LFL low single digit for 6+ quarters and revenue per sq ft down for 6+ quarters. Fake "Zudio franchise" scams (up to ₹65 lakh lost) are a reputational nuisance.

Risks & Red Flags

#	Risk	Cat.	Sev.	Explanation	Mitigant
1	Cannibalisation / falling store productivity	Execution	High	FY26 area +30% vs revenue +18%; rev/sq ft −16.1%/−11.6%/−12.2%/−8.4% (Citi, Q3FY26–Q2FY27)	New stores mature in 12–24 months; Q2 decline narrowed
2	Persistently weak LFL	Business	High	LSD for 6 quarters (Q3FY26 negative); peers VMM 10–11%, V-Mart 9%	Q2 +23% despite festive shift; Q2FY26 base soft
3	Valuation de-rating	Financial	High	84.8x TTM, 70.6x FY27E; 3–4 pt revenue misses have caused 8–19% one-day falls	RoE 27.6%; DII support
4	Value-fashion competition	Business	High	Reliance Yousta/Trends/Shein, Max, VMM, V-Mart, OWND, Intune, D2C	Cost leadership; rivals loss-making
5	Store-add under-delivery	Execution	Med-High	H1FY27 net 11 W / 36 Z vs ~50 / 200–250 guidance; Westside 50 vs 100 messaging	FY26 met on a full-year basis (back-ended)
6	Discretionary slowdown	Macro	Med-High	"Calibrated" demand; West Asia; tariffs	Trade-down; GST/income-tax cuts
7	Star/THPL losses and capital drain	Financial	Medium	−₹129.47 cr (+81%); 25–40 stores/yr and real estate planned	Tesco shares 50%; 74% own-brand
8	Chair transition / Tata conflict	Governance	Medium	Exit Nov-26, no successor; contested group politics	Long-tenured MD; stable 37%
9	Related party / family optics	Governance	Medium	Neville Tata runs Star; ITRIPL sold near book	Audit committee; disclosed
10	Low true FCF / capital intensity	Financial	Medium	FCF after leases ₹108 cr / −₹65 cr; ₹2,500 cr raise	Net cash; AA+
11	Input-cost inflation	Business	Medium	Cotton +21%, polyester +30% (Mar–Apr-26); sub-₹999 ceiling	Mix; GST MMF cut; vendor leverage
12	Margin-lever exhaustion	Business	Medium	RFID gains "largely realized"; Citi provision-reversal point	Mix, lower discounting
13	Online / quick-commerce disruption	Business	Medium	M-Now, Meesho +34% NMV; Zudio offline only	Physical ~78% of organised
14	Rental inflation / lease risk	Business	Medium	Rivals bid for the same high streets; leases ₹2,061 cr	Variable rent; anchor-tenant status
15	Key-person dependence	Execution	Medium	Small Zudio leadership team	Processes; Tata depth
16	Equity dilution	Financial	Low-Med	₹2,500 cr ≈1.6% of mcap; ESOP ~0.21%	Rights preferred; Tata likely subscribes
17	Labour codes / wages	Regulatory	Low-Med	₹26 cr one-off plus recurring	Automation
18	Sourcing / trade policy	Regulatory	Low-Med	Bangladesh ban; anti-dumping	95% domestic
19	Inventory / fashion risk	Business	Low-Med	Outright buying; markdowns	>365-day stock fully provided; RFID
20	ESG (textile waste, vendor labour)	ESG	Low-Med	Fast-fashion scrutiny; EPR	SMETA 93%; BRSR assurance
21	GST threshold change	Regulatory	Low	₹2,500 slab could move	Zudio <₹1,000
22	UAE / incubation losses	Execution	Low	UAE −₹13.56 cr; Utsa cut; MAS JV impairment ₹3.35 cr	Test-and-learn
23	Associate erosion (Zara)	Financial	Low	Share of profit 104.63 → 68.06	Non-core
24	Tax / litigation	Regulatory	Low	Income-tax contingency ₹32.46 cr SA / ₹79.07 cr group; GST orders	<1.5% of NW
25	Brand misuse (franchise scams)	Business	Low	Fake Zudio franchise sites	No public franchising

Screen	Status
Rising debt	No — debt-free ex-leases after 29-May-26
Margin deterioration	No at EBITDA; PAT growth lags (D&A +52%, other income down)
Productivity decline	Yes — key flag
SA vs consol. gap	Reconciled — ₹246.49 cr; one-off gains flatter SA
Auditor concerns	None
Promoter selling / pledge	No
FII exodus	Yes — 27.87% → 15.14%
Dilution	Pending — ₹2,500 cr enabling; ESOP 2026
Cash conversion	Amber — rent-adjusted ~1.0x PAT in FY26, below 1x in FY23–25

Commentary, Guidance & Sentiment

Trent holds no quarterly earnings calls and publishes no transcripts (~30 analyst meets in FY26; group meet 12-Aug-26). "Concall" content is drawn from presentations, press releases, AGMs, business updates and broker notes.

Quarter	Growth / margin	Management words	Brokers / stock
Q4 FY25 (4/29-Apr-25)	+28% (vs ~35% expected); 765 Z / 248 W	—	−19.3% intraday to ₹4,488 pre (7-Apr, US tariff crash)
Q1 FY26 (AGM 3-Jul-25; 6-Aug-25)	+20%; margin +~240 bp; LFL LSD	"Around 20%"; ~25% CAGR sustainable; 200+ stores; LFL low-to-mid single digit	−7% to −12%; Nuvama to Hold (₹5,884 pre)
Q2 FY26 (6-Oct / 7-Nov-25)	+17%; 17.2% (+134 bp); GM −44 to −88 bp; Op. EBIT 10.2%	"Continuing competitive intensity"; rains; GST transition	Citi to Sell; GS EPS cut; −6.8% to ₹4,311 pre
Q3 FY26 (5-Jan / 4-Feb-26)	+16%; 20.4% (+194 bp); LFL marginally negative	Festive-shift; pivot to North/East	−8% on update; HDFC to Add; RFID gains "largely realized"
Q4 FY26 (22-Apr-26)	+20.2%; 18.6% (+242 bp); GM 44.3% (+171 bp)	LFL "muted near term"; growth "not structurally dependent on LFL"; 30–40 W, 180–190 Z	Bonus, ₹6 DPS, ₹2,500 cr raise; −3.7%
AGM 23-Jun-26	—	"Last AGM as Chairman"; 10x vision (2.5x run-rate); ~50 W/yr (700 LT); 200–250 Z/yr (5,000 LT); 25–40 Star	+4.2% to ₹3,273
Q1 FY27 (6-Jul / 6-Aug-26)	+18.5%; 19.6% (+210 bp); GM 46.6%; LFL LSD	"Discretionary demand remained calibrated"; cluster-level share	−12% to ₹2,942 (7-Jul); 14 houses raised targets
Q2 FY27 (5-Oct-26)	+23% (₹5,788 cr); H1 +21%	Zudio crosses 1,000; 1,342 stores	+10% band; high ₹2,909; MS "strong beat"; Citi Sell ₹2,950, adds "below expectations"

Guidance vs outcome

Guidance	Outcome	Verdict
~25% revenue CAGR (AGM 2025)	20/17/16/20/19/23% quarterly; FY26 +18.2%	Missed ×6
Q1 FY26 "around 20%"	+20% (business-update basis)	Met
200+/250+ stores FY26	250 net (272 gross); 109 Zudio in Q4 alone	Met, back-ended
LFL low-to-mid single digit	LSD, LSD, negative, LSD, LSD	Bottom/missed
Low double-digit LFL over the medium term (management target)	Low single digit for six quarters	Far off
Star 110–120 stores by FY26	84 (Mar-26), 86 (Jun-26)	Missed
~50 W, 200–250 Z per year (AGM 2026)	H1 FY27: 11 W, 36 Z	At risk
Margins protected	+134/+194/+242/+210 bp	Delivered
FY26 capex ₹1,200–1,300 cr	₹1,713 cr SA	Exceeded
Incubation "2–3 years"	No scale disclosures; Utsa cut	Opaque
10x revenue (AGM 2023)	~2.5x run-rate (mgmt); FY26 ≈2x FY23	Untestable

Tone: candid reset (Jul-25) → cautious, external attribution (Nov-25) → defensive on demand (Feb-26) → confident on capital (Apr-26) → visionary (Jun-26) → measured (Aug-26). Recurring pattern: a different external reason for weak LFL almost every quarter; cannibalisation acknowledged by brokers, not by management (MOSL relays "easing").

Analyst Q&A themes that reveal hidden risk

Cannibalisation and rev/sq ft erosion (Citi, Goldman, ICICI) — the core bear case.
Value-fashion competition: Yousta, Style Up, Intune, V2, V-Mart, Ajio; no switching costs.
Margin-lever exhaustion (HDFC, Q3 FY26).
Store-pipeline execution; repeated H1 under-delivery (Citi, Q2 FY27).
Star economics and "reconfiguration"; a use of the ₹2,500 cr raise.
Capital-raise intent "beyond India"; no ROCE target for new capital (Exencial).
Governance and succession amid the Tata Sons/Trusts fight (Bloomberg, 30-Sep-26).
Valuation asymmetry: P/E ~200x (Sep-24) → 60–90x; 3–4 pt misses cause 8–12% falls.

Revenue per sq ft, YoY (Citi estimates)

ICICI estimate for Q4 FY26: ~−6%. The Q1 FY27 −12.2% is attributed to Citi (heard/narrative) and to KSL (market input). Revenue per store: ~−11% (Q3 FY26), ~−5% (Q1 FY27).

Broker rating changes (12 months)

Date	House	Action	Target	Reason
10-Nov-25	Citi	Downgrade to Sell	7,150 → 4,350 pre	Moderating growth, competition
10-Nov-25	GS / Jefferies / MS	Neutral / Hold / OW kept	4,920 / 5,000 / 5,456 pre	Weak EBIT, LFL; 17% "multi-quarter low"
~6-Jan-26	HDFC Securities	Upgrade Reduce → Add	4,700 pre	~50% drawdown
10–13-Jan-26	Macquarie	Outperform	4,900 pre	Weakness cyclical; ROCE 30.7%
5-Feb-26	Antique / Axis / Jefferies / MS	Targets cut	5,700→4,792; 5,100→4,430; 4,600→4,575; 5,456→4,963 pre	Moderating growth
6-Apr-26	Goldman	Neutral	4,110 → 4,080 pre	LFL 3–4%; Zudio overlap; RM inflation
16-Apr-26	HSBC	Buy	5,300 → 4,800 pre	~200 Zudio adds
22–23-Apr-26	Citi / Nuvama / others	Sell 4,100; Hold 4,543→4,828; resets higher	pre-bonus	Q4 Op. EBITDA +40–44%
6-May-26	Geojit	Upgrade Hold → Buy	4,712 pre	—
17-Jun-26	Citi	Sell (CEO tour)	2,733 post	Demand healthy; valuation
Apr–Aug-26	Nuvama	Upgrade Hold → Buy	3,219 → 3,591 post	Margin surprise
6–7-Aug-26	14 houses	Mostly raised	MS 3,151→3,406; UBS 3,633→3,800; Citi 2,733→2,950; GS 2,886→3,000; Axis 3,340→3,640; MOFSL 3,500→3,775	Margin beat
6-Oct-26	Citi / MS / HSBC / Macquarie	Reiterated	2,950 / 3,406 / 3,390 / 3,600	Growth to 23%

Bonus conversion (×2/3): Citi 4,100 → 2,733; Jefferies 4,675 → ~3,117; HDFC 4,500 → 3,000; MOFSL 5,250 → 3,500; GS 4,330 → 2,886; UBS 5,450 → 3,633; Nuvama 4,828 → 3,219. Bernstein's "cut" from 5,000 to 3,500 is really a raise (5,000 pre = 3,333 post). Pre-window: GS downgraded Buy → Neutral (6,970 → 5,500) on cannibalisation (2025); UBS upgraded (4,650 → 6,200, early 2025); Macquarie initiated at 7,000 (28-Mar-25).

Stock moves

Date	Move	Trigger
14-Oct-24	ATH ₹8,345.85 pre	~200x trailing P/E
30-Jun-25	52W high ₹6,259 pre	Pre-AGM rally
CY2025	−41% to −42%	First calendar-year decline in 12 years
30-Mar-26	Low ₹3,276 pre (₹2,185 post)	Macro, FII outflows
6-Apr-26	+6%	Q4 +20%; ~+30% in a month
17-Jun-26	+5–7%	Citi tour "demand healthy"
6-Jul-26	₹3,343 close (52W high ~₹3,399.7)	Bernstein Westside note
7-Jul-26	−12% to ~₹2,931–2,942	Q1 +19% vs 22–23% expected
Aug–5-Oct-26	~₹3,070 → ₹2,575	Cause not established; MF trimming; retail interest −40% (INDmoney)
6-Oct-26	+10–12.75% to ₹2,832–2,909	Q2 +23%

Forums: ValuePickr (thread 26168) holders are long but disillusioned (flat SSSG, Star, ₹2,500 cr raise, CFO/EBITDA <70%, Westside 50-vs-100). INDmoney user investment −41.7%, search −39% (Aug–Sep-26). Bears: Kohli Substack (10-Jul-26), DSIJ, InvestingPro; SBICAPS "avoid fresh buying" (undated). Reddit/X not accessed.

Growth, Outlook & Valuation

No order book (B2C retail). Substitutes are the store pipeline, area growth and LFL.

Pipeline	Guidance	FY27 to date	H2 needed
Westside	~50/yr (AGM); "up to 100" (Westside CEO); 700 LT	11 net	~39
Zudio	200–250/yr; 5,000 LT	36 net	164–214
Star	25–40/yr	+5 opened in Q1 (net +2: 84 → 86)	20–35 (on openings)
Capex	ICRA ₹1,500–1,700 cr/yr	—	—
₹2,500 cr raise	Store upgrades; brands/categories/geographies; supply chain & automation; digital/AI; Star + retail real estate	Not launched	—

12-month catalysts: Q2 FY27 results (~early Nov-26: LFL, GM, Star); chair succession (Nov-26); Q3 FY27 update (~early Jan-27, festive quarter); Sep-26 shareholding (~21-Oct: FII stabilisation?); mode and pricing of the ₹2,500 cr raise; H2 store delivery.

3–5 year drivers: Zudio to 5,000 stores and North/East; Westside acceleration and online to 10%; beauty/innerwear/footwear (>21%); Star scale-up; international (UAE test); 10x revenue vision; organised share 41% → 60%.

Consensus estimates (post-bonus)

Metric	FY26A	FY27E	FY28E
Revenue (MarketScreener, 27 analysts)	20,074	24,246 (+20.8%)	29,175
Revenue range (Yahoo/LSEG)	—	23,489–26,388	27,557–33,052
EBITDA	3,745	4,547	5,557
Net income	1,720	2,174 (+26.4%)	2,682
EPS ₹	32.25	40.73	50.28
P/E @ ₹2,877	89.2x	70.6x	57.2x
P/E @ ₹2,575	79.8x	63.2x	51.2x
ICICI Direct EBITDA (margin)	—	4,504 (18.7%)	5,684 (19.1%)

MOFSL FY26–28E: revenue / pre-Ind AS EBITDA / adj. PAT CAGR 21%/22%/11%. ICICI: 23%/25%/22–23%. In Apr-26 the stock traded at 72x FY27E / 60x FY28E (CNBC-TV18). Yahoo's EPS of 59.5/72.8 is on the pre-bonus count.

Multiples vs history

Consol.	FY24	FY25	FY26	3-yr avg	Now @ ₹2,877	vs avg
Price (post-bonus)	~2,632	~3,541	~2,197	—	2,877	—
P/E	94.4x	122.0x	68.1x	94.9x	84.8x TTM	−11%
P/B	34.5x	34.6x	16.8x	28.6x	22.0x	−23%
EV/EBITDA post-116	71.6x	67.4x	31.7x	56.9x	39.5x	−31%
P/S	11.3x	11.0x	5.8x	9.4x	7.3x	−22%
Dividend yield	0.08%	0.09%	0.18%	0.12%	0.14%	—

Brokerage targets (post-bonus)

Target distribution vs CMP ₹2,877 (gold line) and 5-Oct close ₹2,575 (grey)

House	Rating	Target ₹	Date	vs ₹2,877	vs ₹2,575	Thesis
Citi	Sell	2,950	7-Aug / 6-Oct-26	+2.5%	+14.6%	Rev/sq ft; competition; cannibalisation
Goldman Sachs	Neutral	3,000	~7-Aug-26	+4.3%	+16.5%	LFL 3–4%; RM inflation
HDFC Securities	Add	3,000	pre-Q1	+4.3%	+16.5%	Upgraded Jan-26
Kotak IE	Reduce	3,025 (FV)	7-Jul-26	+5.1%	+17.5%	Rev/sq ft; Star
Jefferies	Hold	3,110	12-Jun-26	+8.1%	+20.8%	Store-led growth
IIFL	Add	3,140	Aug-26	+9.1%	+21.9%	Valuation-aware
Geojit	Buy	~3,141	6-May-26	+9.2%	+22.0%	4,712 pre-bonus
Joindre	Buy	3,357	4-Sep-26	+16.7%	+30.4%	—
HSBC	Buy	3,390	6-Oct-26	+17.8%	+31.7%	Runway; Star scale-up
Morgan Stanley	OW	3,406	6-Oct-26	+18.4%	+32.3%	"Strong beat"
Systematix	Hold	3,500	Aug-26	+21.7%	+35.9%	—
Bernstein	OP	3,500	17-Jul-26	+21.7%	+35.9%	Westside next engine
Elara	Accumulate	3,500	Aug-26	+21.7%	+35.9%	—
Ambit	Buy	3,520–3,536	Aug-26	+22.9%	+37.3%	—
Nuvama	Buy	3,591	~7-Aug-26	+24.8%	+39.5%	Margin surprise
Macquarie	OP	3,600	6-Oct-26	+25.1%	+39.8%	Weakness cyclical
Axis Securities	Buy	3,640	Aug-26	+26.5%	+41.4%	—
MOFSL	Buy	3,775	6-Aug-26	+31.2%	+46.6%	LFL recovery
UBS	Buy	3,800	Aug-26	+32.1%	+47.6%	Supply chain, runway
ICICI Direct	Buy	3,862	26-Jun-26	+34.2%	+50.0%	FY28E EBITDA 5,684
Antique	Buy	4,455 (unverified)	Aug-26	+54.8%	+73.0%	May be stale/unadjusted
Median / mean / mean ex-Antique	—	3,500 / 3,441 / 3,390	—	+21.7 / +19.6 / +17.8%	+35.9 / +33.7 / +31.7%	14 Buy-type, 2 Add, 3 Hold, 2 Sell/Reduce

Bloomberg (6-Aug-26): 20 Buy / 5 Hold / 2 Sell, consensus ₹3,218 pre-raises; Trendlyne ₹3,394; MarketScreener ₹3,396. Citi's ₹1,822 (NiftyTrader/Whalesbook) is a double bonus-adjustment error and is discarded. Centrum (Neutral, ₹4,500 pre) is stale. No public JPMorgan/CLSA/Nomura coverage found. Implied FY28E P/E: Citi 58.7x, median 69.6x, ICICI 76.8x [Est.].

Final Verdict

Business QualityStrong

Management QualityMedium

Financial QualityStrong

ValuationExpensive

Overall ViewNeutral

Bull case

Q2's 23% with narrowing rev/sq ft decline (−8.4%) marks the cannibalisation trough; the festive Q3 prints 25%+.
Margins keep surprising (19.6% SA, GM 46.6%), and consensus FY27 revenue growth (20.8%) looks low against H1 at 21%.
Westside at 50–100 stores/yr becomes a second engine; FII selling exhausts at 15%. Debt-free and AA+.

Bear case

LFL stays low single digit; growth is bought with space while revenue per sq ft falls; the 25% aspiration keeps slipping.
Capital intensity rises (₹2,500 cr raise, Star real estate) while true FCF is ~0; Star losses widen.
At 70.6x FY27E, a 3–4 pt growth miss (H2 store adds) means another 10–20% de-rating, with chair succession inside a contested Tata group.

Scenario (12–18m) [Analyst View]	FY28E EPS ₹	P/E	Value ₹	vs ₹2,877	Prob.
Bull	53.0	65x	3,445	+20%	25%
Base	50.3	52–60x (mid 55x)	2,615–3,017 (2,766)	−4%	50%
Bear	45.0	45x	2,025	−30%	25%
Weighted	—	—	~2,750	−4%	—

Base case: revenue compounds ~20% on store adds, margins hold at ~19% reported, and the multiple drifts toward 55x FY28E as the stock waits for proof on LFL. The price ends roughly flat from ₹2,877.

5 things to remember

FY26 consol.: ₹20,074 cr revenue, 18.7% reported / 13.5% Op. EBITDA margin, PAT ₹1,721 cr, RoE 27.6%.
LFL low single digit for 6 quarters; area +30% vs revenue +18%.
FCF after leases ₹108 cr; debt-free ex-leases since 29-May-26.
The SA–consol. gap of ₹246.49 cr is mainly one-off ITRIPL/Netria gains (−₹232.66 cr) plus eliminated dividends (−₹53.99 cr); Star's −₹64.73 cr share is offset by ITRIPL's +₹68.06 cr.
84.8x TTM / 70.6x FY27E / 57.2x FY28E at ₹2,877.

5 questions before investing

What is Q2/Q3 FY27 LFL, and is rev/sq ft decline <5%?
Will H2 deliver ~39 Westside and 164+ Zudio net adds?
Who succeeds Noel Tata, and is it a Tata Sons or Trusts nominee?
What ROCE hurdle applies to the ₹2,500 cr raise and to Star/Netria real estate?
Does gross margin hold under cotton/polyester inflation without provision reversals?

Final opinion: Trent is India's best-run fashion retailer, but at ₹2,877 the stock already prices ~25% EPS compounding at 70x+ forward earnings, while its unit economics are still deteriorating. Neutral — accumulate only below ~₹2,500 (≈50x FY28E) or on hard evidence of LFL recovery.

Sources

Merged and de-duplicated from all seven inputs (financials, business, governance, narrative, market, street, annual report). All accessed 6-Oct-2026 unless dated.

Company filings & primary

FY26 Integrated Annual Report (accounts 22-Apr-26) https://docs.trent-tata.com/Annual_Report_FY_2025-26.pdf · https://trentlimited.com/pages/annual-reports

BRSR FY26 https://docs.trent-tata.com/Business_Responsibility_and_Sustainability_Report_FY_2025-26.pdf

Q1 FY27 deck (6-Aug-26) https://docs.trent-tata.com/Investor_Presentation_Q1_FY27.pdf · PR https://docs.trent-tata.com/Press_Release_Q1FY27.pdf

Q4 FY26 PR (22-Apr-26) https://docs.trent-tata.com/Press_Release_Q4_FY26.pdf · deck https://docs.trent-tata.com/Investor_Presentation_Q4_FY26.pdf

AGM Notice FY26 https://docs.trent-tata.com/AGM_Notice_FY_2026-26.pdf · FY25 https://docs.trent-tata.com/AGM_Notice_FY_2024-25.pdf

NSE board outcome 22-Apr-26 https://nsearchives.nseindia.com/corporate/TRENT_22042026163223_OutcomeofBMFINAL.pdf · BSE 6-Aug-26 auditor https://www.bseindia.com/xml-data/corpfiling/AttachHis/9513ecde-5f6a-461e-b619-4c63b5617c80.pdf

trentlimited.com pages: /non-convertible-debentures-new · /subsidiaries-associates-and-jvs-new · /subsidiary-financials · /board-of-directors · /agm-documents · /other-disclosures · /authorised-kpm-s-for-disclosures · /secretarial-compliance-report · /investor-analyst-meets · /financial-information (all https://trentlimited.com/pages/…)

Westside GST benefit https://www.westside.com/pages/gst-benefits

Ratings

CARE 12-May-26 https://www.careratings.com/upload/CompanyFiles/PR/202605120534_Trent_Limited.pdf · CARE 21-Nov-25 https://www.careratings.com/upload/CompanyFiles/PR/202511121132_Trent_Limited.pdf

ICRA 7-May-26 https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/142890 · ICRA 8-May-25 https://www.icra.in/Rating/ShowRationalReportFilePdf/134956

Databases

https://www.screener.in/company/TRENT/consolidated/ · https://www.screener.in/company/TRENT/ · https://stockanalysis.com/quote/nse/TRENT/financials/ (+ /balance-sheet/ /cash-flow-statement/ /ratios/ /statistics/) · https://www.tickertape.in/stocks/trent-TREN

Trendlyne: https://trendlyne.com/equity/share-holding/1412/TRENT/latest/trent-ltd/ · https://trendlyne.com/equity/insider-trading-sast/all/TRENT/1412/trent-ltd/ · https://trendlyne.com/equity/director-salary-history/D-02190892/p-venkatesalu/ · https://trendlyne.com/equity/director-salary-history/357371/bahram-n-vakil/ · https://trendlyne.com/research-reports/stock/1412/TRENT/trent-ltd/ · https://trendlyne.com/equity/consensus-estimates/1412/TRENT/trent-ltd/ · https://trendlyne.com/equity/monthly-mutual-fund-share-holding/1412/TRENT/latest/trent-ltd/

https://www.tijorifinance.com/company/trent-limited/shareholding/ · https://choiceindia.com/stocks/trent-ltd-shareholding-pattern · https://anandrathi.com/stocks/trent/balance-sheet-analysis/100251 · https://www.indmoney.com/stocks/trent-ltd-share-price · https://finance.yahoo.com/quote/TRENT.NS/analysis/

MarketScreener: https://www.marketscreener.com/quote/stock/TRENT-LIMITED-46728633/company/ · …/finances/ · Commonwealth https://www.marketscreener.com/quote/stock/TRENT-LIMITED-46728633/news/Trent-Limited-acquired-Common-Wealth-Developers-Limited-36136050/ · Zudio Dubai …/news/Tent-Limited-Announces-Opening-of-Zudio-Store-in-Dubai-UAE-Through-Trent-Global-Trading-LLC-47795809/ · https://www.marketscreener.com/insider/NEERAJ-BASUR-A0RET9/

Broker research

ICICI Direct: https://www.icicidirect.com/mailcontent/idirect_trent_q4fy26.pdf · https://mailcontent.icicidirect.com/mailcontent/idirect_coupdate_trent_jun26.pdf · https://www.icicidirect.com/research/equity/finace/trent-ltd-q4fy26-results-strong-quarter-store-expansion-to-drive-growth · https://www.icicidirect.com/research/equity/trending-news/trent-q4-pat-up-30-to-455cr-ebitda-margins-beat-1-2-bonus-2500cr-rights-issue · https://www.icicidirect.com/research/equity/trending-news/trent-reports-strong-q2fy26-performance-with-revenue-growth

MOSL AR update https://images.assettype.com/bloombergquint/2024-06/a535fe3a-922b-4a48-a428-1aa5a62e0d32/Motilal_Oswal_Trent_Annual_Report_Update.pdf · HSIE https://hdfcsky.com/news/hsie-institutional-report-trent-feb-05-2026 · https://hdfcsky.com/news/trent-share-price-drops-after-fy26-earnings-bonus-issue-and-dividend-announcement · Axis Q3 https://simplehai.axisdirect.in/images/2024/Trent-Ltd---Q3FY26-Result-Update---05022026.pdf

Results, updates & corporate news

https://www.businesstoday.in/markets/trending-stocks/story/trent-shares-hit-upper-circuit-post-q2-business-update-hsbc-sees-upside-559714-2026-10-06 · https://www.goodreturns.in/news/trent-shares-hit-upper-circuit-jumps-12-after-q2-update-brokerage-issue-sell-call-despite-23-rev-1539385.html · https://www.angelone.in/news/stocks/trent-share-price-gains-over-11-as-q2-fy27-revenue-jumps-23-to-5-788-crore · https://upstox.com/news/market-news/stocks/trent-shares-in-focus-after-q2-revenue-jumps-23-yo-y-zudio-crosses-1-000-store-milestone/article-201309/ · https://www.storyboard18.com/amp/brand-makers/trent-q2-revenue-rises-23-percent-to-rs-5788-crore-ws-l-112031.htm · https://www.sahi.com/news/trent-q2-standalone-revenue-up-23-to-5-788-crore-opens-1-000th-zudio-store · https://www.kotakneo.com/news/stocks/trent-q2-fy27-revenue-zudio-crosses-1000-stores/ · https://www.ad-hoc-news.de/boerse/news/nebenwerte/trent-reports-23-percent-growth-and-morgan-stanley-rates-trent-stock-overweight/70238381

Q1 FY27: https://upstox.com/news/market-news/earnings/trent-q1-results-net-profit-rises-26-to-532-crore-ebitda-margin-expands-by-210-basis-points/article-198234/ · https://scanx.trade/stock-market-news/companies/trent-revenue-rises-19-to-5-666-crore-in-q1fy27/44897259 · https://www.business-standard.com/amp/companies/quarterly-results/indian-fashion-retailer-trent-s-quarterly-profit-jumps-on-expansion-spree-126080601224_1.html · https://www.kotakneo.com/news/stocks/trent-q1-fy-2026-27-results-net-profit-rises/ · https://www.multibagg.ai/market-pulse/articles/trent-q1fy27-97339 · https://www.niftytrader.in/markets/trent-q1-fy27-results-today/ · https://es.tradingview.com/news/urn:summary_document_slides:quartr.com:3974990:0-trent-q1-fy27-revenue-rose-18-to-5-755-crore-with-robust-margins-and-network-expansion/ · https://www.indmoney.com/blog/stocks/why-trent-share-crashed-today · https://www.briefs.co/news/trent-stock-falls-11-after-revenue-miss-analysts-turn-wary/ · https://ground.news/article/trent-q1-update-standalone-revenue-rises-19-driven-by-zudio-expansion · https://www.multibagg.ai/market-pulse/articles/trent-shares-fall-q1fy27-update-cmrai84eqli72oi0i1x2en8lf · https://www.kotakneo.com/news/stocks/trent-shares-fall-q1-business-update-revenue-growth-july-2026/ · https://upstox.com/news/market-news/stocks/trent-shares-decline-2-5-ahead-of-q1-fy-27-earnings-what-shareholders-need-to-know/article-198201/ · https://www.equitymaster.com/detail.asp?date=7%2F7%2F2026&story=4

FY26/Q4: https://www.sahi.com/blogs/trent-q4-fy-26-results-revenue-jumps-20-pat-rises-30-1-2-bonus-issue-announced · https://upstox.com/news/market-news/earnings/trent-q4-firm-announces-bonus-shares-in-1-2-ratio-6-per-share-dividend-declared/article-192574/ · https://www.angelone.in/news/stocks/trent-limited-q4-fy26-results-revenue-up-20-percent-profit-surges-43-percent-announces-1-2-bonus-shares · https://tradebrains.in/trent-announces-12-bonus-issue-2500-cr-fundraise-as-fy26-profit-jumps-24/ · https://scanx.trade/stock-market-news/companies/trent-limited-files-integrated-annual-report-for-fy2025-26-revenue-rises-18-20-network-expands-to-1-286-stores/41666462 · https://www.storyboard18.com/brand-marketing/trent-fy26-profit-rises-24-percent-despite-higher-joint-venture-losses-ws-l-100857.htm · https://www.storyboard18.com/brand-marketing/trent-posts-double-digit-fy26-growth-on-rapid-zudio-expansion-ws-l-94283.htm · https://scanx.trade/stock-market-news/companies/trent-limited-reports-strong-20-revenue-growth-in-q4fy26-expands-store-network-to-1-286-outlets/36990033

Bonus/dividend: https://scanx.trade/stock-market-news/companies/trent-limited-completes-1-2-bonus-share-allotment-capital-rises/42211599 · https://www.angelone.in/news/stocks/trent-share-price-in-focus-sets-may-29-as-record-date-for-1-2-bonus-shares · https://www.angelone.in/news/stocks/trent-share-price-in-focus-revises-record-date-for-1-2-bonus-shares-issuance-from-may-29-to-june-4-2026 · https://www.angelone.in/news/stocks/trent-bonus-issue-and-dividend-2026-check-record-dates-eligibility-and-key-details · https://www.outlookbusiness.com/corporate/zudio-westside-parent-trent-fixes-bonus-dividend-record-dates-agm-scheduled

Earlier quarters: https://www.business-standard.com/markets/capital-market-news/trent-gains-after-q3-pat-climbs-36-yoy-to-rs-640-cr-126020500307_1.html · https://upstox.com/news/market-news/stocks/trent-s-share-price-has-fallen-23-over-past-six-months-here-s-what-you-need-to-know-about-the-company-s-expansion-plans/article-189499/ · https://www.business-standard.com/amp/markets/news/trent-s-q2-update-disappointed-street-but-analysts-still-bullish-125100701276_1.html · https://upstox.com/news/market-news/earnings/trent-q4-revenue-at-indian-rupee3298-crore-up-by-51percent/article-83121/ · https://www.angelone.in/news/stocks/trent-share-price-declines-over-7-after-q3fy26-and-9mfy26-business-update · https://www.plindia.com/news/trent-stock-drops-8-percent-post-q3-update-despite-steady-growth-pl-capital/ · https://www.indianretailer.com/news/trent-ltd-reports-17-pc-revenue-growth-driven-store-expansion · https://www.businesstoday.in/markets/stocks/story/trent-ltd-revenue-growth-q2-fy26-store-expansion-496983-2025-10-06 · https://upstox.com/news/market-news/stocks/trent-shares-in-focus-post-soft-q2-analysts-say-company-s-growth-rate-to-moderate-further/article-184309/ · https://upstox.com/news/market-news/stocks/trent-shares-slide-nearly-40-in-a-year-here-is-why-the-stock-is-underperforming/article-182563/ · https://upstox.com/news/market-news/stocks/trent-share-price-zudio-westside-operator-plunges-over-19-post-q4-business-update/article-158600/ · https://alphastreet.com/india/trent-q1-fy26-earnings-results-9-rise-in-profits/ · https://www.angelone.in/news/market-updates/trent-share-price-in-focus-revenue-rises-20-percent-yoy-in-q1-fy26-results · https://www.samco.in/knowledge-center/articles/trent-share-price-slumps-10-after-slower-growth-guidance-in-agm/ · https://www.indmoney.com/blog/stocks/why-trent-share-is-falling · https://www.businessupturn.com/finance/stock-market/trent-shares-fall-over-6-after-q2-earnings-should-you-buy-hold-or-sell-explained/

AGM/strategy: https://www.multibagg.ai/market-pulse/articles/trent-10x-revenue-store-expansion-cmqrsw84w14kjpe0jbrv1dpjw · https://www.multibagg.ai/market-pulse/articles/trent-westside-zudio-store-expansion-cmr4ukwob02xypo0jka29zwa1 · https://www.multibagg.ai/market-pulse/articles/trent-zudio-5000-store-plan-cmr9d6zrn03mkoi0i7yhs0bae · https://www.storyboard18.com/brand-makers/trent-still-in-early-growth-phase-confident-of-10x-revenue-milestone-noel-tata-99795.htm · https://www.business-standard.com/markets/capital-market-news/trent-rallies-after-mgmt-flags-potential-growth-outlook-in-47th-agm-126062400675_1.html · https://www.business-standard.com/markets/news/trent-share-price-tanks-42-so-far-in-2025-set-for-first-calendar-year-decline-in-12-years-is-trent-a-good-stock-to-buy-125120300270_1.html · https://www.indianretailer.com/news/retail-india-news-trent-eyes-international-expansion-revenue-growth-accelerates · https://scanx.trade/stock-market-news/companies/trent-limited-schedules-analyst-meet-for-august-12-2026/47661606 · https://www.whalesbook.com/news/English/consumer-products/Trent-Plans-10x-Growth-Aims-for-5000-Zudio-Stores/6a3ab6f7a1c5bf084329f449 · https://www.whalesbook.com/news/English/consumer-products/Trent-Targets-5000-Zudio-Stores-As-Brokerages-Raise-Outlook/6a3b5073a1c5bf08432a3039 · https://www.bloomberg.com/news/articles/2026-07-20/tata-s-fashion-brand-westside-plans-biggest-push-yet-with-100-annual-stores · https://finance.yahoo.com/small-business/articles/tata-westside-plans-100-store-091653362.html

JVs/portfolio: https://apparelresources.com/business-news/retail/inditex-raise-stake-zara-india-joint-venture-trent-80/ · https://in.apparelresources.com/business-news/retail/inditex-raise-stake-zara-india-joint-venture-trent-80/ · https://www.franchiseindia.com/insights/en/news/trent-to-divest-29-stake-in-india-jv-with-massimo-dutti-for-rs-2075-cr.55843 · https://fashionunited.uk/news/business/inditex-ups-stake-in-indian-joint-venture-for-zara/2025111084807 · https://www.investywise.com/trent-limited-itripl-share-transaction/ · https://www.tipranks.com/news/company-announcements/trent-limited-completes-buyback-offer-with-itripl · https://www.investywise.com/trent-limited-amalgamation-of-fiora-hypermarket-and-fiora-online/ · https://www.tipranks.com/news/company-announcements/trent-limited-subsidiary-acquires-thpl-support-services · https://www.tipranks.com/news/company-announcements/trent-subsidiaries-thpl-support-services-and-booker-india-merge-to-streamline-wholesale-operations · https://www.capitalmarket.com/markets/news/corporate-news/Trent-announces-incorporation-of-step-down-subsidiary-Netria-Property-Holdings/1635862 · https://masholdings.com/media-centre/mas-announces-a-joint-venture-with-the-tata-groups-trent-ltd-in-india/ · https://www.just-style.com/news/mas-partners-with-trent-on-india-intimate-wear-business/ · https://www.storyboard18.com/brand-makers/tatas-trent-pours-out-stake-in-zara-india-massimo-dutti-to-boost-own-retail-brands-70012.htm · https://www.indianretailer.com/news/trent-reduces-stake-zara-joint-venture-it-expands-retail-footprint · https://www.outlookbusiness.com/news/zaras-india-fy26-profit-falls-32-to-204-cr-revenue-slips · https://www.siliconindia.com/startup/startup-funding/trent-acquires-51-stake-in-booker-india-nwid-19283.html · https://www.franchiseindia.com/insights/en/news/neville-tata-takes-over-star-bazaar.34637 · https://propnewstime.com/getdetailsStories/OTgxNA==/trent-s-star-bazaar-aims-for-90-stores-by-the-end-of-2024 · https://www.business-standard.com/markets/capital-market-news/trent-rallies-on-launch-of-new-lab-grown-diamond-brand-pome-124100800704_1.html · https://indianretailer.com/news/retail-india-news-zudio-expands-globally-launches-first-international-store-dubai · https://www.exchange4media.com/marketing-news/trent-ltd-sees-39-jump-in-net-profit-in-fy25-zudio-revenues-top-1-billion-143039.html · https://www.imagesbof.in/the-trent-fashion-machine-how-zudio-changed-the-rules-of-scale/ · https://www.equentis.com/blog/zudios-impact-on-trents-133-growth/ · https://x.com/WizardsUnknown/status/2009182155428254110 (low confidence)

Governance & Tata group

https://www.business-standard.com/companies/news/noel-tata-to-step-down-as-trent-chairman-after-nearly-three-decades-126062400886_1.html · https://english.dainikjagranmpcg.com/business/noel-tata-to-step-down-as-trent-chairman/article-20576 · https://www.freepressjournal.in/business/noel-tata-to-step-down-as-trent-chairman-after-nearly-three-decades-at-the-helm · https://www.storyboard18.com/brand-makers/noel-tata-to-step-down-as-trent-chairman-after-nearly-three-decades-ws-l-102198.htm · https://www.peoplematters.in/news/leadership/noel-tata-to-step-down-as-trent-chairman-after-building-a-rs-2-lakh-crore-retail-giant-50512 · https://www.outlookbusiness.com/corporate/noel-tata-signals-retirement-as-trents-chairman-at-agm · https://www.whalesbook.com/news/English/consumer-products/Noel-Tata-to-Retire-as-Trent-Chairman-by-November-2026/6a3b869da1c5bf08432a6c34 · https://www.indiaherald.com/Business/Read/994892581/Noel-Tata-Steps-Down-as-Trent-Chairman-%E2%80%93-Tata-Succession

https://www.businesstoday.in/latest/corporate/story/it-is-now-time-to-move-on-noel-tata-opposes-chandrasekarans-fresh-term-at-tata-sons-556223-2026-09-17 · https://businesstoday.in/magazine/deep-dive/story/how-that-battle-at-the-tata-sons-is-testing-how-far-a-board-can-go-559527-2026-10-05 · https://www.businesstoday.in/magazine/deep-dive/story/trust-gap-widens-why-the-road-ahead-for-the-listing-of-tata-sons-remains-uncertain-533134-2026-05-25 · https://www.businesstoday.in/latest/corporate/story/noel-tata-on-tata-sons-listing-hope-rbi-will-engage-with-us-and-find-a-solution-to-avoid-listing-558713-2026-09-30 · https://www.aljazeera.com/news/2026/9/25/tata-v-tata-whats-behind-indias-big-boardroom-brawl · https://bloomberg.com/news/articles/2026-09-30/why-noel-tata-s-battle-at-tata-sons-shows-inherited-power-has-limits · https://www.thenewsminute.com/news/n-chandrasekaran-to-exit-as-tata-sons-chairman-wont-seek-reappointment · https://www.tatatrusts.org/media/press-releases/board-of-trustees-of-sir-dorabji-tata-trust-inducts-mr-bhaskar-bhat-and-mr-neville-tata-as-trustees

https://www.whalesbook.com/corporate-news/English/consumer-products/Trent-Ltd-AGM-All-resolutions-passed-board-appointments-face-institutional-dissent/6a3a93477465030c38b5a744 · https://www.whalesbook.com/corporate-news/English/consumer-products/Trent-Shareholders-Back-Bonus-Shares-and-New-ESOP-Plan/6a16f4290c0232fe81a7d38f · https://scanx.trade/stock-news/trent-ltd · https://scanx.trade/stock-market-news/companies/trent-limited-concludes-74th-agm-approves-fy26-results/43775741 · https://www.business-standard.com/markets/capital-market-news/trent-announces-cessation-of-directors-124080900930_1.html · https://www.business-standard.com/amp/article/pti-stories/trent-raises-over-rs-1-000-cr-via-preferential-allotment-of-shares-to-tata-sons-119080900230_1.html · https://www.business-standard.com/companies/news/here-s-how-much-royalty-tata-group-companies-will-pay-for-the-tata-name-124051000147_1.html · https://en.wikipedia.org/wiki/Noel_Tata · https://en.wikipedia.org/wiki/Trent_Limited

Street, flows & sentiment

https://www.businesstoday.in/markets/stocks/story/trent-shares-rs-2950-or-rs-4450-valuations-demanding-but-is-the-stock-still-a-buy-547811-2026-08-07 · https://www.businesstoday.in/markets/stocks/story/trent-q1-results-today-earnings-expectations-key-things-to-watch-target-prices-547531-2026-08-06 · https://www.businesstoday.in/markets/stocks/story/trent-amid-falling-fii-stake-tata-group-multibagger-up-from-march-low-price-targets-548997-2026-08-13 · https://www.businesstoday.in/markets/stocks/story/trent-shares-fall-31-percent-from-52-week-high-price-target-and-outlook-533198-2026-05-25 · https://www.business-standard.com/markets/news/trent-down-over-2-after-q1-brokerages-bullish-see-up-to-21-upside-126080700247_1.html · https://www.business-standard.com/markets/news/trent-q3fy26-results-trigger-mixed-brokerage-calls-on-growth-margins-126020500240_1.html · https://www.business-standard.com/markets/news/hdfc-securities-sees-strong-growth-prospects-for-trent-upgrades-to-add-126010600129_1.html · https://www.business-standard.com/markets/news/trent-once-a-d-st-darling-now-testing-investor-patience-what-lies-ahead-126031600110_1.html · https://www.business-standard.com/markets/news/trent-stock-gains-2-5-up-5th-day-bernstein-ow-sees-westside-driving-growth-126070300487_1.html

https://www.whalesbook.com/news/English/brokerage-reports/Trent-Faces-Analyst-Split-as-Citi-Issues-Sell-Rating/6a4c79a534df961837f6e309 · https://www.whalesbook.com/news/English/consumer-products/Trent-Stock-Hits-52-Week-Low-Zudios-Growth-Stalls-Amid-Competition/69b76eb58a7d0a3f923d67de · https://www.whalesbook.com/news/English/consumer-products/Trent-Stock-Plunges-37percent-Zudio-and-Westside-Strategy-Fuels-Analyst-Optimism/69c951732850f02827f3cd37 · https://univest.in/blogs/trent-share-price-citi-sell-nifty-gainer-june-2026 · https://www.tradingview.com/news/moneycontrol:7bf8d4ce0094b:0-trent-stock-jumps-7-top-nifty-gainer-today-citi-says-sell-but-sees-strong-demand-across-categories/ · https://www.tradingview.com/news/cnbctv:46f0972b6094b:0/ · https://m.dailyhunt.in/news/india/english/analytics+insight-epaper-anycinst/trent+shares+fall+246+despite+strong+q4+results+citi+issues+sell+call+goldman+neutral-newsid-n709664492 · https://scanx.trade/stock-market-news/stocks/macquarie-initiates-buy-rating-on-trent-with-4-900-target-price-sees-21-upside-potential/29825411 · https://scanx.trade/stock-market-news/stocks/radhakishan-damani-exits-trent-stake-amid-stock-s-36-decline-from-peak/23023919

https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/2471843/jefferies-keeps-their-hold-rating-on-trent-limited-trent/ · https://www.investing.com/news/analyst-ratings/ubs-raises-trent-stock-rating-to-buy-with-higher-price-target-93CH-3994016 · https://ca.investing.com/news/analyst-ratings/goldman-sachs-downgrades-trent-stock-to-neutral-on-zudio-cannibalization-concerns-93CH-4114747 · https://in.investing.com/news/investment-ideas/investingpros-fair-value-warned-trent-was-overvalued-before-47-drop-93CH-5453795 · https://www.businessupturn.com/finance/stock-market/siddhartha-yog-buys-10-73-lakh-trent-shares-in-block-deal-dodona-holdings-seller/ · https://www.business-standard.com/amp/companies/news/entrepreneur-siddhartha-yog-buys-over-one-mn-shares-of-trent-for-rs-718-cr-124090201137_1.html · https://forum.valuepickr.com/t/trent-a-value-unlocking-story-from-the-house-of-tata/26168 · https://aadityakohlli.substack.com/p/revenue-per-sqft-trents-nightmare · https://exencialrp.substack.com/p/trent-ltd-108 · https://insights.dsij.in/dsijarticledetail/trent-from-flawless-execution-to-valuation-reality-54854 · https://www.indmoney.com/blog/mutual-funds/stocks-mutual-funds-bought-sold-august-2026 · https://gulfnews.com/your-money/saving-investment/tatas-trent-stock-starts-rebound-after-35-plunge-from-peak-best-time-to-buy-cheap-1.500189719

Industry, policy & inputs

https://www.careratings.com/uploads/newsfiles/1768407809_Indian%20Apparel%20Retail%20Market%20to%20Touch%20Rs%2016%20Lakh%20Crore.pdf · https://www.ibef.org/news/india-s-apparel-retail-market-poised-to-reach-us-193-billion-by-fy30-careedge · https://apparelresources.com/business-news/retail/indian-apparel-retail-market-poised-reach-us-176-billion-2029-30-careedge/ · https://www.indianretailer.com/article/retail-business/retail-trends/value-fashion-drive-12-13-pc-growth-organized-apparel · https://www.imarcgroup.com/india-apparel-market · https://www.kenresearch.com/industry-reports/india-apparel-market · https://marketresearchoutlook.com/research-report/india-fashion-retail-market/ · https://upstox.com/news/market-news/ipo/vishal-mega-mart-ipo-analysing-the-financial-performance-and-peer-comparison-in-organized-retail/article-133837/

https://www.apparelviews.com/premium-apparel-above-rs-2500-will-get-costlier-under-new-gst/ · https://www.caclubindia.com/articles/gst-on-clothes-with-latest-tax-rates-amp-hsn-code-w-e-f-22-sep-25-55551.asp · https://www.pib.gov.in/FactsheetDetails.aspx?Id=150293&reg=48&lang=2 · https://taxguru.in/goods-and-service-tax/gst-reform-lowered-rates-textiles-garments.html · https://kredily.com/new-labour-codes/ · https://www.fibre2fashion.com/news/fibre-news/qco-removal-lifts-apparel-sector-polyester-yarn-growth-to-stay-flat-306652-newsdetails.htm · https://www.bennycotts.com/blog/qco-rollback-fibre-yarn-imports-2026 · https://www.indmoney.com/blog/stocks/us-50-tariff-shock-what-it-means-for-india-s-textile-exports · https://www.angelone.in/news/economy/from-zudio-to-lifestyle-fashion-retailers-face-inventory-crunch-after-bangladesh-import-ban · https://apparelresources.com/business-news/retail/post-bangladesh-import-ban-inventory-crunch-hits-indian-fashion-retailers/ · https://apparelresources.com/business-news/trade-business-news/cotton-prices-rise-india-amid-supply-concerns/ · https://www.fibre2fashion.com/news/prime-content/textile-news/south-india-cotton-yarn-stable-despite-polyester-price-volatility-308913-newsdetails.htm · https://www.bankbazaar.com/commodity-price/cotton-price.html · https://nextwhatbusiness.com/zudio-franchise/

Peers

Screener: DMART, VMM, ABLBL, ABFRL, SHOPERSTOP, GOCOLORS (https://www.screener.in/company/…) · https://scanx.trade/stock-market-news/companies/avenue-supermarts-fy26-results-revenue-rises-15-9-to-66-968-cr/46523060 · https://www.business-standard.com/companies/quarterly-results/avenue-supermarts-q1fy27-results-net-profit-rises-11-3-revenue-up-14-8-126071100612_1.html · https://www.multibagg.ai/market-pulse/articles/vmm-fy26-93929 · https://www.investywise.com/vishal-mega-mart-limited-q4-fy26-earnings-results/ · https://upstox.com/news/market-news/earnings/vishal-mega-mart-q1-profit-jumps-26-yo-y-to-206-crore-revenue-jumps-19-shares-fall/article-197451/ · https://www.whalesbook.com/corporate-news/English/consumer-products/Vishal-Mega-Mart-Q1-FY27-Revenue-Jumps-187percent-to-indian-rupee3727-Cr-PAT-Up-256percent/6a68600f98a9268fb178213b · https://www.kotakneo.com/news/market-news/v-mart-retail-q4fy26-results-revenue-ebitda-growth-store-expansion/ · https://www.whalesbook.com/corporate-news/English/consumer-products/V-Mart-Retail-FY26-Revenue-Rises-16percent-to-Rs-3789-Cr-Declares-Rs-1-Dividend/6a6b401110bce1fd2034d5c2 · https://www.business-standard.com/markets/v-mart-retail-ltd-share-price-34162.html · https://www.arthneeti.com/insights/v-mart-retail-ltd-q1-fy27-earnings · https://www.ablbl.in/wp-content/uploads/2026/05/ABLBL_Press-Release_Q4-FY26.pdf · https://www.whalesbook.com/corporate-news/English/consumer-products/Aditya-Birla-Lifestyle-Brands-Revenue-Up-12percent-Eyes-Debt-Free-Status-on-Margin-Gains/6a01ecb1707d23e84457ed13 · https://www.fibre2fashion.com/news/retail-results/india-s-abfrl-s-fy26-revenue-rises-11-on-pantaloons-tmrw-growth-310553-newsdetails.htm · https://www.storyboard18.com/brand-marketing/abfrl-fy26-losses-widen-despite-revenue-growth-ws-l-106424.htm · https://web.indiaretailing.com/shoppers-stop-fy26-standalone-revenue-rises-6-to-rs-4708-crore-adds-27-stores · https://www.whalesbook.com/corporate-news/English/consumer-products/Shoppers-Stop-FY26-Net-Loss-indian-rupee36-Cr-Despite-8percent-Revenue-Growth/6a3ce20a7465030c38b83b70 · https://www.indianretailer.com/news/shoppers-stop-q1-results-fy27-revenue-rs-1536-cr-back-profit · https://www.franchiseindia.com/insights/en/news/go-fashion-india-limited-reports-fy26-revenue-of-838-crore.58820 · https://www.outlookbusiness.com/corporate/reliance-retail-fy26-revenue-at-37-lakh-crore-hits-20000-store-milestone · https://www.indianretailer.com/news/reliance-retail-reports-rs-37-lakh-cr-revenue-fy26-profit-rises-12-pc · https://apparelresources.com/business-news/retail/reliance-retail-plans-open-1000-yousta-stores-two-years/ · https://relianceretail.com/our-business.html · https://retailupdates.news/2026/08/10/shein-valuation-drops-75-percent/ · https://www.theweek.in/wire-updates/business/2025/10/09/dcm130-biz-lifestyle-revenue.html · https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/LifestyleInternationalPrivateLimited_March%2012_%202026_RR_388482.html · https://www.business-standard.com/industry/news/h-m-s-revenue-gap-widens-in-fy25-uniqlo-emerges-as-breakout-story-126012201235_1.html · https://entrackr.com/fintrackr/myntra-profit-zooms-18x-to-rs-548-cr-in-fy25-10452797 · https://entrackr.com/fintrackr/meesho-records-rs-3713-cr-revenue-in-q1-fy27-narrows-losses-by-54-12191236 · https://upstox.com/news/market-news/earnings/meesho-q1-fy-27-results-net-loss-narrows-to-1-328-crore-yo-y-nmv-sees-yearly-growth-of-34/article-197467/ · https://www.whalesbook.com/news/English/consumer-products/Fashion-Startup-NEWME-Plans-50-Stores-by-December-2026/6a3aabeda1c5bf084329ec81

Open gaps (not available in inputs)

Sep-2026 shareholding (due ~21-Oct) · Q2 FY27 full results (~early Nov) · chair successor · ₹2,500 cr raise launch/exchange-filing confirmation · brand-fee label for Tata Sons ₹46.63 cr · tax-contingency split · Netria-specific gain · lender names · lease tenors · Westside/Zudio revenue split · Booker store count · 2024-25 penalty amounts · SEBI-orders sweep · identity of NED "Given" · Reddit/X · listing date and equity ISIN.