Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,410.00 last close on 9 Oct 2026 +1.16%
Research updated
Trent Ltd.
NSE: TRENTConsumer CyclicalApparel Retail
- Last close
- ₹2,918.20
- Day change
- +₹41.90 (+1.46%)vs
- Market cap
- ₹1.55 lakh crIndian rupees
- Research updated
- 1 report
About Trent
Trent Ltd. operates as a key player in the retail industry, focusing on the Indian market. The company is known for its chain of retail stores offering a variety of products including apparels, accessories, and home goods. Through its lifestyle retailing divisions like Westside and Landmark, Trent Ltd. caters to diverse customer segments, emphasizing quality and style at competitive prices. Westside offers a unique combination of branded and in-house designed fashion, targeting both urban and suburban demographics. Landmark complements this by specializing in books, toys, stationery, and gift items. Additionally, Trent has entered strategic partnerships to expand its market reach, such as with Tata and Tesco through Star supermarkets. This partnership aims to enhance Trent's presence in the hypermarket and supermarket space, providing competitive pricing and a comprehensive range of grocery products. Trent Ltd.'s role in the financial market is significant not only because of its retail penetration but also due to its contribution to the evolving consumer landscape in India, showcasing the growing importance of organized retail and distribution in emerging markets.
- Sector
- Consumer Cyclical
- Industry
- Apparel Retail
- Listing
- NSE: TRENT
- Chief executive
- Mr. Venkatesalu Palaniswamy
- Employees
- 31,226
- Headquarters
- Mumbai, India
- ISIN
- INE849A01020
- Website
- trentlimited.com
Public research · Report of
Business model & financial foundation
Trent (NSE: TRENT), Apparel and lifestyle retail (value fashion and department-store formats): revenue of ₹20,074 crore in FY26 (+17.2% on FY25), an EBITDA margin of 18.3%, net profit of ₹1,720 crore and net cash of ₹430.6 crore.
- Revenue, FY26 (₹ crore)
- 20,074
- consolidated
- Revenue growth, FY26
- +17.2%
- on FY25
- EBITDA margin, FY26
- 18.3%
- EBITDA (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 1,720
- to owners
- Return on equity, FY26
- 27.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -430.6
- Net debt excl. leases (negative = net cash)
- Market capitalisation (₹ crore)
- 1,50,585
- at the close of 12 Oct 2026
Company profile
Trent is the Tata group's retailer. It runs Zudio (value fashion, ~1,000 stores of 7,000-12,000 sq ft), Westside (own-brand department stores, ~310 stores of 20,000-30,000 sq ft) and smaller concepts (Samoh, Misbu, Burnt Toast), almost entirely with own brands, and holds 50% of the Star grocery joint venture and 20% stakes in Zara and Massimo Dutti India. Growth comes from opening roughly 250 stores a year; like-for-like growth has been in low single digits since FY26.
| Item | Value |
|---|---|
| Legal name | Trent Limited (formerly Lakme Limited) |
| Exchange and ticker | NSE: TRENT; BSE: 500251 |
| ISIN | INE849A01020 |
| CIN | L24240MH1952PLC008951 |
| Sector | Consumer Cyclical |
| Industry | Apparel and lifestyle retail (value fashion and department-store formats) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2017) |
| Market capitalisation | ₹1,50,585 crore (12 Oct 2026) |
| Shares outstanding | 53.32 crore shares (FY26) |
| Price | ₹2,918 (close, 12 Oct 2026) |
| 52-week range | ₹2,184 - ₹4,867 (to 12 Oct 2026) |
| Website | https://trentlimited.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (promoter, 32.45%).
| Entity | Holding | Business |
|---|---|---|
| Booker India Limited | 51% | Cash-and-carry wholesale; merged THPL Support Services (warehousing) from 1 Feb 2026 |
| Trent Hypermarket Private Limited (Star) | 50% | Joint venture with Tesco group: Star food and grocery stores; equity-accounted |
| Trent MAS Fashion Private Limited | 50% | Joint venture with MAS Holdings: intimate wear manufacturing; equity-accounted |
| Inditex Trent Retail India Private Limited | 20% | Associate with Inditex: Zara stores in India; stake cut from 49% via buybacks in FY25-FY26 |
| Massimo Dutti India Private Limited | 20% | Associate with Inditex: Massimo Dutti stores; stake cut from 49% in Mar 2025 |
Eight subsidiaries, two JVs and two associates in FY26; Star revenue is not consolidated (equity method).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 37.01% | 37.01% | 37.01% | 37.01% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.81% | 15.62% | 15.59% | 15.14% |
| Domestic institutions | 19.97% | 21.50% | 22.36% | 23.26% |
| of which mutual funds | 13.52% | 14.19% | 13.92% | 14.64% |
| Retail | 26.18% | 25.87% | 25.03% | 24.57% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Trent is the Tata group's apparel retailer. Almost all revenue (FY26 consolidated Rs20,074 cr, +17.2%) comes from two own-brand formats: Zudio, value fashion in 7,000-12,000 sq ft boxes (963 stores at FY26, 982 at Q1FY27 incl. 7 in the UAE), and Westside, a 20,000-30,000 sq ft department-store format (300 at FY26). It designs and sources its own product (no third-party brands), which explains its ~44-46% gross margin (cogs 56.1% of revenue in FY26, 53.6% in Q1FY27). It controls product, pricing and store choice; it does not control rents, cotton and polyester costs or the competitors entering the same towns. Star (food and grocery, 86 stores) sits in a 50:50 JV with Tesco and is equity-accounted, as are 20% stakes in Inditex's Zara and Massimo Dutti India.
| Peer | Why the dossier compares them |
|---|---|
| Avenue Supermarts (DMART) | Value retail to the same middle-income household; the market's other large-cap retail compounder |
| Vishal Mega Mart (VMM) | Value retailer with apparel the largest category, competing with Zudio in tier 2-4 towns |
| V-Mart Retail (VMART) | Value fashion chain in north and east India, direct Zudio competitor |
| V2 Retail (V2RETAIL) | Value apparel chain in tier 2-3 towns, fastest-growing listed value fashion peer |
| Aditya Birla Fashion and Retail (ABFRL) | Branded and value fashion (Pantaloons, Style Up) competing with Westside and Zudio |
| Shoppers Stop (SHOPERSTOP) | Department stores and Intune value format, competing with Westside and Zudio |
| Metro Brands (METROBRAND) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,417 | 8,112 | 12,375 | 17,135 | 20,074 |
| Cost of revenue (vendor classification) * | 2,482 | 4,720 | 6,959 | 9,844 | 11,359 |
| Other operating costs (vendor classification) * | 657.2 | 1,059 | 1,309 | 1,633 | 2,029 |
| EBITDA (vendor classification) * | 604.8 | 1,186 | 2,073 | 2,882 | 3,751 |
| EBIT (PBT + finance cost) | 416.0 | 921.2 | 2,240 | 2,168 | 2,405 |
| Finance costs | 304.7 | 369.2 | 319.1 | 138.6 | 168.4 |
| Profit before tax (after JV share) | 111.2 | 552.1 | 1,921 | 2,030 | 2,236 |
| Total tax expense | 76.6 | 158.4 | 443.4 | 495.3 | 515.2 |
| Profit for the period | 34.6 | 393.6 | 1,477 | 1,534 | 1,721 |
| Diluted EPS (bonus-adjusted for 1:2 bonus, Jun-2026) (₹) | 2.98 | 12.51 | 27.88 | 29.01 | 32.25 |
| COGS (purchases of stock-in-trade + change in inventories) | 6,959 | 9,689 | 11,265 | ||
| Employee benefits expense | 1,037 | 1,308 | 1,355 | ||
| Other expenses incl. occupancy cost | 2,457 | 3,379 | 3,781 | ||
| EBITDA (revenue less cogs, employee, other expenses) | 1,922 | 2,758 | 3,673 | ||
| Other income | 289.3 | 218.6 | 114.8 | ||
| Depreciation and amortisation | 671.1 | 895.2 | 1,361 | ||
| Exceptional items (signed) | 576.1 | 0.00 | -26.1 | ||
| Share of profit/(loss) of associates and JVs | 123.6 | 86.5 | 3.90 | ||
| Profit attributable to non-controlling interests | -9.34 | -12.3 | 1.68 | ||
| Profit attributable to owners | 1,487 | 1,547 | 1,720 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 2,410 | 2,663 | 4,103 | 5,462 | 6,985 |
| Borrowings excl. lease liabilities | 4,725 | 4,464 | 1,753 | 499.2 | 499.9 |
| Cash, equivalents and other bank balances | 82.4 | 83.2 | 294.6 | 339.8 | 283.0 |
| Trade receivables * | 18.3 | 34.4 | 81.7 | 63.0 | 51.1 |
| Inventories * | 867.8 | 1,361 | 1,583 | 2,045 | 2,289 |
| Trade payables * | 378.0 | 665.2 | 773.9 | 928.2 | 1,211 |
| Net property, plant and equipment * | 4,589 | 4,421 | 2,348 | 3,795 | 5,417 |
| Capital work in progress * | 196.3 | 234.3 | 666.9 | 853.2 | 1,204 |
| Total assets * | 7,726 | 8,082 | 7,162 | 9,420 | 11,729 |
| Lease liabilities (current + non-current) | 1,738 | 2,061 | |||
| Current investments (liquid) | 634.7 | 647.5 | |||
| Net debt excl. leases (negative = net cash) | -475.3 | -430.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -258.8 | 191.9 | 1,942 | 1,661 | 2,668 |
| Free cash flow (vendor definition) * | -212.8 | 91.5 | 612.0 | 392.7 | 904.8 |
| Dividends paid (outflow negative) | -42.7 | -39.3 | -78.3 | -113.6 | -177.5 |
| Purchase of PPE and investment property (outflow negative) | -210.1 | -223.5 | -741.4 | -1,268 | -1,763 |
| Payment of lease liabilities (outflow negative) | -267.8 | -539.7 | -796.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding, bonus-adjusted (crore) | 35.55 | 35.55 | 53.32 | 53.32 | 53.32 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,157 | 4,657 | 4,217 | 4,883 | 4,818 | 5,345 | 5,028 | 5,755 |
| Cost of revenue (vendor classification) * | 2,364 | 2,616 | 2,613 | 2,714 | 2,766 | 2,963 | 2,822 | 3,084 |
| Other operating costs (vendor classification) * | 442.4 | 489.5 | -637.3 | 510.8 | 523.1 | 578.9 | 603.9 | 643.9 |
| EBITDA (vendor classification) * | 696.8 | 927.2 | 542.8 | 897.7 | 843.5 | 1,112 | 939.2 | 1,149 |
| EBIT (PBT + finance cost) | 499.8 | 682.3 | 453.3 | 604.7 | 518.6 | 718.9 | 562.6 | 738.8 |
| Finance costs | 33.0 | 36.5 | 37.5 | 40.0 | 41.6 | 42.9 | 43.8 | 47.0 |
| Profit before tax (after JV share) | 466.8 | 645.8 | 415.8 | 564.7 | 477.0 | 675.9 | 518.9 | 691.8 |
| Total tax expense | 131.8 | 149.3 | 104.2 | 140.0 | 103.6 | 165.8 | 105.8 | 173.8 |
| Profit for the period | 335.1 | 496.5 | 311.6 | 424.7 | 373.4 | 510.1 | 413.1 | 518.1 |
| Diluted EPS (bonus-adjusted for 1:2 bonus, Jun-2026) (₹) | 6.35 | 9.33 | 5.97 | 8.06 | 7.07 | 9.61 | 7.51 | 9.73 |
| COGS (purchases of stock-in-trade + change in inventories) | 2,364 | 2,616 | 2,457 | 2,714 | 2,766 | 2,963 | 2,822 | 3,084 |
| Employee benefits expense | 313.8 | 328.3 | 338.9 | 321.9 | 316.7 | 342.4 | 374.5 | 370.8 |
| Other expenses incl. occupancy cost | 833.2 | 864.6 | 768.6 | 999.6 | 917.7 | 958.7 | 904.5 | 1,171 |
| EBITDA (revenue less cogs, employee, other expenses) | 645.7 | 847.4 | 652.0 | 847.9 | 817.1 | 1,081 | 927.4 | 1,129 |
| Other income | 45.3 | 53.6 | 74.3 | 40.6 | 27.6 | 18.8 | 27.9 | 29.8 |
| Depreciation and amortisation | 197.0 | 244.9 | 272.0 | 292.9 | 324.9 | 366.7 | 376.6 | 410.2 |
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -26.1 | 0.00 | 0.00 |
| Share of profit/(loss) of associates and JVs | 5.77 | 26.2 | -1.10 | 9.21 | -1.10 | 11.9 | -16.1 | -9.74 |
| Profit attributable to non-controlling interests | -3.68 | -0.71 | -6.55 | -4.99 | -3.44 | -2.66 | 12.8 | -0.94 |
| Profit attributable to owners | 338.8 | 497.3 | 318.2 | 429.7 | 376.9 | 512.8 | 400.3 | 519.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 73.4% | 83.7% | 52.5% | 38.5% | 17.2% |
| EBITDA margin | 15.5% | 16.1% | 18.3% | ||
| Net margin | 12.0% | 9.0% | 8.6% | ||
| Return on equity | 44.0% | 32.3% | 27.6% | ||
| Return on capital employed | 6.7% | 12.9% | 34.5% | 36.7% | 35.8% |
| Return on assets | 19.5% | 18.7% | 16.3% | ||
| Net debt (₹ crore) | -475.3 | -430.6 | |||
| Net debt / EBITDA | -0.17x | -0.12x | |||
| Interest cover | 1.36x | 2.50x | 7.02x | 15.6x | 14.3x |
| Asset turnover | 0.66x | 1.03x | 1.62x | 2.07x | 1.90x |
| Receivable days | 2 | 2 | 2 | 1 | 1 |
| Inventory days (on revenue) | 72 | 61 | 47 | 44 | 42 |
| Payable days (on revenue) | 31 | 30 | 23 | 20 | 22 |
| Cash conversion | 1.31x | 1.07x | 1.55x | ||
| Capex intensity | 4.8% | 2.8% | 6.0% | 7.4% | 8.8% |
| Free cash flow (₹ crore) | -468.9 | -31.6 | 1,201 | 392.7 | 904.8 |
| Dividend payout | 5.3% | 7.3% | 10.3% | ||
| EPS, diluted (₹) | 2.98 | 12.51 | 27.88 | 29.01 | 32.25 |
| Book value per share (₹) | 67.79 | 74.91 | 76.94 | 102.4 | 131.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excl. leases (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (bonus-adjusted for 1:2 bonus, Jun-2026)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Trent
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