External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Revenue Performance: Trent reported a 20% YoY revenue growth in Q1FY26 to Rs 4,781 Cr, broadly in line with estimates, despite macro headwinds like early monsoon onset and geopolitical disruptions.</li><li>The fashion portfolio saw low single-digit like-for-like growth.</li><li>Management highlighted that the revenue mix remains aligned with strategic priorities. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue Performance: Trent reported a 20% YoY revenue growth in Q1FY26 to Rs 4,781 Cr, broadly in line with estimates, despite macro headwinds like early monsoon onset and geopolitical disruptions.The fashion portfolio saw low single-digit like-for-like growth.Management highlighted that the revenue mix remains aligned with strategic priorities. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent Ltd - On a Steady Runway of Growth; Maintain BUY

<ul><li>Trent: Leading with Distinction: Trent reported strong Q4FY25 results, with revenue increasing 29% YoY to Rs 4,106 Cr and EBITDA growing 38% YoY, maintaining stable EBITDA margins of 16%.</li><li>The company’s differentiated business model, emphasis on private labels, efficient store economics, and rapid inventory turnover continue to outperform peers.</li><li>Consistent leadership in key metrics such as revenue per store and margins positions Trent well for sustained growth, supported by its high-quality offerings and strategic expansion initiatives. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent: Leading with Distinction: Trent reported strong Q4FY25 results, with revenue increasing 29% YoY to Rs 4,106 Cr and EBITDA growing 38% YoY, maintaining stable EBITDA margins of 16%.The company’s differentiated business model, emphasis on private labels, efficient store economics, and rapid inventory turnover continue to outperform peers.Consistent leadership in key metrics such as revenue per store and margins positions Trent well for sustained growth, supported by its high-quality offerings and strategic expansion initiatives. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Strong Performance - Trent delivered strong performance in Q4FY25, with revenue rising ~29% YoY to Rs 4,106 Cr, surpassing expectations.</li><li>The fashion segment maintained its growth momentum with mid-single-digit like-for-like growth in Q4 and double-digit growth for the whole year.</li><li>FY25 revenue rose 40% YoY, and volume growth stood at 40%, which was led by rapid store expansion. The company’s total retail area stood at 13 Mn sqft.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Performance - Trent delivered strong performance in Q4FY25, with revenue rising ~29% YoY to Rs 4,106 Cr, surpassing expectations.The fashion segment maintained its growth momentum with mid-single-digit like-for-like growth in Q4 and double-digit growth for the whole year.FY25 revenue rose 40% YoY, and volume growth stood at 40%, which was led by rapid store expansion. The company’s total retail area stood at 13 Mn sqft.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent Ltd - Beat On All Fronts; Maintain BUY

<ul><li>Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.</li><li>The fashion format reported high single-digit LFL growth. For 9MFY25, revenue grew 43%, with a volume growth of 39%, driven by aggressive store expansion.</li><li>The total footprint expanded by 33% over the last year, reaching 11 msq. ft across fashion brands.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.The fashion format reported high single-digit LFL growth. For 9MFY25, revenue grew 43%, with a volume growth of 39%, driven by aggressive store expansion.The total footprint expanded by 33% over the last year, reaching 11 msq. ft across fashion brands.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent Ltd - Marginal Miss on Operating Front; Maintain BUY

<ul><li>As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav.</li><li>Its flagship concept, Westside, offers branded fashion apparel, footwear, accessories for women, men, and children, and a diverse range of home furnishings and décor.</li><li>Zudio, the company’s value fashion concept, provides trendy fashion for men, women, and children at highly competitive price points, with exclusive in-house curated collections. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav.Its flagship concept, Westside, offers branded fashion apparel, footwear, accessories for women, men, and children, and a diverse range of home furnishings and décor.Zudio, the company’s value fashion concept, provides trendy fashion for men, women, and children at highly competitive price points, with exclusive in-house curated collections. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Trent Limited - 25th January 2025

India

Trent Limited is an Indian retail company and a part of the Tata Group, primarily engaged in the retailing of apparel, footwear, accessories, beauty products, and home decor. It operates various retail formats, including Westside for fashion and lifestyle, Zudio for value fashion, Utsa for Indian ethnic wear, and Star Bazaar for groceries. The company is headquartered in Mumbai, Maharashtra, India, and was originally incorporated in 1952 as Lakme Limited before being renamed Trent Limited in 1998.

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Trent (TRENT IN)

Trent Ltd - On a Steady Runway of Growth; Maintain BUY

Trent reported a 20% YoY revenue growth in Q1FY26 to Rs 4,781 Cr, broadly in line with estimates, despite macro headwinds like early monsoon onset...

Axis Direct

Axis Punch: Trent Ltd - 09th June 2025

Leading with Distinction: Trent reported strong Q4FY25 results, with revenue increasing 29% YoY to Rs 4,106 Cr and EBITDA growing 38% YoY,...

Axis Direct

Trent Ltd - Beat On All Fronts; Maintain BUY

Strong Performance - Trent delivered strong performance in Q4FY25, with revenue rising ~29% YoY to Rs 4,106 Cr, surpassing expectations.

Axis Direct

Trent Ltd - Marginal Miss on Operating Front; Maintain BUY

Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.

Axis Direct

Pick of the Week: Trent Limited - 25th January 2025

As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav. Its flagship...

Axis Direct

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