India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

<ul>
<li>Trent reported a 17% YoY rise in Q2FY26 revenue to INR 4,724 crore, while PAT grew 6%. Star Bazaar saw a 2% decline due to ongoing upgrades and stronger competition.</li>
<li>Efficient cost control and technology-driven productivity helped maintain margins despite slower same-store sales and expansion into lower-yield Tier-II cities.</li>
<li>Trent’s steady execution and well-diversified retail portfolio support its medium-term growth outlook, though high valuations and increasing operating costs remain key risks to monitor.</li>
</ul>


Trent reported a 17% YoY rise in Q2FY26 revenue to INR 4,724 crore, while PAT grew 6%. Star Bazaar saw a 2% decline due to ongoing upgrades and stronger competition.
Efficient cost control and technology-driven productivity helped maintain margins despite slower same-store sales and expansion into lower-yield Tier-II cities.
Trent’s steady execution and well-diversified retail portfolio support its medium-term growth outlook, though high valuations and increasing operating costs remain key risks to monitor.


Trent Q2FY26: Growth Momentum Fades as Tier-II Mix Drags and Star Bazaar Slips

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Revenue Performance: Trent reported a 17% YoY increase in revenue for Q2FY26 to Rs 4,724 Cr, supported by steady performance across formats, though like-for-like growth in its fashion portfolio remained in the low single digits.</li><li>The quarter saw muted consumer sentiment, unseasonal rainfall, and the transition to the new GST regime, which temporarily impacted discretionary spending.</li><li>While initial demand was concentrated in premium and high-ticket categories benefiting from GST reductions, management anticipates a gradual recovery in discretionary and lifestyle consumption over the medium term.</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 17% YoY increase in revenue for Q2FY26 to Rs 4,724 Cr, supported by steady performance across formats, though like-for-like growth in its fashion portfolio remained in the low single digits.The quarter saw muted consumer sentiment, unseasonal rainfall, and the transition to the new GST regime, which temporarily impacted discretionary spending.While initial demand was concentrated in premium and high-ticket categories benefiting from GST reductions, management anticipates a gradual recovery in discretionary and lifestyle consumption over the medium term.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 - Resilient Growth Amid GST Transition; Maintain BUY

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> reported first half FY2026 revenue growth at 19%, well below the Street’s full-year consensus estimate of around 26%.</li>
<li>With Zudio store expansion wave now maturing and no new growth engine of comparable scale yet in sight, revenue growth appears to be normalizing to the low double-digit range.</li>
<li>In this context, the stock’s steep valuation multiples (78.5x 1-year forward P/E) look increasingly difficult to justify; as growth expectations are recalibrated a valuation de-rating seems likely.</li>
</ul>



Trent Ltd (TRENT IN) reported first half FY2026 revenue growth at 19%, well below the Street’s full-year consensus estimate of around 26%.
With Zudio store expansion wave now maturing and no new growth engine of comparable scale yet in sight, revenue growth appears to be normalizing to the low double-digit range.
In this context, the stock’s steep valuation multiples (78.5x 1-year forward P/E) look increasingly difficult to justify; as growth expectations are recalibrated a valuation de-rating seems likely.


Trent Ltd (TRENT IN): Down 45% from Peak. Why Is It Trending Down?

<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Zudio has rocketed to 765 stores, now half of Trent’s revenue, with FY-25 sales topping to A Billion dollars and 244 outlets added in one year.</li>
<li>Its asset-light FOCO rollout, 15-day design-to-rack cycle and sub-INR 999 pricing are redefining India’s value-fashion economics and pressuring rivals to mimic.</li>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is no longer a steady Westside play; Zudio’s runaway scale and margins reposition the group as India’s fastest-growing, mass-market fashion juggernaut.</li>
</ul>


Zudio has rocketed to 765 stores, now half of Trent’s revenue, with FY-25 sales topping to A Billion dollars and 244 outlets added in one year.
Its asset-light FOCO rollout, 15-day design-to-rack cycle and sub-INR 999 pricing are redefining India’s value-fashion economics and pressuring rivals to mimic.

Trent Ltd (TRENT IN) is no longer a steady Westside play; Zudio’s runaway scale and margins reposition the group as India’s fastest-growing, mass-market fashion juggernaut.


Trent's Zudio: The Fast Fashion Trend Reshaping India's Retail

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

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Trent Ltd (TRENT IN)

Trent Q2FY26: Growth Momentum Fades as Tier-II Mix Drags and Star Bazaar Slips

Trent's Q2FY26 revenue up 17% to INR 4,724 crore, PAT grows 6%. Cost control and tech boost margins despite challenges. High valuations and...

Sudarshan Bhandari

Trent Ltd - Resilient Growth Amid GST Transition; Maintain BUY

The quarter saw muted consumer sentiment, unseasonal rainfall, and the transition to the new GST regime, which temporarily impacted discretionary...

Axis Direct

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

Trent's Zudio: The Fast Fashion Trend Reshaping India's Retail

The Complete Zudio Story: Zudio's rapid growth and innovative strategies are reshaping India's value-fashion market, propelling Trent Ltd to new...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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Trent Q2FY26: Growth Momentum Fades as Tier-II Mix Drags and Star Bazaar Slips

​Trent's Q2FY26 revenue up 17% to INR 4,724 crore, PAT grows 6%. Cost control and tech boost margins despite challenges. High valuations and...

Sudarshan Bhandari

Trent Ltd - Resilient Growth Amid GST Transition; Maintain BUY

The quarter saw muted consumer sentiment, unseasonal rainfall, and the transition to the new GST regime, which temporarily impacted discretionary...

Axis Direct