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.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

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.

Read Business Not Stock Prices

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

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?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

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

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The semiannual index rebal events of the SENSEX index, BSE 100 index, and BSE 200 index will take place in June 2025.</li>
<li>There will be two changes for BSE Sensex, three changes for BSE 100, and eight changes for BSE 200.</li>
<li>In this insight, we take a look at our final flow expectations.</li>
</ul>


The semiannual index rebal events of the SENSEX index, BSE 100 index, and BSE 200 index will take place in June 2025.
There will be two changes for BSE Sensex, three changes for BSE 100, and eight changes for BSE 200.
In this insight, we take a look at our final flow expectations.


Quiddity BSE/​​​​SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows

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

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

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

Quiddity BSE/SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows

We expect US$429mn, US$106mn, and US$62mn one-way index flows for SENSEX, BSE 100, and BSE 200 during the June 2025 index rebal event.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

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