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?

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

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

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'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

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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