Trent shares extended their winning streak to a fifth consecutive session on Friday, rising as much as 2.5% in intraday trade. The stock opened higher at ₹3,374 and climbed to an intraday high of ₹3,399.70 on the National Stock Exchange (NSE). In the past five trading sessions, Trent shares have gained more than 5%, significantly outperforming the broader market. The stock has demonstrated exceptional outperformance in 2026, advancing 17.5% compared to a 6.8% decline in the Nifty 50, as reported by Business Standard. The Tata Group company has also shown strong calendar year performance with 15% rally in 2026 versus 8% decline in the benchmark index.
As reported by Business Standard, Trent operates a comprehensive retail portfolio including Westside (leading fashion retail chain), Zudio (leading value fashion brand), and Trent Hypermarket (foods, daily items and grocery segment) under the Star banner. The company's like-for-like (LFL) growth has faced challenges, dropping to low single digit in FY26 compared to double digit growth in earlier years, affected by demand slowdown in the apparel segment and large store addition in tier II/III markets. Despite these headwinds, Trent has maintained strong expansion momentum, with the company achieving over 2.5 times revenue and around 3 times profit growth since outlining its ambition in 2023 to deliver 10x revenue and commensurate profitability growth.
According to Bernstein analysts, Westside could emerge as Trent's next growth driver alongside Zudio, with the flagship retail chain accounting for about 40% of the company's retail area and revenue. The brokerage noted that Trent's investment narrative over the past three years has overwhelmingly centred on Zudio, whose rapid store expansion transformed the company's growth trajectory. However, Bernstein believes this focus may now be broadening as Westside added 52 stores in FY26, exceeding the combined additions made during the previous three years and comfortably surpassing both Bernstein's estimates and broader market expectations. The brokerage expects this target to be achievable for the next 4-5 years, which will take Trent to 500-550 Westside stores. Bernstein's proprietary store data indicates store rationalisation is over and helped Trent move away from certain cities, with stores additions indicating focus in Top-100 cities only with city densification underway.
As reported by Business Standard, ICICI Securities maintains a 'Buy' rating with a revised SOTP target price of ₹3,862, adjusted for bonus issue in the ratio 1:2. The brokerage expects Trent's revenues, EBITDA, and PAT to grow at CAGR of 22%, 23%, and 20% respectively over FY26-28E. Motilal Oswal Financial Services has reiterated a 'Buy' rating with an unchanged target price of ₹3,500. Bernstein has reiterated an 'Outperform' rating but reduced the target price to ₹3,500 from ₹5,000, implying an upside of nearly 7% from the June 30 closing price. The cut owes largely to Trent's recent bonus share issue, which expanded the share count and mechanically lowered per-share estimates even as the business outlook improved. Bernstein's revised FY27 and FY28 EPS estimates now stand at ₹43.61 and ₹53.82, down from ₹65.33 and ₹78.83 previously. The brokerage expects better gross margins for Westside at ~55% versus ~40% for Zudio, with increased PAT estimates by about 2%.
