TRENT

** Brokerage ICICI securities raises TP on Trent's TREN.NS shares to 5,000 rupees from 4,300 rupees, representing a 17.6% upside to the stock's last close

** Says Trent's revenue growth of 20% YoY in Q4 bolsters its medium-term expectation of sustained momentum despite a challenging macro environment

** Adds Trent's aggressive store expansion and the board's approval to raise up to 25 billion rupees show strong confidence in its long-term growth potential

** "We believe this capital infusion equips Trent to scale its emerging platforms while the company fortifies its core – Westside and Zudio – networks," - ICICI

** Trent on Wednesday posted a 26% rise in Q4 profit; brokerage says cost efficiencies and tech investments drove profitability

** Shares of Trent were down 0.8% to 4,216 rupees in morning trading, then have fallen 1.4% since the start of 2026

(Reporting by Abhinav Parmar)

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** Shares of India's Trent TREN.NS down 1.75% 4,357 rupees

** The Tata Group firm posted a Q4 profit of 26% y/y, on improved demand, board approved a maiden bonus issue and a fund raise of up to 25 billion rupees ($266.55 million)

GROWTH OUTLOOK STILL STRONG, VALUATIONS AND MARGINS IN FOCUS

** Jefferies ("hold", hikes TP to 4,675 rupees) sees TREN as a long-term play on India's organised apparel market, but remains on the sidelines given expensive valuations

** Systematix ("hold", TP: 4,848 rupees) sees 18–20% medium-term revenue growth, mainly driven by continued store expansion, with like-for-like growth in low-to-mid single digits

** Expects co to continue its aggressive store expansion strategy; flags opening more stores in same areas may impact sales at existing outlets

** Citi("sell", TP: 4,100 rupees) says margins may keep surprising in the near term, but sees expansion as unsustainable; stronger growth with stable margins is needed to support or lift valuations

** Ambit Capital("buy", TP: 5,020 rupees) says near-term raw material inflation from Q2 may slow EBITDA growth vs revenue in FY27

($1 = 93.7900 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

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Adds details throughout

April 22 (Reuters) - India's Trent TREN.NS posted a quarterly profit jump of 26% on Wednesday, as demand ticked up following last year's consumption tax cuts, with its board also approving a maiden bonus share issue and a fund raise of up to 25 billion rupees ($266 million).

The Tata Group firm's consolidated net profit rose to 4 billion rupees for the fourth-quarter ended March 31, from 3.18 billion rupees a year earlier.

India slashed taxes on hundreds of goods from shampoo to small cars in September 2025, boosting demand for Indian consumer goods makers and retailers as they tap into a fast-expanding middle class in the country's smaller cities with aggressive store rollouts.

Trent, which offers Gen-Z-focused affordable trendwear through its brand Zudio, has been on a store-opening spree over the last few quarters, with its store count climbing to 1,286 as of March 31 from 1,043 a year ago.

Earlier this month, the fast fashion retailer said its standalone revenue jumped 20% in the fourth quarter, picking up from the slowest growth in four years recorded in the second and third quarters.

Its like-for-like growth in the fashion portfolio in the quarter and fiscal year remained in the low single digits, with stable gross margin profiles at popular brands Westside and Zudio.

Supply disruptions from Middle East tensions could weigh on near-term demand via higher raw material costs, Trend said in its investor presentation, though scale and diversified sourcing are helping sustain availability and customer offerings.

Trent faces competition from both value-fashion and lifestyle retailers offering rapidly refreshed and competitively priced apparel, including Max Fashion, Shoppers Stop SHOP.NS and Aditya Birla Fashion and Retail ADIA.NS.

The strong competition could turn out to be a near-term downside risk, said analysts at HSBC but also noted faster Westside store additions could be favourable. "Trent's presence in the mid‑premium segment makes the risk‑reward favourable at current levels," they added.

($1 = 93.7950 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair and Janane Venkatraman)

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** Shares of Indian retailer Trent TREN.NS rise 2.61% to 4,214.80 rupees

** Co to consider issuance of bonus shares

** Co also considering raising additional funds via equity shares or rights issue

** Stock on avg rated "buy" by 24 analysts; median PT is 4,611 rupees - data compiled by LSEG

** YTD, TREN down 1.5%

(Reporting by Abhirami G in Bengaluru)

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April 17 (Reuters) - Trent Ltd TREN.NS:

• TO CONSIDER ISSUANCE OF BONUS SHARES

• TO CONSIDER FUNDRAISING VIA EQUITY SHARES OR RIGHTS ISSUE

• TO CONSIDER RAISING ADDITIONAL FUNDS THROUGH RIGHTS ISSUE OR ANY OTHER MODE

Source text: ID:nBSE7w6tPp

Further company coverage: TREN.NS

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** Indian fast-fashion retailer Trent TREN.NS shares rise 1.3% to 4,030 rupees, a near 2-month high

** HSBC maintains "Buy" rating on stock, with PT of 4800 rupees, representing a 20.7% upside to the stock's last close

** Brokerage says if Trent continues adding stores at the current pace in FY27, like-for-like growth and revenue per square foot will be key to sustaining top-line growth

** Notes there is an upside potential if Zudio's initiatives on expanding in adjacent categories work well

** HSBC expects lower margins in FY27, factoring in the impact of spike in polyester prices

** "Downside risks remains competition impacting growth, while upside to our estimates can come from accelerated additions in Westside. We believe the risk/reward is favourable at this price," HSBC says

** YTD, TREN down 5.9%

(Reporting by Abhinav Parmar in Bengaluru)

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** Brokerage Antique Stock Broking ("buy") raises PT for Indian fast-fashion retailer Trent TREN.NS to 4856 rupees from 4792 rupees earlier

** Says co's growth momentum improves sequentially

** Adds the accelerated store expansion in Westside would contribute to revenue in the coming quarters

** Says co continues to outperform peers, driven by enhancing in-store experience and disciplined scaling of operations

** Co's Q4 standalone rev rises 20% yoy

** Shares of TREN down 0.4% to 3817 rupees on the day

** TREN rated "buy" on avg by 24 analysts covering it; median PT at 4611 rupees- data compiled by LSEG

** YTD, TREN losses 10%

(Reporting by Komal Salecha in Bengaluru)

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April 6 (Reuters) - Indian fast-fashion retailer Trent TREN.NS said on Monday its standalone revenue rose 20% year-on-year in the fourth quarter.

(Reporting by Komal Salecha in Bengaluru)

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** HDFC Securities upgrades India's Trent TREN.NS to "buy" from "add" earlier, PT at 4300 rupees

** Shares of retailer TREN up 0.3% to 3488 rupees

** Brokerage says Trent remains a stellar business, supported by healthy future operational key performance indicators (same store sales growth and store expansion) and a favorable risk-reward ratio

** Reiterates that Trent may be on the cusp of an SSSG revival

** Adds Zudio brand's geographic pivot away from maturing core catchments supports future SSSG

** Says Westside brand's expansion is encouraging

** TREN rated "buy" on avg by 24 analysts covering it; median PT at 4611 rupees- data compiled by LSEG

** YTD, TREN down ~19%

(Reporting by Komal Salecha in Bengaluru)

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March 26 (Reuters) - Trent Ltd TREN.NS:

• TRENT LTD - BOARD APPROVES ISSUANCE OF NCDS UP TO 5 BILLION RUPEES ON PRIVATE PLACEMENT BASIS

Source text: ID:nNSEbQVh2Z

Further company coverage: TREN.NS

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March 23 (Reuters) - Trent Ltd TREN.NS:

• BOARD TO CONSIDER ISSUANCE OF NCDS UP TO 5 BILLION RUPEES ON MARCH 26, 2026

Source text: ID:nBSE8Lw5RQ

Further company coverage: TREN.NS

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By Praveen Paramasivam and Chandini Monnappa

MUMBAI, Feb 16 (Reuters) - Indian fast-fashion retailer Trent TREN.NS plans to open more stores in smaller cities and towns in the world's most-populous country, betting on demand growth outside the key metro markets, according to remarks by a top executive on Monday.

The Tata group firm, which runs youth-focused fashion chains Zudio and Westside, added more than 100 stores in the nine months to December, taking the tally to over 1,100. Analysts say expansion will drive Trent's near-term earnings growth.

"A substantial portion now, maybe about two-thirds of the stores we are increasingly opening, are in new towns, new cities, new micro-markets within the periphery of cities," P. Venkatesalu, managing director at Trent, told reporters at an industry event in Mumbai.

Venkatesalu did not specify the number of stores or cities. In recent quarters, Trent has entered towns in the southern state of Kerala, expanding its footprint to 274 cities.

More than 75% of Zudio stores opened in the nine months ended December were outside metropolitan areas, per a company presentation.

Indian consumer goods makers and retailers are increasingly betting on growth in the smaller cities to cash in on a growing middle class and as recent tax reductions have boosted demand.

Trent is increasingly relying on artificial intelligence tools and third-party data, including store density by brand and digital transaction levels, to identify locations for new outlets, Venkatesalu said.

The company is also scaling the use of automation and analytics across product, supply chain and store operations to improve efficiency as it expands, he said, without providing further details.

(Reporting by Praveen Paramasivam and Chandini Monnappa in Mumbai, Writing by Surbhi Misra in Bengaluru; Editing by Mrigank Dhaniwala)

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** India's Trent TREN.NS reports marginally higher quarterly profit on Wednesday as tax cuts spurred demand while one time labour related charge eroded income

** TREN opened 17 Westside and 48 Zudio stores in Q3, taking total stores portfolio to 278 Westside, 854 Zudio stores as of Dec 31

** Shares up 0.8% in choppy trade

RECOVERY YET TO FIRE

** Bernstein ('Outperform', PT: 5,000 rupees) says TREN's growth rebound is still loading, with network additions, not like-for-like sales, set to drive performance over the next few quarters

** HSBC ('Buy', PT 5,300 rupees) expects margin gains by FY27 led by sourcing efficiencies and cost optimization

** Kotak ('Reduce', FV 3,850 rupees) warns same-store sales growth pressure may persist through FY26, citing soft demand and higher costs, and expects only moderate revenue growth into FY27

(Reporting by Kashish Tandon and Mridula Kumar in Bengaluru)

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** Shares of Indian apparel retailer Trent TREN.NS up 1% ahead of quarterly results

** Broader markets .NSEI, .BSESN steady on the day .BO

** Brokerage Ambit Capital ("buy", PT 4620 rupees) expects ~19% revenue CAGR over FY26-28 due to sustained retail area expansion

** Co, which operates Westside and Zudio stores, said in a January business update that its Q3 standalone revenue grew 17% y/y, missing analyst expectations

** TREN is rated "buy" on avg by 24 analysts covering it; median PT at 5169.50 rupees - data compiled by LSEG

** Stock shed nearly 12% in January after losing nearly 40% in 2025

(Reporting by Komal Salecha in Bengaluru)

(([email protected]))

** Trent TREN.NS slips 9.4% so far this week; marks worst weekly performance since April 2025

** Stock worst performer on Nifty 50 index .NSEI, which is down 2.4% so far this week

** TREN rises 0.2% to 3,995 rupees

** Earlier in the week, co posted flat standalone revenue growth vs last quarter, missing analysts expectations

** Growth trends look to be moderating, Antique Stock Broking analysts say

** Stock rated "hold" on avg; median PT is 5,194 rupees, per data compiled by LSEG

** In 2025, TREN lost 40%

(Reporting by Komal Salecha)

(([email protected];))

In Jan. 5 story, corrects first paragraph to say standalone revenue growth was flat, not higher sequentially. Also corrects headline accordingly.

Jan 5 (Reuters) - Indian clothing retailer Trent TREN.NS said on Monday its standalone revenue grew 17% in the third-quarter, unchanged from last quarter when it recorded its slowest growth in four years.

Trent has been on a store-opening spree the last few quarters, with its store count climbing to 1,164 as of December 31, compared to over 900 outlets during the third-quarter last year.

That helped Trent's standalone revenue excluding tax rise to 52.2 billion rupees ($578.1 million) in the reported quarter from 44.66 billion rupees the year before.

The company, home to brands such as Westside and Zudio, that offers budget options to the country's growing youth has struggled to lure in customers over the last few quarters as urban consumers cut back on spending.

($1 = 90.2980 Indian rupees)

(Reporting by Komal Salecha and Mridula Kumar in Bengaluru; Editing by Shailesh Kuber)

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Jan 5 (Reuters) - Indian clothing retailer Trent TREN.NS said on Monday its third-quarter standalone revenue rose 17% from a year ago.

(Reporting by Komal Salecha in Bengaluru; Editing by Shailesh Kuber)

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** India's Trent TREN.NS drops 2.3% to 4,668.50 rupees

** Stock dropped as much as 2% on Monday after the Zudio and Westside parent posted its slowest quarterly revenue growth in more than four years

** Morgan Stanley analysts describe the quarterly update as a "notable miss"

** ICICI Direct says TREN witnesses "yet another" quarter of revenue growth moderation hurt by competition in fast fashion space

** Avg rating of 22 analysts on TREN is "buy"; median PT is 6,002.50 rupees - data compiled by LSEG

** YTD, stock down 34.3%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Tata-owned retailer Trent TREN.NS, which houses fashion labels such as Zudio and Westside, rise as much as 3.69%, their biggest intraday gain since August 18, to 4,849.9 rupees

** Around 130,000 shares traded in four block deals at a premium of 1.8% to 3.2% over Tuesday's close

** More than 1.1 million shares traded, 1.2 times more than their 30-day average

** Shares down 32% YTD

(Reporting by Urvi Dugar)

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By Dhwani Pandya and Manvi Pant

Sept 16 (Reuters) - Indian retailer Aditya Birla Fashion and Retail ADIA.NS launched affordable fashion brand "OWND!" on Tuesday, aimed at capturing Gen Z shoppers in a move that pitches it against Trent's TREN.NS fast-growing budget apparel chain Zudio.

The brands focus on young adults who regularly shop for trendy yet affordable styles.

The push pits Aditya Birla Fashion's "OWND!" brand directly against Zudio, which has yielded a compounded annual revenue growth rate of more than 35% in the past five years for Trent.

Sangeeta Tanwani, chief executive at Aditya Birla Group's Pantaloons, told Reuters in an interview that the products under the brand would largely be sold at prices below 1,200 rupees ($13.63) and the company was looking to open about 400 outlets in the next three to five years.

Global giants including Sweden's H&M have expanded their basics range and lowered price points in India. Japan's Uniqlo is rolling out compact stores and value-focused assortments as well.

Aditya Birla Fashion said it plans to convert its existing "StyleUp" stores, currently operational at about 49 locations around the country, into OWND! stores.

"By the end of the financial year, we will have about 100 stores," Tanwani said.

Aditya Birla Fashion's current portfolio includes international brands such as Louis Philippe and Van Heusen as well as Indian luxury designer brands such as Sabyasachi and Tarun Tahiliani.

Its lifestyle brands contributed to about 87% of the company's revenue in the last quarter of financial year 2025, reporting a 5% year-on-year rise.

($1 = 88.0660 Indian rupees)

(Reporting by Dhwani Pandya and Manvi Pant; Editing by Pooja Desai)

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Aug 11 (Reuters) - Trent Ltd TREN.NS:

• TRENT LTD - LAUNCHES NEW FASHION BRAND BURNT TOAST IN BANGALORE

Source text: ID:nBSE2CgPpc

Further company coverage: TREN.NS

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Aug 7 (Reuters) - ** Indian apparel retailer Trent TREN.NS posted its slowest profit growth in at least 10 quarters on Wednesday, as muted urban demand and early monsoons hit in-store shopping

** Shares trading flat in broader weak market .BO

BEAT DRIVEN BY LOW COSTS BUT GROWTH CONCERNS PERSIST

** Macquarie ("outperform," PT: 7,200 rupees) says lower employee costs supported Q1 EBITDA but slower ramp up in new stores, especially in newer cities across tier 1 and tier 2 markets is concerning

** Goldman Sachs ("neutral," PT: 5,600 rupees) says Q1 beat was led by lower operating expenses but like-for-like sales growth moderated to low single pct, with contribution to sales growth from new stores also moderating

** Jefferies ("hold," PT: 6,000 rupees) says margins surprised positively despite softer revenue

** Brokerage flags drop in employee costs is "difficult to understand" due to lack of adequate disclosures

(Reporting by Kashish Tandon in Bengaluru)

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Aug 6 (Reuters) - Indian apparel retailer Trent TREN.NS posted its slowest quarterly profit growth in at least 10 on Wednesday, as muted urban demand and early monsoons hit in-store shopping.

The Tata group company, which owns the popular affordable fashion chain "Zudio", reported a net profit of 4.3 billion rupees ($49.03 million), up 9.5% from a year ago.

Trent's first-quarter consolidated revenue grew 19%, its slowest since the quarter ended March, 2021, further fueling concerns among analysts that the company's operating performance is set to slow down from its peak even as valuations remain firm.

The company's Zudio-led focus on young adults who regularly open their wallets for trendy but affordable styles has yielded a compounded annual revenue growth rate of more than 35% in the past five years.

The growth led to more than a five-fold rise in Trent's stock value from 2023 to 2024 and drove its inclusion in the benchmark Nifty 50 index last year.

Trent attributed the quarter's slowdown to a high base of growth last year, a prolonged weakness in urban demand amid high living costs, supply chain disruptions in certain areas, and an early monsoon curbing in-store shopping.

Its first-quarter same store sales grew in "low single digits", compared to a "double-digit" percentage growth last year, Trent said.

However, its earnings before interest and taxes (EBIT) margin improved to 11.4% from 10.6% a year ago, benefiting from better merchandise sourcing and investments in automation.

Analysts pinned their hopes of Trent's next phase of growth to its ongoing expansion in smaller Indian cities, where the adoption of fashion trends is slower than metros, but growing fast.

($1 = 87.6950 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Eileen Soreng and Janane Venkatraman)

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** Indian fashion retailer Trent TREN.NS falls 3.4% to a two-month low of 5,176 rupees

** TREN down ~17% so far in July, on course for its third-worst month in a decade

** Goldman Sachs downgrades stock to "neutral" from "buy", reduces PT to 5,500 rupees from 6,970 rupees, as per multiple news reports

** Says pace of market share gains could be slower than anticipated amid cannibalization concerns

** Tata group company earlier said that growth in Q1 is expected to be underwhelming

** Analysts on avg recommend “buy” on TREN; median PT 6,151.5 rupees, as per data compiled by LSEG

** YTD, TREN down ~27%, biggest loser among Nifty 50 .NSEI stocks

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of Indian fashion retailer Trent <TREN.NS> fall 7.5% to 5,720 rupees apiece, worst intra-day pct. fall since April 7

** Stock top loser on Nifty 50 index TREN.NS, which is mostly flat

** Co at its annual general meeting on Thursday said it expects growth in fashion segment at ~20% in Q1FY26

** The outlook is sharply down from its five-year CAGR of 35% (FY20–25), Nuvama said in a note, downgrading stock to "hold" from "buy" and cut PT to 5,884 rupees from 6,627 rupees

** Brokerage cuts FY26E/27E revenue by 5%-6% and EBITDA by 9%-12%

** Growth trajectory for Q1FY26 seems to be underwhelming given the high expectations based on the past track record of growth - Nuvama

** Trent down 19% YTD, including session moves, vs 7.5% rise in Nifty 50 index

(Reporting by Sethuraman NR in Bengaluru)

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** India's Trent TREN.NS, Titan TITN.NS, Dabur DABU.NS are among companies that will benefit from reported indirect tax cut plan, says Goldman Sachs

** Broadcaster India Today reported, citing sources, that the government plans to cut 12% GST on certain items to 5% or eliminate the 12% tax slab altogether

** GST council did not immediately respond to Reuters' request for comment

** GST is the abbreviation for Goods and Services Tax, an indirect tax implemented in 2017

** 12% GST applies on apparel priced above 1,000 Indian rupees ($11.7), footwear priced below $11.7, confectionery, fruit drinks, jam, toothpowder and eyewear, among others - GS

** Brokerage also adds Bata India BATA.NS, Nestle India NEST.NS in beneficiary list

** Says reported tax cut plan could help improve consumer demand for branded products, potentially accelerating volume-led growth

** NEST up 0.5%, DABU rises 0.4%; TREN, TITN and BATA down 0.8%, 0.2% and 0.15% respectively

($1 = 85.6820 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Shares of fashion retailer Trent TREN.NS rise 2% to 5,740.5 rupees apiece

** TREN is the second-highest pct gainer on Nifty 50 index .NSEI, which is down 0.25%

** Morgan Stanley reiterates "overweight" rating, expects TREN to achieve 10x FY23 revenue by FY32

** Says strong cash flows, improvement in return ratios and profitability augur well for future earnings growth

** Citi retains "buy" and notes growth opportunity for TREN in value retail segment

** Average rating of 21 analysts tracking TREN is "buy"; median PT is 6,224 rupees - data compiled by LSEG

** YTD - TREN down 21%, underperforming 4.8% rise in Nifty 50

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of fashion retailer Trent Ltd TREN.NS climbs 3.3% to 5,868 rupees

** Stock on track to snap four-day losing run; among top gainers on Nifty 50 .NSEI index

** TREN management tells Morgan Stanley it plans to add a brand or two that can scale

** Customers are willing to pay a premium for "aspirational" products

** Analysts tracking stock rate it "buy" on avg - data compiled by LSEG

** Morgan Stanley rates it "overweight"

** Stock trims YTD losses to ~20%, but remains biggest loser this year on Nifty 50

(Reporting by Nandan Mandayam in Bengaluru)

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** India's Bharat Electronics BAJE.NS and Trent TREN.NS gain 1% and 2.3%, respectively

** BAJE and TREN to replace IndusInd Bank INBK.NS and Nestle India NEST.NS on BSE Sensex BSESN, effective June 23, exchange operator said on Thursday

** Sensex inclusion to result in inflows worth $304 million for TREN and $354 million for BAJE, IIFL Securities estimates

** NEST and INBK to see outflows worth $220 million and $134 million on exclusion - IIFL

** INBK and NEST trading flat

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Trent TREN.NS plunges as much as 19.3% to 4,488 rupees; marks sharpest intraday pct loss since March 23, 2020

** Fashion retailer's Q4 rev rises 28% y/y, slowest since January-March 2021 when it faced pandemic-induced operational disruptions

** Antique Stock Broking says Q4 sales down 10% q/q, compared to 4.3% q/q in Q4 FY23 and 3.8% q/q in Q4 FY24

** Retains "buy", cuts TP to 6,801 rupees from 7,363 rupees

** Stock top loser on Nifty 50 index .NSEI, which is down 4% amid broader selloff over mounting concerns of trade war .BO

** YTD, TREN sheds 35.7%, overtakes IndusInd Bank INBK.NS (down 31.3%) as the worst-performing stock on NSEI

(Reporting by Ashish Chandra in Bengaluru)

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