Trent

By Praveen Paramasivam and Chandini Monnappa

CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.

The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.

"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.

Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.

Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.

"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.

Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.

"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.

Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.

Consumers are feeling the squeeze.

"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.

BELT-TIGHTENING MODE

With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.

Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.

"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.

Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.

RESETTING SUPPLY CHAINS

Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.

Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.

Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.

Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.

"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand ​Zudio.

($1 = 94.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)

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May 5 (Reuters) - India's Shoppers Stop SHOP.NS reported a fourth-quarter loss on Tuesday, hurt by subdued discretionary spending with news of ongoing geopolitical tensions in the Middle East and a modest rise in inflation weighing.

The Mumbai-based chain reported a net loss of 163.5 million rupees ($1.72 million) for the three months ended March 31, compared with a profit 19.9 million rupees a year earlier.

($1 = 95.2800 Indian rupees)

(Reporting by Devika Nair in Bengaluru; Editing by Ronojoy Mazumdar)

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** 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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April 22 (Reuters) - Indian fast-fashion retailer Trent TREN.NS posted an about 26% jump in fourth-quarter profit on Wednesday, helped by improved customer demand following tax cuts last year and new store additions.

The Tata Group firm's consolidated net profit rose to 4 billion rupees ($42.65 million) for the quarter ended March 31, from 3.18 billion rupees a year earlier.

($1 = 93.7950 Indian rupees)

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

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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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** Trent TREN.NS rises as much as 5.9% to 3,759 rupees, its highest level since March 6

** Stock top gainer on Nifty 50 .NSEI, which is down 0.5%

** Apparel retailer says its standalone revenue rose 20% y/y in Q4

** Avg rating of 24 analysts on TREN is "buy"; median PT is 4,611 rupees - data compiled by LSEG

** YTD, stock down 13% vs .NSEI's 13.4% loss

(Reporting by Brijesh Patel 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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Feb 4 (Reuters) - Trent Ltd TREN.NS:

• Q3 CONSOL NET PROFIT 5.13 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 53.45 BILLION RUPEES

• ONE-TIME CHARGE OF 261.1 MLN RUPEES IN Q3 ON NEW LABOUR CODES

Further company coverage: TREN.NS

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** 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)

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Rewrites, adds details, analyst commentary

By Praveen Paramasivam and Hritam Mukherjee

Jan 6 (Reuters) - Shares of India's Trent TREN.NS fell as much as 8.3% on Tuesday, a day after the apparel retailer reported quarterly revenue growth that missed analysts' expectations.

The stock, down 7.5% at 4,098 rupees at 10:40 a.m. IST, was the top percentage loser on India's benchmark Nifty 50 .NSEI, which was largely unchanged.

Shares of the Tata Group-owned firm, which operates Westside and Zudio stores, have lost about a quarter of their value in the last six months, as the once-high flying company's sales slow due to stiff competition and as consumers tighten spending.

The firm reported a standalone revenue of 52.20 billion rupees ($579.3 million) for the three months ended December 31, up 17% from a year earlier. The revenue growth was unchanged from the previous quarter.

"It's a miss", said Karan Taurani, an analyst with Elara Securities. "Pressure continues for them due to higher competitive intensity including from Max Fashion and Style Union."

The revenue growth was similar sequentially but lower than the 37%, 29% and 20% growth rates reported in the previous quarters, Morgan Stanley said.

"Growth trends looks to be moderating," said analysts at Antique Stock Broking, cutting their target price on the stock by over 14% to 5,700 rupees.

($1 = 90.1125 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru and Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala)

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Jan 5 (Reuters) - Trent Ltd TREN.NS:

• Q3 REVENUE UP 17% Y/Y

• Q3 STANDALONE REVENUE FROM SALE OF PRODUCTS (EXCLUDING. GST) AT 52.2 BILLION RUPEES

Further company coverage: TREN.NS

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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)

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** 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)

((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))

** Apparel retailer Trent TREN.NS rises 0.67% to 5,353 rupees ahead of Q1 results

** Three analysts expect 'Zudio' brand owner's net profit up nearly 14%, a multi-quarter slowdown

** Q1 standalone revenue growth of 20% is slowest since March 2021, below co and analysts' expectations amid muted urban demand, early monsoon rains

** Average rating from 22 analysts still "buy", with avg PT of 6,061 rupees implying a nearly 13% upside to current price

** Analysts note growth moderation is expected after almost 40% CAGR over past 5 years.

** Antique Stock Broking and Motilal Oswal say Trent well-positioned to expand Zudio, its affordable fashion chain and biggest contributor to revenue, in FY26

** YTD, Trent is down ~25%

(Reporting by Ananta Agarwal in Bengaluru)

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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)

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** 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)

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** 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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