TRENT

April 6 (Reuters) - Trent Ltd TREN.NS:

• Q4 FY26 STANDALONE REVENUE RISES 20% YOY

• PORTFOLIO INCLUDES 1,286 STORES AS OF MARCH 31, 2026

Source text: ID:nNSE2RYw5R

Further company coverage: TREN.NS

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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)

((Komal@thomsonreuters.com))

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)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

** 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)

((mridula.kumar@thomsonreuters.com))

** 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)

((Komal@thomsonreuters.com))

** 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)

((Komal@thomsonreuters.com;))

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)

((mridula.kumar@thomsonreuters.com))

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)

((mridula.kumar@thomsonreuters.com))

** 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)

((Kashish.tandon@thomsonreuters.com))

** 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)

((Kashish.tandon@thomsonreuters.com))

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)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

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)

((Ananta.Agarwal@thomsonreuters.com))

** 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)

((VivekKumar.M@thomsonreuters.com;))

** 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)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net ))

** 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)

((Hritam.Mukherjee@thomsonreuters.com;))

** 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)

((bharath.rajeswaran@thomsonreuters.com; +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)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** 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)

((Kashish.tandon@thomsonreuters.com))

Adds background in paragraphs 5, 9-11

April 7 (Reuters) - Shares of Indian fashion retailer Trent TREN.NS slumped as much as 18% on Monday, set for their worst day since March 2020, after the company's fourth-quarter business update underscored a continuing trajectory of moderating revenue growth.

The retailer's stock was the top loser on the blue-chip Nifty 50 index .NSEI, which was down about 4% amid a global sell-off on fears that a trade war would spark a recession. .BO

Urban consumption in India is faltering due to subdued wage growth and high cost of living.

While Tata Group-owned Trent's revenue growth has been slowing since the second quarter of fiscal year 2025, growth of 28% in the latest quarter was the slowest since January-March 2021, when it faced pandemic-induced operational disruptions.

"In our view, after delivering strong double-digit like-for-like growth ... the high base effect is beginning to moderate Trent's growth momentum," said Abhijeet Kundu, equity analyst at Antique Stockbroking, in a note.

The growth was slightly below the brokerage's expectation.

Trent's quarterly revenue grew at a breakneck pace in fiscal years 2023 and 2024 as the retailer tapped into growing appetite of young shoppers, who regularly refresh their wardrobes with affordable but trendy designs.

The stock more than doubled in value in 2023 and again in 2024.

However, with sales momentum faltering, Trent has fallen about 36% in 2025, making it the worst-performing stock on the blue-chip Nifty 50 index.

While Trent did not provide same-store sales growth metrics, analysts at Motilal Oswal suggest it likely moderated from high single-digit percentage in the third quarter.

Meanwhile, Trent's store additions of its flagship brand Zudio in the fiscal year met or exceeded what several analysts had been estimating.

However, most new stores were added in the fourth quarter, the sales impact of which would become more evident starting from the first quarter of fiscal year 2026, Antique Stockbroking's Kundu said.

The company's fiscal year runs April through March.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Savio D'Souza and Mrigank Dhaniwala)

((Ananta.agarwal@thomsonreuters.com;))

** Shares of Trent TREN.NS rose 6.6% this week; fifth straight weekly gain

** Earlier this week, the fashion retailer had crossed a portfolio of more than 1,000 large box fashion stores, including 757 stores of its flagship brand Zudio, which are set to boost revenue

** Stock eyes best week since Feb. 3

** 19 analysts covering the stock on avg. have a "buy" rating; median PT is 6,245 rupees - LSEG data

** Stock shed 20.3% so far this year, vs a 3% drop in benchmark Nifty 50 index .NSEI

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Trent TREN.NS gains 4.6% to 5,572 rupees; second biggest gainer on Nifty 50 index .NSEI

** Fashion retailer crosses portfolio of more than 1,000 large box fashion stores, including 757 stores of its flagship brand Zudio, which are set to boost revenue

** Milestone represents an increase of more than 200 Zudio stores since Q4 FY24, in line with or exceeding what analysts expected

** Current store count implies more than 100 new Zudio store openings in Q4 FY25

** Stock set for biggest one-day pct gain in 2 months

** TREN is down 21.5% YTD over concerns of growth slowdown

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

March 27 - ** Macquarie initiates coverage on Indian fashion retailer Trent TREN.NS with 'outperform', citing leading growth and returns

** Says Trent's 45% sales CAGR, steady margin expansion and a 3x return on capital employed (ROCE) expansion over FY23-25 among the best in Asia

** Macquarie sees current weakness in consumer sentiment as an attractive entry point for stock

** Trent's shares, up 1.5% at 5,402 rupees on the day, have fallen ~24% YTD

** Brokerage's PT of 7,000 rupees, implies a nearly 30% upside

** Sees scope for flagship brand Zudio's expansion, whose store count of ~700 trails Reliance's RELI.NS Trends, which exceeds 2,000

** Adds concerns over Shein's entry in India "overblown", as replicating its China cost advantage with an Indian supply chain would be difficult

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

March 19 (Reuters) - Trent Ltd TREN.NS:

• BOOKER INDIA TO ACQUIRE 100% EQUITY OF TSSL FROM THPL

• DEAL WORTH 1.66 BILLION RUPEES

Source text: ID:nBSE3H0ZJH

Further company coverage: TREN.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of retail stores operator Trent TREN.NS fall 3.6% to 4,819.2 rupees

** Stock among top pct losers on Nifty 50 index .NSEI, which is down 0.43%

** Kotak Institutional Securities cuts PT to 5,150 rupees from 5,550 rupees, maintains "reduce" rating

** Continue to see pressure on co's revenue on account of its densely-located newer Westside and Zudio stores, brokerage says

** Lowers its revenue estimates for Westside for FY2026-27, which it says will result in ~0.3%-1.0% rev cut for Trent

** Rev reduction affects margins, leading to a 1%-5% cut in EPS - Kotak

** Avg rating of 18 analysts is a 'buy;' their median PT is 6,123.5 rupees - LSEG

** TREN has shed 30% so far this year vs a 5% drop in Nifty 50

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

** Apparel retailer Trent TREN.NS set to be the top monthly loser in India's benchmark Nifty index .NSEI

** Stock on track to lose more than 11% in value in Feb

** TREN fell 8.2% on February 6, its biggest one day pct decline in 2 years, after posting its lowest qtrly revenue growth since March 2021

** Analysts have expressed concern that stores of the co's flagship brand Zudio are in locations too close to each other, leading to decline in same store sales growth y/y

** TREN closed lower in 13 out of 20 trading sessions in the month

** On the day, stock down 1.12% at 4750.5 rupees

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

Feb 6 (Reuters) - Indian retailer Trent TREN.NS reported third-quarter profit above estimates on Thursday as urban shoppers splurged on clothes and beauty products during the festive season.

The firm, which owns the popular 'Zudio' clothing brand, reported a 33.9% rise in profit to 4.97 billion rupees for the October-December quarter, beating analysts' expectations of 4.46 billion rupees, per data compiled by LSEG.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Sonia Cheema)

((Ananta.agarwal@thomsonreuters.com;))