Trent delivered strong margin performance in the latest quarter. Standalone pre‑IND AS EBITDA grew 36% YoY, while reported PAT increased 26%. Gross EBITDA margins expanded by 150 basis points.
Pre‑IND AS EBITDA margins also rose, up 195 basis points, thanks to a better format mix and healthier inventory. These gains show the company’s focus on high‑margin formats and efficient stock management.
Revenue rose about 18.5% YoY, a slight slowdown from the 20% growth seen in 4QFY26. The increase was largely driven by 33% YoY growth in store additions, even as same‑store sales per square foot fell 10%.
Fashion sales on a like‑for‑like basis stayed in the low single digits, reflecting Trent’s strategy to capture market share in micro‑markets rather than chase comparable store growth.
Analysts maintain a BUY recommendation and have revised the target price to INR3,775. This valuation is based on a 40× EV/EBITDA multiple for the Sep’28E period, covering Trent’s Westside and Zudio brands.