Trent Ltd (TREN.NS): Management Meeting Takeaways from Citi India Consumption Tour

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Trent Ltd (TREN.NS): Management Meeting Takeaways from Citi India Consumption Tour

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16 Jun 2026 15:39:57 ET │ 12 pages

Trent Ltd (TREN.NS)

Management Meeting Takeaways from Citi India Consumption Tour

CITI’S TAKE

We hosted Trent’s management as part of Citi India Consumption Tour.

Sell Key takeaways: (a) demand appears to be holding up reasonably well; (b)

Price (16 Jun 26 15:30) Rs2,897.80 supply-side remain noisy across RM (polyester/cotton), labour

availability, etc; (c) inflation impact in the medium-term is limited as Target price Rs2,733.33

consumers continue to consume, but share shifts across players can be Expected share price return -5.7%

meaningful; (d) prefer not to pass on the entire cost impact and instead Expected dividend yield 0.2%

solve through interventions across product, sourcing and operations; (e) Expected total return -5.4%

real estate remains an important variable, but Trent’s asymmetric lease Market Cap Rs1,545,201M

structures continue to provide a strong option value; (f) Zudio’s

US$16,314M opportunity appears larger than earlier envisaged, with a higher share of

India ready for the brand; and (g) Trent continues to evaluate lifestyle

adjacencies — jewellery, accessories, beauty, fragrance and home — while

Star is now in a better place and remains an interesting long-term Ashish Kanodia, CFAAC

opportunity. +91-22-6175-9805

ashish.kanodia@citi.com

Demand and supply: Management highlighted demand generally seems to be holding

up; challenge is on the supply side – inflation in polyester/cotton, labour availability

and LPG creating temporary wrinkles. Management does not see this as worrying and

is of the view that while inflation can create short-term noise, over the medium term,