Trent (TRENT IN): Buy: AGM – Store expansion in full force

研报英文原文证据摘录

Trent (TRENT IN): Buy: AGM – Store expansion in full force

Equities ● Specialty Retail

23 June 2026

Takeaways

FY26

◆ FY26 saw strong execution and meaningful progress

Company

◆ The chairman mentioned the company’s market share is only 2%.

◆ While most of its stores excluding Star Baazar, become viable in the first 12 months, some

take longer. For Star Baazar, it takes a couple of years.

Westside

◆ Westside stands for curation, design sensibility and understanding of customer needs.

◆ Weststyle Club registered 53% YoY growth in FY26, with more than 90% of Westside

revenues coming from its members.

Zudio

◆ Zudio International has six stores in the UAE.

◆ All Zudio International stores are profitable but the stores have struggled in the past 2-3

months due to supply chain issues, and made a small loss.

Management

◆ Noel Tata mentioned this will be his last annual general meeting (AGM) as Chairman.

Star Baazar

◆ Trent remains optimistic about the format, and sees a large TAM to tap into.

◆ The company has changed and reconfigured some Star stores, which has a sales growth

rate 2-3x that of non-reconfigured stores. By end of this year all stores would have been

reconfigured, and this should drive LTL growth.

Fund raise

◆ The majority of the INR25bn will be used for building warehouses, IT, deploying AI and

varying processes in the country. It will also include investment in marquee properties in

areas where the company cannot rent but has to buy.

LTL

◆ LTL is sometimes a function of product launch success (the company launches 300 lines

per week) and also due to cannibalization impact.

◆ Also, LTL potential has reduced as most stores open at high Rev/Sq.ft i.e. they mature

much sooner.

◆ Aspiration is for low double digit LTL

Outlook