Trent: Is Westside the new Zudio?

研报英文原文证据摘录

Trent: Is Westside the new Zudio?

2 July 2026

Estimate Change

Jignanshu Gor

+91 226 842 1494

India Emerging Consumer jignanshu.gor@bernsteinsg.com

Trent Limited Parth Shah

+91 226 842 1464

Rating parth.shah@bernsteinsg.com

Outperform

Price Target

TRENT.IN 3,500.00 INR (5,000.00 OLD)

In last ~3 years, the story of Trent has been the story of Zudio. In light of management’s surprise

Close Date 30 Jun 2026

guidance to add ~50 Westside stores per year, is it time to look at Trent with a new light?

TRENT.IN Close Price (INR) 3,282.60

The ebbs and flows of Westside. While Zudio has overshadowed Westside in store adds Price Target (INR) 3,500.00

over last 5+ years, Westside is still ~40% of Trent’s total retail area and surprised on store Upside/(Downside) 7%

additions in F26 after lackluster F23-F25 years. Our proprietary store data indicates 3 things 52-Week Range 4,172.00/2,183.67

for Westside: (1) Store rationalization is over and helped Trent move away from certain cities ASIAX 1,988.05

and markets, (2) Stores additions indicate focus in Top-100 cities only with city-densification FYE Mar

underway, (3) Pin-densification is not visible (unlike what Trent did with Zudio). We believe Div Yield 0.1%

approx +50 stores/year is an achievable target for the next 4-5 years, which will take them Market Cap (INR) (B) 1,750.39

to ~500-550 stores. For context, Pantaloons has ~400 may add ~20/year. Hence, we do not EV (INR) (B) 1,767.93

see whitespace as an issue and with a clearer strategy, expect them to achieve this target. Performance YTD 1M 6M 12M

Absolute (%) 15.1 18.4 14.6 (19.9)

Competitive landscape is supportive. Westside even at its slower pace pre-FY26 has grown ASIAX (%) 21.6 (2.2) 21.5 38.7