# Trent (TRENT.NSE)

Canonical: https://gigainvestors.com/s/TRENT.NSE

Analysis as of: 2026-10-16T07:33:24.611Z. Financial observations: FY2015–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 2,949.70 per share; close as of 2026-10-15.

Estimated value: low INR 300.11 per share, central INR 416.82 per share, high INR 476.27 per share. Buy at or below the central value INR 416.82 per share. Valuation as of 2026-10-16T07:33:24.611Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.67×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: -0.06×

- FY2022: 0.06×

- FY2023: 0.08×

- FY2024: 0.11×

- FY2025: 0.11×

- FY2026: 0.12×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 18.2%

- ROIC, second-lowest year: 6.3%

- Conservative return floor, median: 6.3%

- Conservative return floor, second lowest: 3.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.0%

- ROIC including acquisitions, ten-year median: 4.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 2.6%

- FY2023: 6.3%

- FY2024: 18.2%

- FY2025: 20.0%

- FY2026: 19.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.68×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 36B

- Net income, five-year total: INR 53B

- Return on incremental invested capital: 99.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 6.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.37×

- FY2023: 0.69×

- FY2024: 0.81×

- FY2025: 0.65×

- FY2026: 0.54×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 2.55 to 43.51 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: INR 692B

- Cumulative retained earnings: INR 48B

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 42.6%

- Per-share value change: INR 40.96

- Per-share value, starting three-year median: INR 2.55

- Per-share value, ending three-year median: INR 43.51

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.4%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 56B

- ROIC, last three-year median: 19.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 2.55

- FY2018: INR 2.61

- FY2019: INR 2.93

- FY2020: INR 3.45

- FY2021: INR -4.11

- FY2022: INR 2.98

- FY2023: INR 12.51

- FY2024: INR 41.82

- FY2025: INR 43.51

- FY2026: INR 48.37

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -8.1%

- Receivables to sales index (DSRI): 0.69×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.55×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.30×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.8%

- FY2018: 0.4%

- FY2019: 3.0%

- FY2020: -4.3%

- FY2021: -7.5%

- FY2022: 0.6%

- FY2023: -1.9%

- FY2024: 1.9%

- FY2025: -1.2%

- FY2026: -8.1%

## Holders

## Price story

Down 61% since Sep 2024 · sales +17.2%

Story as of 2026-10-16T09:59:56.069Z; price observation 2026-10-15.

Price needs cash profits to grow 32.9% a year for ten years

### Sales · FY2025–2026

sales +17.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 18B 

- FY2018: INR 22B 

- FY2019: INR 26B 

- FY2020: INR 35B 

- FY2021: INR 26B 

- FY2022: INR 45B 

- FY2023: INR 82B 

- FY2024: INR 124B 

- FY2025: INR 171B 

- FY2026: INR 201B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in speciality retail; annual sales are INR 200.7 billion.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2026: revenue 200740000000; operatingIncome 23840000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 10.5% to 11.9% during 2024–26; it earns 18.2% on its capital.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2024: operatingIncome / revenue = 10.5%.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2025: operatingIncome / revenue = 11.2%.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2026: operatingIncome / revenue = 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.611Z); 10-year return on capital observations [[2022,0.02646287671252514],[2023,0.06336721459202137],[2024,0.18213875661640413],[2025,0.19954145020124636],[2026,0.19875679555989134]]; median 0.18213875661640413. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 53.5% of cash earnings; earns 99% on new investment.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2017: growth capex 300000000; upkeep 410000000; owner earnings 850000000. Growth capex / owner earnings = 0.35294117647058826.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2018: growth capex 610000000; upkeep 460000000; owner earnings 870000000. Growth capex / owner earnings = 0.7011494252873564.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2019: growth capex 1337899104.5784292; upkeep 692100895.4215708; owner earnings 797899104.5784292. Growth capex / owner earnings = 1.676777297908248.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2020: growth capex 0; upkeep 1560000000; owner earnings 2140000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2022: growth capex 0; upkeep 2710000000; cash acquisitions 0; owner earnings 1453058000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2023: growth capex 90000000; upkeep 4940000000; cash acquisitions 0; owner earnings 3052600000. Growth capex plus acquisitions / owner earnings = 0.029483063617899496.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2024: growth capex 660000000; upkeep 6710000000; cash acquisitions 618500000; owner earnings 12095400000. Growth capex plus acquisitions / owner earnings = 0.10570134100567158.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2025: growth capex 3730000000; upkeep 8950000000; cash acquisitions 0; owner earnings 10073100000. Growth capex plus acquisitions / owner earnings = 0.370293157022168.

- Source: https://www.screener.in/company/TRENT/consolidated/ (filed 2026-10-16T07:33:24.611Z); FY2026: growth capex 4020000000; upkeep 13610000000; cash acquisitions 923400000; owner earnings 9231400000. Growth capex plus acquisitions / owner earnings = 0.5354984076088134.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.611Z); Incremental return on capital 0.990401098901099, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.611Z); Dividend observations: [[2017,10000000],[2018,400000000],[2019,460000000],[2020,520000000],[2021,360000000],[2022,430000000],[2023,390000000],[2024,780000000],[2025,1140000000],[2026,1770000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 32.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.611Z); Ten-year compound average after fade. Initial solved rate 0.47198565281747784. Price 2949.7; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -1.3622727272727275 → FY2026 25.96062895348837. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 180.25 per share

- 2016-12: INR 200.40 per share

- 2017-01: INR 238.75 per share

- 2017-02: INR 244.60 per share

- 2017-03: INR 266.70 per share

- 2017-04: INR 251.40 per share

- 2017-05: INR 244.15 per share

- 2017-06: INR 237.00 per share

- 2017-07: INR 267.80 per share

- 2017-08: INR 297.90 per share

- 2017-09: INR 295.60 per share

- 2017-10: INR 295.65 per share

- 2017-11: INR 342.45 per share

- 2017-12: INR 337.15 per share

- 2018-01: INR 318.05 per share

- 2018-02: INR 316.05 per share

- 2018-03: INR 345.05 per share

- 2018-04: INR 351.75 per share

- 2018-05: INR 329.65 per share

- 2018-06: INR 302.25 per share

- 2018-07: INR 348.80 per share

- 2018-08: INR 369.45 per share

- 2018-09: INR 333.25 per share

- 2018-10: INR 321.70 per share

- 2018-11: INR 335.05 per share

- 2018-12: INR 362.30 per share

- 2019-01: INR 354.05 per share

- 2019-02: INR 324.95 per share

- 2019-03: INR 361.90 per share

- 2019-04: INR 355.70 per share

- 2019-05: INR 392.10 per share

- 2019-06: INR 440.95 per share

- 2019-07: INR 397.65 per share

- 2019-08: INR 469.25 per share

- 2019-09: INR 483.90 per share

- 2019-10: INR 541.65 per share

- 2019-11: INR 520.60 per share

- 2019-12: INR 527.15 per share

- 2020-01: INR 590.80 per share

- 2020-02: INR 737.20 per share

- 2020-03: INR 484.35 per share

- 2020-04: INR 505.00 per share

- 2020-05: INR 468.85 per share

- 2020-06: INR 615.30 per share

- 2020-07: INR 558.10 per share

- 2020-08: INR 639.20 per share

- 2020-09: INR 671.90 per share

- 2020-10: INR 659.55 per share

- 2020-11: INR 720.30 per share

- 2020-12: INR 687.60 per share

- 2021-01: INR 621.55 per share

- 2021-02: INR 808.65 per share

- 2021-03: INR 751.05 per share

- 2021-04: INR 776.70 per share

- 2021-05: INR 851.65 per share

- 2021-06: INR 849.85 per share

- 2021-07: INR 922.90 per share

- 2021-08: INR 1,006.90 per share

- 2021-09: INR 1,025.85 per share

- 2021-10: INR 1,003.15 per share

- 2021-11: INR 1,014.40 per share

- 2021-12: INR 1,065.00 per share

- 2022-01: INR 1,031.55 per share

- 2022-02: INR 1,108.10 per share

- 2022-03: INR 1,275.50 per share

- 2022-04: INR 1,228.40 per share

- 2022-05: INR 1,124.05 per share

- 2022-06: INR 1,074.15 per share

- 2022-07: INR 1,268.60 per share

- 2022-08: INR 1,407.25 per share

- 2022-09: INR 1,420.00 per share

- 2022-10: INR 1,527.90 per share

- 2022-11: INR 1,471.65 per share

- 2022-12: INR 1,351.35 per share

- 2023-01: INR 1,196.60 per share

- 2023-02: INR 1,278.15 per share

- 2023-03: INR 1,374.95 per share

- 2023-04: INR 1,367.75 per share

- 2023-05: INR 1,560.45 per share

- 2023-06: INR 1,764.15 per share

- 2023-07: INR 1,757.10 per share

- 2023-08: INR 2,048.60 per share

- 2023-09: INR 2,080.15 per share

- 2023-10: INR 2,154.70 per share

- 2023-11: INR 2,787.00 per share

- 2023-12: INR 3,054.95 per share

- 2024-01: INR 3,086.95 per share

- 2024-02: INR 3,881.80 per share

- 2024-03: INR 3,948.00 per share

- 2024-04: INR 4,409.90 per share

- 2024-05: INR 4,559.15 per share

- 2024-06: INR 5,479.85 per share

- 2024-07: INR 5,839.00 per share

- 2024-08: INR 7,158.75 per share

- 2024-09: INR 7,574.65 per share

- 2024-10: INR 7,128.35 per share

- 2024-11: INR 6,795.40 per share

- 2024-12: INR 7,123.35 per share

- 2025-01: INR 5,753.20 per share

- 2025-02: INR 4,851.55 per share

- 2025-03: INR 5,325.15 per share

- 2025-04: INR 5,172.50 per share

- 2025-05: INR 5,643.50 per share

- 2025-06: INR 6,217.50 per share

- 2025-07: INR 5,018.00 per share

- 2025-08: INR 5,298.00 per share

- 2025-09: INR 4,677.50 per share

- 2025-10: INR 4,694.30 per share

- 2025-11: INR 4,250.40 per share

- 2025-12: INR 4,279.00 per share

- 2026-01: INR 2,523.67 per share

- 2026-02: INR 2,599.67 per share

- 2026-03: INR 2,197.20 per share

- 2026-04: INR 2,763.07 per share

- 2026-05: INR 2,816.00 per share

- 2026-06: INR 3,282.60 per share

- 2026-07: INR 3,005.90 per share

- 2026-08: INR 2,879.90 per share

- 2026-09: INR 2,621.60 per share

- 2026-10: INR 2,949.70 per share

## Annual estimated value (INR per share)

- FY2019: low INR 22.57 per share, central INR 25.16 per share, high INR 28.43 per share

- FY2020: low INR 36.93 per share, central INR 41.17 per share, high INR 46.54 per share

- FY2021: low INR 28.39 per share, central INR 31.55 per share, high INR 35.56 per share

- FY2022: low INR 38.25 per share, central INR 42.64 per share, high INR 48.20 per share

- FY2023: low INR 70.09 per share, central INR 78.13 per share, high INR 88.32 per share

- FY2024: low INR 122.13 per share, central INR 135.97 per share, high INR 153.52 per share

- FY2025: low INR 206.34 per share, central INR 286.58 per share, high INR 327.46 per share

- FY2026: low INR 300.11 per share, central INR 416.82 per share, high INR 476.27 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:10.240Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.