Overview
- Shares fell roughly 6–7% in early trade to a 52-week low near Rs 4,310–4,326 after the results.
- Revenue from operations rose 17% year-on-year to Rs 4,724 crore, the weakest topline growth since early 2021, with standalone net profit at Rs 451 crore and EBIT margin easing to 10.2%.
- Citi downgraded to Sell with a Rs 4,350 target, Goldman Sachs cut its target to Rs 4,920 (Neutral), Jefferies set Rs 5,000 (Hold), Morgan Stanley stayed Overweight at Rs 5,456, Motilal Oswal kept Buy at Rs 6,000, and HDFC Securities maintained Reduce at Rs 4,300.
- Management and analysts flagged expansion into tier-2 markets and new formats with longer gestation, muted consumer sentiment, and unseasonal rains, while non-apparel and Westside’s online channel showed relative strength.
- Trent will tender about 15% of its Zara India stake for Rs 150 crore, reducing its JV holding to 20%, alongside continued footprint growth with 19 new Westside stores and 44 Zudio openings in the quarter.