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Trent Shares Slump 9% After AGM as Brokers Cut Ratings

Nuvama’s hold rating followed the AGM’s slower growth forecast, prompting analysts to cut revenue and EBITDA estimates

Logo of the Indian fashion retailer Trent's flagship brand Westside is displayed in front of their showroom in New Delhi, India.
Zudio | Image: Zudio/X
Image
Trent shares end 11% lower

Overview

  • Trent’s stock fell about 9% to the mid-₹5,600s on July 4 after Nuvama downgraded the shares to ‘hold’ and Macquarie maintained an ‘underperform’ view.
  • At the AGM, management guided for roughly 20% growth in Q1FY26 core fashion revenues, well below its five-year CAGR of 35%, but reaffirmed a 25% medium-term CAGR and plans to add 250 stores.
  • Nuvama lowered its FY26-27 revenue forecasts by 5–6% and trimmed EBITDA estimates by 9–12%, setting a revised target price of ₹5,884, while Macquarie’s underperform call carries a ₹8,191 target.
  • Bloomberg data show 18 of 25 analysts rate Trent a buy, four recommend hold and three suggest sell, with the average 12-month price target implying about 9% downside.
  • Analysts highlighted that new verticals Zudio Beauty and Star Bazaar need operational stability before they can drive meaningful scale in the company’s growth strategy.