Buy Trent; target of Rs 415: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Trent

Trent reported a healthy set of Q4FY19 numbers, with a significant beat on the topline front. Standalone revenues (including Westside, Zudio and Landmark formats) grew robustly by 26.5% YoY to Rs 668.7 crore (I-direct estimate: Rs 623.89 crore). Gross margins for the quarter declined 286 bps YoY to 47.4%. However, on account of positive operating leverage, EBITDA margins improved 30 bps YoY to 5.0%.

Outlook

Hence we maintain our BUY recommendation on the stock with SOTP based TP of Rs 415/share.

For all recommendations report, click here

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