ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 3 consecutive years, from 52.7% to 35.5%.
Importance 59 / 95 · profitability
Trent Ltd [Lakme Ltd] · Research view
Trent Ltd [Lakme Ltd]
NSE: TRENTBSE: 500251ISIN INE849A01020Face value ₹1standalone
₹2,597
−1.76% · 2026-10-01 · 52-wk ₹2,197–₹3,344
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Context
Lower P/E than peers
Trades at 50.88× earnings — 56% below the speciality retail median of 115.28×.
Importance 53 / 95 · valuation
Strength
More profitable than peers
ROE of 27.1% is well above the speciality retail median of 16.4%.
Importance 53 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Services › Retailing › Speciality Retail.
- Market cap
- ₹92,338 cr
- FY2026 revenue
- ₹19,701 cr
- FY2026 net profit
- ₹1,968 cr
- Net worth
- ₹7,703 cr
- Total debt
- ₹500 cr
- EPS (basic)
- ₹55.36
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 speciality retail.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Net profit grew 12.2% year on year (FY2025 → FY2026).
Rule PROFIT_GREW_YOY
- Revenue growth per year
- +50.1%over 4 years
- Revenue growth
- +18.2%vs last year
- Net profit growth
- +24.2%vs last year
- Change in net profit since FY22
- +688%
Revenue grew 17.2% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹518 cr, up 22.0% from ₹425 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹5,755 cr, up 17.8% from ₹4,883 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹749 cr, up 25.7% from ₹596 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,157 | — | 335 | — | 8.1% |
| Q3 FY25 | 4,657 | +34.3% | 497 | +34.0% | 10.7% |
| Q4 FY25 | 4,217 | +27.9% | 312 | −56.2% | 7.4% |
| Q1 FY26 | 4,883 | +19.0% | 425 | +8.6% | 8.7% |
| Q2 FY26 | 4,818 | +15.9% | 373 | +11.4% | 7.8% |
| Q3 FY26 | 5,345 | +14.8% | 510 | +2.7% | 9.5% |
| Q4 FY26 | 5,028 | +19.2% | 413 | +32.6% | 8.2% |
| Q1 FY27 | 5,755 | +17.8% | 518 | +22.0% | 9.0% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹20,945 crTTM
- EBITDA
- ₹4,059 crTTM
- EBIT
- ₹2,580 crTTM
- PBT
- ₹2,379 crTTM
- Net profit
- ₹1,815 crTTM
C. Corporate actions
12 Jun 2026DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
4 Jun 2026Bonus issueBonus issue 1:2 — 2:3
12 Jun 2025DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
22 May 2024DividendDividend - Rs. - 3.2000 — ₹3.20/share
25 May 2023DividendDividend - Rs. - 2.2000 — ₹2.20/share
20 May 2022DividendFinal Dividend - Rs. - 1.1000 — ₹1.10/share
22 Feb 2022DividendInterim Dividend - Rs. - 0.6000 — ₹0.60/share
9 Jul 2021DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share
24 Jul 2020DividendDividend - Rs. - 1.0000 — ₹1.00/share
19 Jul 2019DividendDividend - Rs. - 1.3000 — ₹1.30/share
27 Jul 2018DividendDividend - Rs. - 1.1500 — ₹1.15/share
19 Jul 2017DividendDividend - Rs. - 1.0000 — ₹1.00/share
12 Sept 2016Stock splitStock Split From Rs.10/- to Rs.1/- — 10:1
17 Mar 2016DividendInterim Dividend - Rs. - 9.0000 — ₹9.00/share
27 Jul 2015DividendSpecial Dividend - Rs. - 2.5000 — ₹2.50/share
27 Jul 2015DividendDividend - Rs. - 7.5000 — ₹7.50/share
4 Aug 2014DividendDividend - Rs. - 7.0000 — ₹7.00/share
15 Jul 2013DividendDividend - Rs. - 7.0000 — ₹7.00/share
23 Jul 2012DividendDividend - Rs. - 6.5000 — ₹6.50/share
18 Jul 2011DividendDividend - Rs. - 7.5000 — ₹7.50/share
9 Aug 2010DividendDividend - Rs. - 6.5000 — ₹6.50/share
8 Jul 2010Rights issueRight Issue of Preference Shares
31 Jul 2009DividendDividend - Rs. - 5.5000 — ₹5.50/share
16 Jul 2008DividendDividend - Rs. - 7.0000 — ₹7.00/share
8 May 2007Rights issueRight Issue of Equity Shares
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 3 consecutive years, from 52.7% to 35.5%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 20.4%
- 5-year range
- 18.5–23.5%
- ROE FY2026
- 28.9%
- ROCE FY2026
- 37.0%
ROE of 27.1% is well above the speciality retail median of 16.4%.
EBITDA margin of 18.9% is the widest in 4 years (prior range 16.2% to 17.9%).
ROE declined from 31.7% to 27.1% year on year.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Free cash flow has been positive in 4 of the last 5 years.
Rule FCF_CONSISTENTLY_POSITIVE
Operating cash flowNet profit
- Total debt
- ₹500 cr
- Operating cash flow ÷ net profit
- 1.34×FY2026
- Free cash flow
- ₹1,143 cr
- Current ratio
- 1.23×
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 speciality retail (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
Trades at 50.88× earnings — 56% below the speciality retail median of 115.28×.
Rule PE_BELOW_PEERS
- P / E
- 50.9×TTM to Jun 26
- P / B
- 13.0×latest book
- P / S
- 4.4×TTM sales
- Earnings yield
- 2.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 53.6× · P/S 4.6× · ROE 27.1%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −19.4%
- 3-year return
- +87.3%
- 5-year return
- +273.1%
- From 52-wk high
- −22.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,889
- vs 200-day avg
- Below₹2,776
- RSI (14)
- 25.5oversold
- MACD histogram
- -16.4
- From 52-wk high
- −22.3%
- From 52-wk low
- +18.2%
- 30-day volatility
- 16.0%ann.
- 6-month return
- +15.8%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernCapital efficiency slippingROCE has fallen for 3 consecutive years, from 52.7% to 35.5%.ROCE_DECLINING_STREAK · conviction 59
- ConcernReturns decliningROE declined from 31.7% to 27.1% year on year.ROE_DETERIORATED_YOY · conviction 45
- The price-adjusted series does not correct for 3 rights issues (ex-dates 2005-04-29, 2007-05-08, 2010-07-08) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,881 | 7,715 | 11,927 | 16,668 | 19,701 |
| Total income | 4,160 | 8,127 | 12,277 | 16,997 | 20,076 |
| EBITDA | 913 | 1,531 | 2,278 | 3,083 | 4,018 |
| Profit before tax | 323 | 711 | 1,873 | 2,077 | 2,512 |
| Net profit | 250 | 555 | 1,436 | 1,585 | 1,968 |
| EPS (₹) | 7.0 | 15.6 | 40.4 | 44.6 | 55.4 |
| Net worth | 2,720 | 3,080 | 4,447 | 5,914 | 7,703 |
| Total debt | 497 | 698 | 499 | 499 | 500 |
| Operating cash flow | 578 | 663 | 1,348 | 1,668 | 2,630 |
| Free cash flow | 380 | 168 | 966 | 851 | 1,143 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 98.8 | 54.6 | 39.8 | 18.2 |
| Profit growth YoY | — | 122.2 | 158.9 | 10.4 | 24.2 |
| Profitability | |||||
| EBITDA margin % | 23.5 | 19.8 | 19.1 | 18.5 | 20.4 |
| Net margin % | 6.0 | 6.8 | 11.7 | 9.3 | 9.8 |
| Return on equity % | 9.2 | 19.1 | 38.2 | 30.6 | 28.9 |
| Return on capital % | 19.6 | 30.5 | 37.6 | 39.0 | 37.0 |
| Leverage & cash | |||||
| Debt to equity | 0.18 | 0.23 | 0.11 | 0.08 | 0.06 |
| Cash flow ÷ profit | 2.31 | 1.20 | 0.94 | 1.05 | 1.34 |
| Current ratio | 2.86 | 2.12 | 1.96 | 1.76 | 1.23 |