Motilal Oswal sees Trent re-rating ahead; reiterates Buy with Rs 3,500 target
Brokerage flags Q4 FY26 growth recovery, easing Zudio cannibalization, and Star's 12-city scale-up runway as triggers. Beauty, Innerwear, and Footwear adjacencies seen powering 21% revenue CAGR over FY26-28E. Valued at 45x FY28E EV/Ebitda for 11% upside.
What happened
Motilal Oswal reiterates Buy on Trent with Rs 3,500 target (11% upside), citing Q4 FY26 growth recovery, easing cannibalization, Star scale-up runway, and
Key facts
- target price Rs 3,500
- 11% upside
- revenue CAGR 21% FY26-28E
- Ebitda CAGR 19%
- PAT CAGR 17%
- 45x FY28E EV/Ebitda
- Star in 12 cities
Why this matters
Trent's push into Beauty, Innerwear, and Footwear adjacencies signals appetite for category expansion—worth mapping niche brand targets or JV partners that could accelerate the FY26-28E adjacency ramp.