Hi Jugal
Visited the same again. It shares the floor with Zudio & now had a separate entrance. Earlier visit was probably when it wasn’t set up fully!
The product range is expanded into other product lines.
I did use youtube but that was when I went to a Tier III location & wanted to know when they started there.
Around December I had to see for myself!
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Hi Aman
had other product lines too, now, in this section. to me it seems to be between a shop in shop & a independent store given it’s located next to Zudio.
no people around this section & how they had explained was that the same products are in the Zudio store as well, so they don’t come over to this section.
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Hi Dev
The results were decent given the circumstances. The contraction & the price stabilising, I thought indicated leveraged buyers were out. In the absence of any new external impetus now is a good time/buy?
The store additions in the last 6 months would hold up the results ?(owner’s fallacy!?) but I appreciate your deliberate approach…my thesis is that the runway improves esp with the new tax rules, urban consumer spending revival & FII’s coming back will help the valuation
Trent has been a learning experience (Pyramiding/Valuation) for me & I do see your point.
Finding a new growth engine with reasonable valuation - I looked at V2 retail & Manorama but, scaled cat that I am now, both seem to be overvalued.
V2retail I came across when I visited Kalaburgi to see how Trent is doing in the city with the lowest per capita in Karnataka. Manorama was more of an accident after I read an article about weather effecting coco seed cultivation. Is reading or using a screener how you cast your net?
I will read up the report too & maybe we can compare notes.
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Hi Swami, I started adding V2 when I reduced my position in Trent, but stopped adding after the current CEO left ( he left earlier also and joined again). V2 management is not like Trent, but the growth is much more than Trent as the stores base is quite low. In such stocks you have to be extra cautious. Always be prepared to cut the position immediately when you find any red flag or management guidance is reduced or they sound less confident. Manorama, I think is a better than V2 as they have Monopoly in Sal and Mango based products. Please follow your own process for valuation as it is different for different people It depends on the investment time horizon and risk taking ability. I am risk averse & very conservative when buying. I believe in avoiding big losses and I do not buy at BAAP. I buy only those companies which I can understand and explain to my wife (she does not know any thing about investing). I do use screener.in and Value picker for ideas. If I do not understand the company, the business model and valuation I do not invest. I park investable money in Nifty 50 ETFs and wait for valuation opportunities in existing companies. I am very patient to add new Ideas and I deploy slowly. I cut very fast for red flags and decreased guidance particularly for new ideas, especially in small caps. Please have your own process, which suits your personality, age, aspirations and behavior. At my age I am more focused on sleeping well and remain healthy rather than worrying about volatility. I am happy if I get Index like returns, what ever extra I get is a bonus and mostly attributed to luck rather than my stock picking ability or knowledge. I thank God for being lucky so far.
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Trent doesn’t do concalls every quarter? If that’s the case.. Why?
Public companies are required to disclose their financial performance, but they are not legally obligated to hold conference calls. However, these calls provide a platform for companies to discuss their results in detail, answer investor questions, and share insights that might not be fully captured in the written earnings release. Trent is doing meetings with analysts and institutional investors, but not doing concalls open for all share holders. On 28th May they have scheduled a meeting with BlackRock. AGM of the Company is scheduled to be held on 3rd July 2025 and they will release the annual report.
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Trent management takeaways
Key reason for the negativity
https://x.com/KuntalC84/status/1940981252196384989?t=vtNQD6sap3EQ4rWYbhl6Tg&s=19
Company also said that the Q1 is lower because of India Pak situation and early arrival of monsoon.
(I am just putting what company mentioned, not my view)
They added lot of Zudio stores in Q4FY25 ~20%( total 130 odd). Since sales are up by similar amount of 20%, Probably they new stores are not ramping up as fast OR may be they are ramping up normally but the Same Store sales from older ones has stagnated
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Can anyone from Bengaluru share feedback.
Also how is this brand positioning different from Zudio & Westside in terms of pricing & quality.
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Burnt Toast is a new youth-focused fashion brand introduced by Trent Limited, It joins their portfolio alongside Westside, Zudio, and others.
- Based on products available on their website, prices span much higher:
- Dresses and coordinated outfits are priced between ₹6,499 to ₹12,999.
- Examples include:
- Frill Sleeve Coord: around ₹9,999
- Pleated Shirt Dress: around ₹6,499
-
- Diagonal Shirt Coord: approximately ₹12,999
- These price points clearly place Burnt Toast in the mid- to premium segment, targeting a different demographic than Zudio.
-
- Zudio: Ultra-affordable, everyday fashion, ideal for frequent wardrobe refreshes—all items under ₹999.
- Burnt Toast: Positioned at a premium price tier, with styles ranging from mid-luxury to high-end fashion, ideal for those seeking statement or higher-quality pieces.
- FY26 store count: where each brand could land
These are reasonable estimates for Mar 31, 2026, based on disclosed counts as of Jun 30, 2025, recent opening/closure cadence, and multi-year growth patterns. Trent hasn’t issued numeric FY26 store-addition guidance; ranges reflect typical back-half weighted additions and ongoing consolidations.
| Brand | Store Count (Mar 2025) | Key Product/Format |
|---|---|---|
| Westside | 248 | Mid-premium fashion, home, beauty |
| Zudio | 765 | Affordable youth fashion |
| Utsa | 20 | Ethnic apparel & beauty |
| Samoh | 5 | Occasionwear |
| Star Bazaar (Star) | 78 | Supermarket/grocery |
| Zara | 23 | Global fast-fashion JV |
| Massimo Dutti | 3 | Global premium fashion JV |
| Booker India | 5 | Cash-and-carry wholesale |
- Westside has grown ~8–10% annually by store count over recent years; Q1 FY26 saw 1 open and 1 consolidation (net flat), but additions are often back-loaded. 260–270 is a prudent step-up from 248.
- Zudio remains the engine: 766 as of Q1 with 11 opens and 10 consolidations in the quarter. Even with a slower pace than FY25’s surge, back-half openings can push it into the low- to mid-800s.
- Star is adding selectively (net −1 in Q1 due to closures), but management continues to refine the model; a flat to modestly up finish is sensible.
- Other lifestyle concepts are in incubation mode; a handful of net adds is realistic. Burnt Toast just launched and should see limited but meaningful pilot expansion.
Note-Above information is obtained by using AI tools and scraping. Please recheck at your end as well
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@Devsuman pricing details are incorrect. There is one more brand by the same name and the AI delivered pricing is talking about that one.
They have already opened stores in Surat and Thane.
Most online posts are from influencers only.
Looking to get more details on positioning and plans.
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Thanks Jugal for correcting. Articles in Moneycontrol and Financial Express confirms that Trent’s Burnt Toast is positioned as an affordable, trend-forward fashion label targeting university-aged and youth audiences—but they don’t list exact prices yet. May be some one can check at Thane store and confirm.
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https://www.indianretailer.com/news/trent-expands-portfolio-burnt-toast-capture-youth-fashion-demand
Gives some clarity on positioning.
Key points:
1.
positioning underscores a community-first lens designed to deepen engagement across physical and digital touchpoints.
- P. Venkat
- Each garment is framed as an entry point for discovery and self-expression, supporting high-frequency capsule drops and social-led merchandising.
- the Burnt Toast playbook highlights three levers: sharp cohort targeting, fast design turnover paired with accessible pricing, and community-led brand building.
There is a strong focus community driven traction and quick drops.
I can not think any big brand targetting this segment in Offline with fast fashion. Probably this is a counter to Shein.
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Is anyone able to figure out why CFO/EBITDA has been so poor (much less than 70%) for Trent for past 4 years, not including Covid years, despite good working capital days and cash conversion cycle? Posting numbers here from 2022 to 2025:
10%, 53%, 68%, 59%
Thanks
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whats the expectation for tomorrow - after the transaction at 4800(Perplexity) and the 17% growth results (moneycontrol) today, is further erosion likely tomorrow?
or wait for December results (GST cut/IT changes drive growth?)
With growth slowing, PE multiple must contract, or the stock will undergo a time-wise correction. The only available growth driver is the new retail vertical, benefiting from a low base effect.
For now, it makes sense to wait for the management commentary.
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Any takes on results? I am happy to see operating margin expansion to 17%, driving 26% yoy EBITDA growth.
Did the company adjust or updated revenue growth guidance as per their latest outlook?
After healthy correction, I see the stock has bottomed now.
It appears that Trent’s stock is undergoing a significant derating, having dropped nearly 50% from its peak. The same-store sales growth seems to be reaching saturation, which is weighing on investor sentiment. However, the management is aggressively expanding into Tier 2 and Tier 3 cities. While this expansion is likely to boost volumes, it may put pressure on margins in the near term. Overall, the stock may require more time and price correction to reflect these changes.
Disclosure: Invested and holding.
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SSGS remains weak (flat). 47 new cities for Zudio in a single quarter.
Management keeps talking about growth & opportunity for Star. However, results dont reflect anything good. Star remains an insignificant player, with little to no growth.
Company has approved bonus & rights issue of Rs. 2500 Cr.
Company is now repeatedly talking about COCO stores, meaning significant investments in fixed assets.Still 2500 Cr?
Anyone tracking? Any views?
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