Trent reported 23 percent Q2 growth: Morgan Stanley targets Trent stock at INR 3,406

Published on 10/14/2026 at 16:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue reached INR 11,454 crore, up 21.00 percent year over year. Citi flags an 8.40 percent decline for Trent stock.

Retail growth and valuation

First-half revenue reached INR 11,454 crore, up 21.00 percent on October 5, 2026.
Morgan Stanley maintained an Overweight rating with an INR 3,406 target on October 6, 2026.
Market capitalization stood at INR 1.6 trillion on October 14, 2026.

Trent, INE849A01020, Illustration mit AI erstellt.

Trent reported 23.00 percent year-over-year revenue growth in the second quarter of fiscal 2026-27, while Morgan Stanley kept an Overweight rating and an INR 3,406 target for Trent stock on October 6, 2026. CNBC TV18 reported on October 5, 2026 that standalone revenue reached INR 5,788 crore in the quarter ended September 2026, versus INR 4,724 crore a year earlier.

Three growth milestones

In chronological order, Trent's Q1 fiscal 2026-27 update on August 6, 2026 showed net profit of INR 532 crore, according to ALFA Finder. On September 11, 2026, Zudio crossed 1,000 stores, a milestone also covered in the Q2 update.

The October 5, 2026 business update added a second operating marker: first-half fiscal 2026-27 revenue rose 21.00 percent year over year to INR 11,454 crore from INR 9,505 crore. Trent's portfolio reached 1,342 stores by September 30, 2026, including Westside, Zudio and other lifestyle formats, according to The Economic Times.

What matters for margins

The growth signal came with a valuation debate. NDTV Profit reported on October 6, 2026 that Citi retained a Sell rating with an INR 2,950 target, while Goldman Sachs remained Neutral and raised its target to INR 3,010 from INR 2,960.

NDTV Profit also reported that Citi cited an 8.40 percent decline in average revenue per square foot and highlighted margin risks from input-cost inflation. That counterpoint matters because rapid store additions can lift revenue while putting pressure on productivity.

Next results date

Trent's next dated corporate reporting event is listed for October 29, 2026, according to Tickjournal. The date gives investors a defined checkpoint for the revenue-to-margin conversion after the September-quarter update.

On October 14, 2026, Trent was last quoted at INR 2,971.00 on the NSE at 3:29 p.m. IST. The same quote showed a market capitalization of INR 1.6 trillion, while the 52-week range extended from INR 2,183.67 to INR 4,866.50. The reference price is presented in Indian rupees because no dated euro venue quote was substantiated.