Laxmi Organic Industries 130-158
Expected level 200
Support 100
Expected level 200
Support 100
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Trent Limited company details Report
Established in 1998 as a part of the Tata Group, Trent Limited operates Westside, one of India's leading chains of fashion retail stores. The main business of the company, its subsidiaries, joint venture and associates is retailing. The group along with its joint venture and associates is engaged in retailing of apparels, footwear, accessories, toys, games, food, grocery & non-food products. It operates through Westside, Zudio, Star, Landmark, Booker Wholesale and ZARA retail formats. As on 31st December 2024, the company had a total of 238 Westside, 635 Zudio, 74 Star and 34 stores across other lifestyle concepts in the portfolio. Westside offers apparel, footwear and accessories for men, women and children, along with furnishings, decor and a range of home accessories, operating with a predominantly exclusive brands model. Westside accounts for majority of the companyโs revenues. It has an exclusive arrangement through Tatacliq, Westside.com and now through Tata Neu a recently launched super app that seeks to unite the Tata brand universe, to address the rapidly growing online opportunity and to allow westside access to a very large and diverse audience (online sales contributed ~6% of revenues as on December 2024). Zudio is a value retail format catering to apparels and footwear for men, women and children. It focuses on 100% own branded offering, curated in-house and pitched to younger audience in line with the latest fashion trends at modest prices. Star stores are primarily operated by Trent Hypermarket Private Limited (THPL) - a 50:50 JV between Trent Ltd & Tesco Plc, UK. The portfolio comprises hypermarket and supermarket stores focusing on categories like food and groceries, home care, apparel, home dรฉcor, health and beauty products. Their own brands include Klia, Fabsta and Skye. Starquik is the online grocery portal of the segment. During the year, the company launched an own brand, SMARTLE in the general merchandise category (including cookware, dining, storage, home utility, bath ware, home furnishing, toys, stationery, small appliances and backpacks)
Established in 1998 as a part of the Tata Group, Trent Limited operates Westside, one of India's leading chains of fashion retail stores. The main business of the company, its subsidiaries, joint venture and associates is retailing. The group along with its joint venture and associates is engaged in retailing of apparels, footwear, accessories, toys, games, food, grocery & non-food products. It operates through Westside, Zudio, Star, Landmark, Booker Wholesale and ZARA retail formats. As on 31st December 2024, the company had a total of 238 Westside, 635 Zudio, 74 Star and 34 stores across other lifestyle concepts in the portfolio. Westside offers apparel, footwear and accessories for men, women and children, along with furnishings, decor and a range of home accessories, operating with a predominantly exclusive brands model. Westside accounts for majority of the companyโs revenues. It has an exclusive arrangement through Tatacliq, Westside.com and now through Tata Neu a recently launched super app that seeks to unite the Tata brand universe, to address the rapidly growing online opportunity and to allow westside access to a very large and diverse audience (online sales contributed ~6% of revenues as on December 2024). Zudio is a value retail format catering to apparels and footwear for men, women and children. It focuses on 100% own branded offering, curated in-house and pitched to younger audience in line with the latest fashion trends at modest prices. Star stores are primarily operated by Trent Hypermarket Private Limited (THPL) - a 50:50 JV between Trent Ltd & Tesco Plc, UK. The portfolio comprises hypermarket and supermarket stores focusing on categories like food and groceries, home care, apparel, home dรฉcor, health and beauty products. Their own brands include Klia, Fabsta and Skye. Starquik is the online grocery portal of the segment. During the year, the company launched an own brand, SMARTLE in the general merchandise category (including cookware, dining, storage, home utility, bath ware, home furnishing, toys, stationery, small appliances and backpacks)
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The company has two separate associations with the Inditex group of Spain with a shareholding of 51% (Inditex): 49% (Trent) โ one entity to operate Zara stores and the other for Massimo Dutti stores in India. The entities essentially facilitate distribution of Zara & Massimo Dutti products in India through their respective stores. Booker India Limited (BIL) was acquired by the company during FY20. BIL is engaged in wholesale cash and carry business with products in categories across staples, processed foods, confectionery, personal care, home care, soft drinks, dairy, chilled & frozen foods, bakery, fresh fruits, vegetables etc. The concept serves kirana stores, traders, wholesalers, small businesses, hotels, restaurants and caterers. Landmark is a family entertainment & leisure concept that offers a range of curated lifestyle products including toys, frontlist books, stationery, latest gadgets and sports merchandise. Utsa operates as a hundred percent exclusive retail brand portfolio and offers ethnic apparel, beauty products and accessories for women. The concept is operational through six stores in Pune, Vadodara, Mumbai and Delhi.
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#SALES #GROWTH 5 Year CAGR 37.3%
In FY25, sales grew by ~38% YoY to โน17,135 cr, led by double-digit like-for-like (LFL) growth and a volume growth of ~40%. The emerging categories continued to gain traction, contributing ~20% of the revenues. The Star business observed improved customer traction with growing sales volume, aiding a revenue growth of ~25% YoY. During the year, they added 40 Westside stores and consolidated 24 stores, taking the total store count to 248. While in Zudio, it added 244 stores and consolidated 24 stores, taking the total store count to 765. In Q1 FY26, sales grew by ~19% YoY to โน4,883 cr, led by a low-single digit LFL growth YoY across the fashion portfolio. Emerging categories contributed ~21% of the revenues. During the period, they added 1 Westside store and consolidated 1 store, keeping the total store count at 248. While in Zudio, it added 11 stores and consolidated 10 stores, taking the total count to 766.
In FY25, sales grew by ~38% YoY to โน17,135 cr, led by double-digit like-for-like (LFL) growth and a volume growth of ~40%. The emerging categories continued to gain traction, contributing ~20% of the revenues. The Star business observed improved customer traction with growing sales volume, aiding a revenue growth of ~25% YoY. During the year, they added 40 Westside stores and consolidated 24 stores, taking the total store count to 248. While in Zudio, it added 244 stores and consolidated 24 stores, taking the total store count to 765. In Q1 FY26, sales grew by ~19% YoY to โน4,883 cr, led by a low-single digit LFL growth YoY across the fashion portfolio. Emerging categories contributed ~21% of the revenues. During the period, they added 1 Westside store and consolidated 1 store, keeping the total store count at 248. While in Zudio, it added 11 stores and consolidated 10 stores, taking the total count to 766.
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#EBITDA #GROWTH 5 Year CAGR 38.6%
In FY25, EBITDA was โน2,758 cr, an increase of ~44% YoY. The growth was supported by rising revenues. Total expenses for the company constituted purchases of stock-in-trade ~67%, rent ~11%, employee benefit expense ~9% and other expenses (advertisement & promotion expense, freight & forwarding expense) ~13%. In Q1 FY26, EBITDA grew by ~38% YoY to โน848 cr, led by rising revenues.
In FY25, EBITDA was โน2,758 cr, an increase of ~44% YoY. The growth was supported by rising revenues. Total expenses for the company constituted purchases of stock-in-trade ~67%, rent ~11%, employee benefit expense ~9% and other expenses (advertisement & promotion expense, freight & forwarding expense) ~13%. In Q1 FY26, EBITDA grew by ~38% YoY to โน848 cr, led by rising revenues.
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#PAT #GROWTH 5 Year CAGR 60.1%
In FY25, the company reported a net profit of โน1,448 cr (v/s โน1,353 cr in FY24), supported by lower finance costs. FY24 included an exceptional gain of โน576 cr (net off tax, it stood at ~โน439 cr) towards reassessment of the estimates of measurement and recognition of the rights to use assets and corresponding lease liabilities. However, excluding exceptional gain, PAT stood at ~โน916 cr. Including the share of profit from associates of ~โน87 cr (v/s ~โน124 cr in FY24), consolidated net profit stood at โน1,534 cr for FY25 (v/s โน1,477 cr in FY24). In Q1 FY26, PAT grew by ~24% YoY to โน415 cr. Growth was partially offset by lower other income and increase in the depreciation cost. Including the share of profit from associates of ~โน9 cr (v/s ~โน56 cr in Q1 FY25), consolidated net profit stood at โน425 cr (v/s โน391 cr in Q1 FY25) .
In FY25, the company reported a net profit of โน1,448 cr (v/s โน1,353 cr in FY24), supported by lower finance costs. FY24 included an exceptional gain of โน576 cr (net off tax, it stood at ~โน439 cr) towards reassessment of the estimates of measurement and recognition of the rights to use assets and corresponding lease liabilities. However, excluding exceptional gain, PAT stood at ~โน916 cr. Including the share of profit from associates of ~โน87 cr (v/s ~โน124 cr in FY24), consolidated net profit stood at โน1,534 cr for FY25 (v/s โน1,477 cr in FY24). In Q1 FY26, PAT grew by ~24% YoY to โน415 cr. Growth was partially offset by lower other income and increase in the depreciation cost. Including the share of profit from associates of ~โน9 cr (v/s ~โน56 cr in Q1 FY25), consolidated net profit stood at โน425 cr (v/s โน391 cr in Q1 FY25) .
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#ROE
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
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#EBITDA #MARGIN
In FY25, EBITDA margins expanded by 57 bps YoY to 16.1%, primarily owing to improved demand, store additions and rising sales volume. In Q1 FY26, EBITDA margins expanded by ~243 bps YoY to 17.4%, primarily due to decrease in employee benefit expenses, rent and other expenses as a percentage of revenue.
In FY25, EBITDA margins expanded by 57 bps YoY to 16.1%, primarily owing to improved demand, store additions and rising sales volume. In Q1 FY26, EBITDA margins expanded by ~243 bps YoY to 17.4%, primarily due to decrease in employee benefit expenses, rent and other expenses as a percentage of revenue.
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#PAT #MARGIN
In FY25, PAT margins contracted by 249 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~298 bps YoY to 9%. The effective tax rate stood at ~24% during the year. In Q1 FY26, PAT margins expanded by ~33 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~83 bps YoY to 8.7%.
In FY25, PAT margins contracted by 249 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~298 bps YoY to 9%. The effective tax rate stood at ~24% during the year. In Q1 FY26, PAT margins expanded by ~33 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~83 bps YoY to 8.7%.
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#ROCE
In FY25, ROCE declined to 42.36%, primarily owing to decline in profitability. Better utilization of capital, addition of new stores and emerging categories in different segments helped in improving the operating profit and ROCE of the company. The company has been emphasizing on the efficiency of supply chain management and accelerating its reach coupled with store footprints across geographies.
In FY25, ROCE declined to 42.36%, primarily owing to decline in profitability. Better utilization of capital, addition of new stores and emerging categories in different segments helped in improving the operating profit and ROCE of the company. The company has been emphasizing on the efficiency of supply chain management and accelerating its reach coupled with store footprints across geographies.
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#ROE
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
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#COMPANY #POTENTIAL
โข The Indian retail industry continued its turnaround momentum with every segment of retail recording strong growth rates, driven by socio-demographic and economic factors such as urbanization, income growth, rise in nuclear families and a shift from the unorganized to the organized segment. The Indian fashion industry is projected to be the fourth largest market in the world. In recent years, private labels have emerged as the rising stars of retail and e-commerce. โข Indiaโs total retail market was estimated at ~โน89 lakh crore in 2025. Lately, private brands have increasingly emerged as the rising stars of retail and e-commerce. Retailer owned brands, typically offer shoppers value for money with potential to develop into selfsustaining propositions. โข India's fashion and lifestyle sector is undergoing a transformative phase, propelled by digitalization and evolving consumer preferences. The market was valued at โน13 lakh crore in 2025. โข For Indiaโs food & grocery retail market, which accounts for ~67% of the overall retail market, share of traditional trade is expected to decline with modern trade formats and pure-play online sales capturing a bigger share going forward. Retail formats that deliver trusted value-led private labels, both in daily staples and indulgent categories are increasingly favored. As these trends play out, the market shall further witness increasing formalization of Kirana to modern trade. โข The Indian e-commerce market penetration is expected to increase as total gross merchandise value is expected to grow very significantly driven by wider assortment and convenience.
โข The Indian retail industry continued its turnaround momentum with every segment of retail recording strong growth rates, driven by socio-demographic and economic factors such as urbanization, income growth, rise in nuclear families and a shift from the unorganized to the organized segment. The Indian fashion industry is projected to be the fourth largest market in the world. In recent years, private labels have emerged as the rising stars of retail and e-commerce. โข Indiaโs total retail market was estimated at ~โน89 lakh crore in 2025. Lately, private brands have increasingly emerged as the rising stars of retail and e-commerce. Retailer owned brands, typically offer shoppers value for money with potential to develop into selfsustaining propositions. โข India's fashion and lifestyle sector is undergoing a transformative phase, propelled by digitalization and evolving consumer preferences. The market was valued at โน13 lakh crore in 2025. โข For Indiaโs food & grocery retail market, which accounts for ~67% of the overall retail market, share of traditional trade is expected to decline with modern trade formats and pure-play online sales capturing a bigger share going forward. Retail formats that deliver trusted value-led private labels, both in daily staples and indulgent categories are increasingly favored. As these trends play out, the market shall further witness increasing formalization of Kirana to modern trade. โข The Indian e-commerce market penetration is expected to increase as total gross merchandise value is expected to grow very significantly driven by wider assortment and convenience.
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#COMPANY #OUTLOOK
โข Zudio continued to show huge potential in value fashion retail with accelerated store additions planned for the coming years. The company recently launched its first international Zudio store in the UAE and the Zudio Beauty concept in India. โข The company has extended its fashion and lifestyle accessories category by the launch of POME jewellery in select stores. โข The current portfolio of the Star business consists of 77 stores across Trent Hypermarket Private Ltd (THPL) and Fiora Hypermarket Ltd (FHL), a subsidiary of the company, with presence across 10 cities. It continued to witness improved customer traction. The company foresees this business as a key and additional growth engine in their portfolio. In Q1 FY26, the Star business saw a revenue growth of ~7% YoY to ~โน869 cr, with a flat LFL growth. Own brands contributed ~73% (v/s ~72% in Q1 FY25). โข Innovation in product portfolio, strong contribution from own brands, aggressive store expansions, scaling up of the Star business and leveraging on digital presence are expected to be the key growth drivers in the medium term. Additionally, the improvement in the earnings profile across all formats and reduction in losses at Star business will further improve the companyโs profitability.
โข Zudio continued to show huge potential in value fashion retail with accelerated store additions planned for the coming years. The company recently launched its first international Zudio store in the UAE and the Zudio Beauty concept in India. โข The company has extended its fashion and lifestyle accessories category by the launch of POME jewellery in select stores. โข The current portfolio of the Star business consists of 77 stores across Trent Hypermarket Private Ltd (THPL) and Fiora Hypermarket Ltd (FHL), a subsidiary of the company, with presence across 10 cities. It continued to witness improved customer traction. The company foresees this business as a key and additional growth engine in their portfolio. In Q1 FY26, the Star business saw a revenue growth of ~7% YoY to ~โน869 cr, with a flat LFL growth. Own brands contributed ~73% (v/s ~72% in Q1 FY25). โข Innovation in product portfolio, strong contribution from own brands, aggressive store expansions, scaling up of the Star business and leveraging on digital presence are expected to be the key growth drivers in the medium term. Additionally, the improvement in the earnings profile across all formats and reduction in losses at Star business will further improve the companyโs profitability.
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Trent Limited 2300-2750
Expected level 3400
Support 2100
Expected level 3400
Support 2100
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Computer Age Management Services Limited. Company Details Report
Computer Age Management Services Limited (CAMS) was founded in 1988 is a technology driven financial infrastructure and services provider to mutual funds and other financial institutions for over 25 years. As the market leading Registrar and Transfer Agency (RTA) to the Indian Mutual Fund industry, CAMS serves ~67.5% of the average assets under management (AUM) as on 30th June 2025. They also provide technology enabled service solutions to Alternative Investment Funds and Insurance Companies. Besides serving as a B2B service partner, CAMS also serves customers through a variety of touch points such as pan-India network of service centres, white label call centre, online, mobile app and chatbot.
Computer Age Management Services Limited (CAMS) was founded in 1988 is a technology driven financial infrastructure and services provider to mutual funds and other financial institutions for over 25 years. As the market leading Registrar and Transfer Agency (RTA) to the Indian Mutual Fund industry, CAMS serves ~67.5% of the average assets under management (AUM) as on 30th June 2025. They also provide technology enabled service solutions to Alternative Investment Funds and Insurance Companies. Besides serving as a B2B service partner, CAMS also serves customers through a variety of touch points such as pan-India network of service centres, white label call centre, online, mobile app and chatbot.
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#SALES #GROWTH
During FY25, the net sales grew by 25.2% YoY and stood at โน1,422 cr. The growth was led both MF and Non-MF segment. The growth in the asset-based revenue was lower as compared to the AUM growth and non asset-based revenue growth was led by transactions revenue. NonMF revenue growth was led by CAMS KRA, AIF and CAMS Pay business. In Q1 FY26, the net sales grew by 7% YoY to โน354 cr led by growth in the mutual fund business. The growth in the asset-based revenue (10% YoY) was lower than the AUM growth (20.8%) due to contraction in the yields on account of resetting of rates for a large customers. However, non asset-based revenue was flat on account of lower NFO compared to previous year and some price reduction. Non MF revenue was flat on account of de-growth in the KRA business.
During FY25, the net sales grew by 25.2% YoY and stood at โน1,422 cr. The growth was led both MF and Non-MF segment. The growth in the asset-based revenue was lower as compared to the AUM growth and non asset-based revenue growth was led by transactions revenue. NonMF revenue growth was led by CAMS KRA, AIF and CAMS Pay business. In Q1 FY26, the net sales grew by 7% YoY to โน354 cr led by growth in the mutual fund business. The growth in the asset-based revenue (10% YoY) was lower than the AUM growth (20.8%) due to contraction in the yields on account of resetting of rates for a large customers. However, non asset-based revenue was flat on account of lower NFO compared to previous year and some price reduction. Non MF revenue was flat on account of de-growth in the KRA business.
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