#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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#EBITDA #MARGIN
EBITDA margin for FY25 stood at ~45.9%. It improved by 150 bps on a YoY basis. The company continues to enjoy a healthy EBITDA margin due to high degree of operating leverage. The company announced a strategic partnership with Google Cloud. This is to rebuild their RTA platform as the existing platform is decade old. The transition would take 4-5 years in a phased manner, however the management guided that the impact on the margins would not be more than 0.5%. EBITDA margin for Q1 FY26 stood at ~43.6%. It improved by 164 bps on a YoY basis.
EBITDA margin for FY25 stood at ~45.9%. It improved by 150 bps on a YoY basis. The company continues to enjoy a healthy EBITDA margin due to high degree of operating leverage. The company announced a strategic partnership with Google Cloud. This is to rebuild their RTA platform as the existing platform is decade old. The transition would take 4-5 years in a phased manner, however the management guided that the impact on the margins would not be more than 0.5%. EBITDA margin for Q1 FY26 stood at ~43.6%. It improved by 164 bps on a YoY basis.
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#ROCE
The ROCE in FY25 improved to 61.7%, on account of better operational performance resulting in a higher PBIT. The company has been generating an average ROCE of 58.4% over the last five years.
The ROCE in FY25 improved to 61.7%, on account of better operational performance resulting in a higher PBIT. The company has been generating an average ROCE of 58.4% over the last five years.
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#ROE
In FY25, the return on equity improved to 48.1%. The net worth of the company has been increasing over the years on account of increased retained earnings.
In FY25, the return on equity improved to 48.1%. The net worth of the company has been increasing over the years on account of increased retained earnings.
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#MANAGEMENT
The management team has extensive experience in a variety of financial services sectors, with a demonstrated ability to grow and diversify the business and innovate its services The board of directors collectively possess an effective mix of skills and attributes with significant business, operational, technology, finance, insurance, legal and investment experience in a diverse range of industries. Looking ahead, the management is making strong efforts to enhance its leadership position in the mutual fund industry, AIF PMS segment and to focus on new business lines.
The management team has extensive experience in a variety of financial services sectors, with a demonstrated ability to grow and diversify the business and innovate its services The board of directors collectively possess an effective mix of skills and attributes with significant business, operational, technology, finance, insurance, legal and investment experience in a diverse range of industries. Looking ahead, the management is making strong efforts to enhance its leadership position in the mutual fund industry, AIF PMS segment and to focus on new business lines.
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