Trent shares swing on bonus; targets up to ₹7,200 in 2026

Stock jumps in trade, extends a short rally

Trent’s share price rose 5.4% to ₹3,049 on the BSE during Wednesday’s intra-day trade. At 11:32 AM, the stock was quoted about 5% higher at ₹3,045, while the BSE Sensex was up 0.5%. Over the previous four trading sessions, Trent had rallied 12%. The move stood out as a stronger gain than the broader benchmark on the day. The rise brought Trent back into focus after a period of volatility in the retail space. Investors tracked the move alongside brokerage commentary and the company’s own growth commentary.

Recovery from the 52-week low remains a key reference point

The stock had earlier touched a 52-week low of ₹2,185.16 on March 30, 2026. From that level, it bounced back 40%, underlining how quickly sentiment can change in a high-growth consumer name. The rebound has been one of the talking points for market participants assessing entry points. Even after a bounce, the stock remains sensitive to headline triggers such as earnings commentary, growth expectations, and corporate actions. That sensitivity has also been visible around the bonus issue related adjustments.

Ex-bonus adjustment triggers a sharp one-day reset

Trent shares adjusted about 35% lower on Thursday, June 4, when the stock traded ex-bonus. From Wednesday’s closing price of ₹4,257.6 per share, the stock touched ₹2,759.5 on Thursday. Following adjustment for the bonus issue, the stock traded 2.78% down at ₹2,759.5. It also became the second biggest loser on the Nifty 50 index on that day, highlighting how ex-bonus moves can distort point-to-point comparisons. The decline was tied to the corporate action mechanics rather than a standalone change in business fundamentals.

What Trent highlighted in its FY26 annual report

Trent said its growth momentum has been supported by sustained focus on its brands, customer experience, and store network expansion. Management flagged “strong growth opportunities” ahead. In the FY26 annual report, the company linked the opportunity set to India’s macro backdrop, citing strong fundamentals and ongoing reforms. It also pointed to rising incomes, urbanization, and evolving consumer preferences as drivers of consumption-led growth. This framing matters because it connects store expansion to broader demand trends rather than short-cycle factors.

Store additions and category scale-up remain central to the thesis

Trent’s medium-term growth drivers, as discussed, include aggressive store expansion, robust store economics, and scaling emerging categories such as beauty, innerwear, and footwear. The company also highlighted leveraging digital presence as part of the growth mix. In a brokerage view cited, Mirae Asset Sharekhan expects revenue and adjusted PAT to grow at a 20% and 15% CAGR, respectively, over FY26-28E. The same note maintained a Buy rating with a revised SOTP-based target of ₹3,380 (adjusted to the 1:2 bonus issue). Another target cited in the same context was ₹3,383.

Westside and Zudio rollout expectations in broker models

According to the brokerage commentary, Trent could add around 30-40 Westside stores and 180-190 Zudio stores in the coming years. The note also said incremental investments are expected to expand the hypermarket brand Star Bazaar, alongside new brands such as Burn Toast. These store-addition assumptions are important because they translate the company’s opportunity narrative into a measurable execution plan. They also shape how analysts build long-term revenue and margin expectations. For investors, the pace of additions becomes a key monitoring variable alongside same-store trends.

Broker targets span a wide range as views evolve

Brokerage stances in the provided updates range from bullish to cautious, often reflecting valuation comfort and near-term growth assumptions. HSBC, in one note, maintained a Buy rating and raised its target price to ₹4,910, implying a 15% upside from its last closing price referenced in that update. Nuvama, in another update, reiterated a Buy rating with a target of ₹4,828, implying about 16% upside from then-current levels, with Trent trading near ₹4,158.70 around 10:30 am. Separately, global and domestic brokerages including Bernstein, Morgan Stanley, and Elara Capital flagged medium-term growth visibility linked to Tier-2 and Tier-3 expansion, while also noting risks such as macro uncertainty, input cost inflation, and capital allocation toward Star Bazaar.

Q4FY26 optimism, but growth-slowdown headlines also surfaced

Trent delivered a strong Q4FY26 performance, described as a rebound in revenue growth alongside margin expansion, which led several brokerages to reaffirm positive stances despite elevated valuations. Targets cited include Bernstein at ₹5,000 (Outperform, maintained), Elara Capital at ₹4,800 (Accumulate, maintained), and Morgan Stanley at ₹4,835 (Overweight, maintained). Goldman Sachs was cited as Neutral with a target of ₹4,330, revised up from ₹4,150, while HDFC Securities was cited as downgraded to Add with a target of ₹4,500. But the stock also reacted sharply to a separate headline where an AGM indicated Q1FY26 revenue growth could slow to 20%, versus an earlier 35% CAGR reference, after which the shares fell 8.7%.

Valuations and upgrades keep investors alert

One update noted consensus expectations placing Trent at 94 times and 72 times FY26 and FY27 EPS, respectively, with FY26 EPS of ₹59.80 and FY27 EPS of ₹78.10. That valuation framing helps explain why targets can differ sharply even when business momentum is acknowledged. Another development mentioned an institutional research firm upgrading the stock to Buy with a target price of ₹4,300, implying about 24% upside from a Friday close of ₹3,476.70, citing a correction of over 30% since early September and improving growth visibility from store expansion and potential revival in same-store sales growth.

Key data points at a glance

Why the moves matter for investors

The recent price action shows how Trent can swing on both corporate-action adjustments and changes in near-term growth messaging. The company’s stated focus areas, including store network expansion and category scale-up, are aligned with what most positive broker notes cite as drivers. At the same time, headlines around slower near-term growth expectations can produce sharp reactions, especially when the stock is described as trading at high earnings multiples. For investors tracking the story, the factual checkpoints from these updates are the pace of store additions, any commentary around Star Bazaar investment intensity, and how growth expectations evolve quarter to quarter.

Conclusion

Trent remains in focus after a sharp intra-day jump, a notable rebound from its 52-week low, and a large ex-bonus adjustment that temporarily reset the price. Brokerage targets cited range from the low ₹3,000s (post-bonus SOTP targets in one note) to around ₹5,000 in several maintained calls, with additional targets also referenced in the updates. The next decisive triggers will likely remain management commentary on growth momentum, execution on store expansion, and how analysts balance growth visibility against valuation levels already highlighted in the market.