Trent Share Price Target 2026: Broker Calls, Risks

Why Trent is back in focus

Trent Ltd, the Tata Group’s retail business, is drawing renewed attention as multiple global and domestic brokerages reset their expectations for FY26 and beyond. The debate is not about demand for value fashion alone, but about the pace of same-store growth, store additions, and the near-term cost curve. Goldman Sachs has kept its stance cautious, pointing to rising costs and weaker operating leverage even as revenue growth remains strong. Other houses have turned more constructive after a sharp correction in the stock, arguing that the risk-reward has improved.

Goldman Sachs: Neutral rating, target cut to ₹4,080

Goldman Sachs reiterated a Neutral rating on Trent and cut its target price to ₹4,080 from ₹4,110, a reduction of about 1%. Even after the trim, Goldman sees a potential upside of 15.5% from the then-current price referenced in the note. The brokerage highlighted strong revenue growth outlook, but said store-led growth could remain limited. It also flagged that its FY27-28 EPS estimates remain materially below consensus expectations.

What Goldman expects for Q4 FY26 growth

For Q4 FY26, Goldman Sachs expects revenue growth of around 18% year-on-year, higher than the roughly 16% growth reported in Q3. The brokerage expects modest like-for-like (LFL) growth of about 3% to 4%, supported by improving industry demand and a favourable base. But it expects store-led growth to moderate sequentially by about 200 basis points quarter-on-quarter. Goldman linked this to normalisation in adjusted store additions, partly affected by overlap from Zudio’s expansion.

Profitability: operating leverage seen weakening

Goldman Sachs expects operating leverage to weaken as costs rise in line with store expansion. It estimates a 9% year-on-year decline in EBIT, even as revenue growth stays healthy. The brokerage also warned of downside risks to margins due to raw material inflation. The combination of moderating store-led growth and cost pressures is central to its cautious view.

Where the stock traded in the market

Trent’s stock settled 0.2% higher, up ₹6.4, at ₹3,532.90 on April 2 on the NSE, as per the data in the article. The stock also saw sharp intraday moves around business updates, including an instance where it fell 8.34% to an intraday low of ₹4,060 and later traded at ₹4,125.80 at 10:10 AM, down 6.86% from the previous close. In another update, retail investors were noted to hold a 14.27% stake, valued at ₹20,793 crore after the stock fell 8.32% to an intraday low of ₹4,060.65.

Other broker calls: Buy, Add, Outperform and higher targets

Alongside Goldman’s Neutral view, several brokerages have published more constructive targets. One institutional research firm upgraded the stock to ‘BUY’ with a target of ₹4,300, implying about 24% upside from a Friday close of ₹3,476.70. HDFC Securities upgraded Trent to ‘Add’ from ‘Reduce’ and raised its target to ₹4,700, citing more attractive valuation after a major correction and better visibility on operating KPIs.

Macquarie initiated coverage with a Buy rating and a target of ₹4,900, indicating 21% upside potential from current levels mentioned in its note. Bernstein maintained an ‘Outperform’ rating but lowered its target to ₹5,000, which it said still implied about 19% upside from a closing value of ₹4,218.

Operational and financial datapoints cited by brokerages

Operational performance has remained a key input across reports. One brokerage noted that Trent delivered around 18% year-on-year revenue growth in 9M FY26 and 21% growth in profit before tax, along with a 36-basis-point expansion in PBT margins. The same note said same-store sales growth remained subdued in low single digits, while topline momentum was supported by footprint expansion.

The article also cited Trent’s exchange filing for standalone revenue from product sales (excluding GST). For Q3 FY26, standalone revenue was ₹5,220 crore, up 17% year-on-year from ₹4,466 crore in Q3 FY25. For 9M FY26 (nine months ending December 2025), standalone revenue was ₹14,604 crore, up 18% year-on-year from ₹12,368 crore in 9M FY25.

Separately, Macquarie cited financials showing revenue growth of 15.90% from ₹4,157.00 crore in September 2024 to ₹4,818.00 crore in September 2025, and net profit rising from ₹335.00 crore to ₹373.00 crore over the same period. It also cited 30.7% ROCE and 30.4% ROE, and a market capitalisation of ₹1,42,353.18 crore.

Key numbers at a glance

Broker targets and ratings: how they differ

Market impact: what the numbers imply for investors

The broker notes collectively show that revenue growth is not the core concern, but the quality and sustainability of that growth. Goldman’s framework points to a possible mismatch between revenue momentum and profit delivery if costs rise alongside store expansion. Meanwhile, more positive calls lean on a potential recovery in same-store sales growth and the benefits of store network expansion flowing through future periods, including the impact of recently added stores being fully reflected in SSSG calculations from FY27 onwards.

Valuation is another dividing line. One note referenced a shift in valuation benchmarks from 117x FY28 P/E to 60x FY28 P/E as the stock corrected, and used sum-of-the-parts (SOTP) approaches with explicit multiples. These differences explain why targets can cluster between ₹4,080 and ₹5,000 plus, even when analysts discuss similar operational drivers.

Analysis: what to track from here

The near-term scoreboard for Trent, based on what brokerages have flagged, is likely to revolve around three datapoints. First is like-for-like growth, which Goldman pegged at 3% to 4% for Q4 FY26 in its expectations, while other notes described SSSG as subdued in low single digits. Second is the extent to which store-led growth moderates as additions normalise, including overlap effects around Zudio’s expansion. Third is margin direction, where Goldman explicitly warned about weaker operating leverage, a potential EBIT decline, and raw material inflation risk.

With analysts split between Neutral, Add, Buy and Outperform, the practical takeaway is that Trent’s price targets are being driven by different assumptions on operating leverage and the timing of any same-store recovery.

Conclusion

Trent’s 2026 outlook has become a contest between strong revenue growth and the pressure of costs and moderating store-led expansion. Goldman Sachs has stayed Neutral with a ₹4,080 target, citing weaker operating leverage and below-consensus EPS assumptions for FY27-28. Other brokerages have turned more constructive after the correction, with targets ranging from ₹4,300 to ₹5,000 and beyond. The next set of quarterly updates and disclosures around growth and margins are likely to remain the key checkpoints for how these views evolve.