BERNSTEIN ON TRENT ; OUTPERFORM | TP ₹3,500

• Bernstein maintains Outperform rating on Trent with a target price of ₹3,500. • Q2 standalone revenue grows 22% YoY, supported by 26% expansion in retail area. • Gross margin improves 120 bps YoY to 44.5%, aided by premiumisation and product elevation. • Slower store additions across Zudio and Westside remain a key concern. • Revenue productivity per sq. ft. declines 3%, indicating pressure on store-level performance.

TRENT LTD

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