CITI ON TRENT ; SELL | TP ₹2,815 (EARLIER ₹2,950)

• Citi maintains Sell rating on Trent and cuts target price to ₹2,815 from ₹2,950. • Expects annual store-opening pace to remain broadly consistent, with continued expansion into smaller cities. • Citi raises FY27–29 revenue estimates by approximately 2%, supported by improving consumer sentiment. • Cuts FY27 EPS estimates by 6% and FY28 EPS estimates by 3%. • Expensive valuations and input-cost inflation remain key concerns despite improving revenue growth expectations.

TRENT LTD

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