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Trent Limited

TRENT.NS
60
Apparel - Retail · Consumer Cyclical
Exchange
National Stock Exchange of India
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Good
Cash Flow
Good
Stability
Mixed
Valuation
Good
Dividends
Good

Winston Score History

The full picture

Trent Limited is an Indian retail company owned by the Tata Group, one of India's largest business conglomerates. It runs clothing and lifestyle stores across India under brands like Westside, which sells affordable fashion for men, women, and children, and Zudio, a fast-fashion chain targeting budget-conscious shoppers. Trent also operates Star Market grocery stores in partnership with Tesco.

Trent makes money by selling clothes, accessories, and home products directly to shoppers in its physical stores and online. It operates almost entirely within India, with hundreds of stores spread across major cities and smaller towns. Its connection to the Tata Group gives it strong brand trust and financial backing, while Zudio's rapid store expansion has been a major growth engine in recent years. The key risk is intense competition from both international fast-fashion brands entering India and domestic rivals, which could pressure margins if Trent needs to cut prices to stay competitive.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+25.8% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

43.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹25.6B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Trent Limited is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
32.8%
Modest — 32.8% gross margin
Profit after running costs
Operating Margin
12.5%
Healthy — 12.5% operating margin
Return on the money invested
ROCE
34.8%
Exceptional — 34.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+16.9%
Fast-growing sales (+16.9% YoY)
Profit growth
EPS YoY
+3.3%
Modest earnings growth (+3.3% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
85%
Modest — 85% of profit becomes cash
Spare cash per sale
FCF Margin
2.3%
Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
14.12x
Comfortably covers interest (14.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
63.6x
no trend
Expensive — P/E 63.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+27.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (63.6 → 36.1)

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Dividends

Dividend
Dividend Yield
0.21%
no trend
Small dividend — 0.21% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+392.9%
no trend
Dividend growing fast (392.9% YoY)

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