Trent Ltd

The Nifty October 2025 futures closed at 25,696.90, a premium of 122.55 points compared with the Nifty's closing at 25,574.35 in the cash market. In the cash market, The Nifty 50 index advanced 82.05 points or 0.32% to 25,574.35. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was down 2.05% to 12.30. Trent, Infosys and National Aluminium Company (Nalco) were the top-traded individual stock futures contracts in the F&O segment of the NSE. The November 2025 F&O contracts will expire on 25 November 2025.Powered by Capital Market - Live

The key domestic indices ended with limited gains today, snapping a three-day losing streak. Investor sentiment was buoyed by optimism over a potential resolution to the US government shutdown, which has lasted for over 40 days. However, traders will keep close watch on Q2 earnings reports, other global developments and key economic data scheduled for release later this week. The Nifty ended above the 25,550 mark. IT, pharma and metal shares led the rally while media, realty and FMCG shares capped some of the gains. As per provisional closing data, the barometer index, the S&P BSE Sensex climbed 319.07 points or 0.38% to 83,535.35. The Nifty 50 index added 82.05 points or 0.32% to 25,574.35. In the past three trading sessions Sensex and Nifty declined 0.91% and 1.05%, respectively. In the broader market, the S&P BSE Mid-Cap index advanced 0.62% and the S&P BSE Small-Cap index shed 0.28%. The market breadth was negative. On the BSE, 1,965 shares rose and 2,373 shares fell. A total of 186 shares were unchanged. Economy: India's foreign exchange reserves fell by $5.6 billion to $689.73 billion in the week ended October 31, 2025, the Reserve Bank of India (RBI) said on Friday. For the week ended October 31, foreign currency assets, a major component of the reserves, decreased by $1.9 billion to $564.59 billion, the RBI data showed. Value of gold reserves declined by $3.8 billion to $101.72 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $19 million to $18.64 billion, the apex bank said. Meanwhile, India's reserve position with the IMF was up by $16.4 million at $4.77 billion in the reporting week, the data showed. New Listing: Shares of Lenskart Solutions ended at Rs 403.30 on the BSE, representing a premium of 0.32% as compared with the issue price of Rs 402. The stock was listed at Rs 390, reflecting a discount of 2.99% to the issue price. The stock has hit a high of 413 and a low of 355.70. On the BSE, over 93.41 lakh shares of the company were traded in the counter. IPO Update: Pine Labs received bids for 4,71,12,055 shares as against 9,78,93,739 shares on offer, according to stock exchange data at 15:21 IST on Monday (10 November 2025). The issue was subscribed 0.48 times. The issue opened for bidding on 7 November 2025 and it will close on 11 November 2025. The price band of the IPO is fixed between Rs 210 and 221 per share. Buzzing Index: The Nifty IT index advanced 1.66% to 35,701.20. The index staged a strong comeback on Monday as investors engaged in value-buying following a recent correction, recovering part of its 2.8% decline from the recent high of 36,090.10 hit on 29 October 2025. Infosys (up 2.26%), HCL Technologies (up 1.9%), Mphasis (up 1.51%), LTIMindtree (up 1.42%), Wipro (up 1.4%), Persistent Systems (up 1.4%), Oracle Financial Services Software (up 1.21%), Tata Consultancy Services (up 1.11%), Coforge (up 0.92%) and Tech Mahindra (up 0.74%) advanced. Investor sentiment was buoyed by optimism over a potential resolution to the US government shutdown, which has lasted for over 40 days. The US Senate recently advanced a measure to reopen the federal government by funding it until January 30, alongside approving three full-year appropriations bills. President Donald Trump signaled that the shutdown might be nearing its end, telling reporters, It looks like we're getting very close to the shutdown ending. Stocks in Spotlight: Trent slumped 7.43% after the company reported a steady performance for the September quarter. Its consolidated revenue from operations rose 16% year-on-year to Rs 4818 crore and EBITDA increased 14% to Rs 575 crore, while profit after tax grew 11% to Rs 373 crore. The company clarified that its consolidated revenue excludes sales from the Trent Hypermarket business due to accounting standards, though its share of profit from the venture is included under the equity method. FSN E-Commerce Ventures (Nykaa) rallied 5.83% after the company reported a 242.9% surge in consolidated net profit to Rs 34.43 crore on 25.1% increase in revenue from operations to Rs 2,345.98 crore in Q2 Sept 2025 over Q2 Sept 2024. Shipping Corporation of India tanked 5.07% after it has reported 35.09% decrease in consolidated net profit to Rs 189.16 crore in Q2 FY26 as against Rs 291.44 crore posted in Q2 FY25. Revenue from operations declined 7.71% year on year to Rs 1,338.87 crore in the quarter ended 30 September 2025. HPL Electric & Power surged 7.36% after the company said that the HPL Group and its promoters have signed a settlement agreement with Havells India. This settlement agreement resolves all pending disputes and litigations related to the use of word/ mark 'HAVELLS', including suits filed in various courts including the Delhi High Court and various special leave petitions (SLPs) filed in the Supreme Court. As part of the settlement, the HPL Group has acknowledged that Havells India & its promoters' absolute rights to the 'HAVELLS' mark since 1971. Transformers and Rectifiers (India) hit a lower limit of 20% after the company reported a soft set of numbers for Q2 FY26. On a consolidated basis, revenue from operations stood at Rs 460 crore, nearly unchanged from Rs 462 crore in Q2 FY25. Profit after tax (PAT) fell 19% YoY to Rs 37.5 crore, with PAT margin narrowing to 7.9%, down from 9.7% last year. HBL Engineering surged 10.84% after the company reported a more than fourfold jump in consolidated net profit to Rs 387.27 crore in Q2 FY26, compared with Rs 87.26 crore in the same quarter last year. Revenue from operations surged 134.7% YoY to Rs 1,222.90 crore in Q2 September 2025. National Aluminium Company (NALCO) surged 9.72% after the company reported a strong performance for the September quarter (Q2 FY26), driven by improved operational efficiency, higher alumina output, and cost optimization initiatives. On a standalone basis, the company's net profit surged 34.93% year-on-year to Rs 1,433.17 crore on a 7.27% rise in revenue from operations to Rs 4,292.34 crore in Q2 FY26 over Q2 FY25. Global Markets: European and Asian markets advanced on Monday amid renewed optimism that the prolonged U.S. government shutdown could soon end. On Sunday, the U.S. Senate moved closer to voting on a bill to reopen the federal government, following encouraging bipartisan discussions led by Senate Majority Leader John Thune. The record-long shutdown has weighed heavily on the U.S. economy, leaving federal employees across critical sectors'from aviation to defense'unpaid, while the Federal Reserve operates with limited economic data. White House economic adviser Kevin Hassett reportedly warned that if the impasse persists, fourth-quarter GDP could turn negative. Supporting this concern, U.S. consumer sentiment fell to a near three-and-a-half-year low in early November. In Asia, investors digested stronger-than-expected inflation data from China, where October's headline CPI rose 0.2% year-on-year, while producer prices declined 2.1%. Meanwhile, minutes from the Bank of Japan's October meeting signaled that conditions for a rate hike have almost been met, though policymakers remained cautious about underlying inflation trends. On Friday stateside in the U.S., the Nasdaq Composite continued to fall, but the Dow Jones Industrial Average and S&P 500 inched into positive territory after Senate Minority Leader Chuck Schumer offered up a new plan to Republicans that would enable the record-breaking U.S. government shutdown to end. The tech-heavy index shed 0.21% to finish at 23,004.54. In contrast, the S&P 500 and the Dow Jones Industrial Average inched into the green. The broad-based index gained 0.13% to close at 6,728.80, while the 30-stock index added 74.80 points, or 0.16%, to settle at 46,987.10. A survey from the University of Michigan revealed Friday that consumer sentiment in the country has neared its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached their highest level for the month in 22 years.Powered by Capital Market - Live

The domestic equity indices traded with significant gains in afternoon trade, mirroring positive global cues. However, investors will track corporate earnings, crude oil prices, other global developments and slew of key economic data scheduled for release later this week. The Nifty traded above the 25,600 level. IT, Pharma and metals shares led the rally while media and PSU Bank shares capped some of the gains. In the barometer index, the S&P BSE Sensex rose 472.80 points or 0.57% to 83.703.37. The Nifty 50 index added 148.25 points or 0.58% to 25,639.40. In the broader market, the S&P BSE Mid-Cap index rose 0.62%, while the S&P BSE Small-Cap index shed 0.24%. The market breadth was negative. On the BSE, 2,013 shares rose and 2,192 shares fell. A total of 204 shares were unchanged. Economy: India's foreign exchange reserves fell by $5.6 billion to $689.73 billion in the week ended October 31, 2025, the Reserve Bank of India (RBI) said on Friday. For the week ended October 31, foreign currency assets, a major component of the reserves, decreased by $1.9 billion to $564.59 billion, the RBI data showed. Value of gold reserves declined by $3.8 billion to $101.72 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $19 million to $18.64 billion, the apex bank said. Meanwhile, India's reserve position with the IMF was up by $16.4 million at $4.77 billion in the reporting week, the data showed. Gainers & Losers: Infosys (up 2.86%), Grasim Industries (up 1.98%), HCL Technologies (up 1.72%), Asian Paints (up 1.67%) and Coal India (up 1.61%) were the major Nifty50 gainers. Trent (down 7.38%), Tata Consumer Products (down 1.92%), Max Healthcare Institute (down 1.39%), Apollo Hospitals Enterprise (down 1.01%) and Eternal (down 0.93%) were the major Nifty50 losers. Trent slumped 7.38% after the company reported a steady performance for the September quarter. Its consolidated revenue from operations rose 16% year-on-year to Rs 4818 crore and EBITDA increased 14% to Rs 575 crore, while profit after tax grew 11% to Rs 373 crore. The company clarified that its consolidated revenue excludes sales from the Trent Hypermarket business due to accounting standards, though its share of profit from the venture is included under the equity method. Stocks in Spotlight: FSN E-Commerce Ventures (Nykaa) rallied 6.83% after the company reported a 242.9% surge in consolidated net profit to Rs 34.43 crore on 25.1% increase in revenue from operations to Rs 2,345.98 crore in Q2 Sept 2025 over Q2 Sept 2024. Shipping Corporation of India tanked 5.55% after it has reported 35.09% decrease in consolidated net profit to Rs 189.16 crore in Q2 FY26 as against Rs 291.44 crore posted in Q2 FY25. Revenue from operations declined 7.71% year on year to Rs 1,338.87 crore in the quarter ended 30 September 2025. HPL Electric & Power surged 7.27% after the company said that the HPL Group and its promoters have signed a settlement agreement with Havells India. This settlement agreement resolves all pending disputes and litigations related to the use of word/ mark 'HAVELLS', including suits filed in various courts including the Delhi High Court and various special leave petitions (SLPs) filed in the Supreme Court. As part of the settlement, the HPL Group has acknowledged that Havells India & its promoters' absolute rights to the 'HAVELLS' mark since 1971. Transformers and Rectifiers (India) hit a lower limit of 20% after the company reported a soft set of numbers for Q2 FY26. On a consolidated basis, revenue from operations stood at Rs 460 crore, nearly unchanged from Rs 462 crore in Q2 FY25. Profit after tax (PAT) fell 19% YoY to Rs 37.5 crore, with PAT margin narrowing to 7.9%, down from 9.7% last year. HBL Engineering surged 9.96% after the company reported a more than fourfold jump in consolidated net profit to Rs 387.27 crore in Q2 FY26, compared with Rs 87.26 crore in the same quarter last year. Revenue from operations surged 134.7% YoY to Rs 1,222.90 crore in Q2 September 2025. National Aluminium Company (NALCO) surged 8.79% after the company reported a strong performance for the September quarter (Q2 FY26), driven by improved operational efficiency, higher alumina output, and cost optimization initiatives. On a standalone basis, the company's net profit surged 34.93% year-on-year to Rs 1,433.17 crore on a 7.27% rise in revenue from operations to Rs 4,292.34 crore in Q2 FY26 over Q2 FY25. Global Markets: Europe and Asia-Pacific markets advanced on Monday amid renewed optimism that the prolonged U.S. government shutdown could soon end. On Sunday, the U.S. Senate moved closer to voting on a bill to reopen the federal government, following encouraging bipartisan discussions led by Senate Majority Leader John Thune. The record-long shutdown has weighed heavily on the U.S. economy, leaving federal employees across critical sectors'from aviation to defense'unpaid, while the Federal Reserve operates with limited economic data. White House economic adviser Kevin Hassett reportedly warned that if the impasse persists, fourth-quarter GDP could turn negative. Supporting this concern, U.S. consumer sentiment fell to a near three-and-a-half-year low in early November. In Asia, investors digested stronger-than-expected inflation data from China, where October's headline CPI rose 0.2% year-on-year, while producer prices declined 2.1%. Meanwhile, minutes from the Bank of Japan's October meeting signaled that conditions for a rate hike have almost been met, though policymakers remained cautious about underlying inflation trends. On Friday stateside in the U.S., the Nasdaq Composite continued to fall, but the Dow Jones Industrial Average and S&P 500 inched into positive territory after Senate Minority Leader Chuck Schumer offered up a new plan to Republicans that would enable the record-breaking U.S. government shutdown to end. The tech-heavy index shed 0.21% to finish at 23,004.54. In contrast, the S&P 500 and the Dow Jones Industrial Average inched into the green. The broad-based index gained 0.13% to close at 6,728.80, while the 30-stock index added 74.80 points, or 0.16%, to settle at 46,987.10. A survey from the University of Michigan revealed Friday that consumer sentiment in the country has neared its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached their highest level for the month in 22 years.Powered by Capital Market - Live

Trent's consolidated revenue from operations rose 16% year-on-year to Rs 4818 crore and EBITDA increased 14% to Rs 575 crore, while profit after tax grew 11% to Rs 373 crore. The company clarified that its consolidated revenue excludes sales from the Trent Hypermarket business due to accounting standards, though its share of profit from the venture is included under the equity method. The Star retail business, which now operates 77 stores after a net reduction of one outlet in the first half, continues to focus on technology upgrades and customer-centric initiatives. Trent said the format's strength lies in its competitive pricing, strong availability, and differentiated fresh and private-label offerings, which are helping it stand out and navigate an increasingly competitive retail landscape. During the quarter, Trent launched its new youth-focused fashion brand, Burnt Toast, with a range of bold apparel and accessories, aimed at inspiring young, dynamic individuals to express themselves. The initial customer response has been positive and encouraging. It added, We now operate a significant portfolio of over 1000 'large-box' fashion stores, with a presence now across 251 cities. In Q2 FY26, we opened 19 Westside and 44 Zudio stores (including 1 store in the UAE) and consolidated 6 Westside & 4 Zudio stores. As of September 30, our store portfolio included 261 Westside, 806 Zudio (including 3 stores in the UAE), and 34 stores across other lifestyle concepts. As of September 30, we operated with a footprint of over 14 million sq. ft. across our fashion brands. The gross margin profile of Westside and Zudio remains consistent. Operating EBIT margin for Q2FY26 was 10.2% (11.0% for Q2FY25). The company's Q2 results drew a mixed response from brokerages, with most flagging slowing revenue momentum and margin pressures. While opinions on the stock's long-term potential remained divided, several brokers trimmed their target prices, citing decelerating revenue growth, muted like-for-like sales, and store-level cannibalisation despite strong expansion. Some brokerages highlighted weak consumer sentiment, unseasonal rains, and intensifying competition as near-term headwinds, even as cost-saving initiatives and network expansion are expected to support medium-term earnings recovery. Speaking on the performance, Noel N Tata, Chairman, Trent said, We remain focused on portfolio growth, elevating our products and enhancing store experience for our customers. Reduction in GST rates is a welcome step and over time is likely to augur well for our product categories. The business registered steady performance during the quarter. We have consistently delivered a differentiated consumer proposition that appeals to a wider audience across diverse markets. Notwithstanding continuing competitive intensity and interim trends, we believe an unwavering focus on being relevant to our customers and building resilience with our business model choices will continue to hold us in good stead. We are excited and remain on track to build a sizable and scalable pure play direct-to-customer business across customer segments in the context of the market size and opportunity. In our Star business, we continue to apply Trent's playbook and the contribution of our own brands is now trending over 73% of revenues. The opportunity in the food space for the Star proposition is exciting at the same time it is intensely competitive. We remain convinced that this business is well poised to deliver growing consumer value in the years ahead. Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Star, which operates in the competitive food, grocery and daily needs segment. Powered by Capital Market - Live

Net profit of Trent rose 11.25% to Rs 376.86 crore in the quarter ended September 2025 as against Rs 338.75 crore during the previous quarter ended September 2024. Sales rose 15.90% to Rs 4817.68 crore in the quarter ended September 2025 as against Rs 4156.67 crore during the previous quarter ended September 2024. ParticularsQuarter EndedSep. 2025Sep. 2024% Var. Sales4817.684156.67 16 OPM %16.9415.53 - PBDT801.91663.76 21 PBT476.98466.81 2 NP376.86338.75 11 Powered by Capital Market - Live

Trent will hold a meeting of the Board of Directors of the Company on 7 November 2025.Powered by Capital Market - Live

Netria Property Holdings has been established with the primary objective of investing and deploying the company's funds, along with any borrowed capital, in the acquisition, purchase, development, construction, leasing, sale, or other dealings related to real estate properties. The authorised share capital of Netria Property Holdings is Rs 5 lakh, divided into 50,000 equity shares of Rs 10 each. The paid-up share capital stands at Rs 1 lakh, comprising 10,000 equity shares of Rs 10 each. As a wholly owned subsidiary of Nahar Retail Trading Services'which itself is a wholly owned subsidiary of Trent, Netria Property Holdings is considered a related party of the company. However, the initial subscription to the share capital of Netria Property Holdings does not fall within the scope of related party transactions as per applicable regulations. Nahar Retail Trading Services holds 100% ownership of Netria Property Holdings. Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Star, which operates in the competitive food, grocery and daily needs segment. Trent has reported 9.45% increase in consolidated net profit to Rs 429.69 crore in Q1 FY26 as against Rs 392.57 crore posted in Q1 FY25. Revenue from operations jumped 18.98% YoY to Rs 4,883.48 crore in the quarter ended 30 June 2025. The counter rose 0.18% to Rs 5,535.05 on the BSE. Powered by Capital Market - Live

Trent announced that Nahar Retail Trading, wholly owned subsidiary of the Company has incorporated its wholly owned subsidiary named 'Netria Property Holdings' on 4 September 2025. Netria Property Holdings has been incorporated with the primary objects to invest and deploy funds of the Company, together with any borrowed monies, in the acquisition, purchase, development, construction, leasing, sale or otherwise dealing in real estate properties.Powered by Capital Market - Live

Trent announced the launch of its youth-focused fashion brand, Burnt Toast, with its debut in Bangalore. Powered by Capital Market - Live

Revenue from operations jumped 18.98% YoY to Rs 4,883.48 crore in the quarter ended 30 June 2025. Notably, this figure does not include revenue from the Trent Hypermarket business. Profit before tax in the first quarter of FY26 was at Rs 564.69 crore, up 12.62% from Rs 501.39 crore recorded in the corresponding quarter last year. Trent's Star business, which now consists of 77 stores, saw a net reduction of one store during the quarter, with two new openings and three closures. The company said it is undertaking several interventions, especially in technology, to enhance customer convenience and customer proposition. On a standalone basis, the company's net profit jumped by 23.51% to Rs 422.59 crore on a 19.77% increase in revenue from operations to Rs 4,781.25 crore in Q1 FY26 compared to Q1 FY25. The company continues to expand and refine its retail footprint, now operating more than 1,000 large-format fashion stores across 242 cities. As of 30 June 2025, Trent's portfolio comprised 248 Westside stores, 766 Zudio stores'including two in the UAE'and 29 outlets under other lifestyle concepts. Despite the early onset of the monsoon and geopolitical disruptions, the company reported healthy revenue growth across comparative micro markets. However, like-for-like growth in the fashion portfolio remained in the low single digits. Trent stated that the change in revenue participation across its concepts remains broadly in line with its strategic plans. As part of its expansion strategy, Trent is strengthening its presence in Tier 2 and Tier 3 cities, which it views as emerging markets with long-term growth potential. The company acknowledged that these markets are still evolving in terms of fashion adoption and consumption, and thus their revenue trajectories may differ from those in metropolitan areas. Investments in technology and automation have enabled the company to maintain stable operating economics and benefit from operating leverage. The gross margin profile of both Westside and Zudio remained steady. For Q1 FY26, the operating EBIT margin improved to 11.4%, up from 10.6% in the same period last year. Trent emphasized that its full-year results are likely to offer a more accurate reflection of overall business health, given its merchandise sourcing strategy, pricing structure, and inventory provisioning. At the end of the quarter, Trent's total retail footprint across fashion brands exceeded 13 million square feet. Emerging categories such as beauty and personal care, innerwear, and footwear continued to gain traction and now contribute more than 21% of the company's total revenue. The company's digital channels also saw strong momentum. Online revenues from Westside.com and the Tata Neu platform grew 35% year-on-year in Q1 FY26, now accounting for over 6% of Westside's total revenues. The company said its online model mirrors its in-store strategy, maintaining consistent pricing, product assortment, and sales policies. Among standalone brands, Westside continues to rank among the top in terms of online sales volume in the Indian market. Noel N Tata, Chairman, Trent said, 'The business delivered steady performance during the quarter. We remain focused on evolving our differentiated consumer proposition that appeals to a wider audience across diverse markets. Notwithstanding continuing competitive intensity and interim trends, we believe an unwavering focus on being relevant to our customers and building resilience with our business model choices will, over time enable us to deliver significant value. We believe building density of our presence in key markets allows us proximity and the ability to service our customers readily. Both Westside and Zudio now have the scale & reach and enjoy significant consumer awareness & love. We remain on track to build a sizable and scalable pure play direct-to-customer business in the context of the market size and opportunity. In our Star business, we continue to apply Trent's playbook and the contribution of our own brands is now trending over 70% of revenues. The opportunity in the food space for the Star proposition is exciting while being competitive. We remain convinced that this business is well poised to deliver much consumer value and growth in the years ahead.' Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Star, which operates in the competitive food, grocery and daily needs segment. The counter rose 0.57% to end at Rs 5,389.95 on the BSE. Powered by Capital Market - Live